Accessories Amazon Asda Christmas Expansion & Franchise Fashion HR News High Street John Lewis London Marks & Spencer Media News Results Retail Retail and Consumer Industry Retail news Sainsbury's Store Tesco UK brand china consumer deal deals and rumours department department stores e-commerce electricals expansion fashion news food grocer group launch luxury morrisons my online online retail people profit property retail property retailer sale sales supermarket waitrose
Sir Tom Hunter’s West Coast Capital set to make Canadian acquisition Monday, 13th May 2013
Sir Tom Hunter’s West Coast Capital business is reportedly on the verge of a sizeable acquisition in Canada.
According to Scotsman, eCommera, an electronic commerce platform WCC holds investments in, is said to be involved in talks to buy a business in the same sector based in Toronto. Although little detail is known about the deal, it’s thought the price will be in multiple millions.
Based in London, eCommera was founded in 2007 and opened its first office in the US in 2011. It counts Brooks Brothers, House of Fraser and Jaeger as customers.
Harry Winston spends $500m on BHP diamond mine Tuesday, 13th November 2012
Photo credit: Harry Winston
Toronto-based Harry Winston Diamond Corporation is set to buy a controlling state in the EKATI diamond mine for USD 500 million, as the jeweller looks to invest in the rising prices for rare gems.
Previously owned by BHP Billiton, the sale represents BHP’s exit from the diamond industry, just one year after the world’s largest miner said it planned to sell off its assets, including the 80 per cent stake in EKATI, Canada’s oldest diamond mine.
Having long been considered a likely buyer for the mine, Harry Winston said it would fund the deal with cash at hand and with debt, including a USD 400 million term loan and a USD 100 million revolving credit facility.
Hudson’s Bay files for TSX IPO Wednesday, 17th October 2012
The oldest commercial corporation in North America, Hudson’s Bay Co. on Tuesday filed paperwork for its initial public offering on the Toronto Stock Exchange.
According to a WWD report that cited a financial source, authorities are now reviewing the registration statement before it can be made public, which could be as early as Wednesday for the Canadian retailer.
The listing could raise up to CAD 500 million on the stock exchange, which investors will see as an opportunity to put the historic company back in Canadian hands.
Canada’s Rona turns down Lowe’s C$1.8bn offer Wednesday, 1st August 2012
Photo credit: Rona Inc
Struggling Canadian home improvement retailer Rona Inc has turned down a CAD1.8 billion offer from US competitor Lowe’s.
Rona on Tuesday publicly rejected the offer, saying that the CAD14.50 a share proposal was not the best deal for its shareholders. The retailer is keen to rejuvenate sales, but is looking to close big box stores and focus on smaller outlets instead of allowing a takeover from a larger company.
Lowe’s is thought to be keen to purchase the chain as it looks to strengthen its hold in Canada, a market which has remained resilient to the recession seen in the States.
"We are disappointed that the Rona board said no," Doug Robinson, Lowe's head of international operations and development, told Reuters in an interview. "We really want to take a little bit of time to consider options."
Blackberry is not in a “death spiral” says RIM CEO Wednesday, 4th July 2012
Photo credit: Research In Motion Ltd
Macworld this morning quoted Heins during an interview with Canadian Broadcasting Corporation’s Metro Morning radio show, in which the chief executive claimed the company is instead passing through a transition period.
“This company is not ignoring the world out there, nor is it in a death spiral,” he said. “Yes, it is very, very challenged at the moment – specifically in the US market. The way I would describe it: we're in the middle of a transition.”
But there is a concern within the industry that the damage may already be done for RIM. The company last week revealed a quarterly loss of USD 518 million, along with plans to cut 5,000 jobs, 30 per cent of its workforce, over the next nine months.
“The next quarters are going to be difficult,” Heins said. “But I am positive ... we will re-emerge, specifically in the US and Canada, as a very strong player.”
Garage opens first store with Fawaz Al Hokair Friday, 7th October 2011
Canadian apparel brand Garage this week opened the doors to its brand new Riyadh store, located in the Sahara Mall.
Through a franchise partnership with leading brand licensing group Fawaz Al Hokair Fashion Retail, Garage will open two more stores over the next month; first in the Mall of Arabia in Jeddah, to be joined by a store in the Mall of Dhahran in Dhahran.
The Saudi stores will showcase the brand’s youthful take on fashion apparel from its Fall 2011 collection.
After the initial openings Al Hokair Group will focus on expanding the Garage brand, which it plans to launch into at least 25 stores in the next five years.
