Retail news round-up on May 14, 2014: Amazon launches dress store, Co-op board member exits, Card Factory cuts IPO price and more.
Amazon UK launches new online dress store
Etailer Amazon UK has launched a dedicated sub-store for dresses under its fashion arm, thereby continuing its bid to become a fashion one-stop-shop, Drapers reported. Brands including Cacharel, Tommy Hilfiger, French Connection, Great Plains, Yumi, Adrianna Papell, Lipsy and Hoss Intropia are housed by the online retailer in the new store. Exclusive products have been released for the launch, such as an embellished drop-waist cocktail dress at £125 from Frock & Frill.
Customers can search by brand, price, colour, and style and can watch video of product being worn by models. Customers are offered free delivery over £10 and free returns. Amazon Prime customers receive free next day delivery from the store. The dress store joins the lingerie, premium and swim sub-stores now live within the Amazon fashion site. The site can be accessed at www.amazon.co.uk/dresses.
JD Sports Fashion takes stake in The Hip Store
Sports retailer JD Sports Fashion is understood to have acquired a stake in Leeds menswear independent The Hip Store, Drapers reported. It is believed that The Hip Store, owned by Everton Campbell and Umberto Annechini, has been looking for investment for over a year. The agreement between the parties is thought to have been made last week. The amount of investment is not clear. The business houses premium brands such as APC, Folk and Polo Ralph Lauren.
Card Factory cuts price guidance on London IPO
UK greeting card retailer Card Factory has reduced the price guidance on its London IPO to 225-240 pence, Reuters reported, citing two sources familiar with the deal. The new guidance gives the chain an equity value of £767m-£804m, the sources added.
Arcadia Group Ireland swings to full-year operating loss of £1.54m
Arcadia Group Multiples Ireland swung to an operating loss of £1.54m last year from an operating profit of £311,000 in 2012, The Irish Times reported. In the 12 months to the end of August 31, 2013, the loss after revenues at the Irish arm of UK retailer Arcadia dropped to £19.74m from £46.6m in the same period a year earlier. The firm reported a pretax profit of £6.2m through the profit of £8.2m on the internal sale of the Top Shop and Top Man brands.
Co-op’s board member Munir Malik exits mutual after qualifications probe
Co-operative Group’s board member Munir Malik has left with immediate effect following qualifications probe, Reuters reported. Malik faced investigation by the UK’s troubled mutual group over claims made about his qualifications when he was seeking election to the board. Malik was suspended from the Co-op pending the outcome of the board investigation.