South African retailer TFG has dropped KPMG, the global accountancy firm ensnared in a scandal involving business friends of President Jacob Zuma, as its external auditor, citing "concerns recently raised".
First it was Shop Direct calling off its mega-billions sale and now Kaupthing is believed to have ended the bidding process for its trio of key (but far less valuable) UK fashion brands, Oasis, Coast and Warehouse.
The bidders for Oasis, Coast and Warehouse are reported to include Philip Day, Foschini, Alteri and Truwowrths, but they are believed to have offered less than half the £100m the trio's owners had wanted.
Retail veteran Harold Tillman may have been frustrated in his attempt to win back the Jaeger brand he once owned, but reports suggest that he could lead a group of investors working on a rescue deal for Style Group.
Australia's Retail Apparel Group (RAG) is being taken over by TFG (or The Foschini Group) for a maximum price of A$302.5m, the South African giant said Thursday. The company is outperforming the market at present.
UK contemporary brand Whistles and stablemate Phase Eight are continuing their expansion globally with news that Rue Madame Fashion Group (RMFG) has opened flagships for the chains in Hong Kong’s Pacific Place.
The owner of Jacques Vert, Windsmoor, Precis and Dash is looking at options for its business as it faces ever-more-challenging conditions on the UK high street, despite a stronger product offer, according to reports.