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The Monday Briefing: Debenhams, M&S and Burberry

What you need to know from this weekend’s news.

Debenhams beauty halls: The chairman of Debenhams Mark Gifford has reportedly successfully blocked deals on two of Debenhams’ stores which would have seen Next open beauty halls in those locations, according to The Mail on Sunday.

The locations are the Bullring store in Birmingham and Silverburn in Glasgow.

Next had a deal with shopping centre owner Hammerson which would see the retailer open five beauty halls in former Debenhams stores.

Debenhams declined to comment. 

Marks & Spencer to hibernate stock: Marks & Spencer is reportedly buying warehouse space to “hibernate” its stock until next year, according to The Mail on Sunday.

Dividend ban: Larger companies which access the government-backed coronavirus support loans could face a ban on paying dividends or buying back shares, according to Sky News.

Ministers are reportedly finalising changes to the Coronavirus Large Business Interruption Loan Scheme, which would include banning the distribution of capital to investors.

Burberry to cut dividend: Burberry is set to cut its dividends in the fallout from Covid-19, according to The Times. The luxury fashion retailer is also in talks with shareholders over changes to its executive pay scheme.

Russ Mould, investment director at AJ Bell, told The Times that analysts were forecasting a full-year dividend payment of 33.8p, down from 42.5p last year. The final payout would be 22.5p, down from 31.5p. Last year’s full dividend cost £171m.

Savile Row tailors ask for rent relief: Tailors on Savile Row have called for rent reductions, according to Property Week.

Suit-makers on the street are reportedly asking for flexibility over payment terms alongside rent cuts.

Luxury brands hike prices: Louis Vuitton raised its prices by 3% in March and 5% in April, according to Business of Fashion.

Chanel also increased the price of its handbags and other small leather goods by between 5% and 17%, according to wwd.com.

 

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