Today’s news in brief-25/11/24

Asda has announced the return of Allan Leighton as executive chair, succeeding Stuart Rose. Leighton, who served as CEO of Asda from 1996 to 2001, brings extensive leadership experience, including roles at The Co-op and Loblaw Companies. Rose will remain on the board temporarily to ensure a smooth transition. Under Rose’s tenure, Asda invested £3.8bn to expand its footprint to 1,200 stores and launched a loyalty app with six million users. Leighton aims to build on this momentum, focusing on enhancing Asda’s offerings for colleagues and customers. TDR Capital, a key shareholder, expressed confidence in Leighton’s leadership to guide Asda into its next phase of development. The Gold family, owners of Ann Summers, are exploring strategic options for the retailer, including a possible sale of a stake, amid mounting losses. The family recently injected £5m to stabilize the business. Discussions with advisory firm Interpath are ongoing, though no formal engagement has been announced. Founded in 1971, Ann Summers operates 83 stores and employs over 1,000 people. Kingfisher, owner of B&Q and Screwfix, has revised its profit forecast downward following a flat third quarter, with sales dipping slightly to £3.2bn. Strong performance at Screwfix contrasted with declines at B&Q. Core categories, representing most sales, saw improvement, but “big-ticket” items remained weak despite early signs of recovery. CEO Thierry Garnier attributed October’s slowdown to consumer uncertainty in the UK and France but noted progress in digital sales and trade-focused initiatives. Boohoo secured lender consent for a £39.3m fundraising effort, marking a pivotal step in its strategic review. The move follows a tripling of pre-tax losses to £27.4m in the first half of the year, alongside a 15% revenue drop. The oversubscribed share placement underscores shareholder support despite recent challenges. The British Retail Consortium (BRC) has called for public support to ensure a safer holiday season for retail workers amid rising abuse and violence. With incidents reaching 1,300 daily, the BRC urged the government to expedite legislation protecting retail employees. The busy festive period often exacerbates tensions, with shoplifting and customer frustration fueling confrontations. Retail Trust and Usdaw highlighted the physical and emotional toll on workers, advocating for respect and kindness from shoppers. Industry leaders stressed the need for a collective effort to combat violence, ensuring retail staff can focus on delivering a positive shopping experience. Zara unveiled a 51,000-square-foot flagship store at Birmingham’s Bullring and Grand Central, joining other international brands in revitalizing the retail destination. The two-floor store features Zara’s full product range and automated services for seamless customer experiences. This opening aligns with Bullring’s strategy of attracting global brands to enhance its retail offerings, following recent additions like Sephora and Pull&Bear.