Frasers acquires 95 percent of Mysale shares, could trigger acquisition and AIM delisting

Image: MySale, Instagram After undergoing a lengthy process, Frasers Group has announced that it has acquired 95.35 percent of Mysale’s shares as its offer period for the Australian marketplace's shareholders came to a close. As of November 1, the group said it now owns or has received valid acceptances totaling over 991.5 shares, representing a percentage that will enable it to follow through with its takeover acceptance conditions. Following the announcement, Frasers once again confirmed that, on acquiring an excess of 75 percent of shares, it would explore its intention to apply to cancel the admission of Mysale shares to trade through AIM. In a regulatory filing, it further noted, upon cancellation, the liquidity and marketability of the marketplace’s shares would be significantly reduced. Frasers also said it intends to exercise its rights to acquire compulsorily the remaining capital under the same terms of its initial mandatory offer of two pence per share. Lengthy acquisition process It comes after the group, which owns the likes of Sports Direct and Flannels, began the long-winded process to acquire the retailer on August 17, when it first revealed its plan to make an offer on Mysale’s entire issued share capital. MySale had initially rejected its offer to buy a 100 percent stake in the company in September, stating to shareholders that the cash offer “undervalues the business”. It later reversed its decision, and instead recommended for its shareholders to accept the group’s offer despite initial concerns. Frasers announced that its mandatory offer had become unconditional on October 18. Acquisition hungry Frasers Group became the marketplace’s biggest shareholder in June when it bought a 28.7 percent stake in the business. On the first announcement of its plans, Frasers said a takeover would allow the group to grow its presence in Australia and the surrounding regions, and would also help its own portfolio of brands to clear their end-of-line products via Mysale’s established clearance channel. Frasers Group has made a number of acquisitions in recent months in a bid to expand its high street empire. This year alone, the group has bought British fast fashion retailers I Saw It First and Missguided, as well as value e-commerce platform Studio Retail.
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Marks & Spencer threatens to exit Oxford Street flagship

Image: Marks & Spencer The evolution of London’s Oxford Street could see a future without the iconic Marks & Spencer flagship. The retailer has threatened to exit if redevelopment plans designed by Pilbrow & Partners are rejected. The plans, which would see the demolishing of M&S’s current Art Deco building near Marble Arch, were initially approved by Westminster City Council and London Mayor Sadiq Khan in June. It was later withdrawn by then Secretary of State, Michael Gove. Others opposing the retailer's project is Save Britain's Heritage, a group founded in 1975 by architects, historians and journalists, with the aim of safeguarding the country's historic buildings. According to the collective, M&S rejected the idea of a refurbishment of the current building, thereby not in line with the preservation of Oxford street's heritage. The group said it would divert from the need to invest in the historic street in order to improve the West End's position, as a globally competitive commercial destination. Environmental impact Construction of the new complex would also have a huge impact on the environment, releasing 40,000 tons of CO2 into the air, in an area that is as much commercial as it is residential. M&S said any carbon footprint made by the demolition would eventually be offset by the new, more sustainable building. M&S argues there is "no heritage reason" why the three buildings on the site should not be demolished, as they are not listed, and do not sit within Westminster's conservation areas. "Any heritage harm will be significantly outweighed by the benefits," M&S representative Russell Harris KC said in the opening statement of the inquiry. Many Oxford Street flagships, from Debenhams to BHS to Topshop, have been shuttered in the past few years, with some officials citing the street’s current architecture as ‘failing’. A revamp of the building and store is vital to Oxford Street's future, Mr Harris said as "it has a smell, a tangible, unmistakable expression of decline". He added the retailer would "not be made to trade" in the current buildings and that it would not invest further in the site if its plans were refused. He also warned "no other retailer" would take over the site. Article source: BBC
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Revlon considers sale offers amid bankruptcy

