With SPACs the house always wins — even as investors lose their shirts, said the Daily Upside.
The blank-check companies behind the public listings of a wide range of brands often score big wins even as stock market investors get stung by instantly plummeting valuations after those companies go public, according to a forthcoming paper in the Review of Financial Services.
FINANCE
Asos (UK) reported £32 million ($36 million) pre-tax losses, from a £177 million ($200 million) profit a year ago.
- The online retailer said it is to write off more than £100 million ($113 million) of stock and cut costs. Sales had risen only 1% to £3.94 billion in the year through August.
- Asos said it had agreed a £650m banking facility to give it “financial flexibility”.
Asos, which put up prices by about 4% this year, was “not obsessed with being the cheapest in the market”, said CEO José Antonio Ramos Calamonte.
Adidas (Germany) announced that it expects gross margins to weaken to 47.5% (from an earlier forecast of 49%) for the year. Operating margins are forecast at 4% (from 7%). Like many others, Adidas is expecting more discounting in order to clear excess inventory.
Matalan (UK) said rescue bids have been submitted to prevent it from being taken over by lenders. Bondholders owed £350 million by Matalan effectively control the business after the board failed to refinance the debts this summer.
Hermes (France) said sales rose 33% year-on-year to $3.1 billion for the quarter ended October 1. The company plans to raise prices by 5-10% in 2023.
What executives are saying, market insights, financial performance – all in our INSIDE FINANCE October report. Read more
RETAIL
North Face (USA) is planning to open 70 new stores in N. America along with at least 300 new stores and retail partnerships worldwide during the next five years.
URW (France) has fully opened Les Ateliers Gaîté, a three-floor shopping and lifestyle destination in the Montparnasse district in Paris. The mixed use space includes housing, offices, dining, shopping and entertainment, said Unibail-Rodamco-Westfield.
What executives are saying, market insights, store openings, new retail properties – all in our FASHION RETAIL October report. Read more
PODCAST
Turning Your Website Into a Lead Generating Machine
One of the biggest marketing challenges that B2B companies face is differentiating themselves from their competitors.
But can you really take a product or service that seems more like a commodity than a one-of-a-kind and make customers see it as not only different – but maybe even better?
In this podcast Matthew Stibbe, CEO of Articulate Marketing, talks about tactics that help companies generate not only more leads – but the right leads.
You’ll Learn:
- How using an educational approach can differentiate your product in the market.
- How to turn your company website into a lead generating machine.
- How a B2B company can stand out – even in a very crowded market.
And a lot more…
ECOMMERCE
The Beginning of the End of Free Returns
Retailers are eager to put an end to profit crushing free returns. But will charging for returns drive consumers away from e-commerce?
Online shopping has proven to be a bonanza for retailers – especially during the holiday season when shoppers are looking for last minute items. As well as for retailers who look to reach consumers outside of their immediate geographic area.
Will reducing the cost of reverse logistics be worth the potential lost sales? Retailers will need to carefully evaluate this in coming seasons. Read more
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Shifting Priorities Have Companies Taking a New Look at Supply
