Retail news round-up August 15, 2013: Comet’s former owner OpCapita recoups £54m from its ruins, River Island returns to Singapore with online tie-up and H&M global like-for-likes dip 1% in July.
Comet’s former owner OpCapita recoups £54m from its ruins
Comet’s owner at the time of its collapse, OpCapita, and its backers have already recouped at least £54m from the retailer, despite suppliers and the taxman facing millions of pounds of losses.
Administrator Deloitte filed an update on the process on Companies House that revealed Hailey Acquisitions Limited, the vehicle OpCapita used to buy Comet, could be in line for further payments from the demise of the business.
River Island returns to Singapore with online tie-up
River Island is set to return to Singapore next month after entering into a “ground-breaking” partnership with Asian fashion and beauty etailer Zalora.
The fashion retailer, which closed its one franchise store in Singapore in 2011, is to launch a shop-in-shop on the Zalora website across Singapore, Hong Kong and Malaysia.
H&M global like-for-likes dip 1% in July
H&M group sales jumped 9% in July, however like-for-likes dipped 1%. The Swedish fashion giant traded from 300 more stores than last year and its global estate now totals 2,940 shops.