Today’s news in brief-4/11/24
Asda co-owner Mohsin Issa and partner Victoria Price have taken a substantial stake in the Manchester-based secondhand clothing platform GoThrift through their new investment fund, Boulder Investco. Established to support high-growth UK startups, Boulder Investco has also committed £10m to the Liverpool-based protein supplement company Applied Nutrition. Issa, a key investor in Applied Nutrition, entered the London stock market with the company, which was valued at £400m. The couple’s recent business moves mark a shift from Issa’s usual joint ventures with his brother. Price, formerly of EY and now leading Alvarez and Marsal’s private capital division, said their investment aligns with her focus on fostering UK entrepreneurial ventures.
Harvey Nichols has appointed stylist Kate Phelan as its new creative director. Phelan, a prominent figure in British fashion with decades of experience, including roles at British Vogue and Topshop, will now oversee brand campaigns and visual identity at the luxury retailer. She joins Harvey Nichols during a period of strategic transformation, reporting directly to CEO Julia Goddard, who expressed excitement about Phelan’s innovative expertise and vision.
Footwear retailer Schuh has reported a 56.8% increase in pre-tax profits to £21m for the fiscal year ending February 3, 2024. Turnover reached £380.8m, up 7.4%, while EBITDA climbed 35.8% to £28m. The company attributed the growth to a 3.8% rise in footfall, bringing over 49 million customers into stores, alongside robust online sales, which grew 10% year-over-year.
Sainsbury’s has expanded its Aldi price match scheme to its convenience stores, marking a first among major UK supermarkets. This initiative, which applies to over 1,400 stores and includes essentials such as milk, bread, and pasta, follows a revamp of Sainsbury’s Local stores. The updates included enhanced product layouts and an increase in food-on-the-go options, designed to meet the needs of convenience shoppers.
