A round up of the best fashion business stories from the weekend’s newspapers.
- Next chief executive Simon Wolfson told shareholders that he has no plans to quit if he becomes a working Tory peer, the Sunday Times reported. It emerged that Wolfson discussed the issue with shareholders last month following the publication of Next’s full-year results.
- Soaring world cotton prices are set to push up the cost of shirts, blouses, underwear and other clothing on the high street, the Mail on Sunday reported. An expert estimated that recent price movements would lift the cost of the cotton in a T-shirt from about 32p to 47p, which could mean a 7% price increase for retailers.
- Liberty International, the FTSE 100 property group behind the Lakeside shopping centre in Essex, is to freeze the basic salaries of its senior directors for a second consecutive year, said the Independent on Sunday. The 2009 annual report said that the reorganised Liberty group, which will be divided in two next month, pledged to review the situation in 2011.
- Blacks Leisure will announce details of its cash call for more than £20m with its delayed full-year results on Friday, according to the Mail on Sunday. Now fundraising will require only a majority of shareholder support, sidestepping Mike Ashley, who blocked an attempt to raise cash in March and controls 28% of Blacks through Sports Direct.
- Marc Bolland was profiled by The Sunday Telegraph exploring the challenges ahead as he prepares to start next week as the new chief executive of Marks & Spencer.