A round-up of the best of the fashion business headlines from the weekend’s newspapers.
River Island is looking for damages and also wants Primark to destroy all the clothing in dispute, which includes cardigans, jeans, dresses and hoodies.
The Sunday Telegraph also said that fast fashion retailer New Look had met with a series of investment banks to help it determines who might handle a possible £1.7bn IPO of the business next year. Deutsche Bank, Goldman Sachs, JP Morgan Cazenove, Credit Suisse and Nomura are all potential partners according to the paper.
Saturday’s Daily Telegraph said that profits at luxury fashion department store Harvey Nichols tumbled 18% in the year to March 28. Sales declined by 3% from £90m to £87.5m, while pre-tax profits dropped from £13m to £10.7m.
Harrods is mulling the sale of its £200m pension fund, according to The Independent on Sunday. The newspaper said that the retailer was looking to offload its pension obligations to more than 1,000 staff by selling the scheme to a specialist insurer. The company said it was looking at a range of options for the fund.
The Mail on Sunday reported that Matalan founder John Hargreaves may retain a significant stake in the fashion chain in order to secure a £1.5bn sale. The paper suggested he could keep £250m to £300m in the business as a goodwill gesture.