UK e-tail giant Shop Direct had a strong Christmas period with revenue in the seven weeks to December 22 rising a healthy 6.3%, it said Tuesday. That was driven by its Very brand, which saw a 16.8% sales surge.
As the UK gets ready for a spate of trading updates, it seems that the week before Christmas saw a late shopping surge with fashion sales rising year-on-year, but it's unlikely to have rescued an otherwise weak season.
One of the UK’s highest profile high street fashion names is believed to be seeking a new minority investor or possibly even a new owner with Jigsaw as the UK fashion retail sector faces ongoing weak sales.
First it was Shop Direct calling off its mega-billions sale and now Kaupthing is believed to have ended the bidding process for its trio of key (but far less valuable) UK fashion brands, Oasis, Coast and Warehouse.
Shop Direct’s CEO will leave the online retailer next year, the company said Friday. The exec, who has run Britain’s second-biggest pureplay e-tailer since 2012, said it’s time for him to “move on to the next challenge.”
It may not come as a huge surprise but reclusive billionaires David and Frederick Barclay have put their plans to sell the giant Shop Direct e-tail business on hold as analysts said the £3 billion price tag was too high.
Apax Partners seems to be the frontrunner to buy fashion and GM e-tail giant Shop Direct, yet it’s still not a one-horse race with US private equity firm Hellman and Friedman also reported to have entered the fray.