Image: Revlon Struggling beauty giant Revlon is reportedly considering a sale offer, its bankruptcy attorneys told the US Bankruptcy Court for the Southern District of New York last week. It comes as the cosmetics company explores ways to exit from its Chapter 11 filing as quickly as possible, with it now said to be engaging with possible buyers. According to Reuters, Revlon lawyer Paul Basta told the court that the company was ready to move onto the next stage of its bankruptcy after it managed to stabilise its relationship with vendors and complete a long-term business plan. The publication said that the firm is exploring a possible sale of the company and has begun sending nondisclosure agreements to interested parties. In August, Revlon received approval for a 1.4 billion dollar bankruptcy loan to aid in its strategic organisation and improve its long-term outlook. The loan required the company and its lenders to reach a bankruptcy restructuring agreement by mid-November. However, lawyers for Revlon’s junior creditors said that the deadline would not allow enough time for stakeholders to review the new business plan. Revlon has until January 19 to formally propose a bankruptcy plan, with its junior creditors also expected to file a legal challenge on the company’s 2020 restructuring that allowed it to take on more debt while transitioning brands and assets to a subsidiary.
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Rise in living costs to cut into Christmas spending

Image: Pexels by Jill Wellington The run-up to the holiday season is well underway, with retailers predicting a lacklustre Christmas as soaring inflation digs into consumer purse strings. While the end of the year is meant to be a bonanza for retailers and brands, companies from Adidas to Asos are cuttings their forecasts, with H&M responding to the current crisis by launching a cost-saving exercise of 177 million dollars. Data from Reuters says the European retail sector has tanked 40 percent on the stock market. “Consumers are under a lot of pressure and are going to reduce some of the discretionary spending, while costs for retailers are going up,” Ciaran Callaghan, head of European equity research at Amundi, Europe’s biggest asset manager, told Reuters. Investors and strategists expect retailers’ margins to be squeezed well into next year as cost pressures are further exacerbated by weakening currencies and collapsing consumer demand. Spending less this Christmas Market research firm Kantar said half of Britons expend to spend less on Christmas this year compared to last year. In its survey 37 percent said they were struggling with their financial situations, a figure that will no doubt impact retailers this Christmas. Kantar also said one in three of those planning to spend less would cut gift budgets for family and close friends by more than 25 pounds per person. “It’s been another tough year for many people and brands need to be careful to get the right tone this Christmas,” said Kantar head of creative excellence Lynne Deason. “We’ve seen a significant jump in the number of consumers who are worried about money and the emphasis for many will likely be on getting back to the true meaning of the festive season, focusing on togetherness, kindness and generosity.” “Brands must be sensitive to this emotional context and the reality of people’s financial positions, particularly in their advertising campaigns. There’s been a clear shift in public sentiment around Christmas ads and brands will need to balance celebration and excess in their content in 2022.” Articles sources: Reuters, Retail Gazette Blog
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Europe's e-commerce set to soar, with fashion a top category

Image: E-commerce via Pexels The European B2C market is expected to grow by 14.96 per year, and forecast to reach 1,010 billion dollars by the end of this year. New data from Research and Markets says online commerce in Europe is an attractive growth story, expected to be worth 1,565 billion dollars by 2026. The pandemic accelerated online shopping across categories, with fashion continuing to drive digital sales, with more consumers buying clothing and accessories. Other items, like food, beauty and healthcare are also growing categories. Research and Markets states the e-commerce market is expected to record strong growth over the next three to four years, offering personalized and improved customer experience is projected to remain a key growth driver for players in the industry. France, Germany and the UK are Europe’s top e-commerce countries Across Europe, Germany is one of the fastest-growing economies and has a dynamic startup-up ecosystem. Moreover, along with the United ingdom and France, Germany is among the top European performers in the e-commerce industry. These countries together generate 60 percent of the total e-commerce revenue in Europe. With the German e-commerce industry expected to record strong growth from the long-term perspective, global e-commerce investors are expected to pump millions of euros into the country. Canadian e-commerce investor Clearco said it would invest 500 million euros into the German market. To date the company has financed over 7,000 companies with an investment topping 3 billion euros. The UK, one of Europe’s leading digital economies, is an attractive market for global players, according to the research. Delivery service giant ParcelHero said companies such as Walmart could consider launching an online marketplace in the UK. By doing so it would become a welcome competitor to Amazon. Other data from ParcelHero shows Amazon attracts 86 percent of the UK’s digital shoppers. This summer Amazon debuted its Amazon Fashion Concept in Europe, after it launched in in the US in 2020. In addition to its expansion in the UK, Amazon is also expected to expand the fashion shopping experience France, Germany, Spain, and Italy. For more information about this report visit https://www.researchandmarkets.com.
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Kanye estimates two billion dollar losses following anti-Semitic rants

