Latest news with #FrasersGroup
Yahoo
5 hours ago
- Business
- Yahoo
Frasers Group steps back from Revolution Beauty bid
UK-based retailer Frasers Group has officially stated that it will not pursue an acquisition of cosmetics company Revolution Beauty. The update follows a previous notice regarding Frasers' involvement in the formal sale process. In a statement to the London Stock Exchange, Frasers declared that "the group and any person(s) acting in concert with it will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the code.' Revolution Beauty has indicated that it remains in discussions with several other potential buyers, though there is no certainty that any offer will materialise or under what terms. Revolution is also engaging with its shareholders about a possible equity raise, with further updates to be announced. In early June 2025, Frasers confirmed its interest in an all-cash bid for Revolution Beauty and had been part of the sale process. Revolution employs a strategy that encompasses multiple brands and categories, distributing its products directly to consumers through its brick-and-mortar stores and online platforms, and via wholesale partnerships. In May, Frasers disclosed the completion of its acquisition of Holdsport, following the fulfilment of standard regulatory requirements. The initial announcement of the acquisition plan took place on 26 November 2024. The group also provided an update regarding the compulsory offer for XXL ASA, stating that 'preliminary results indicate that Frasers has received acceptances that will result, on settlement and completion of the offer, in Frasers controlling more than 92% of the share capital and 90% of the voting shares of XXL'. "Frasers Group steps back from Revolution Beauty bid" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South Wales Guardian
7 hours ago
- Business
- South Wales Guardian
Mulberry in talks over £20m cash-call as losses widen
The Somerset-based firm said it was launching the cash-call after a 'post-2024-25 year-end review by the executive management, and in light of an even more challenging trading environment'. It added: 'The board has concluded that the company will require additional capital to fund its growth strategy and achieve its desired financial targets.' Shares in the firm plunged 11% in Friday afternoon trading. Mulberry said it was in discussions with majority shareholder Challice – a group controlled by Singaporean entrepreneur Christina Ong and husband Ong Beng Seng – and major stakeholder Mike Ashley's Frasers Group over the fundraising. It comes as Mulberry expects to slump to an underlying pre-tax loss of around £23 million for the year to March 29 against losses of £22.6 million the previous year. The group is set to report annual revenues tumbling 21% to around £120 million, adding that it does expect 'material overall revenue growth' in the new financial year. Andrea Baldo, chief executive of Mulberry, said the group had taken action to overhaul the business and cut costs as part of plans laid out in January, including shutting some stores. It already axed around 85 jobs in the run-up to Christmas – around a quarter of its workforce – largely impacting head office workers. Mr Baldo said: 'In the near term, we are firmly in turnaround mode, focused on rebuilding profitability and gross margin, while strategically investing in brand building initiatives.' He added: 'We've taken action to reduce costs – restructuring head office and exiting unprofitable stores, delivering a lower run-rate cost base into 2025-26. 'Following our year-end review, the board and I are confident that, with additional funding, we can accelerate momentum and deliver against our targets at pace.' The firm said shareholder Challice was willing to underwrite the fundraising in full, but Mulberry said it hoped Frasers would also take part. 'Whilst these discussions are ongoing, the board notes that it may not be possible for all parties to agree fully on the structure of the fundraising, in which case the board… will conclude on the most appropriate structure for the company,' Mulberry said. It expects to complete the fundraising in July, to coincide with the publication of its annual results. Mr Baldo, who joined the group in September last year from Ganni, is restructuring the business with a focus on the UK market, rather than China, under aims to turn around its fortunes. Founded in 1971 in Somerset, Mulberry is most famous for its luxury, leather handbags. But it has seen trading hit hard in recent years, partly as a result of waning appetite for luxury goods among Chinese consumers, previously a key market for the fashion company. Mr Baldo said, in January, the company will focus less on China and close 12 stores across its Asian estate while aiming to open more shops in UK cities in future.
Glasgow Times
7 hours ago
- Business
- Glasgow Times
Mulberry in talks over £20m cash-call as losses widen
The Somerset-based firm said it was launching the cash-call after a 'post-2024-25 year-end review by the executive management, and in light of an even more challenging trading environment'. It added: 'The board has concluded that the company will require additional capital to fund its growth strategy and achieve its desired financial targets.' Shares in the firm plunged 11% in Friday afternoon trading. Mulberry said it was in discussions with majority shareholder Challice – a group controlled by Singaporean entrepreneur Christina Ong and husband Ong Beng Seng – and major stakeholder Mike Ashley's Frasers Group over the fundraising. It comes as Mulberry expects to slump to an underlying pre-tax loss of around £23 million for the year to March 29 against losses of £22.6 million the previous year. The group is set to report annual revenues tumbling 21% to around £120 million, adding that it does expect 'material overall revenue growth' in the new financial year. Andrea Baldo, chief executive of Mulberry, said the group had taken action to overhaul the business and cut costs as part of plans laid out in January, including shutting some stores. It already axed around 85 jobs in the run-up to Christmas – around a quarter of its workforce – largely impacting head office workers. Mr Baldo said: 'In the near term, we are firmly in turnaround mode, focused on rebuilding profitability and gross margin, while strategically investing in brand building initiatives.' He added: 'We've taken action to reduce costs – restructuring head office and exiting unprofitable stores, delivering a lower run-rate cost base into 2025-26. 'Following our year-end review, the board and I are confident that, with additional funding, we can accelerate momentum and deliver against our targets at pace.' The firm said shareholder Challice was willing to underwrite the fundraising in full, but Mulberry said it hoped Frasers would also take part. 'Whilst these discussions are ongoing, the board notes that it may not be possible for all parties to agree fully on the structure of the fundraising, in which case the board… will conclude on the most appropriate structure for the company,' Mulberry said. It expects to complete the fundraising in July, to coincide with the publication of its annual results. Mr Baldo, who joined the group in September last year from Ganni, is restructuring the business with a focus on the UK market, rather than China, under aims to turn around its fortunes. Founded in 1971 in Somerset, Mulberry is most famous for its luxury, leather handbags. But it has seen trading hit hard in recent years, partly as a result of waning appetite for luxury goods among Chinese consumers, previously a key market for the fashion company. Mr Baldo said, in January, the company will focus less on China and close 12 stores across its Asian estate while aiming to open more shops in UK cities in future.
