Asos.com launches online swap platform
Asos.com is launching an online market place to tap into the trend for vintage clothing. It allows its customers to recycle and swap their wardrobes with each other.
HMV sales fall 10%
Like-for-like sales at entertainment retailer HMV dropped 10% in the 16 weeks to April 24 as sales were affected by bad weather, fewer promotions and tough comparatives with the year before.
Poundland sold for £200,000
Poundland has been sold to US-based private equity group Warburg Pincus as part of a £200,000 buy out.
The Original Factory Shop to expand
The Original Factory Shop is planning an expansion drive into small towns and high streets after reporting a 35% increase in sales.
From The Financial Times
Virgin cosmetics in liquidation
Effective Cosmetics Retail, Virgin’s retail cosmetics business, has been liquidated owing £3.3m. Virgin sold the business in 2008 writing off £21m of debt and paying £8.8m as “brand protection”.
Argos profits fall as takeover speculation rises
Argos has revealed a drop in profits as speculation continues over a potential takeover of parent company Home Retail Group. The group faces a shareholder backlash over a £150m share buy back plan.
H&M owner buys up Regent Street property
The owner of Swedish fashion retailer H&M has bought a section of retail property on London’s Regent Street in a £225m deal. Tenants include Banana Republic, H&M and Armani Exchange.
From The Times
Bolland’s first day at M&S
Marc Bolland joined Marks & Spencer on 4 May, and his priorities include expanding its online operation, fashion and travel. He is expected to attempt to take on John Lewis
John Lewis carries Billy Joel into charts
John Lewis’ ad using a cover version of Billy Joel’s hit She’s Always A Woman, could mean the original returns to the charts.
From The Guardian
Asda Price Guarantee under fire
Asda’s Price Guarantee has come under fire as it was revealed that its price comparisons may apply only to a fraction of products stocked by its main rivals.
From The Mail