A round up of the best fashion business stories from the weekend’s newspapers.
- Mixed opinion came from investors over the expected appointment of Robert Swannell as chairman of M&S. The Sunday Times reported that retail sector analysts believe Swannell’s City connections, financial acumen and grasp of boardroom politics will stand him in good stead with investors and the executive board. One banker, however, said that Swannell is probably the wrong choice because he has been Stuart’s adviser for 10 years, while others dismissed the idea he would be Stuart’s puppet.
- UK backer in American Apparel, Lion Capital, is said to be considering its options, including relaxing the terms of its loan to give the retailer some breathing space, according to a source, reported The Mail on Sunday. Breaching the terms of the current $80m (£51.4m) loan agreement would force it into receivership, threatening the jobs of 10,000 employees in 20 countries, the Independent on Sunday reports. In the UK, 15 stores would close.
- Harrods is to start selling an exclusive range from upmarket swimwear brand Bellinski, in the next few weeks as part of its new 5,000 sq ft swim room, the Daily Mail reported. The swimwear brand is also seeking between £150,000 and £250,000 in new funding to create an exclusive new label named after founder Annabel Hume.
- Former Harrods owner Mohammed al Fayedburned the Royal warrants that were removed from the exclusive London department store in 2000. In a letter to The Sunday Telegraph, Al Fayed described them as “a curse” and said business tripled after they were removed.
- Outdoor clothing and equipment business Jack Wolfskin has been put up for sale, according to The Sunday Times. Financial services firm Morgan Stanley will undertake an auction of the firm, which is expected to fetch about £500m.