Arcadia’s boss Sir Philip Green is reportedly in “late-stage talks” to sell a chunk of his business to US private equity firm Leonard Green & Partners. According to the Independent, Sir Philip is looking to sell a 25 per cent stake in his retail empire, which includes Topshop and Topman, in “a deal that could see him net £250 million”.
Apparel retailer New Look has named its new chief executive. Anders Kristiansen joins from the largest fashion retailer in China, Bestseller Fashion Group China, where he was vice chief executive.
In more appointments news, Argos’s parent company Home Retail Group plc has appointed CA Technologies’ UK & Ireland vice-president and general manager Jacqueline de Rojas to its board as a nonexecutive director. In a statement, Home Retail Group’s chairman John Coombe said de Rojas’s IT expertise will be “a strong addition” to the company as Argos “implements its transformation plan to become a digital retail leader and Homebase extends its online experience for customers”.
Tesco is undertaking a strategic review of its unprofitable US business Fresh & Easy, with “all options under consideration”, including a sale
of the business. In the same statement, the supermarket confirmed the departure of Tim Mason, Fresh & Easy’s chief executive, after 30 years’ service with the company.
How about some Christmas stats? According to a recent YouGov Sixth Sense report on Christmas spending, UK households are projected to spend £792 million (3.46 per cent) less on Christmas this year than they did in 2011, but are still expected to spend approximately £22 billion on gifts, cards and
decorations, and food and drink this holiday season. The survey found that the average UK household will spend £835 celebrating Christmas this year. This is down slightly from last year, when the average per-household spend was £865.
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