A round-up of the news from the weekend's newspapers.
The Sunday Telegraph reported that the Bahrain-based investment fund Arcapita intends to make an offer for Peacocks, the discount fashion retailer. The potential offer is said to value the chain at around £700 million. It is believed that Arcapita’s approach to Peacocks was stalled as the group had trouble securing debt financing for the offer, however sources suggested that Arcapita is still keen to buy the business.
Barclays Private Equity is preparing to sell off footwear retailer Kurt Geiger for an expected £100 million the Sunday Express reported. Since acquiring a 72 per cent share in the business in 2005 Barclays has expanded Kurt Geiger's store portfolio and overseas business.
Tamara Mellon, president of Jimmy Choo, is waging a war against high-street retailers imitating designer products, the Independent on Sunday said. Jimmy Choo's most recent battle was with Warehouse after Choo accused the young fashion chain of plagiarising one of their best-selling bags of the summer, the £650 “Marin”. After the threat of legal action Warehouse removed the bag from their range and agreed an out-of-court settlement of just under £14,000. According to the newspaper, Warehouse is the latest in a string of retailers targeted by Jimmy Choo, including Oasis, Marks & Spencer and New Look. Hannah Merritt, head of legal at Jimmy Choo, told the Independent on Sunday; “We will not tolerate copies of our products being sold, as we spend significant sums on creating unique and novel designs.”
The accounting firm Deloitte has predicted record Christmas spending figures despite the recent Northern rock crisis and general fears surrounding personal debt, according to TheSunday Telegraph. Deloitte estimates the average Britain will spend £706 on gifts, socialising, food and drink this Christmas, which is up 7 per cent on the previous year. However the accountants also warned of a downturn in sales following the Christmas period, Tarlok Teji a partner at the firm told the Telegraph; “This Christmas will not quite be the last hurrah, but spending will slow after it. The first quarter of 2008 is going to be seriously difficult for retailers who are not prepared for this.”