News roundup–Jigsaw, The Hut, more


News roundup–Jigsaw, The Hut, more

Fashion retailer Jigsaw is closing its sister
brand Kew only a year after it was relaunched
following the label posting a £6.8 million loss last year.
The Telegraph reports that Kew, which originally
launched in 2003, is likely to convert a third of its 22 stores
into Jigsaw outlets while the remaining outlets are set to close.
Accounts filed at Companies House for Robinson Webster
Holdings, Jigsaw’s parent company, show that although
there was a group loss of £10 million for the year to
October 1st 2011, turnover increased from £81 million to
£84 million.

Sir Terry Leahy is on the shortlist to become the next chairman
of online retailer The Hut, according to the
Mail’s This is Money website. The shortlist
for the groups’ new chairman is understood to have been drawn up
and former Tesco chief Leahy is believed to be
on the list to replace Angus Monro. A decision is expected to be
announced in autumn this year.

According to the Guardian retail bankruptcies have risen by 10
per cent over the past three months with Clinton
Cards and Game among the victims of the
cull. The retail insolvencies have been blamed as a result of the
wet weather and dampened consumer confidence.
PricewaterhouseCoopers said the retail sector saw 426 businesses
go bankrupt in the second quarter, up from 386 a year ago, but
the number of corporate insolvencies fall by 3 per cent
year-on-year to just under 4,000.

Luxury department Harrods, owned by Qatar
Holding, has announced that in the year to 28th January 2012
sales were up 11 per cent to £651.7 million and pretax
profits increased 15 per cent to £125.3 million. In the
Telegraph report it says that the Qatari
owners, who bought Harrods from businessman Mohamed Al Fayed for
£1.5 billion in 2010, paid themselves £100 million
dividend as a result of the retailers’ financial results.

The Mail’s This is Money column has reported that
Select, the fashion outlet, has seen
like-for-like sales rise by eight per cent in the six months to
27th July 2012, while total sales increased by 16 percent.
Select’s results have been attributed to disarray among rivals as
well as delivering products straight from its own factories.

Online retailer Figleaves is launching an own
brand luxury lingerie line called Boudoir in September, following
the launch of the firms menswear collection last autumn. Items
will cost between £16 and £70, reports the Daily Express.

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