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The CEO and chairman of fashion chain Gap is to step down in February after seven years at the helm of the iconic US retailer.Glenn Murphy will be replaced by the company’s current head of digital and company veteran Art Peck as CEO and Bob Fisher, who has been with...
The Waldorf Astoria in New York is to be sold to Chinese company Anbang Insurance Group for $1.95 billion (£1.22 billion). However, Hilton will continue to operate the iconic hotel for the next 100 years, including renovation. The deal is the most paid for a building in the US by...
KFC and Pizza Hut owner Yum Brands has decreased its profit expectations for the full year after a food scare in China impacted on sales.A former supplier to the group has been accused of selling expired meat, hitting sales in the quarter and leading Yum to cut its forecasts for...
A fifth Tesco executive has been asked to step aside following the accounting error that led the retailer to overstate its profit forecast by £250 million.Commercial director Kevin Grace will join four other senior figures on suspension, including UK managing director Chris Bush, whilst an investigation continues.The company has said...
The new chairman of Morrisons, Any Higginson, has said that shoppers have lost faith in the pricing messages of top four supermarkets in the UK, turning instead to the discounters.Mr Higginson, who is joining the retailer’s board this month, said that the “dialogue with customers has not been honest” and...
The Chartered Institute of Personnel and Development has said that the average number of days UK workers took as sick leave has fallen to 6.6 this year, compared to 7.6 last year.However, the CIPD has said that there was more evidence of employees struggling back into work before fully recovering...
Samsung Electronics has said that profits for the quarter are likely to be 60% down on last year, as slowing Galaxy smartphone sales take their toll.The South Korean company, which is the world’s biggest mobile phone and TV manufacturer said that, in the three months to September, it expects operating...
Easyjet has raised its profit expectations for the full year, as more airline passengers chose to fly with the low-cost carrier in the wake of a two-week strike by pilots at Air France.Easyjet said that pre-tax profits for the year are likely to be between £575 million and £580 million,...
British designer John Galliano is to become creative director of French fashion house Maison Martin Margiela, three years after he was sacked from a 15-year stint at Christian Dior in 2011, after a video of him using anti-Semitic language was leaked.Renzo Rosso, president of Maison Martin Margiela’s parent company OTB...
John Lewis’ managing director Andy Street has apologised for derogatory remarks he made about France at a dinner last week.Mr Street, who has been with the retailer for nearly 30 years, is reported to have said: “I have never been to a country more ill at ease . . ....
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