Friday High Five – the news this week
When the leaders of our great cities put together the team sheet for these international trade visits and investment jamborees, they want to show the best they have to offer from business and culture.
There are plenty of examples on our news most weeks of the types of businesses or individuals that wouldn’t be welcome to come to MIPIM and South By South West now, but maybe once were.
No one can doubt the imprint that the Kamani family, behind Boohoo, Kamani Property and brands like PYT, have made in shaping the identity and the reputation of Manchester.
However, it is a tainted brand. As we said in the coverage of the rebranding from Boohoo to Debenhams, multiple enquiries, investigations and whistleblowings have contributed to that.
A declining share price and a loss of a ground to Chinese insurgent Shein has also been the backdrop to a bitter feud with Frasers owner Mike Ashley, who declined our request for a comment this week, after having much to say earlier this year about Boohoo’s strategy.
I do recognise that it is more than just a lick of paint and a name change. The shift to a marketplace business model shifts the risk and futureproofs the customer relationships.
It is also a long term play. Right now the “youth brands” still account for 80% of sales, but times are changing.
As I said on my video message earlier, personally, I feel the royal battle ahead is to take the company off the market altogether.
The continuing shifting plates in the advisory world saw our Monday scoop that Andy Westbrook has joined DC Advisory. On the markets Assura’s board have accepted an offer from KKR.
It is unlikely that any of this news will have been heralded at MIPIM and SXSW this week as a symbol of the best of the North West. That accolade went instead to Manchester United’s £2 billion (and rising) stadium plans from a business soaked in debt, whose co-owner Sir Jim Ratcliffe admitted in a weird interview with Gary Neville that it was in danger of going bust.
There’s definitely an opportunity in that part of town, but watching the livestream from Cannes about the regeneration plans for Old Trafford, I frankly found some of the claims being made to be somewhat overblown.
With the share price still stuck in the 24p – 26p range, rather like the market reaction to Dan Finley’s vision for Debenhams.
Have a great weekend.
