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It’s official, Boots and Walgreens are being bought by Sycamore

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Walgreens Boots Alliance has finally found a buyer. After several attempts to sell the business that reportedly faltered on the issue of price, it’s definitely being bought by Sycamore Partners for $10 billion, which is around the level it had been aiming for when it first explored a sale a few years ago.

Boots

It means that the dominant beauty and health retailer in Britain — Boots — and the second-largest US drugstore chain — Walgreens — will now be part of a private company, along with the other parts of the WBA business.

Sycamore is paying $11.45 a share in cash, a roughly 8% premium to the closing price in New York.

But while the price is what WBA was aiming for, it’s still a radical comedown from Walgreens’ value a decade ago. Back then the business had a market value above $90 million. But it has been hit hard by intense competition and other issues affecting both the retail and non-retail parts of the giant congolmerate.

The deal isn’t expected to complete until Q4 2025 and even incudes a period when Walgreens will seek and assess other offers. But analysts don’t expect another bid to come in that will top what Sycamore is offering. 

Sycamore’s plans for the two core chains aren’t yet known but there’s a chance that Walgreens and Boots might one day be split and perhaps listed as independent stock exchange-traded operations. The business logic of running two chains on opposite sides of the Atlantic might not be as clear to Sycamore as it was to the execs who pulled the separate parts of the business together back in 2014.

The main architect of that deal — executive chairman Stefano Pessina — and his holding company will maintain a significant equity investment in the businesses.

As mentioned, the company has faced challenges with both Walgreens and Boots having closed stores in recent years but Boots at least appears to be back on a growth trajectory.

In its latest quarter, reported in January, comparable retail sales increased 8.1% and webstore sales rose 30%, aided by a strong Black Friday performance and representing 22% of Boots total retail sales.

For now though, it will be business as usual and WBA CEO Tim Wentworth said: “While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company. Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.

“Our trusted brands and deep commitment to our customers, patients, communities and team members have and will continue to anchor our business as we realise our goal of being the first choice for pharmacy, retail and health services. 

Stefan Kaluzny, MD of Sycamore Partners, added: “For nearly 125 years, Walgreens, and for 175 years, Boots, along with their portfolio of trusted brands, have been integral to the lives of patients and customers. Sycamore has deep respect for WBA’s talented and dedicated team members, and we are committed to stewarding the company’s iconic brands.”

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Sergio Tacchini makes an impact at Selfridges with a velour-wrapped DeLorean

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Selfridges continues to be the launchpad of choice for many luxury brands, particularly those planning something eye-catching or out of the ordinary.

Sergio Tacchini

And this season, Sergio Tacchini is celebrating its SS25 collection launch at the retailer’s London flagship by wrapping its DeLorean car in black velour and a print inspired by the brand’s Slice Track Jacket.

The design blends the brand’s heritage with new designs, focusing attention the label’s “timeless aesthetic within sportswear”.

Beyond the jacket, the collection features other reimagined classics alongside Selfridges exclusive pieces, including printed shirts and cotton jackets with bold prints. 

The brand said the launch at the store (and on Selfridges’ webstore) “reinforces Sergio Tacchini’s commitment to blending retro inspiration with contemporary style”.

It’s an ongoing link between the label and the retailer and it’s not the first time Sergio Tacchini has opened a pop-up there.

Back in summer 2023, it opened a tennis-themed pop-up, dubbed Causing a Racquet. It went for a mix of tennis and Italian references with marble-effect oversized tennis rackets, tennis balls, Roman statues, and broken columns creating a ‘Roman ruins’ atmosphere.

The almost-60-year-old company, which was previously owned by American funds Twin Lakes Capital and B Riley Principal Investments, became part of the business empire of billionaire Kim Chang-Soo in summer 2022, via his South Korean clothing group F&F Holdings.

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Carven names insider Mark Thomas as design director

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Quintessentially French label Carven has selected another Briton to be its new design director with Mark Thomas having stepped into the seat left vacant when Louis Trotter left to take the helm at Bottega Veneta in January.

Carven

Thomas, who was trained at Central Saint Martins and Ravensbourne, has been promoted from within by Icicle, the China-based parent company of Carven.

He’s been senior designer at Carven since 2023 and before that spent almost four years in a senior menswear role at another major French label, Lacoste, also working with Trotter.

He’s also been creative director at Helmut Lang, based in New York  and was head menswear designer at Joseph in the mid 2010s. Before that he was at Givenchy, and earlier in his career also worked at Neil Barrett and Burberry.

Trotter clearly thought highly of him but it’s interesting that with his strong menswear focus, he’ll be creatively directing a label best known for its womenswear.

It’s one that enjoyed a higher profile under Trotter even though she had only three seasons to reshape it before taking up with coveted Bottega Veneta role. 

Despite the absence of a creative chief, Carven showed its AW25 offer, which Thomas has largely been responsible for, in Paris this season. But the first full collection under his direct control will be for SS26 during PFW this autumn.

Carven was founded in 1945 by Marie-Louise Carven-Grog and relaunched by Henri Sebaoun who had bought it in 2008. It enjoyed a high profile under the creative control of Guillaume Henry from 2009 to 2014 but struggled later before its purchase by Icicle. The Chinese firm has invested in it and reopened on its historic address, the Champs-Elysées, in 2021.

Turnover has been growing for the business under CEO Shawna Tao but the latest year for which accounts are available (FY23) saw it with a loss of over €7 million on turnover a little over €15 million.

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Gap surges on strong sales led by ‘impressive’ namesake brand

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By

Bloomberg

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March 9, 2025

Gap Inc. soared after strong quarterly sales showed that Chief Executive Officer Richard Dickson’s turnaround playbook is working.

Gap x Cult Gaia

The retailer exceeded analyst estimates for comparable sales, led by better-than-expected results at the namesake brand, Old Navy and Banana Republic. Athleta, the struggling athleisure brand, posted an unexpected decline.

Gap shares surged 17% in trading before US markets opened on Friday. The stock had fallen 18% this year through Thursday’s close.

The performance of Gap’s namesake brand was “particularly impressive,” Paul Lejuez, an analyst for Citi wrote in a research note. The unit’s comparable sales rose 7%, topping Wall Street’s prediction for an average gain of 1.7%. This performance suggests it’s resonating with consumers, he said. 

Under Dickson, the company has leaned into celebrity partnerships and is refreshing its leadership roster, including appointing fashion designer Zac Posen as creative director.

Gap sees revenue flat to up slightly in the current quarter. Analysts surveyed by Bloomberg were looking for 1% growth, on average. For the full year, Gap forecasts revenue will be up as much as 2%.

The retailer included 20% tariffs on China and 25% tariffs on Canada and Mexico in its forecast. Less than 10% of Gap products are sourced from China and less than 1% are from Canada and Mexico combined, Dickson said in an interview with Bloomberg News. 

“It’s important to note we’ve been operating in a highly dynamic backdrop for the last few years, and we’re expecting the same for 2025,” Dickson said.
 



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