Today’s news in brief-30/7/24
Andrew Keith, CEO of Selfridges, has announced his departure to pursue new ventures, marking the end of his tenure characterised by navigating challenges including the pandemic and ownership changes. Andrรฉ Maeder will succeed him as CEO of Selfridges Group in the UK, focusing on innovation and customer experience amid potential ownership shifts.
Ocado has raised ยฃ600m through bonds due in 2029 to extend debt maturity, alongside offering senior unsecured convertible bonds and notes. This move aims to refinance existing debt and support growth plans without immediate need for additional capital, despite recent declines in share value.
Shop price inflation remained stable at 0.2% in July, driven by continued deflation in non-food items and moderated food inflation. The British Retail Consortium (BRC) cautioned about potential future rises due to reversing trends in global food commodity prices and ongoing economic uncertainties.
Asda employees expressed scepticism about the retailer’s long-term strategy, with only 47% confident in its future plans. Issues such as IT system transitions and payroll errors have contributed to employee concerns despite efforts by co-owner Mohsin Issa to manage operations and boost confidence.
Boohoo is exploring refinancing options for its ยฃ325m debt amidst widened losses and declining revenues. The company’s approach follows similar moves by other UK retailers to address financial pressures and investor concerns, including the cancellation of executive bonuses earlier this year.
Deckers, owner of brands like Hoka and Ugg, posted a 22.1% increase in Q1 net sales to $825.3m, driven by robust performances from Hoka and Ugg brands globally. This growth reflects strong direct-to-consumer and wholesale sales, positioning the company well as it transitions leadership to Stefano Caroti.
