Retail news round-up: French Connection's shares surge and Dunnes takes second place.
Shares in French Connection surge amid sales speculation
French Connection’s shares soared following talk of a possible bid from private equity or overseas buyers over the weekend, The Financial Times reported.
Shares surged 39.5% in early trading, with a 20% increase on closing and settling 10% higher at 36%.
French Connection declined to comment.
Dunnes becomes Ireland’s second-largest grocery retailer
Dunnes stores became Ireland’s second-largest grocery retailer with a 22% share of the grocery market, beating Tesco in third place, the Irish Independent reported.
According to data from Kantar Worldpanel, SuperValu maintained its first place with a 22.4% share.
However, Tesco was placed third with a 21.6% share.
As Dunnes stores battle rivals in a competitive sector, it has been reducing prices to lure shoppers.
Kantar Worldpanel director David Berry said: "Since its introduction, Dunnes' 'Shop and Save' initiative has gone from strength to strength.
"The campaign has been very successful in persuading shoppers to spend more, and we've seen a whopping 18pc increase in shopping trips where consumers spend over €100 since last year."