Kanye West lost two billion dollars in a single day, he said Thursday, as business partners rushed to dump the rapper in the wake of a series of anti-Semitic outbursts. The music and fashion mogul has seen lucrative commercial tie-ups shelved as companies including Adidas and Gap took fright at comments dubbed hate speech by activists. "I lost two billion dollars in one day. And I'm still alive. This is love speech," West, who is also known as Ye, wrote on Instagram in a post that had been liked over a million times. "I still love you. God still loves you. The money is not who I am. The people is who I am," the post said, naming Emanuel Ari, the CEO of entertainment company Endeavor, who had urged companies to sever ties with the rapper. German sportswear giant Adidas said Tuesday it was ending its partnership with West after his "unacceptable, hateful and dangerous" comments. Adidas also said it would end production of the highly successful "Yeezy" line designed together with West and "stop all payments to Ye and his companies". The move is expected to lop around a quarter of a billion dollars off Adidas's bottom line this year alone. West, who is open about his struggles with bipolar disorder, has long been outspoken, having half-heartedly run for US president in 2020 and then thrown his weight behind Donald Trump. His willingness to go beyond the pale is a double-edged sword for business partners, who have benefited from his high profile and his frequent media appearances, but who risk being tarnished by association. While they weathered previous comments, including when West called slavery a "choice", things began to unravel this month with his appearance at a Paris fashion show wearing a shirt emblazoned "White Lives Matter", a slogan created as a backlash to the Black Lives Matter movement. Days later he was temporarily locked out of Twitter and Instagram for threatening to "Go death con 3 on JEWISH PEOPLE", using a misspelled reference to US military readiness. That sparked alarm, including apparently from his ex-wife Kim Kardashian, who wrote on social media "Hate speech is never OK or excusable," in posts that did not name West. Last weekend a banner was hoisted over a busy Los Angeles freeway that read "Kanye is right about the Jews" and "Honk if you know." Several people were photographed making "Heil Hitler" salutes. Escorted out Adidas's announcement was followed hours later by US company Gap, which said it was taking "immediate steps to remove Yeezy Gap product from our stores" in addition to shutting down YeezyGap.com. Paris-based fashion house Balenciaga also ended ties with the rapper last week, saying it "no longer (has) any relationship nor any plans for future projects related to this artist". One of Hollywood's biggest talent agencies, CAA, said it was dropping West, while film and TV producer MRC said it was shelving an already-finished documentary about the artist. On Wednesday, West was escorted out of the corporate offices of shoe company Skechers in Los Angeles after showing up uninvited with a film crew, the firm said.(AFP)
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Marks & Spencer rolls out loyalty scheme internationally

Image: Marks & Spencer Marks & Spencer has announced that it will be rolling out its Sparks loyalty scheme globally, across India and 25 other targeted online markets, including the US and Australia. Customers signed up with Sparks will have access to a personalised programme of offers and rewards. Additionally, those shopping in the British retailer’s 94 India-based stores will also have the chance to instantly win a free shopping spree. In the UK and Ireland, Sparks will continue to operate as a digital-first experience, with customers now able to purchase and be rewarded through the scheme via its international flagship websites, as well as the Marks & Spencer app in India. The roll out is credited to the Sparks platform’s ability to be scalable across multiple different markets, the retailer said in a release, which has further allowed it to understand its “growing” international customer base. “Over the last 18 months we’ve got on with the job of building and expanding the global reach of Marks & Spencer,” said Katie Bickerstaffe, co-chief executive. She continued: “But to become a truly global brand we need to make shopping at Marks & Spencer rewarding no matter where you shop. The reset of Sparks in the UK in 2020 delivered a step-change, and we’re now taking those lessons into international markets, so that we can better understand and serve our global customer base.”
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Dune Group swings to profit amid pandemic recovery

