Today’s news in brief-4/10/24
Shein is moving ahead with plans for a highly anticipated London IPO, reportedly set to hold informal talks with investors across Europe. According to sources, Shein’s roadshows aim to assess investor interest ahead of regulatory approval from both UK and Chinese authorities. Having confidentially filed for a £50bn float in June, the company updated China’s securities regulator on its intention to list in London.
UK retail footfall experienced a significant boost in September, rising by 3.3%, a stark improvement from the 0.4% increase in August. Retail parks saw the most considerable growth, with footfall up by 7.3%, driven by a mix of out-of-town supermarkets and discount retailers that continue to attract shoppers. Shopping centres also performed well, with a 2.3% rise in foot traffic, while high streets saw a modest increase of 0.9%.
Frasers Group increased its stake in luxury brand Mulberry after its £83m takeover bid was rejected. Mulberry, supported by its majority shareholder Challice, turned down the offer, stating that it undervalued the company’s long-term potential. Frasers subsequently acquired an additional 4m shares, raising its stake to over 37%. Mulberry’s decision to reject the 130p-per-share offer, which represented a 30% premium, underscores the company’s belief in its growth prospects.
Virgin Wines announced a strategic partnership with online supermarket Ocado, expanding its reach by offering an exclusive selection of 50 wines directly to Ocado customers. Previously, Virgin’s wines were available only as part of multi-bottle cases to its own customer base, but this new arrangement marks the first time the wines will be sold as individual bottles through another platform.
Richard Price, Managing Director of M&S Clothing & Home, has joined Refined Networks as a non-executive director, bringing with him three decades of retail experience. Refined Networks, a platform focused on cross-border digital commerce, is in a phase of rapid expansion, having partnered with over 40 fashion brands to launch them internationally on major online marketplaces.
Watches of Switzerland has announced its acquisition of Hodinkee, a digital platform and media company catering to watch enthusiasts. The acquisition aligns with Watches of Switzerland’s long-range plan to enhance its leadership in the luxury watch market. Hodinkee, which will continue to operate independently, is known for its educational and engaging content on horology.
