Another day, another call for drastic change at embattled fashion business French Connection from some of its biggest shareholders.
A trio of investors - Gatemore, OTK Holdings and Zoar - are pushing for “strategic alternatives” for the struggling chain, which this morning posted its fifth consecutive year of losses.
Gatemore managing partner Liad Meidar told Retail Week that he was “not sure” its boss Stephen Marks could “work with anyone” at the helm and is instead calling for French Connection’s upscale business Toast and its wholesale division to be spun off from the loss-making retail arm, which was £9.8m in the red in the year to January 31.
Meidar also said that founder Marks was working “without regard for other shareholders’ interests”. If true their latest rallying cry could end up falling on deaf ears.
Elsewhere today, Ocado’s finance boss Duncan Tatton-Brown has shrugged off potential food price inflation by claiming the etailer could “get away with being more expensive”, while Boots has reinstated boarding pass checks at its airport stores.
Quote of the day
“There is a personality issue which seems unresolvable.” - Gatemore managing partner Liad Meidar’s verdict on French Connection boss Stephen Marks.
Today in numbers
The jump in first quarter retail sales registered by online grocer Ocado.
The square footage Office Outlet is looking to shed from its portfolio by sub-letting space in larger stores.
Zara owner Inditex posts its fourth quarter figures and Arcadia tycoon Sir Philip Green celebrates his 65th birthday.
Luke Tugby, head of content