Image: Dune, Facebook Dune swung to a profit in the year to January 29 after its stores reopened following the end of lockdowns. The London-based group made an EBITDA of 2.9 million pounds compared to a loss of 9.8 million pounds a year earlier. The company was hit hard by the pandemic when it was forced to close its stores across the UK and Europe. It launched a company voluntary arrangement (CVA) in 2021, resulting in the majority of its stores moving to a turnover rent-based model. A long list of other UK fashion companies launched CVAs during the pandemic, including LK Bennett, New Look, AllSaints, Bair Group, Hotter Shoes, and Monsoon Accessorize. Returning demand Dune said it has experienced an uplift in demand for fashion footwear and accessories since lockdown restrictions were eased. It said recovery post Covid has been “encouraging”, with many stores now achieving pre-pandemic levels of sales. During the year, Dune opened six outlet stores, one full price store, and has expanded the number of online marketplaces it partners with. The company also appointed Nigel Darwin as its new CEO last month. While Dune has shown signs of recovery from the pandemic, it warned that there remain challenges ahead, including “difficulties in shipping from suppliers which has resulted in stock shortages at times”. “The board actively manages the stock position and trading stance to ensure there is no significant disruption to operations,” it added.
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Racers, cows and Balenciagamania: Street styles from Milan and Paris

Photo: Nick Leuze The fashion weeks of the SS23 season are behind us. However, as is well known, the trends can not only be found on the catwalks, but also on the streets. The looks can be calm and classic, but also really wild like in the cowshed. FashionUnited has summarized what was pulled out of the streetwear cauldron during the fashion weeks in Milan and Paris. Balenciagamania Balenciaga is a hot topic on the runway every season with his staging on the catwalk and the approach to design: a wild mix of controversy and kitsch squeezed into a mixture of streetwear and high fashion by creative director Demna Gvasalia. Between sportswear and rave look. Photos: Nick Leuze Fans not only dig into the French fashion house's pieces - sunglasses and bags with prints like the Eiffel Tower are popular - but also the aesthetic, which sits somewhere between rave culture and sportswear. This is crowned with pop culture elements and a pinch of ugly chic. The Hello Kitty fan meets Barbie Overload look meets outfits that could have come straight from a pop-punk music video from the 2010s. A movement that naturally stands out between elegant looks with long dresses and suits. Photos: Nick Leuze Racers The race driver looks also gains momentum. In pole position is the racing jacket, which uses the colors of the respective racing team and at the same time becomes a billboard for the many sponsors who adorn the jackets as photos or prints. A fashionable cover is supplied by the fashion house Prada, among others, which is active as an outfitter for various sports such as sailing and extreme sports and whose logo also adorns such jackets. Unlike on the racetrack, fashion for the racing theme offers significantly more scope and so a jersey with racing stripes can become a dress with cut-outs, which of course also promote the dynamic of the look. Racing jackets and other fast looks. Photos: Nick Leuze Witch Dance and the Modern Middle Ages Not only happy, playful looks were shown on the streets of Paris and Milan. A dark veil swept through the streets. A touch of gothic romance paired with a classic image of European witches. The black outfits brought back the Middle Ages with a twist through modern fabrics and combinations. A coarsely knitted top in combination with a hood and an iron belt are reminiscent of a modern form of knight's armor, which becomes a cool look with sunglasses. But a look of light-colored corsets with bows in combination with a dark, flared maxi skirt also fits in this direction. A dark hat, under the brim of which part of the face disappears, which is combined with a dark, closed coat, creates a much more reserved, but still similarly gloomy aura. It becomes mythical on the streets of Paris & Milan. Photos: Nick Leuze Matrix coats It stays dark: A long black leather coat takes center stage this season. Since the first Matrix film came out in the late 90s, the dark leather coat has had a strong appeal that is currently being used by women who wear it. The rest of the outfit becomes almost irrelevant and in most cases is quite reserved. A black turtleneck or a light blouse under the coat round off the look in a simple way. But actually almost everything can be worn or hidden under a black leather coat. Black leather coats. Photos: Nick Leuze Cow spots We stick to the leather, or rather its origin: the cow. The mammal's spots were a popular pattern on the streets of Paris and Milan. But it didn't necessarily have to be real leather, jackets made of animal-friendly, vegan leather look and plush coats were also on display. The spots also vary in looks between different shades of brown and black, just like real cows. Since the cow patch jacket is a real eye-catcher, the look can be rounded off with simple jeans and a turtleneck sweater that matches the color of the pattern. Cow spots. Fotos: Nick Leuze Casual tie During the women's fashion weeks, the focus was also on the street, especially on the womenswear looks. Of course men were also present. So that they don't feel like they're stepping on their toes, the last trend is dedicated to them, which appropriately focuses on the very formal accessory. This season, the tie has been recontextualized not only in womenswear – as part of the Y2K trend, the return of the rocking schoolgirl ala Avril Lavign with a loose tie knot over a simple top – but also in menswear. Here the tie remains pulled up, but is integrated into a casual look – far removed from the business look with a suit and patent-leather shoes. Casual Ties. Photos: Nick Leuze The possibilities are varied, whether in addition to a casual oversized shirt with a print, wide trousers and a peaked cap or in a leather version in combination with BDSM elements such as a dog collar, rivets and even more leather, the tie can be personalized and integrated style. This article was originally published on FashionUnited.DE, translated and edited to English.
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End. opens first dedicated women’s store in Newcastle upon Tyne

