Today’s news in brief-12/2/25
Kering, the luxury conglomerate behind Gucci, Yves Saint Laurent, and Bottega Veneta, reported a challenging fiscal 2024, with revenue falling 12% to €17.2 billion (£14.3 billion) and EBITDA plummeting 29% to €4.6 billion (£3.8 billion). Gucci’s 23% sales decline to €7.65 billion (£6.37 billion) significantly impacted the group, alongside a 51% drop in operating income. Yves Saint Laurent saw sales dip 9% to €2.9 billion (£2.4 billion), while Bottega Veneta bucked the trend with a 6% sales increase to €1.7 billion (£1.42 billion), though its operating income fell 18%. Retail and wholesale revenues dropped 21% and 28%, respectively.
Beales, the historic UK department store chain established in 1881, will shutter its last remaining outlet in Poole’s Dolphin Centre by May’s end, citing financial strain from rising employer National Insurance contributions and the minimum wage increase. CEO Tony Brown highlighted the combined impact of these changes, rendering the business “unviable.” Beales, which once operated 23 stores and employed over 1,000 staff, entered administration in 2020, closing 22 locations.
N Brown Group, owner of fashion brands Jacamo and Simply Be, has been taken private in a £191 million acquisition by Joshua Alliance, its fourth-largest shareholder. The deal, cleared by the Financial Conduct Authority in December 2024, transfers remaining shares to Falcon 24 Bidco, controlled by Alliance. Shareholders, including Frasers Group, will receive 40p per share or unlisted Bidco shares. Alliance argued that N Brown’s public listing incurred excessive costs amid low liquidity and limited investor interest in small-cap stocks. The move aims to streamline operations and enhance strategic flexibility for the retailer.
The Advertising Standards Authority (ASA) banned a Next online ad for “power stretch denim leggings,” ruling that the model’s portrayal appeared “unhealthily thin.” Complaints highlighted the model’s elongated legs, exacerbated by a low camera angle and digital alterations to lengthen the leggings. Next defended the model’s “healthy and toned” physique but admitted adjustments were made to focus on the product. The ASA concluded the ad’s styling and angles irresponsibly emphasized slimness, mandating future compliance with responsible imaging standards.
JD Group named Dominic Jordan CEO of its Outdoor division, succeeding Lee Bagnall, who steps down after seven years. Jordan joins from Hobbycraft, where he served as CEO from 2017 to 2024, overseeing expansion and its 2024 sale. His prior roles include retail leadership at Pets at Home.
Dr. Martens appointed Robert Hanson and Benoit Vauchy as non-executive directors, effective March 2025. Hanson, former CEO of John Hardy and American Eagle Outfitters, brings extensive consumer brand experience, particularly in North America. Vauchy, a Permira partner, adds financial and governance expertise from roles at eDreams ODIGEO and Permira-backed firms.
