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Harrods launches digital fashion magazine Saturday, 17th September 2011
Harrods today launched its first online fashion magazine entitled ‘Review’ to coincide with London Fashion Week.
Harrods has said that it wants to use the e-zine to build its authority as a fashion commentator on fashion and beauty trends.
Edited by Nicola Copping, the magazine will feature exclusive editorial and video content as well as shopping tips and interviews.
Commenting on the launch Nicola Copping said: “With the launch of The Review, we are aiming to provide an enhanced experience for our online customers by delivering unique and captivating editorial content, including interviews with designers, buyers’ picks, exclusive products and major launches.”
Sales climb at John Lewis Friday, 16th September 2011
John Lewis has carried on its better start to September with another round of improved trading in the week to 10 September.
Sales at the department store rose 4 per cent excluding VAT, or 5.8 per cent if VAT is included. Sales were 23.3 per cent better than the same week in 2009.
The e-tail arm of the group continued its powerful growth as sales rose 35.5 per cent. In terms of physical stores, standout performances came from Oxford Street and Edinburgh with each recording a sales increase of over 9 per cent.
However, two-thirds of its stores that have been open for a year or more experienced a sales decline, with Aberdeen and Reading down by over 13 per cent and the At Home store in Croydon falling 27 per cent a year after it first opened its doors.
Childrenswear was up 25 per cent on the back of last minute back to school sales. Fashion was up 7 per cent. Electricals and home technology was up 9.2 per cent with improved demand for big screen television sets.
Sales continue to slide at Home Retail Group Friday, 16th September 2011
Argos parent Home Retail’s shares have fallen after a second quarter update showed a continued like-for-like sales drop at the flagship chain and also stale progress in trading at Homebase.
Sales at Argos have fallen 8.6 per cent like-for-like – a slight improvement on the 9.6 per cent decline in the previous quarter. Homebase’s like-for-likes fell 3.1 per cent after a 1.6 per cent rise in the first quarter.
Home Retail chief executive Terry Duddy has stated that the business was “in good operational shape” ahead of the Christmas rush.
Danone exec switches yoghurt for Louis Vuitton luxury Thursday, 15th September 2011
A senior executive at Danone is leaving the dairy giant to take over at luxury French fashion house Louis Vuitton.
Jordi Constans was executive vice president of fresh dairy products at Danone. He takes over from Yves Carcelle, who has held the top spot at Louis Vuitton since 1990.
Iceland Foods auction at risk as vulnerable financial markets prevail Thursday, 15th September 2011
Unstable financial markets and the complexity of a deal could damage the auction for a controlling stake in Iceland Foods and also limit the proceeds for the creditors of failed Icelandic banks.
CEO Malcolm Walker, founder and owner of a 23 per cent stake, is the favourite to take control of the frozen food retailer. Morrisons is, so far, the most likely trade buyer. However, beyond these two names many bidders have been limiting their interest to parcels of stores.
Private equity was also widely expected to take a look at Iceland Foods as the low-budget products sold by the chain resonate with the increasingly cash-strapped shoppers in Britain today. As yet, tough financing conditions are thought to have deterred some potential buyers from this sector.
The caution exercised by potential buyers for the controlling stake in the frozen food specialist could dash the hopes of a healthy pay out to the creditors of collapsed Icelandic banks Landsbanki and Glitnir, which gained control of a 67 per cent and a 10 per cent stake in the retailer respectively after the demise of investment group Baugur.
Analysts are now estimating that the company is now valued at between £1.3 billion and £1.5 billion as opposed to early hopes of a £2 billion valuation.
Bank of America, Merrill Lynch and UBS, who are conducting the auction for the controlling stake, are expected to send out information to prospective bidders later this month.
Waitrose weekly sales on the rise after Canary Wharf makeover Thursday, 15th September 2011
Sales at Waitrose are up 10.7 per cent in the week the grocer reopened its flagship Canary Wharf store as its very first Food, Fashion and Home shop.
The revamp of the grocer’s Canary Wharf store, which cost £15 million, saw the premises expand from 71,000 square feet to 74,000 square feet. The first few days of trading at the store has “exceeded expectations”.
In the first day, total sales were up by 43.6 per cent.
Waitrose also opened a store on Tuesday at Westfield Stratford City, which is the grocer’s greenest store to date.
Sales patterns throughout the last week were autumnal, with sales of hot pies and pizzas up by 35 per cent and 40 per cent respectively. Frozen chips and roast potatoes also leapt by 14.5 per cent and 33 per cent respectively.
Hosiery sales were up by 28 per cent.
Saks Names Incandela as its New Chief Marketing Officer Thursday, 15th September 2011
Saks Incorporated appointed Denise Incandela, the president of Saks Direct and the executive vice president of Saks Fifth Avenue, as its new chief marketing officer. This newly created role will tap her experience in maximizing and capitalizing upon customer insights, data analytics and digital marketing, according to Saks' chairman Steve Sadove."Denise is a proven leader, a strategic thinker, and a great executor who has led the development and extraordinary growth of Saks Direct," he stated. Incandela joined Saks Fifth Avenue in 1999 to spearhead the development of Saks Direct. She held the post of senior vice president of business development and Saks Direct between 2002 and 2007 at which time she was promoted to president of Saks Direct and group senior vice president of Saks Fifth Avenue. Incandela was promoted to president of Saks Direct in 2010.Prior to joining Saks, she was a consultant at McKinsey & Company, where she was a leader within its retail practice and served Saks Fifth Avenue as a client. Incandela will continue to report to Sadove.
Shangpin knows Chinese luxury consumers' secrets Wednesday, 14th September 2011
FORTUNE -- Despite global economic turmoil, the Chinese luxury market is still expanding at a dizzying rate -- by 16% in 2010 according to McKinsey. Not surprisingly, Shangpin -- a new Beijing-based, members-only e-commerce site -- is growing dramatically too. Read full story here