Image: End. Women In Pictures Luxury retailer End. have opened its first dedicated womenswear store in Newcastle upon Tyne, UK, as part of its continued physical retail expansion that has included recent openings in Manchester, Newcastle and Glasgow. End. Women occupies the brand’s former location on Grainger Street and showcases a revamped store that blends End.’s signature stylistic codes and architectural details with a modern palette tailor-made to showcase their womenswear portfolio. Image: End. Women The store celebrates the diversity of womenswear, explained End., while offering “forward-thinking product and trailblazing collaborations,” across a varied selection of lifestyle, luxury, sneakers and sportswear, from cutting-edge contemporary and luxury favourites to athleisure staples and unisex products. Highlights include a modern skincare area and a sneaker zone. Rebecca Osei-Baidoo, womenswear buyer at End., said in a statement: “Women have always shopped at End. for the best menswear, adopting it and making it their own. With the opening of End. Women, we wanted to service our female customers and their unique style of dressing with authenticity. “Staying true to who we are, End. Women’s actively engages with our existing consumer, giving her a broader offering to seamlessly shop, and championing the way women are really dressing out in the world.” Image: End. Women Dedicated product launches for End. Women’s will be offered via the End. app and through the brand’s integrated omni-channel offering to seamlessly blend the women’s physical store with the End. online experience, added the retailer. In addition to the women’s store opening, End. added that it has plans to open its first dedicated flagship in Europe in early 2023, with the retailer selecting Milan for its “ground-breaking” store. Image: End. Women Image: End. Women
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Consumers want to shop sustainably, what are the opportunities for brands?

Image: Sustainable shopping via Pexels Report Consumers are weighing sustainability decisions when it comes to shopping for clothing, with half of shoppers expected to consider the environmental impact of what they buy. The data comes from Bain & Company and WWF Italy’s latest report, which says shopping and purchasing trends among global fashion consumers are shifting towards sustainable practices in the coming years, creating new opportunities as well as challenges for fashion brands. Research from ‘How Brands Can Embrace the Sustainable Fashion Opportunity’, Bain and WWF find 15 percent of global fashion consumers are already highly concerned about sustainability and consistently make purchasing decisions to lower their impact. But the report concludes that this percentage is will quickly grow to more than half of fashion consumers as more shoppers gravitate toward sustainable practices. 65 percent of consumers care about the environment The report, which examines consumer behaviors related to sustainability and fashion, shows that of the nearly 5,900 fashion consumers across six countries (China, France, Germany, Italy, Japan, UK and US) that Bain surveyed, approximately 65 percent said they care about the environment, but only some regularly prioritize sustainability in their shopping. “Sustainable shopping is an inevitable change. Concern for sustainability is strong among younger generations – and growing overall. Hence, fashion brands need to embrace the sustainability conversation and make sustainable purchasing easier for all consumers. Brands that proactively design sustainability into their strategy and operations will cement their relevance and capture a windfall of unmet demand, now and into the future,” said Claudia D’Arpizio, global head of Fashion & Luxury at Bain & Company. “In fact, everyone will benefit from a commitment to sustainability from the fashion industry”. Distinguishing sustainable fashion is a challenge for shoppers In the report, Bain and WWF found a third of consumers unable to distinguish sustainable products or brands from those that aren’t. That challenge increases with age. One out of three Baby Boomer and Silent Generation respondents said they don’t know where to find sustainability information for brands or products. By comparison, only one out of five Gen Z and Gen Y/Millennial respondents reported the same difficulty. Be transparent In order to accelerate sustainable shopping, in-store displays, labels, and product descriptions need to be clear, easily available, and reliable, says the report. Best-in-class brands already include supply chain and partner information, material descriptions, and stories about the communities involved in the making of their clothing. Shedding light on their production processes engages consumers in a genuine and transparent way. Product packaging is another means to communicate (and practice) sustainability. Appeal to value-driven shoppers Brands can capitalise on the quality and durability aspects of sustainable fashion and appeal to value-seeking shoppers, as long as they achieve durability without compromising any social or environmental factors. By positioning durability as an element of sustainable fashion, brands offer consumers a win-win situation. Sustainable shopping should be easy Many shoppers follow the path of least resistance; their shopping habits are driven by convenience rather than social impact or public opinion. But with simpler and more convenient options, they would increase their sustainable purchasing. Have a sustainability mission Brands that proactively design sustainability into their strategy and operations will cement their relevance and capture a windfall of unmet demand, now and into the future. Most consumers want to purchase more sustainably; they just need help doing so. “Fashion brands are on the cusp of a great opportunity but are often overwhelmed by complexity, especially along lengthy supply chains. Brands have a social role in this epoch-making change: they are called to address the information gap, engage consumers on product durability and impact; and make sustainable purchases more convenient and appealing. This will make them successful, while help shifting consumers toward more sustainable consumption,”, concluded Federica Levato, senior partner at Milan’s office and EMEA Leader of Fashion & Luxury at Bain. Article source: 'How Brands Can Embrace the Sustainable Fashion Opportunity,' Bain & Company and WWF Italy
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Female-founded Birdies achieves B Corp certification

