Retail news round-up: Aquascutum for sale, profits surges at Gap Ireland, and supermarkets expect best Christmas sales
Aquascutum put up for sale
Aquascutum has been put up for sale by Hong Kong-based YGM Trading for $120m (£97m), BBC reported.
The deal will be completed by March 2017 with two unnamed Chinese acquirers, which have made a down payment of $5m for exclusive rights.
According to Bloomberg, Chinese textile firm Shandong Ruyi Group is one of the buyers.
After being saved from administration in 2012, Aquascutum has mainly focused on China with UK sales falling 16% last year.
Gap Ireland profits surge
Gap Ireland reported a €863,215 (£733,887) increase in pre-tax profits last year, outperforming the firm's global business, Irish Independent reported.
Sales and profits decreased at Gap's global operations in the 12 months to the end of January 2016. However, new accounts for Gap Stores (Ireland) Ltd reported that the company increased its profits marginally from €831,194 to €863,215.
There was an increase in profits even though the revenues decreased from €11.63m to €11.59m, with a large drop in sales worldwide.
Gap Stores (Ireland)’s directors' report stated that "the level of business and the financial position at the financial year-end were satisfactory and in line with the directors' expectations".
It added that "opportunities would continue to be sought to maximise profitability and market share in the Irish casual apparel market".
Supermarkets expects best Christmas sales
Supermarkets are preparing themselves for the busiest day of the year for grocery shopping as shoppers are predicted to spend nearly £900m for Christmas, The Guardian reported.
Last-minute rush to stores for turkeys is expected to lift sales for retailers.
Tesco expects more than 10 million shoppers and to sell one-third of its Christmas turkeys as 200,000 customers buy their birds and turkey crowns in one day.
Waitrose is expecting three-and-a-half times higher sales today than on a normal Friday.