Retail news round-up: Investions on BHS pension settlement commence and luxury modest fashion online retailer launches
Investigation begins on BHS pension settlement
The work and pensions committee has started investigation on the BHS pension settlement following Sir Philip Green’s voluntary contribution to pay £363m to settle the pension deficit, Drapers reported.
In a letter to the The Pensions Regulator's chief executive Lesley Titcomb, MP Frank Field has asked for clarity on the benefits secured for the pension scheme members.
Field also asked for more detail on £15m which could possibly be returned to Green.
He wrote, “I understand that under the terms of the settlement, £343m has been paid to fund the new scheme, with £20m potentially to be used for other purposes.”
“This includes up to £15m to account for the possibility of fewer than 90% of eligible scheme members choosing to take a winding-up lump sum.”
Luxury modest fashion online retailer launches
A new luxury etailer, The Modist, had launched on March 8, aiming to be the first global online destination for luxury modest fashion, The National reported.
The Modist ships to over 100 countries and offers 75 ready-to-wear and accessories labels.
The brand currently has offices in London and Dubai.
It has an accompanying magazine called The Mod.