Cairn bonus move, Lyttle and large and the Texit dividend Business Today: the best news, analysis and comment from The Irish Times business desk
about 2 hours ago
Shareholders in Cairn Homes are being urged by a leading advisory company on corporate governance to vote against a move to include chief executive Michael Stanley in a long-term executive share bonus plan this year, ahead of schedule. Joe Brennan reports.
Offaly man John Lyttle, chief executive of UK-listed online fashion retailer Boohoo, remains on course to pick up the largest corporate bonus ever awarded to an Irish executive, despite a dip in its share price on Wednesday after it warned of a slowdown in revenue growth. Mark Paul has the details.
Boohoo will ‘never say never’ to acquiring new brands
Boohoo Group is not actively looking to acquire new brands, but will “never say never” if another opportunity arises, co-founder and executive director Carol Kane told Drapers.
Boohoo Group acquired Arcadia Group’s Burton, Dorothy Perkins and Wallis brands for £25.2m in February, after acquiring department store Debenhams for £55m in January.
During the year, the group also “successfully integrated and relaunched Oasis and Warehouse brands onto its multi-brand platform, after acquiring the online businesses and all associated intellectual property in a £5.25m cash deal with Hilco Capital in June 2020.
The Manchester-based business also counts Boohoo, Boohoo Man, PrettyLittleThing, Nasty Gal, MissPap, Karen Millen and Coast among its brand portfolio.
Online fashion giant Boohoo today revealed a 41% surge in sales it raked in huge sims on the back of the online shopping boom during lockdown with Britons spending millions on lounge and sportswear while stuck at home.
The retailer, founded by billionaire Mahmud Kamani, said revenues jumped to £1.74 billion in the year to February 28 2021 from £1.23 billion in the previous year.
The fast fashion retailer, which recently bought Debenhams, Dorothy Perkins, Burton and Wallis and was rocked by the Leicester sweatshop scandal, told shareholders on Wednesday morning that pre-tax profits were also lifted by 35% to £124.7 million because of the sales explosion caused by the pandemic.
BBC News
Published
image copyrightBoohoo
Boohoo has reported a 41% rise in full-year sales as home working fuelled demand for athleisure, making up for a slump in going out gear.
The online retailer said customers bought more activewear and loungewear during the pandemic.
But it saw significant declines in areas such as dresses and going out clothes due to Covid lockdowns.
Over the year, Boohoo bought a number of High Street brands which foundered in the pandemic, including Debenhams.
It also acquired Dorothy Perkins, Wallis and Burton from Sir Philip Green s Arcadia Group. Manchester-based Boohoo said it expects these new acquisitions to contribute about 5% to sales growth in the current financial year.
Boohoo has said it is seeing “early rewards” after snapping up Debenhams and three Arcadia brands in rescue deals as it unveiled strong trading for the past year.
The online fashion giant reported a 41% surge in revenues as it benefited from the online shopping boom during lockdown.
The retailer said revenues jumped to £1.74 billion in the year to February 28 from £1.23 billion the previous year.
It told shareholders on Wednesday morning that pre-tax profits lifted by 35% to £124.7 million as it was boosted by the sales increase.
The group said it was helped by the “successful integration” of the Oasis and Warehouse brands it bought out of administration last year.