The CEOs of Sainsbury’s and Asda have been accused of creating a “financial fix” and using “mickey mouse” numbers by MPs in a parliamentary hearing over the supermarkets’ merger.
Mike Coupe
Asda chief executive Roger Burnley and Sainsbury’s CEO Mike Coupe appeared in front of MPs at the environment, food and rural affairs committee on 20 June.
The bosses of Asda and Sainsbury’s have been accused of using “mickey mouse numbers” by MPs, who also dismissed the two grocers’ promise to continue running both brands separately after a merger as “baloney”.
Burnley and Coupe said they would reduce prices on everyday essentials by 10%, but insisted suppliers would not be squeezed as they would benefit from dealing with one retailer rather than two.
They added that smaller suppliers would not be affected.
You might also like...
Asda to tackle clothing microfibres
Asda has become the first UK supermarket to join the Microfibre Consortium, which seeks to reduce the impact of micro-plastics on the environment.
Arcadia makes senior digital hires
Arcadia has made three senior appointments to its digital team, as the group seeks to accelerate its digital growth strategy.
Profits jump at Oasis and Warehouse Group
The Oasis and Warehouse Group has reported a 20% increase in EBITDA to £11.5m, for the 53 weeks to 2 March 2019, despite difficult market conditions.
Who gets fashion retail's vote?
Drapers asks industry leaders what the next government needs to do for business and measures how the parties’ pledges stand up.
Video: Little Mistress launches sustainable campaign
Little Mistress has released a video campaign for the launch of three celebrity collections made from recycled plastic this month.
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.
Readers' comments (2)
Anonymous21 June 2018 8:10 am
I`m sure both parties will come to an amicable agreement !!
Pot calling the kettle springs to mind,
Unsuitable or offensive? Report this comment
Steve Sidkin2 July 2018 10:17 pm
Whilst the Competition and Markets Authority gives thought to the proposed merger of Salisbury's and Asda, today's news of Tesco and Carrefour planning to combine their respective buying powers can be expected in due course to further squeeze suppliers.
Stephen Sidkin
Fashion Law Group
Fox Williams LLP
Unsuitable or offensive? Report this comment