House of Fraser is to get a new owner after calling in administrators Friday. A fast deal to buy a slimmed-down version of the chain had been on the cards with news Friday that retail tycoon Mike Ashley is now in charge.
House Fraser has a new owner, China's C. Banner, but despite the change, the company will still launch a CVA and plans to close some poorly performing stores as it works to reach "channel-agnostic" shoppers.
House of Fraser’s weak finances could be easing on reports that its potential new majority owner has a more than £1bn investment war chest and that the £15m cash infusion from its current owners could be added to.
House of Fraser’s Chinese owner is planning to sell its majority stake in the under-performing department store chain to another Chinese entity, it confirmed on Tuesday. But it will keep a large holding in the retailer.
Estee Lauder Cos Inc reported higher-than-expected quarterly profit and sales on Friday on strong demand for Too Faced and Becca products and customisable gifts, and the company raised its 2018 full-year EPS forecast.
House of Fraser has signed a deal with a property-tech startup that will see the UK department stores giant hosting pop-up concessions in stores for small retail brands and expanding its experiential offer on the way.