Entertainment products retailer HMV Group has
sold its bookstore chain Waterstone’s to a fund
controlled by Russian billionaire Alexander Mamut for £53
million. Mamut already owns 6.7 percent of HMV Group. In a
statement, HMV says the disposal will allow the company to focus
on “executing the turnaround at HMV and continuing to
develop the HMV customer offering”. In a trading statement
accompanying the announcement, HMV revealed that in the 17 weeks
ended 30th April, total HMV sales were down 16.6 percent and
Waterstone’s sales fell 11.3 percent. In the year to 24th April
2010, Waterstone’s made a trading profit of £2.8 million
against turnover of £514 million.
Sales at luxury group Richemont grew 33 percent
in the year ended 31st March 2011 to €6.89 billion
(£6.08 billion). Excluding the impact of online retailer
Net-a-Porter-which Richemont acquired last
year-sales grew 19 percent. In a statement Richemont said
Net-a-Porter was performing ahead of expectations.
Camera retailer Jessops has launched a free
iPhone app allowing customers to create photo albums and select
to have them printed and delivered to their homes for
£5.95.
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