M&Co owner AK Retail Holdings snaps up plus-size retailer Evans

Credits: Evans AK Retail Holdings, a British fashion retail group, has acquired plus-size retailer Evans and the EMEA business of City Chic Collective Limited via an asset sale totalling eight million pounds. In doing so, AK Retail, which most recently snapped up struggling retailer M&Co, has taken ownership of the Evans brand, intellectual property and customer base, as well as the Australian clothing group’s EMEA business. The move to divest both Evans and its European subsidiary comes as part of City Chic’s ongoing strategic review to simplify and streamline the business in light of prevailing economic conditions. According to its board, the decision to offload Evans ultimately helps to strengthen the group’s balance sheet, accelerate the reduction in its debt facility and reduce its inventory to allow for a clean inventory position “sooner than planned”. Australia’s City Chic to close Navabi business and UK warehouse In a release, City Chic’s CEO and managing director, Phil Ryan, said: “The focus of the strategic review has been on our online and international businesses to determine the most efficient way of returning to profitable growth. “We have seen a significant deterioration in the EMEA market over the past two years which has hampered our ability to sell our expanded product range, compounded by global supply chain constraints. “We are continuing with the rationalisation of our product offering, streamlining our supply chain and focusing on cost management.” AK Retail Holdings will pay City Chic a total cash consideration of eight million pounds, with the net of transaction costs, including the closure of City Chic’s UK warehouse, totalling 6.4 million pounds. As a result of the warehouse closure, where the company operates its European business, the German retail subsidiary Navabi will cease trading. During a transition period, AK Retail Holdings will be able to sell all non-Evans branded products, while City Chic will be allowed to sell its remaining Evans-branded products in ANZ and North America. Proceeds of the sale will be used for working capital purposes, City Chic said, paying for the group’s remaining 1.5 million dollar acquisition facility, and reducing its debt facility from 30 to 20 million dollars, with a further five million dollar reduction to be seen at the end of June 2024.
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Lululemon forms Mental Wellbeing advisory board

Lululemon store exterior. Credits: Lululemon Athletica. Sportswear retailer Lululemon has announced the creation of a Mental Wellbeing Global Advisory Board consisting of 11 members from the wellbeing industry. The board is to be chaired by two of the brand’s senior leadership team, chief brand officer Nikki Neuburger and chief people and culture officer Susan Gelinas. Members of the board will initially focus on the company’s annual global wellbeing report to be released in autumn, as well as employee mental wellbeing support, mental wellbeing programming and the Centre for Social Impact Initiatives, which focuses on disrupting inequity in wellbeing. In a release, Gelinas said: “As a global company rooted in movement, mindfulness, and personal development as a whole, we are deeply committed to increasing awareness, access, and tools for improved mental wellbeing – within our own Lululemon team as well as our extended community. “With the guidance of our expert advisors, we are excited to take our work to the next level and advance mental wellbeing outcomes throughout our global collective and beyond.” Members include psychologist Alfiee Breland-Noble, founder of Gender Spectrum Stephanie Brill, professor at Duke University P. Murali Doraiswamy, CEO of Alliance for Mental Health Illness Daniel Gillison and co-founder of United for Global Mental Health Sarah Kline. Other members are to be former Olympic swimmer Yvette Kong, retired Canadian football player Steph Labbé, author Zhen Li, CEO of the National Hispanic Medical Association Elena Rios, founder of Matriarch Movement Shayla Stonechild and Movember director Paul Villanti.
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Revlon chief executive and president Debra Perelman steps down

Revlon lipsticks Credits: Revlon Beauty Beauty company Revlon Group Holdings LLC has confirmed that Debra Perelman is stepping down from her role as president and chief executive officer and as a member of the board. In a statement, Revlon said that Perelman, who was appointed as the brand’s first female president and chief executive officer in 2018, would stay on and serve as an advisor to the company for a transition period to “ensure smooth transition”. The role of interim chief executive will be undertaken by Elizabeth A. Smith, effective immediately. Smith has served as executive chair of the Revlon board of directors since May 2023 and will continue in that role. Before that, Smith was executive chairman and chief executive officer of Bloomin’ Brands, Inc., chair of the Federal Reserve Bank of Atlanta, and president of Avon Products, Inc. Commenting on her new role, Smith said: “This is an exciting time for Revlon, which is well positioned for its next phase of growth with a simplified capital structure and the support of new owners. I am energised by the engagement of our new board, which is committed to the execution of the Company’s business transformation. “Along with the leadership team, I look forward to building an organisation-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.” Revlon announces CEO transition, appointing Elizabeth A. Smith as interim chief executive In May, Revlon emerged from a financial restructuring with approximately 236 million US dollars of liquidity, funded through an equity right offering, a new money senior secured credit facility, and new asset-based loans. Revlon also formed a new board comprised of accomplished senior executives with significant consumer, retail, and beauty sector experience and operational expertise. Each of the board members, featuring senior executives from Sephora, Walgreens, and Ebay, was chosen for their “deep knowledge of the global consumer, retail, and beauty industries,” explained Revlon to support the beauty brands business transformation and long-term growth strategy. On her exit from Revlon, Perelman said: “It has been an honour to lead the talented and dedicated Revlon team over the past five years, and I am grateful to my colleagues for their partnership and support throughout this time. “With a successful financial restructuring behind us, I believe now is the right time to pass the torch. Revlon’s simplified capital structure and significantly reduced debt have positioned the company for long-term growth. I have every confidence in the company’s future success.” Smith added: “The entire board of directors is grateful to Debbie for her many contributions to Revlon as both CEO and a member of the Board for the past five years – especially for her leadership during the Covid-19 pandemic and the financial restructuring process.”
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Authentic Brands Group awards Peerless licensing deal for Vince

