Hudson’s Bay Company, which owns Saks, has agreed a deal to buy up struggling German department store chain Galeria Kaufhof. The group, which bought the American luxury department store in 2013, is expected to pay €2.8bn (£2.03bn) for the 136-year-old Kaufhof chain, which includes 120 stores across Germany. The deal is...
Gap is gearing up for a significant restructure of its North American division, which the company say is predicted to save it approximately $25 million per year and make the company “faster and more decisive”.The changes include the closure of 175 underperforming stores in North America and 250 corporate jobs. The...
Majestic Wine has seen its profits dip by a 22.5% following its recent acquisition of smaller online rival Naked Wines, although the group said that investment in its future was key to its long term success.Rowan Gormley, the chief executive of Naked Wines, who took over as chief executive of...
Supermarket giant Tesco and Unilever have teamed up to bring Londoners a discount on Magnum ice-creams via an app called Mpulse.The app will work when people have downloaded Mpulse. When they pass any of the 270 Tesco express stores where the offer is valid, the iBeacon technology will be triggered.Magnum...
Fashion brand Ted Baker’s first quarter revenue has risen almost 25% both in the UK and internationally as well as online.CEO, Ray Kelvin said he was pleased with the reception of the brand’s spring/summer collections. Figures show that in the 18 weeks to June 6th store sales increased by 18.9%,...
Home Retail Group which owns Argos has reported that sales have been hit by the lack of demand for electrical goods such as computers, tablets and TVs.Figures show that in the three months to the end of May, like-for-like sales dropped 3.9% to £846 million ($1.3 billion, EU1.16 billion) compared...
The European Commission has opened an investigation into Amazon’s e-book business, over fears that it could be stifling competition.The EC will be particularly looking into clauses in Amazon's contracts that require publishers to inform the US firm about deals they have with its rivals.The move is the latest in a...
Boohoo.com, the online fashion giant, has reported that sales have jumped to £41.3 million in its first quarter, which is a rise of 35% from the previous year.The turnaround for Boohoo.com is welcome news compared to the profit warning they released in January where they blamed unusual warm weather for...
It has been reported that privately-owned supermarket Iceland is facing a slowdown in profits and sales due to competition from Aldi and Lidl.Figures show that in the year to March 27th sales dropped 25% at £150.2 million which is down 0.5% on the year before.Malcolm Walker, chairman and CEO said:...
British clothing retailer Joules has secured funding for an ambitious expansion plan covering Europe and North America. The company is seeking to capitalize on its growth in recent years, with 99 stores nationwide.Tom Joule, CEO and founder of Joules said: “We welcome Barclays’s continued support to help us achieve our...
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