Today’s news in brief-3/1/25
Revolution Beauty has resolved its legal dispute with former shareholder Chrysalis Investments through a confidential settlement. Despite earlier threats of claims exceeding £45m, the company paid a “non-material sum” under 1% of Chrysalis’s stock market value. The agreement involved no admission of liability, and Chrysalis dropped further legal action. Chrysalis had initially invested £40m in Revolution in 2021 but sold its stake for just £5.7m in 2022 after the company faced financial turbulence, including auditors refusing to sign off its accounts.
Hugo Boss has appointed James Foster as senior vice president of global marketing, succeeding Nadia Kokni. Foster, formerly head of marketing for EMEA at Netflix, brings over 13 years of experience at Adidas and prior roles at IKEA Retail. CEO Daniel Grieder praised Kokni’s contributions and expressed confidence in Foster’s ability to enhance Hugo Boss’s customer-centric approach and brand value.
Brompton Bicycle reported a 99% plunge in profits to just £4,602 for the year ending March 2024. Sales declined 5.3% to £122.6m, driven by an 8.2% drop in bike sales and higher operating costs, which rose 15% to £63m. Despite these challenges, the company’s net assets grew to £65.1m following an equity fundraise in 2023. Managing Director Will Butler-Adams cautioned that the bicycle sector remains in turmoil with excess stock issues likely persisting into 2025.
Zara has unveiled its expanded flagship store at Liverpool One, increasing its footprint by 55% to 42,000 sq ft. The new store offers an extensive range of menswear, womenswear, and childrenswear across two floors and integrates modern technologies like self-service payment. Zara joins a surge of investment at Liverpool One, with 22 brands upgrading stores and 34 committing to the destination in 2024. Upcoming openings in 2025 include Uniqlo, Sephora, and TFG London’s largest-ever multi-brand store.
Watchfinder posted a pre-tax loss of £12.6m for the fiscal year ending March 2024, down from £101m in sales the previous year to £93m. UK turnover dropped to £79.4m, with European sales falling further to £3.6m. The retailer attributed its struggles to a challenging economic environment but maintained its leadership in the luxury pre-owned watch market.
End. reported a pre-tax loss of £43.2m for the year ending March 2024, compared to an £8.8m profit the prior year. Revenue slipped 3.8% to £212.7m, with high inflation and rising interest rates curbing consumer spending. The company reduced inventory significantly from £92.7m to £62.0m to mitigate risk and strengthened its leadership team with new key appointments. Additionally, End. consolidated its Newcastle stores into a flagship location to streamline operations.