Image: Birdies, Facebook Footwear brand Birdies has announced that it has achieved B Corporation certification, which it said has reinforced its ongoing commitment towards “making a great impact for good”. The female-founded company joins over 5,000 global businesses to receive such a certification. To become a B Corp, Birdies underwent a “rigorous review” by B Lab, the governing body of the certification which examines a company’s overall impact through all aspects of its operations. It builds on the San Francisco-based brand’s efforts to prioritise socially responsible action, with it previously launching a series of mentorships, charity initiatives and community building programmes through notable partnerships. In a release, Bianca Gates, Birdies’ co-founder and CEO, said: “Birdies B Corp certification reflects our ongoing commitment to building a brand that doesn’t just offer feel-good shoes, but one that offers shoes you can feel good about wearing. “We’re honoured to join this incredible movement of socially and environmentally responsible businesses dedicated to the same goal of creating tangible and visible change.” The brand’s other co-founder, Marisa Sharkey, said that the B Corp will offer Birdies a “powerful way” to accelerate its transformation around how it does business, enabling it to participate in making the world a better place.
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Frasers says MySale offer unconditional as it surpasses 50 percent stake

Image: MySale, Facebook Following a series of attempts to acquire the entire ordinary share capital of MySale, Frasers Group has now said its mandatory offer for the marketplace has become unconditional. In a release published through the London Stock Exchange, the fashion conglomerate, which counts the likes of Sports Direct and House of Fraser among its portfolio, noted that the revision comes as its holding in the company has grown over a majority stake. As of 5pm GMT, October 17, the group now owns or has received valid acceptances of MySale shares representing 50.59 percent of its issued shared capital. In the release, the group said that if it receives acceptances under its current mandatory offer or otherwise acquires 90 percent of shares, it intends to acquire the marketplace’s remaining shares under the same terms of its initial offer. It added that if it holds 75 percent of the issued share capital of MySale, it will consider making an application to cancel the admission of the Australian company’s shares to trade on AIM. Frasers notes intention to continue snapping up shares Frasers does intend to continue acquiring additional shares of the retailer, and noted that any shareholders who wished to transfer their holdings to Frasers can do so through a market sale or accepting its mandatory offer. The group initially announced it would be making an offer on MySale on August 17, later confirming this intention with an offer at a price of two pence per MySale share. Since the announcement, it has continued snapping up bigger stakes in the retailer as it put pressure on its board of directors to accept the offer. While MySale’s board at first requested shareholders to decline Frasers’ offer on the basis that it “undervalued” the company, it later reversed its decision and urged its shareholders to approve, despite continuing to disagree with the two pence share price. Yesterday, October 17, Frasers once again put further pressure on MySale shareholders by urging them to accept the offer, after noting its intention to possibly take the company off AIM and re-register it as a Jersey private company. The closing date of the recommended mandatory offer is 1pm GMT, November 1.
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Retailers hiring holiday staff numbers reflective of state of economy

