Today’s news in brief-5/12/24
Police are investigating stalking and corporate espionage allegations from Boohoo executives, including CEO Dan Finley and co-founder Mahmud Kamani. Reports suggest the executives have been followed and watched in Manchester, London, and Kent, with Kamani allegedly assaulted and ex-CEO John Lyttle encountering trespassers. Surveillance equipment found outside Boohoo’s Manchester office has been handed to the authorities, and investigations are ongoing, though no arrests have been made.
Frasers Group has reduced its FY25 profit forecast to £550m-£600m after a challenging H1 marked by a sales dip of 8.4% to £2.45bn and a 33% decline in pre-tax profits to £207.2m. The decline stemmed from tough trading conditions, foreign exchange issues, and a drop in Hugo Boss shares. While premium lifestyle and UK sports retail sales weakened, the group’s property portfolio saw growth.
Watches of Switzerland reported a 39% drop in pre-tax profits to £41m despite a 4% revenue increase to £785m, driven by US demand. Profitability was hit by acquisition costs and a dip in luxury watch sales, though luxury jewellery, bolstered by the Roberto Coin acquisition, grew significantly. The group sees stable UK market conditions and robust demand for top brands, projecting FY25 revenues of £1.67bn-£1.73bn.
Card Factory has entered the US market by acquiring Garven Holdings for £20m. Garven’s established position in gift design and wholesale will enable Card Factory to expand its product offerings and scale in the $70bn celebration essentials market.
Vegan sneaker brand Løci has opened its first physical store at Future Stores, Oxford Street, blending traditional retail with tech-enhanced experiences. The store uses augmented reality via Snapchat and analytics tools to track customer interactions. The immersive launch included a digital art experience by Laolu Senbanjo. Future Stores director Kate Hardcastle praised Løci for its sustainability focus and innovative approach, calling it a model for the future of high street retail.
