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Weekend newspaper round-up: May 16-17

The best of the fashion-business related headlines from the weekend’s newspapers…

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Next chief executive Simon Wolfson could face questions about his political ambitions at the company’s annual shareholder meeting tomorrow, according to The Mail on Sunday. It said that speculation had grown that in the next 12 months, Wolfson could look to step up to the role of chairman and appoint his successor to the chief executive role.

Wolfson chairs the Conservative’s Economic Competitiveness policy unit and donated money to David Cameron’s 2005 leadership campaign, according to the report.

However sources close to the retailer insisted Wolfson had no plans to spend more time in politics.

Uniqlo/Gap

The Times had an interview with Tadashi Yanai, the entrepreneur behind Fast Retailing, which operates the Uniqlo chain.

Yanai reportedly said that making a bid for US fashion giant Gap was “not such a crazy idea”, as part of Fast Retailing’s goal to become the world’s biggest clothing manufacturer in the next decade. He told the newspaper that the group would have to buy a big chain to get the necessary presence in Europe and the US. However, Yanai said there was not formal plan to launch a bid for Gap at the moment.

JJB Sports

JJB Sports is expected to write down at least £60 million when it reports its annual results on Thursday, according to The Mail on Sunday. The adjustment in the balance sheet relates to the closure of 140 JJB stores, the closure of its Original Shoe and Qube shops, as well as the loss of goodwill on some asset values and the loss of goodwill on some assets incurred in the year to January. The report said that JJB Sports’ actual losses for the period were expected to be £10 million, in line with predictions.

 

 

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