It’s official, LK Bennett is now owned by a company set up by one of its supplier-partners. It becomes the latest prominent name to be acquired by a Chinese business with its Chinese franchisee now in the driving seat.
JD Sports has received enough shareholder support for its takeover offer for smaller peer Footasylum and will compulsorily purchase the remaining shares with Footasylum becoming part of the larger group.
Philip Day may have bought control of Bonmarché but his attempt to buy the rest of the firm and take it private could be in jeopardy with the board saying on Friday that his 11.445p per share offer isn’t enough.
The outdoor apparel and equipment retailer reported record-breaking annual net sales of $2.78 billion for fiscal 2018 on Tuesday and announced a series of initiatives aiming to promote equipment re-use in 2019.
“Disappointing” was how Asos described its first half as pre-tax profits went into freefall (down 87%). While sales rose 14% for the six months to the end of February, the retail gross margin dropped 60bps.