Retail news round-up on February 10, 2015: Dhanin Chearavanont interested in Tesco Lotus, Co-operative Pharmacy to be re-branded, John Lewis names head of women’s accessories.
Dhanin Chearavanont interested in buying Tesco Lotus
Thai billionaire Dhanin Chearavanont is understood to have approached Tesco about a multi-billion pound deal to acquire Tesco Lotus.
The tycoon is reportedly mulling another bid, although his initial advances back in December were rejected by the supermarket giant.
Chearavanont is understood to have hired UBS and Siam Commercial Bank to help fund and advise on a bid for Tesco Lotus alongside Bank of America, which was already assisting the tycoon, according to Reuters.
Tesco Lotus is valued at around $10bn (£6.6bn), but Tesco has given no public indication that it is ready to sell the business.
Co-operative Pharmacy to disappear after more than 70 years
The Co-operative Pharmacy brand will disappear from the high street after more than 70 years as part of a revamp by its new owners.
The Sir Anwar Pervez-owned Bestway Group, which purchased the pharmacies for £620m last year, will re-brand them under the name Well, according to The Telegraph.
Bestway said it will invest £200m into the business, which will see all 780 Co-operative Pharmacy stores re-launched under the new name
Bestway wants to grow Well’s annual revenues from £750m to £1bn by 2019 and will spend £40m a year on hiring new staff, refurbishing pharmacies, expanding the group’s range of health services and building a wholesale business.
John Lewis names new head of women’s accessories
John Lewis has appointed Matt Lesser as head of buying for women’s accessories and beauty.
Lesser replaces Amanda Scott, who is leaving John Lewis to head up Ocado’s new beauty business it has launched with Marie Claire.
Lesser, who is current head of buying for consumer electronics, will take up his new role on March 2, according to Drapers.