Pexels Holiday hiring at retailers has always been a sign of a healthy economy. People are shopping more, seasonal paychecks are putting more money in retail workers' pockets, and retailers have high hopes of ending Q4 with a healthy bottom line. This year with caution over inflation, holiday hiring is looking like a mixed bag, reflective of retailers' caution about the current recession we are in. Target is adding its usual 100,000 holiday workers. Meanwhile, Walmart is only hiring 40,000 compared to its past 150,000. Amazon has frozen corporate hiring, but plans on hiring a staggering 400,000 retail workers. Will the holiday hiring spree be what it used to be? As early as September, CNN reported companies were growing cautious of holiday hiring plans. Employers are already pulling back on the normal holiday hiring spree. Economists say this is a forecast of a recession, but there’s also the argument that we are already in a global recession. The bright side is, despite inflation, consumer spending has held up well. Still, with the recent hike in interest rates by The Federal Reserve, economists and retailers are cautious, as this could still affect holiday spending. This year is unique compared to last year because much of last year’s uptick in seasonal hiring was due to retailers trying to stave off staffing shortages from rising COVID-19 infections. Many companies are planning on trimming hiring this year, but others, like UPS, are continuing with their usual holiday target of 100,000 hires. ZipRecruiter chief economist Julia Pollak recently appeared on Yahoo Finance Live to discuss holiday hiring and the state of the labor market. During her segment, Pollak said this is the toughest environment employers can be in for the holidays. Employers are simultaneously concerned about ensuring they have enough staff to meet customer demand for the holidays, and at the same time are also concerned about a possible economic downturn. The bright side is layoffs and firings remain very low, and jobless claims also remain low. Job gains are also still incredibly broad-based. The downside is consumers are cautious about big-ticket purchases. Car purchases are declining, and car dealerships are laying people off. Hiring is also interesting right now in other sectors, as there are hiring freezes and job losses in some, but strategic hiring in others. Some companies looking for employees are even speeding up times to hire as part of strategic growth strategies. Even branches of USPS have recently reported they are swamped as they are preparing to ramp up holiday hiring. Amazon also announced a week ago that 150,000 of the holiday workers they plan on hiring will get a 3000 dollar signing bonus. One silver lining for this year is that two years after the COVID-19 lockdown, consumers have safely returned to in-door shopping. While holiday sales growth is expected to slow compared to last year due to inflation, growth is still expected. Deloitte estimates growth between 4 percent and 6 percent in 2022, compared to an increase of 15.1 percent during last year’s period, but at least the economy isn’t looking like it will contract. Holiday hiring, very much like the economy, looks strong in some areas and weak in others. If the holiday hiring period is any indication, the economy will continue being temperamental with highs and lows.
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Bestseller expects challenging year ahead

Image: Jack & Jones, Facebook Following record growth in 2021-22, Bestseller expects more challenging market conditions in the coming year. The company said in a statement that while Bestseller achieved remarkable results in the past two financial years, recent months – and the global economic and geopolitical situation indicate the current year will be more challenging. “There’s no doubt it’ll be more difficult from here, and we can see the global challenges also reflected in our numbers,” said Anders Holch Povlsen, CEO of Bestseller. Bestseller's revenue increased by 33 percent during the year under review with a pre-tax profit of 6 billion Danish krona. “The result was largely driven by strong performances in the first three quarters, while the last months of the financial year indicate the changes taking place in the global economy as a whole,” added Povlsen. Povlsen further said: “Even though the last few months and the next several seem to be difficult, we will not stop investing in what’s most important to us. Namely our people, who make all the difference for our company, and the necessary sustainability improvements we and everyone else must contribute to.” In connection with the publication of the annual result, Bestseller will also pay an extra month’s salary to colleagues. The company will pay out 300 million Danish krona in an extraordinary bonus.
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