Retail news round-up on November 3, 2015: Selfridges snaps up Irish department store Arnotts; All Saints’ profit up 41%; and Stradivarius enters Northern Ireland.
Selfridges acquires Arnotts department store for undisclosed sum
British retailer Selfridges Group has snapped up Arnotts department store in Dublin from Noel Smyth-led Fitzwilliam Finance Partners.
Financial details of the transaction remain undisclosed.
The Irish retailer is now part of a portfolio of upmarket department stores owned by the Westons, which incorporates Brown Thomas in Ireland, Selfridges in the UK, Holt Renfrew in Canada and de Bijenkorf in the Netherlands.
Following the deal, Arnotts chief executive Ray Hernan will stand down to ‘pursue new opportunities’. Selfridges has appointed Donald McDonald as managing director of the business.
All Saints’ annual profit leaps 41%
Fashion retailer All Saints has recorded a 41% surge in underlying annual profit to £24.4m.
Turnover in the year to January 31 rose by 6% to £231.3m with growth recorded across all its markets.
The chain has also paid its first dividend since it was engulfed in the Icelandic banking crisis. The dividend payment of £15m to its private equity owner Lion Capital has been used to pay down an intra-company loan.
All Saints chief executive William Kim told The Times that the strong performance last year reflected All Saints’ continuing evolution as a “premium luxury brand” with a diverse product range and presence in a number of global markets.
Inditex’ Stradivarius to open first Northern Ireland store
Inditex-owned Stradivarius is poised to enter Northern Ireland with its first outlet in the heart of Belfast city centre.
The fashion brand is to open at Donegall Place.
The launch comes after Zara shut up shop in January.