As we prepare for Black Friday 2019, what are the potential deals and discounts on offer from high street giant Marks & Spencer? We did some digging to find out what could be in store...
Shares in Asos plunged by a quarter on Thursday after the out-of-fashion retailer issued its third profit warning in just eight months.The online operator is dealing with chaos at its warehouses and is in the midst of an IT overhaul.Chief executive Nick Beighton admitted: “Embedding the change from the major overhaul of infrastructure and technology in our US and European warehouses has taken longer than we had anticipated, impacting our stock availability, sales and cost base in these regions.”Profits for the year will be no more than £35 million, compared with £102 million last time. The City was expecting profits of £55 million until now.Beighton says the warehouses transition is more expensive than thought, but insists this is a “short-term” problem.The shares tumbled 25% at first, but recovered some ground. They were off 14% at 2365p, which leaves Asos valued at £1.95 billion. That’s £600 million less than upstart rival Boohoo, which has grabbed market share.Beighton added: “We are clear on the root causes of the operational challenges we have had, are making progress on resolving them, and now expect to complete these projects by the end of September.”Asos’s status as a stock-market darling was already dented by profit warnings in December and March.City analysts are watching it closely for signs that the strife on the high street is transferring to online retailers as consumers tighten spending. Nicholas Hyett at Hargreaves Lansdown, said: “Asos can be a bit of a Cinderella stock, struggling against the odds and still making it to the ball in the end. “Growing pains have been a consistent problem at Asos over some years and this quarter is no exception. Not having stock available is a massive faux pas for a retailer and the cost of resolving the problems will eat into profits.”
Burberry on Wednesday sounded the alarm over a no-deal Brexit, with Britain’s largest luxury goods firm warning it will be “complex” and could cost it tens of millions of pounds. The FTSE 100 fashion designer, which has so far kept its cards close to its chest on Brexit, today used its third-quarter update as an opportunity to outline how it could be affected after March. The firm, which transports a number of finished goods and samples between Britain and the Continent, is trying to take actions to ensure continuity, including increasing some inventory levels.
Skincare brand Deciem’s London staff appeared to be left in limbo after the Canadian firm’s founder announced all stores would shut in a shocking Instagram video. London-born Brandon Truaxe, 40, posted a video saying: “This is the final post of Deciem. Deciem has four stores in London and posted UK sales of £12.3 million last year.
Durex has issued a recall of various condom brands over concerns they may burst. The company, owned by FTSE 100-listed Reckitt Benckiser, has recalled specific batches of non-latex Durex Real Feel & Durex Latex Free condoms sold in the UK and Ireland. Durex said: “The safety of our consumers always comes first, and this is reflected in our rigorous quality standards. We recently found that a limited number of the above condoms made earlier this year are not passing our stringent shelf-life durability tests. ...
The chief creative officer and former chief executive of Burberry, Christopher Bailey, is leaving the company at the end of March next year, the British fashion house has announced. Mr Bailey, who joined Burberry in 2001 and became CEO and chief creative officer in May 2014, ushered the retailer through a period of significant transition during his leadership. "Burberry has undergone an incredible transformation since 2001 and Christopher has been instrumental to the company's success in that period,” said Mr Gobbetti.
Low-cost fashion chain Primark is urgently recalling thousands of pairs of men’s flip flops, concerned that they contain a chemical that could cause cancer. The chain, which is owned by Associated British Foods, is reportedly recalling three versions of the shoes in the Cedar Wood State range which were on sale until 2 June. Several media outlets reported that the black, blue and khaki-coloured versions of the flip flops are affected by the recall, on the basis that they might contain dangerous levels of a chemical called chrysene, which can cause cancer.