"We are thrilled to bring the Garage brand experience to Saudi Arabia, as part of our strategy for international growth", says Anna Martini, President of Garage International LUX SARL. "We feel that we have a proficient partner in Al Hokair undertaking this new venture, and are confident that their expertise will propel the brand successfully in this new market".
"Fashion Retail is delighted and excited to embrace such an exciting and innovative brand as Garage within our brand portfolio. Fashion forward brands form an integral part of our retail franchise offering and we look forward to introducing Garage's high-energy designs and unique brand positioning to the Middle East." said Simon Marshall, Chief Executive Officer of Al Hokair Fashion Retail.
Brit David Cheesewright to become Wal-Mart’s head of UK, Canada and Africa Thursday, 29th September 2011
The world’s largest retailer has appointed British executive David Cheesewright in a new position as head of operations in the UK, Canada and Africa.
As part of his new role Cheesewright will also oversee business development in Europe, the Middle East, Africa and Canada, reporting to Doug McMillion, Wal-Mart’s chief executive.
Having worked most recently as head of Wal-Mart in Canada, Cheesewright will oversee 283,000 staff and 1,182 stores as part of his new role. Before moving to Wal-Mart Cheesewright worked as chief operating officer at Asda, Wal-Mart’s UK retail arm.
McMillion told staff in an internal email that the changes had been driven by the growth of Wal-Mart's international business and the acquisition of South African retailer Massmart Holdings.
"With the exciting addition of Massmart, we've decided it's time to create a new regional leadership team to support our growing businesses in the UK, Africa and Canada," he said. "This team will support the successful integration of Massmart, help lead and leverage the capabilities of our teams in the UK and Canada and have responsibility for future growth in Europe, the Middle East and Africa. While this doesn't mean we will enter any new countries in this region in the short term, it will increase our understanding of these countries and our ability to respond accordingly over time."
Burkle edges closer to American Apparel deal Monday, 26th September 2011
Photo shows members of public escorted by police after American Apparel warehouse sales in 2010.
The embattled retailer is said to be in the final stages of negotiation over a loan in the region of USD 90 million from Colbeck Capital Management LLP, an investment firm affiliated with Ron Burkle’s Yucaipa Cos.
At the same time American Apparel has also begun a round of large-scale warehouse sales, raising cash from out-of-season stock, slightly damaged goods and novelty fashion items. The first warehouse sale took place in Montreal last week and raised USD 375,000.
The proposed deal with Colbeck Capital would allow American Apparel to retire USD 56.5 million in first lien loans from Bank of America and Bank of Montreal. Another portion of the remaining capital would potentially go to reducing the USD 83.8 million in term loans the fashion retailer owes to Lion Capital, under an 18 per cent interest rate.
Another portion of the funds would be channelled into operations and capital expenditures as American Apparel battles to stay afloat. In the meantime the retailer will continue with a spate of warehouse sales across Canada and the US, with another sale planned in Los Angeles for 14 October held at the company’s headquarters.
Ben Sherman takes first steps into luxury market Friday, 16th September 2011
Ben Sherman has re-launched its store on London’s iconic Carnaby Street in an effort to cement its position in the premium retail sector.
The new store boasts a ‘Shirt Bar’, where customers can find the perfect shirt with the help of the Shirtelliers – the label’s trained shirt experts. The window displays have also been dramatically overhauled. Now passersby can command products of their choice to be brought to the front of the display where they will be displayed in isolation.
This new-look store is not for London’s eyes only. The renewed retail concept will roll out to a brand new store in Toronto, Canada, which will open this autumn, as well as to the remainder of Ben Sherman’s global retail portfolio in due course.
The iconic mod brand has also opened a concept store in a former antiques shop at 115 Portobello Road which was built with a more ‘boutique’ atmosphere in mind.
HMV remains confident in the face of sales decline Friday, 9th September 2011
HMV has posted a like-for-like sales decline of 15.1 per cent in the first quarter but insisted that measures being taken to protect and improve the business are proving successful.
The entertainment retailer reported a total sales slide of 21.8 per cent, taking into account the closure of 29 stores. Total revenues were down 19.4 per cent in the 18 weeks to 3 September.
Chief executive Simon Fox said that HMV’s move into new categories, mainly technology, is delivering results. “Like-for-like sales in our initial six ‘Fast Forward’ stores have continued to grow by over 100 per cent and during the first quarter we have been preparing our enhanced technology offer, the benefit of which is not included in the first quarter” he said.
According to Fox, HMV is now firmly focused on its turnaround strategy following the sales of bookseller Waterstone’s and HMV Canada, and a £220 million refinancing.