Sports Direct now owns 27% of beleaguered fashion retailer French Connection with the stake making it the second largest shareholder in the firm and just 3% below the threshold at which it must launch a takeover bid.
Investors in struggling French Connection are voicing fresh criticism of its boss Stephen Marks. Their complaints come after the board confirmed him in his dual CEO/chairman’s role on a show of hands at last week’s AGM.
Sports Direct said late on Thursday that it has taken strategic stakes in US-based businesses Iconix and Finish Line as it seeks to "hopefully build a relationship and develop commercial partnerships".
Mike Ashley’s interest in Debenhams is now heading towards 13.5% with news that the Sports Direct Group he controls has raised its interest in the retailer again. The move increased specualtion on his long-term plans.
The list of bidders for Jaeger has grown and it looks like Edinburgh Woollen Mill could be in the lead with sources saying its owner’s track record of succesful turnarounds gives it a strong chance of winning the prize.
Christos Angelides has been named CEO at Reiss, confounding expectations that he would take the top clothing role at M&S. His new role at Reiss is part of a “planned succession process” and looks like a good fit.