Retail news round-up on July 28, 2015: Tesco to give huge share windfalls and Apple Watch to be sold at Best Buy
Tesco to award senior executives shares worth £25m
Tesco is poised to hand huge share windfalls worth £25m in two different schemes to all its senior bosses, infuriating investors who have seen their holdings fall by nearly a fifth during the past 12 months, The Daily Mail reported.
The retailer’s eleven board members stand to pocket £16.9m of shares in July 2018 if specific targets are achieved as part of its Performance Share Plan. In a statement to the stock exchange, the grocer said chief executive Dave Lewis could receive 1,566,987 share options priced at 219.37p, which would be worth £3.4m, while finance director Alan Stewart and UK boss Matt Davies are in line for £1.8m and £1.5m, respectively.
A second scheme, known as its Long Term Incentive Plan, would reward nine executives in July 2018 if they reach targets. This will pay out shares worth a potential £7.9m with Davies in line for a further tranche, worth £1m.
Mike Ashley could avoid grilling over USC collapse
Sports Direct owner Mike Ashley is likely to avoid a grilling by the Scottish Affairs Select Committee about the collapse of his fashion chain USC, The Independent reported.
A source said: “The committee has only just been formed, but [it has] had meetings to discuss what topics to investigate. Mike Ashley came up but the feeling was that he would just defer to his lawyers and not give many straight answers.”
Best Buy to sell Apple Watch from August
Best Buy will become the first retailer to stock the Apple Watch from August. The product will be sold in 100 Best Buy outlets in the US to start with, rolling out to more than 300 stores by the winter holiday period. The electronics retailer will stock a range of watches including the sport edition, excluding the gold-cased model costing $10,000 (£6,400).
Topshop halts orders of ‘ridiculous’ mannequins after social media complaint
Fashion brand Topshop has agreed to ditch ultra-tall and skinny mannequins following a complaint posted by a young female shopper on the retailer’s Facebook page. The customer slammed the ‘ridiculous’ proportions and called on bosses to take responsibility for the “impression you have on women and young girls”. The retailer said it is now “not placing any further orders on this style of mannequin”.
No comments yet