Today’s news in brief-5/9/24

Asos has sold a majority stake in Topshop and Topman to Heartland, a move valued at £135m. Heartland, owned by Bestseller, will acquire a 75% stake while Asos retains 25%. The deal includes rights for Asos to continue marketing the brands online under a new joint venture, aiming to streamline capital allocation and boost profitability despite an initial negative impact on EBITDA for FY25.

Amazon UK has increased starting pay for frontline operations workers, effective September 29, to between £13.50 and £14.50 per hour, rising with tenure. This move, part of a £550m investment in pay increases since 2022, aims to bolster employee retention and satisfaction with comprehensive benefits including medical insurance and career development through initiatives like Career Choice.

Primark’s UK sales are expected to drop around 2% due to subdued footfall and adverse weather conditions in key months. However, European sales excluding the UK have shown growth, driven by store expansions in markets like Spain, France, and Italy, contributing to overall revenue growth and maintaining adjusted operating profit margins for FY24.

Currys has seen a 5% increase in UK and Ireland revenues, attributed to strong sales during the European Championship and the popularity of AI computing products. However, Nordic revenues declined 2% due to a weak consumer environment. The company remains optimistic about profit and free cash flow growth, supported by market share gains in the laptop segment and strategic initiatives in mobile and B2B sectors.

Dior has appointed Benedetta Petruzzo, current CEO of Miu Miu, as managing director effective October 15, 2024. Petruzzo, known for her tenure at Kering Eyewear and successful leadership at Miu Miu, will oversee Dior’s product teams, supply chain, and IT departments. Her appointment reflects Dior’s commitment to enhancing its luxury market presence and continuing global growth under the leadership of Delphine Arnault.