Mike Ashley's Frasers Group, formerly Sports Direct, has taken a 5.1% stake in German label Hugo Boss through stocks and derivatives, continuing his drive to take the British sportswear and apparel retailer upmarket.
There's speculation that a successful sale of Newcastle United football club for £300 million could release cash for Frasers Group boss Mike Ashley to invest into the retail business and to buy more distressed brands.
Debenhams’ loss is Next’s gain as it's to open a new standalone beauty concept in five soon-to-be-ex-Debenhams spaces owned by Hammerson. These are due to close after the department store failed to strike a rent deal.
The coronavirus crisis claimed thousands more jobs on Thursday as a deal was struck to sell the group comprising Oasis, Warehouse and smaller brand The Idle Man to Hilco Capital. Their stores aren't part of the deal.
John Lewis is working on plans to reopen its department stores in May and is also said to be considering taking on an outside partner to finance a big move into services and away from such a strong reliance on retail.
Frasers Group is the latest UK retailer to issue a coronavirus statement and while it's shorter than some updates that other retailers have shared, it laid bare the uncertainty that the pandemic is causing at the moment.
Johnny Coca has left his position as creative director of Mulberry, the British fashion and accessories house, as announced on Tuesday, bringing down the curtains on a five-year stint at the famed UK marque.