Today’s news in brief-15/1/24
Shein, the fast-fashion brand, is reportedly facing delays in its plan to go public on the US stock exchange due to the need for approval from a Chinese regulator. The approval process is expected to be lengthy, and Shein is also expected to face stricter scrutiny from US regulators. The Singapore-based company filed for an IPO in the US with an initial valuation target of $90bn. Additionally, in December, it was revealed that Shein was exploring the possibility of a listing on the London Stock Exchange.
Mango has announced the creation of a new brand management division to strengthen its executive leadership in image, communication, brand, and customer experience. The division will be led by Blanca Muñiz, the new chief brand officer, who brings over 25 years of experience in marketing and product. Mango aims to consolidate an innovative brand strategy focusing on design, innovation, and sustainability. The company plans to reinforce its commitment to quality and present a new 2024-2026 Strategic Plan in March.
Gap has appointed Eric Chan as chief business and strategy officer and Amy Thompson as chief people officer. Both leaders will join Gap’s executive leadership team, reporting to CEO Richard Dickson. Chan brings over 20 years of financial and operational leadership experience, while Thompson has 25 years of experience leading cultural change for iconic brands. The appointments aim to strengthen Gap’s foundation as it undergoes brand reinvigoration and cultural relevance.
Asda is reportedly conducting a trial of a four-day week in response to rising turnover among store managers and concerns over company culture. The trial is part of Asda’s efforts to rebuild relations with senior staff amid ongoing cost cuts. The supermarket chain is also exploring other flexible working arrangements, including shorter shifts. The trial is set to conclude later this month, with positive feedback reported from participating colleagues.
Clayton, Dubilier and Rice (CD&R), the owner of Morrisons, has appointed Sir Dave Lewis as an operating advisor. Lewis, former CEO of Tesco, will leverage his 30 years of leadership experience to support CD&R in identifying and evaluating new investment opportunities and assisting portfolio companies across Europe. Lewis is currently the chair of consumer health company Haleon and sits on the board of PepsiCo.
Battersea Power Station experienced a 52% increase in overall sales, with fashion sales rising by 33% in December 2023 compared to the previous year. The shopping destination welcomed over 11 million visitors in 2023, concluding with its busiest month in December, witnessing a 30% YoY rise in visitors. The success is attributed to the opening of over 40 new shops, bars, restaurants, and leisure experiences since October 2022.
