Retail news round-up: Charles Tyrwhitt names new CEO, De Beers to exit London store and Lidl launches new fashion collection
Charles Tyrwhitt names new CEO
Charles Tyrwhitt has appointed David Boynton as its new chief executive, replacing Greg Hodder who stepped down after eight years at the firm, Drapers reported.
Boynton joined the retailer in June last year as the chief marketing officer and chief executive-designate, after 10 years at L’Occitane, where his role role was head of the western hemisphere markets and based in New York.
De Beers to exit London store
De Beers is planning to quit its flagship London store in St James’s owing to the huge rise in rent and business rates, The Daily Telegraph reported.
A spokesperson for the company said: “The increase of rent and rates has led us to explore alternative options in Bond Street for our flagship.”
Property agents Gerald Eve have estimated the rates bill to rise 52% this year to £887,199.
Gerald Eve’s head of business rates Jerry Schurder said: “Bond Street is one of the hardest hit locations in the country – with the average bill set to rise 50% in April and total bills to more than double to £87m by 2021. So it’s no surprise that retailers are seeking alternative sites.”
Lidl unveils new fashion collection
Lidl has launched a new 12-piece collection with the price starting from £3.99, The Mirror reported.
The launch comes ahead of London Fashion Week which starts on February 17.
This is the first time that Lidl is offering an entire line of clothing, accessories and lingerie.
The collection includes shift dresses priced at £6.99 and ankle boots at £11.99, enabling shoppers to create a whole new outfit tip-to-toe for under £20.