Two CEO success stories should put nonsense comparison to bed January 7, 2022 Today marks what unions and one particular think tank term ‘high pay day.’ It’s the day at which an average FTSE 100 CEO has earned the equivalent of the whole-year earnings of the so-called average worker. As ever, the comparison is facile, the implication idiotic, and it is deserving of no more than these few [...]
Next warns of sales slowdown while stock availability still ‘challenging’ November 3, 2021 Fashion retailer Next this morning warned it is anticipating a sales slowdown next quarter as pent-up post-lockdown demand eases. In a trading update, the clothing firm said its full price sales in the thirteen weeks to October 30 were up 17 per cent compared to pre-Covid levels. However, it warned its fourth quarter growth would [...]
Next boss: Not constructive to say UK is addicted to cheap overseas labour October 6, 2021 Next boss Lord Wolfson has hit back at the Prime Minister’s claims that businesses like his want the government to “fix every problem” by lifting immigration controls. Lord Wolfson, who supported Brexit, told CityAM last month he would urge the government to ease immigration in line with demand, to help fill roles in retail and [...]
Brexit-backing Next boss calls for speedy government intervention in staff crisis September 29, 2021 Next, headed by Brexit-backing boss Lord Wolfson, has called on the government to relax immigration rules to ensure its operations run smoothly this Christmas. “It’s a question of availability, we need a system that’s geared up to give more visas,” Wolfson told CityAM. Wolfson hit back at critics who said the country had got what [...]
Next to run Gap’s UK operation in joint venture September 17, 2021 Next will manage Gap’s online business in the UK and Ireland as a franchise partner, after the companies finalised an agreement. The fashion companies announced they will form a joint venture with Next owning 51 per cent and Gap owning 49 per cent. Next will operate Gap’s e-commerce business across the Next Total Platform, host [...]
City Moves: Who’s switching jobs in the Square Mile this week? September 1, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Pictet Wealth Management poaches Goldman Sachs veteran as new CEO Pictet Wealth Management has appointed a Goldman Sachs veteran as its new CEO, following the departure of its long-standing lead Heinrich Adami. Joining next week, Robert [...]
Next boss calls for UK immigration shakeup amid lorry driver shortage September 1, 2021 Lamenting the national lorry driver shortage, Next boss Lord Simon Wolfson has called on the Home Office to shape up its immigration rules to allow overseas hauliers into the UK. The trickling supply of HGV drivers has led to 94 per cent of hospitality businesses reporting problems with the delivery of products, according to trade [...]
‘Death by PowerPoint’: Next boss on Zoom and the future of remote work September 1, 2021 Next boss Lord Simon Wolfson has said endless video meetings risk “death by PowerPoint” as firms begin to feel the benefit of workers returning to the office. The retail chief, the longest serving chief executive across the FTSE 100, earlier this year likened Zoom calls to lectures – and yesterday warned digital conferences can become [...]
Next ups full-year forecasts as heatwave spurs Brits to summer shop July 21, 2021 British retailer Next is upping its full-year financial forecasts as consumers have flocked to stores in recent weeks to get their hands on clothing fit for the UK’s heatwave. The rosy outlook stoked confidence in investors as its shares rocketed in its early trading and held up highs of 8.2 per cent in the afternoon, [...]
Weekend Read: Foreign investors flee Myanmar as regime strengthens grip May 16, 2021 Businesses have continued to bow out of Myanmar after the bloody coup has killed more than 750 people and seen over 5,000 arrested for protesting the military’s forced reign. Companies began to flee Myanmar in March, like Japanese beverage group Kirin which had a $1.7bn stake in Myanmar Economic Holdings Public Company Limited, a company [...]