The top fashion business stories from the weekend newspapers…
The Financial Times reported that fashion retail bosses were warning of a high street retail downturn. The newspaper said that Arcadia owner Sir Philip Green and New Look chief executive Phil Wrigley said that a gloomy economic outlook and bad weather had deterred shoppers in recent weeks. Green told the paper that the severity of the slowdown over the next four to six weeks would depend on the weather, and called for “meaningful” interest rate cuts from the Bank of England. Wrigley added that trading had been disappointing for weeks. However he added that the company was on course to lift EBITDA to £200 million for the current year ended today.
The Sunday Times said that Marks & Spencer was facing an investor revolt as shareholders making up more than 20% of the retailer’s institutional base, had voiced opposition to Sir Stuart Rose’s appointment as executive chairman. The newspaper said that shareholder Schroders was calling for the retailer to oust Rose unless he agreed to reverse the decision to his combine chief executive and chairman roles.
The Independent on Sunday reported that M&S could face a warning from the Association of British Insurers if it fails to fully explain Rose’s appointment as joint chief executive and chairman of the retailer. The Association has put the company on “amber alert” but could move it to the “red” category, if it fails to provide a proper explanation.
Billions of pounds worth of debit and credit card information is being stolen from retailers and traded online without the knowledge of the card owner, according to The Mail on Sunday. The newspaper said that fraud experts would highlight their concerns to MPs at a Home Affairs Select Committee inquiry. One expert said traded information came from retailers’ hacked databases.
The Mail on Sunday also reported that politicians and children’s charities had hit out at a range of underwear for five to 12 year-olds from lingerie brand La Senza. Critics of the range say it is inappropriate and could encourage teenage pregnancy.