Debenhams Group (aka Boohoo Group) has appointed Tom Handley as a non-executive director with immediate effect. He joins as non-exec Alistair McGeorge stepped down from the board.
Debenhams
Handley will also serve on the retailer’s audit and risk, remuneration, and nomination committees. Currently a director at Provenio Law, he was previously chief executive of Exchange Chambers for 28 years.
McGeorge, who joined the board in March 2023, had been senior independent director and independent non-executive director. He also served as deputy chairman until November 2024.
Following his departure, non-executive director John Goold will take on the role of senior independent director.
Tim Morris, non-executive chair, said: “ [Handley’s] governance expertise will be a great asset to the board and the business as it continues to develop and grow. We are looking forward to working with him”.
Dan Finley, chief executive of Debenhams Group, added: “We look forward to benefiting from his considerable expertise”.
Debenham’s current board changes could have been even wider had the leadership team not survived an earlier vote of no confidence by major shareholder Frasers Group.
Frasers, which owns around 29.7% of shares in Boohoo – now rebranded operationally as Debenhams Group – voted against the re-election of founder Mahmud Kamani, chairman Tim Morris, CEO Dan Finley, CFO Phil Ellis and non-executive director John Goold.
However, Debenhams said around 98% of other shareholders had voted in favour of their re-election, which saw each resolution passed by 61% or 62%.
And despite two advisory groups urging that shareholders vote against the directors’ remuneration report for the year ended 28 February, that was also passed with 57% of shareholders voting in favour.
Institutional Shareholder Services (ISS) had warned that Boohoo had not confirmed whether a bonus worth over £2 million in cash and shares for CEO Finley was granted on a like-for-like basis for forfeited awards in his previous position, and also said it was concerned over other bonuses for executive directors.
Glass Lewis also warned that there was a lack of performance-related hurdles to bonuses at the firm, saying it was “generally sceptical of any type of extra bonus that rewards individuals for actions that we view as intrinsic to an executive’s duties, such as negotiating sales and acquisitions”.
Frasers however managed to defeat other resolutions — dis-application of pre-emption rights (general and financing) as well as purchase of own shares.
Prada will make a limited-edition collection of sandals in India inspired by the country’s traditional footwear, selling each pair at around 800 euros ($930), Prada senior executive Lorenzo Bertelli told Reuters, turning a backlash over cultural appropriation into a collaboration with Indian artisans.
The Italian luxury group plans to make 2,000 pairs of the sandals in the regions of Maharashtra and Karnataka under a deal with two state-backed bodies, blending local Indian craftsmanship with Italian technology and know-how.
“We’ll mix the original manufacturer’s standard capabilities with our manufacturing techniques,” Bertelli, who is chief marketing officer and head of corporate social responsibility, told Reuters in an interview. The collection will go on sale in February 2026 across 40 Prada stores worldwide and online, the company said. Prada faced criticism six months ago after showing sandals resembling 12th-century Indian footwear, known as Kolhapuri chappals, at a Milan show. Photos went viral, prompting outrage from Indian artisans and politicians. Prada later admitted its design drew from ancient Indian styles and began talks with artisan groups for collaboration.
It has now signed an agreement with Sant Rohidas Leather Industries and Charmakar Development Corporation (LIDCOM) and Dr Babu Jagjivan Ram Leather Industries Development Corporation (LIDKAR), which promote India’s leather heritage. “We want to be a multiplier of awareness for these chappals,” said Bertelli, who is the eldest son of Prada founders Miuccia Prada and Patrizio Bertelli.
A three-year partnership, whose details are still being finalised, will be set up to train local artisans. The initiative will include training programmes in India and opportunities to spend short periods at Prada’s Academy in Italy.
Chappals originated in Maharashtra and Karnataka and are handcrafted by people from marginalised communities. Artisans hope the collaboration will raise incomes, attract younger generations to the trade and preserve heritage threatened by cheap imitations and declining demand.
“Once Prada endorses this craft as a luxury product, definitely the domino effect will work and result in increasing demand for the craft,” said Prerna Deshbhratar, LIDCOM managing director. Bertelli said the project and training programme would cost “several million euros”, adding that artisans would be fairly remunerated.
Bertelli said Prada, which opened its first beauty store in Delhi this year, has no plans for new retail clothing shops next year or factories in India. “We have not planned yet any store openings in India, but it’s something that we are strongly taking into consideration,” he said, adding that this could come in three to five years.
The luxury goods market in India was valued at around $7 billion in 2024 and is expected to reach about $30 billion by 2030, according to Deloitte, as economic growth accelerates to 7% this year and disposable income among the middle and upper classes rises. The market, however, is dwarfed by China, which generated about 350 billion yuan ($49.56 billion) in value in 2024, according to Bain.
Most global brands have entered India through partnerships with large conglomerates like Mukesh Ambani’s Reliance group and Kumar Mangalam Birla’s Aditya Birla Group. Bertelli said that Prada would prefer to enter the country on its own, even if it took longer, describing India as “the real potential new market.”
London-based Save Your Wardrobe (SYW) and France’s Fairly Made are joining forces to deliver what they say will be “Europe’s most advanced end-to-end circularity infrastructure”.
Save Your Wardrobe
SYW operates an AI-powered wardrobe management app while Fairly Made has developed a solution for measuring the environmental impact of products. Now they’ve announced a “strategic partnership designed to help brands meet Europe’s next generation of sustainability expectations”.
They said that “as new regulations reshape how products are designed, managed, and cared for- from eco-design and digital product passports to France’s Bonus Réparation and evolving EPR requirements, brands need a connected view of impact across the full lifecycle. This partnership brings together two complementary strengths that enable exactly that”.
As part of the link-up, SYW “plans to deliver the infrastructure powering aftersales excellence, including diagnostics, repairability scoring, automation, and nationwide repair operations”. Meanwhile, Fairly Made will support this with “upstream capabilities across supply-chain traceability, multi-criteria impact measurement, and digital product passport readiness”.
The plan is that they will offer enterprise brands a “360° circularity solution that supports eco-design, compliance, and measurable lifecycle extension”.
They said their goal is to help brands “move toward a future where circularity is not an ambition, but a connected, measurable, and scalable reality”.
Private equity firm TPG Inc. is considering options for APM Monaco, including a possible stake sale or an initial public offering of the jeweler, according to people familiar with the matter.
APM Monaco
TPG is working with an adviser and may start a dual-track process early next year, the people said, asking not to be identified discussing private information. The US investment firm is aiming to fetch a valuation of at least $2 billion for the company in a deal, one of the people said.
Deliberations are preliminary and TPG might decide to keep the asset for longer, the people added.
A representative for TPG declined to comment.
A TPG-led consortium acquired a 30% stake in APM Monaco in 2019, and in 2021 documents were submitted for a Hong Kong IPO that never materialized. The following year, the group started sounding out potential interest in its stake, Bloomberg News reported, though TPG said at the time it didn’t plan to sell.
European private equity firm Trail and China Synergy, an investment firm backed by TPG and China international Capital Corp., were also part of the investor group that bought the stake in APM Monaco six years ago.
TPG had $286 billion in assets under management as of the end of September. The US buyout firm invested in APM Monaco through its Asia-focused private equity platform.
APM operates about 500 jewelry stores globally, according to its website.