Monday snapshot: other news in brief
Stephen Fanderl has been appointed chief executive of struggling German department store chain Karstadt. The company has also announced that it is to close six stores in 2015 as part of restructuring plans.
Singer Beyonce is teaming up with Topshop on new range of athletic streetwear. The collection is expected to launch in Autumn/Winter 2015 and will be produced through a joint venture company called Parkwood Topshop Athletic Ltd.
Gap has embarked on a new franchise partnership with Fawaz A Alhokair & Co as it looks to expand its Old Navy stores to the Middle East. Alhokair, the Middle East’s largest franchise retailer, will be launching two stores in the Kingdom of Saudi Arabia in spring 2015.
The Co-operative Bank has appointed Dennis Holt as its new chairman. Holt joined the bank in February as senior independent director and has acted as interim chairman since 1 October when Richard Pym stood down. With 43 years experience in banking and insurance, Holt was previously a main board executive director at Lloyds TSB where he was responsible for the retail bank. He is currently non-executive chairman of Beazley.
Never Miss a Retail Update!John Timpson CBE, the chairman of the Timpson shoe repairs and key cutting chain, has been recognised for his contribution to business and enterprise skills. Last week, the retailer was awarded the Lifetime Achievement Award at the Institute of Enterprise and Entrepreneurs Celebrating Enterprise Event at the House of Lords.
Mother and baby products retailer Mothercare has raised £100 million as a result of its recent rights issue. The funds will be used to finance the company’s new strategic plan and transformation into a digitally-led business.