Vince campaign Credits: Vince Authentic Brands Group (Authentic), the global brand development, marketing and entertainment platform that owns men’s tailoring brand, Vince, has announced a long-term licensing partnership with Peerless to design, manufacture and distribute the brand. In a statement, Authentic said that Peerless will undertake the design of Vince’s men’s tailored clothing, dress shirts, neckwear and neckwear accessories across the US and Canada. Jarrod Weber, group president of lifestyle and chief brand officer at Authentic Brands Group, said: “We are very pleased to announce our newest partnership with Peerless for Vince. This partnership will introduce products that embody the brand's essence and the functional elements that today's consumers demand. Peerless’ expertise in tailored clothing is second to none and we look forward to expanding our relationship.” Dan Orwig, president of Peerless, added: “We are thrilled to welcome Vince to Peerless, a brand that exemplifies contemporary luxury. Our pledge to deliver an exceptional product at the highest standards of craftsmanship makes this partnership a natural fit. We are excited to partner once again with Authentic to help progress the brand’s long-term strategy and legacy.” Peerless has several strategic partnerships with Authentic brands, including Hickey Freeman, Hart Schaffner Marx, Van Heusen and Shaquille O’Neal.
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Birkenstock to reportedly go public in the US in September

Birkenstock storefront. Credits: Birkenstock. German shoe brand Birkenstock is reportedly set to go public as early as September, Bloomberg reported. Earlier, rumours circulated that Birkenstock was considering a possible IPO in the autumn. L Catterton, the main owner of the German shoe brand, is thus said to be preparing an IPO in the US. According to professionals, Birkenstock is currently worth more than eight billion dollars and an IPO could increase the German shoe brand's value to 10 billion dollars, Bloomberg reported. Talks about going public are still ongoing, according to the media outlet. Representatives of Birkenstock and L Catterton declined to comment.
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France to stop automatic receipt printing

Image for illustration. Credits: Pexels France will stop the automatic printing of receipts from 1 August, as part of its move towards a circular economy, an official announcement read. Over 30 billion receipts are printed every year in France, many of which end up in waste. A survey even found that over a third of French people throw away a receipt immediately after purchase. The French government now wants to counter this. Moreover, the receipts are said to contain thermal paper with chemical substances. The French government wants to reduce that too. The abolition of automatic printing, applies to a lot of shops and all supermarkets. However, it does not apply to all payments. For instance, service providers will continue to give receipts as usual and consumers will receive a receipt when purchasing equipment. In addition, a customer can request a receipt from the retailer, which can be sent by e-mail or text message. Retailers must, incidentally, make this known through a display at the till. In addition to France, Belgium's Wallonia is also preparing for this legislation. In the Flanders region, the environmental benefits are being investigated first.
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Paris Saint-Germain to open new Las Vegas store in Lids partnership

Parc des Princes stadium, Paris. Credits: Unsplash. Football club Paris Saint-Germain (PSG) is extending its long-term partnership with Lids and Fanatics with the opening of a new store location in Las Vegas. Lids has been operating the French football club’s retail network since the duo debuted PSG’s first permanent store in Los Angeles in 2021, later adding locations in New York, Miami and wider Europe in the years following. The new Vegas store will be located at Forum Shops at Caesar’s, and also extends Lids’ already established footprint in the city, where the brand had opened a flagship store last year. For PSG, the team’s 1,851 square foot store will house jerseys, headwear, accessories, collaborative pieces, fashion collections and more. Customisation stations will also be present, a feature available in most Lids stores that allows customers to customise their products on-site. In a release, Bob Durda, president of Lids, said: "As we continue to broaden our brick-and-mortar footprint this new location speaks to the incredible partnership that we've been able to forge with PSG. "We look forward to continuing to offer an unparalleled shopping experience in Las Vegas as local fans and visitors will have access to iconic merchandise right at their fingertips. “Las Vegas is known for being a city with avid sports enthusiasts who will undoubtedly enjoy visiting this new store."
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