A round up of the best fashion business stories from the weekend’s newspapers.
- Tesco will reveal next week that it is launching a new clothing line, Florence & Fred Trend, in May as it looks to tap into a younger audience as part of its efforts to grow its fashion business, the FT Weekend reported. The supermarket is also expected to announce pre-tax profits of £3.2bn in its full-year results on Tuesday, according to the Independent on Sunday.
- Primark owner Associated British Foods is expected to announce a surge in its annual pre-tax profit on Tuesday, up from £495m last year to nearly £700m, the Independent on Sunday reported. Deutsche Bank analysts believe that the increase will come off improved revenue of more than £10.1bn.
- Burberry is expected to confirm on Tuesday that its sales are continuing to boom in Asia, the Mail on Sunday reported. Sales in countries such as Japan have jumped by a fifth in the past three months following the popularity of expanded ranges of footwear and kidswear introduced across the globe.
- Littlewoods, part of the Shop Direct Group, will attempt to claim a VAT rebate that could top £1bn in the High Court this week in a test case that may cost the Government several times that amount, reported the Sunday Express. Like many other businesses, the home shopping retailer is claiming for compound interest held by HMRC.
- Baugur’s former boss Jon Asgeir Johannesson is rumoured to have received loans equating to 80% of the equity of Glitnir - the bank he controlled before the onset of the Icelandic banking crisis - according to the Sunday Times. The paper also reported that Johannesson faces allegations of trying to disguise the extent of his empire by transferring shares to House of Fraser chairman Don McCarthy and All Saints chairman Kevin Stanford.