The best of the fashion business-related headlines from the weekend newspapers…
The Sunday Express reported that stockbroker Investec had set out 10 questions that it wants Sports Direct deputy chairman Mike Ashley to answer at its annual results meeting on Thursday. They include details of the group’s key lenders, debt facilities and refinancing schedule, how much stock on the balance sheet is more than 12 months old, how many supply contracts had been lost over the last year, and why an independent chairman has not been appointed.
Sports Direct’s profit-before-tax is expected to be £67 million, down £11m from the previous year, with sales up to £1.29 billion from £1.26bn. The sportswear retailer is expected announce that it will scrap its dividend to save £21m to help pay off its debts.
JJB Sports has appointed headhunters to find non-executives to help turn the business around, according to The Mail on Sunday.
Marks & Spencer
M&S chairman Sir Stuart Rose’s executive assistant, Susan Aubrey-Cound has been appointed head of internet operations at the retailer, according to The Mail on Sunday. Her appointment mirrors that of current head of food John Dixon, who headed the internet business in 2006 after being Rose’s personal assistant.Aubrey-Cound will report to retail director Steve Rowe.
Sainsbury’s will face competition in the search for its new chairman, as it emerged that one of the contenders for role, David Tyler, is also a possible candidate for the chairman role at Experian, according to The Financial Times. Tyler, a former Argos and Homebase executive, is already a non-executive director of Experian.
Other names linked to the Sainsbury’s role include former Reed chief executive Sir Crispin Davis and Burberry chairman John Peace. The new chairman will replace Sir Philip Hampton