Retail news round-up on March 20, 2014: Co-op hires banks to sell pharmaciy arm, Inditex full-year sales rise, My-wardrobe.com’s fashion director departs and Irish DIY retailer Woodie’s rebrands
Co-op taps Rothschild and UBS to advice on potential £600m sale of pharmacies division
Troubled mutual The Co-operative Group has hired two major city banks Rothschild and UBS as advisers for the potential sale of its pharmacies arm, according to Sky News. Insiders say the Co-op anticipated securing bids for the unit of somewhere in £600m region. The insiders also added that the plan to sell-off the UK’s third-largest chain of retail chemists and the Co-op’s much smaller farming operations was unaffected by chief executive Euan Sutherland’s abrupt exit.
Inditex full-year sales rise, profit growth slowest in five years
Zara owner Inditex’s net income grew less than 1% to €2.38bn (£2bn) in the year to the end of January, its slowest profit growth in five years. The world’s biggest fashion retailer said that weakening currencies in emerging markets and the cost of revamping flagship stores weighed on the company. For the 12 months, sales jumped 5% to €16.7bn, The Telegraph reported. The company wants to open up to 500 new stores in the next 12 months and will also spend €1.35bn on capital expenditure during the year.
My-Wardrobe’s fashion director Carmen Borgonovo departs
Etailer My-Wardrobe.com’s fashion director Carmen Borgonovo has quit the business following just over a year in the position, Drapers reported. Borgonovo, who came to the company in January 2013, has decided to pursue other opportunities in the fashion, retail and digital sector.
Irish DIY retailer Woodie’s revamps brand with new logo and TV ad campaign
Irish DIY retailer Woodie’s is overhauling its brand, with the launch of a new logo and TV advertising campaign, The Irish Independent reported. As part of the shake-up its iconic jingle is being remixed. The new brand is just dubbed ‘Woodie’s’, with no ‘DIY’ involved. No explanation for the retention of its anomalous apostrophe was given. Also being rolled out is a new TV, radio, print, digital and in-store campaign called ‘Start to Finish’, which it said reflects the journey customers take during a DIY project. It is working with new agency partners Rothco on this, while Principles Marketing is responsible for the logo.
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