The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — Intu Properties Plc, one of the UK's biggest shopping center operators, appointed KPMG as its financial administrator in case it fails to negotiate a standstill agreement with lenders on debt repayments, according to people with knowledge of the matter.
The appointment is a part of Intu’s contingency plan as it seeks to obtain a loan waiver until the end of next year from investors as the mall owner struggles to get rent payments from retailers amid the coronavirus-led lockdown, according to one of the people, who asked not to be identified as the information isn’t public. The news was earlier reported by Sky News.
Intu, which owns Manchester’s Trafford Center, will be focusing on reaching an agreement with financiers for a standstill on loan repayments but will need to prepare for all eventualities. Having KPMG on standby could be part of a plan to persuade lenders to reach a deal, one person with knowledge of Intu’s operations said.
Intu Properties and KPMG declined to comment.
By Prejula Prem and Deirdre Hipwell
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.