Retail news round-up on May 5, 2015: Evans Cycles sold to ECI, Amazon hikes minimum spend for free delivery, investment firm CD&R circles New Look, and more…
Evans Cycles changes ownership for £100m
Private equity firm ECI has snapped up bike retailer Evans Cycles from Active Private Equity for roughly £100m, The Telegraph reported. It has been confirmed that Nick Wilkinson will remain as chief executive of the chain.
Amazon hikes minimum spend for free delivery
Amazon has doubled the minimum spend money to qualify for free delivery, The Drum reported. Customers shopping at the online store are now required to spend at least £20 to receive ‘super saver’ delivery. However, books have been made an exception in the new pricing rules, where if an order includes £10 or more will be delivered for free.
Investment firm courts Chinese backers for New Look joint bid
Clayton Dubilier & Rice (CD&R) has held preliminary discussions with Chinese private equity group CDH about a joint offer for the UK’s second-biggest womenswear retailer New Look, according to Sky News. The discussions between the two firms have not yet resulted in a definitive agreement to bid, but they underscore the growing influence of Chinese investors in deals involving major Western brands. It is still unclear if whether former Tesco boss Sir Terry Leahy, who is a senior adviser to the investment firm, is leading CD&R’s involvement in the prospective New Look offer.
Liberty owner considers bid for Ben Sherman
The private equity owner of upmarket department store Liberty is understood to be eyeing a bid for British heritage menswear brand Ben Sherman, after its owners put the label up for sale, The Telegraph reported. BlueGem has hired US corporate advisory outfit Financo to field fielding interest on behalf of the company.