Monsoon sales outpace rivals
Founder hits back at critics
October 10 2003
Monsoon enjoyed a stronger summer than many of its rivals, with total sales up 26 per cent in the 18 weeks to September 27.
Like-for-like sales for the business, which operates the Monsoon clothing and Accessorize chains, were up 8 per cen. In an AGM statement, Monsoon said the performance was in line with its expectations.
However, the AGM saw Monsoon founder Peter Simon clash with some shareholders, who suggested the plans increase the Simon family’s stake to more than 90 per cent undervalued their holding.
Through its offer of put options, Simon and the two family trusts representing his family have increased their stake in Monsoon to above the 75 per cent level which triggers a delisting from the main UK stock market.
Simon told his critics: “Ultimately the investment decision is yours.” After the meeting, he told journalists Monsoon was “a family owned business when it floated and it is a family owned business today.”
