Today’s news in brief-16/12/24
Isak Andic, founder of the global fashion retailer Mango, has died at the age of 71 following a tragic hiking accident in the Montserrat mountains near Barcelona. Spanish media reported that Andic fell down a 150-metre ravine while exploring deep caves in the region. Born in Turkey and later settling in Spain, Andic launched Mango in 1984 alongside his brother Nahman, transforming it into an international fashion powerhouse with nearly 3,000 stores across 120 countries.
Card Factory has reappointed Paul Moody as chair despite shareholder concerns over board diversity. At its June AGM, over 20% of shareholders opposed Moody’s reappointment, prompting the company to engage with its largest investors. Of the 12 consulted, four supported Moody, while others offered no feedback. The retailer acknowledged its board’s composition—33% women—falls short of the 40% recommended in the UK’s listing rules. Card Factory defended its decision, arguing that its current mix of skills and experience aligns with its strategic goals and that appointing a new director solely for diversity targets would not serve shareholders’ interests.
Frasers Group has opened a new Sports Direct store at Westfield White City in London, spanning 29,000 sq ft across two floors. Designed to provide a cutting-edge retail experience, the store offers fitness and performance apparel, equipment, and footwear from leading brands like Nike, Adidas, and Puma. It also includes specialist areas such as Sports Direct’s Running Concept and Outdoor Concept, alongside offerings for menswear, womenswear, and kidswear. The store complements Sports Direct’s flagship location on Oxford Street, as the company strengthens its retail presence in London.
Swimwear and lingerie brand Pour Moi reported a 12% sales increase to £20m for the six months ending September 30, driven by a successful partnership with Marks & Spencer. The collaboration, launched in October 2023 through M&S’s ‘Brands at M&S’ online platform, featured Pour Moi’s curated lingerie collections, generating over £5m in sales. The partnership’s standout performers included the Santa Monica swimsuit and the Amour collection, which contributed to Pour Moi becoming one of M&S’s top-performing brands.