Rhyl Journal
8 hours ago
- Business
- Rhyl Journal
Mulberry in talks over £20m cash-call as losses widen
The Somerset-based firm said it was launching the cash-call after a 'post-2024-25 year-end review by the executive management, and in light of an even more challenging trading environment'. It added: 'The board has concluded that the company will require additional capital to fund its growth strategy and achieve its desired financial targets.' Shares in the firm plunged 11% in Friday afternoon trading. Mulberry said it was in discussions with majority shareholder Challice – a group controlled by Singaporean entrepreneur Christina Ong and husband Ong Beng Seng – and major stakeholder Mike Ashley's Frasers Group over the fundraising. It comes as Mulberry expects to slump to an underlying pre-tax loss of around £23 million for the year to March 29 against losses of £22.6 million the previous year. The group is set to report annual revenues tumbling 21% to around £120 million, adding that it does expect 'material overall revenue growth' in the new financial year. Andrea Baldo, chief executive of Mulberry, said the group had taken action to overhaul the business and cut costs as part of plans laid out in January, including shutting some stores. It already axed around 85 jobs in the run-up to Christmas – around a quarter of its workforce – largely impacting head office workers. Mr Baldo said: 'In the near term, we are firmly in turnaround mode, focused on rebuilding profitability and gross margin, while strategically investing in brand building initiatives.' He added: 'We've taken action to reduce costs – restructuring head office and exiting unprofitable stores, delivering a lower run-rate cost base into 2025-26. 'Following our year-end review, the board and I are confident that, with additional funding, we can accelerate momentum and deliver against our targets at pace.' The firm said shareholder Challice was willing to underwrite the fundraising in full, but Mulberry said it hoped Frasers would also take part. 'Whilst these discussions are ongoing, the board notes that it may not be possible for all parties to agree fully on the structure of the fundraising, in which case the board… will conclude on the most appropriate structure for the company,' Mulberry said. It expects to complete the fundraising in July, to coincide with the publication of its annual results. Mr Baldo, who joined the group in September last year from Ganni, is restructuring the business with a focus on the UK market, rather than China, under aims to turn around its fortunes. Founded in 1971 in Somerset, Mulberry is most famous for its luxury, leather handbags. But it has seen trading hit hard in recent years, partly as a result of waning appetite for luxury goods among Chinese consumers, previously a key market for the fashion company. Mr Baldo said, in January, the company will focus less on China and close 12 stores across its Asian estate while aiming to open more shops in UK cities in future.
Western Telegraph
8 hours ago
- Business
- Western Telegraph
Mulberry in talks over £20m cash-call as losses widen
The Somerset-based firm said it was launching the cash-call after a 'post-2024-25 year-end review by the executive management, and in light of an even more challenging trading environment'. It added: 'The board has concluded that the company will require additional capital to fund its growth strategy and achieve its desired financial targets.' Shares in the firm plunged 11% in Friday afternoon trading. Mulberry said it was in discussions with majority shareholder Challice – a group controlled by Singaporean entrepreneur Christina Ong and husband Ong Beng Seng – and major stakeholder Mike Ashley's Frasers Group over the fundraising. It comes as Mulberry expects to slump to an underlying pre-tax loss of around £23 million for the year to March 29 against losses of £22.6 million the previous year. The group is set to report annual revenues tumbling 21% to around £120 million, adding that it does expect 'material overall revenue growth' in the new financial year. Andrea Baldo, chief executive of Mulberry, said the group had taken action to overhaul the business and cut costs as part of plans laid out in January, including shutting some stores. It already axed around 85 jobs in the run-up to Christmas – around a quarter of its workforce – largely impacting head office workers. Mr Baldo said: 'In the near term, we are firmly in turnaround mode, focused on rebuilding profitability and gross margin, while strategically investing in brand building initiatives.' He added: 'We've taken action to reduce costs – restructuring head office and exiting unprofitable stores, delivering a lower run-rate cost base into 2025-26. 'Following our year-end review, the board and I are confident that, with additional funding, we can accelerate momentum and deliver against our targets at pace.' The firm said shareholder Challice was willing to underwrite the fundraising in full, but Mulberry said it hoped Frasers would also take part. 'Whilst these discussions are ongoing, the board notes that it may not be possible for all parties to agree fully on the structure of the fundraising, in which case the board… will conclude on the most appropriate structure for the company,' Mulberry said. It expects to complete the fundraising in July, to coincide with the publication of its annual results. Mr Baldo, who joined the group in September last year from Ganni, is restructuring the business with a focus on the UK market, rather than China, under aims to turn around its fortunes. Founded in 1971 in Somerset, Mulberry is most famous for its luxury, leather handbags. But it has seen trading hit hard in recent years, partly as a result of waning appetite for luxury goods among Chinese consumers, previously a key market for the fashion company. Mr Baldo said, in January, the company will focus less on China and close 12 stores across its Asian estate while aiming to open more shops in UK cities in future.
