Debenhams

Boohoo Group has bought ailing department store Debenhams, while Asos confirmed it is in talks to acquire Topshop. Why are new digital players targeting fading high street labels?

As the gap widens between the best-performing companies and the rest, M&A activity will increase as leaders manoeuvre to take market share, unlock new opportunities and expand capabilities.

The struggling department store chain said it would cut a further 2,500 jobs, while taking 'all necessary steps' to give the business every chance of a viable future.

This week, the luxury group promoted another member of the Arnault family into an executive role, while PVH veteran Daniel Grieder departed after 23 years.

The British clothing retailer announced its plans to open standalone beauty shops in five of the closed department stores to bolster its existing online beauty business.