Derby’s premier retail/leisure destination Derbion has signed Primark with the major fashion/lifestyle retailer due to relocate from its city centre store to a prime space within the shopping centre.
Image: Derbion
Primark said it will remain open on Cornmarket until its new space is ready, estimated for the first half of 2027. The newly curated Derbion space will come with a dedicated entrance on Albion Walk.
Primark has been a feature of the city for over 50 years after opening its first-ever store in Britain in Derby in 1974 and Philippa Nibbs, director of Sales for South & East Region at Primark UK, said: “We’re very proud of our long-standing presence in Derby. Our move to Derbion in 2027 will mark an exciting new chapter in our journey.”
The creation of this new space for Primark is part of a “significant joint investment” by Derbion and Primark with the space’s previous occupants, including Superdrug, H Samuel, The Perfume Shop, having already relocated with new fitouts featuring their latest store formats.
“As a result of the relocations and investment, these retailers are already seeing uplifts in their performance”, noted Derbion.
Primark’s arrival will also prompt a transformation of Boots’ existing store there, allowing a reconfiguration of its store footprint.
Michael Boundy, director of Asset Management at Derbion, said: “The arrival of Primark showcases the confidence which leading brands have in Derbion and adds even more variety into our strong tenant mix. The plans for their new store also highlight the investment retailers are making to create innovative new stores which keep shoppers coming back for more. We can’t wait for their opening as we are sure it will attract visitors from across the region to experience what Derbion has to offer.”
In recent months the shopping centre has also welcomed brands including Victoria’s Secret, Seasalt, and Luke 1977, while Derbion favourites Footlocker, Pandora and Moss have all invested in store upgrades.
Turnbull & Asser has appointed the highly experienced Italian designer Roberto Menichetti to be its new creative director. In his new role, Menichetti will oversee all of the label’s creative direction including bespoke shirting, tailoring, outerwear, and accessories, the 140-year-old British shirtmaker and outfitter said in a release.
Designer Roberto Menichetti in the workshop – Turnbull & Asser
The appointment marks a return to London for Menichetti some two decades after he departed Burberry, where he played a dynamic role in reviving that the UK’s largest luxury label.
“Roberto’s appointment reflects our ambition to bring fresh energy to our wardrobe while remaining true to the craftsmanship that has defined Turnbull & Asser for over a century. His proven ability to modernise heritage houses while respecting their DNA makes him the perfect partner as we look to the future. That future continues to be shaped by the skill of our artisans in London and Gloucester and by our enduring belief in ‘Made in England’. We are confident that Roberto’s international experience and proven creative leadership will ensure the continued success and growth of our house,” said James Fayed, chairman of Turnbull & Asser, in a release.
The business, which counts King Charles among its customers, has not made a profit in the past nine years. Owned by Ali Fayed for almost 40 years, it is now managed by his son James. In its most recent financial year, Turnbull & Asser made a pre-tax loss of £1.37 million, as annual revenues edged lower to £9.3 million. The company boasts a famous flagship store in Mayfair, and e-tailing business, and distribution across US department stores.
Born in the US but raised in Italy, Menichetti first gained attention when designing the menswear collection in an austere, minimalist style for Jil Sander. While with the German company, he was also credited with developing the first co-branding between high fashion and sportswear in a linkup with Puma.
The Menichetti family are highly experienced apparel manufacturers based in Gubbio, Tuscany, and have produced collections for such brands as Prada, Dolce & Gabbana, Versace, and Marzotto.
Menichetti joined Burberry in 1998 blending English heritage, Winsor elegance, and rugged functionality with considerable success. He also launched Prorsum, Burberry’s ready-to-wear line, helping to double annual sales over his five-year tenure to £675 million. In 2000, Anna Wintour presented Menichetti with the honour of Designer of The Year from The Fashion Group International.
Menichetti was also creative director of Celine for two seasons, slotting in between the Michael Kors and Phoebe Philo eras at the key French marque within LVMH Group. Subsequently, he held consultative design roles for brands such as Cerruti, Brema, and Chinese label JH 1912.
“Turnbull & Asser represents more than a brand; it is a living expression of British style and elegance, carefully built over generations. It is remarkable that the house has preserved its identity so faithfully and is untouched by passing trends, carrying it forward to the present day with care and dedication under James and his family. To be entrusted with its creative future is both an honour and a responsibility. My philosophy has always been to seek the essence of form- clarity, proportion and timelessness- rather than the noise of passing trends,” said Menichetti, who in recent years has divided his time between his art studio in Los Angeles, raising his son in California, and his atelier in Gubbio.
River Island has had a newsworthy year with the company having reportedly been on the brink of collapse if its restructuring plan hadn’t been approved. And having just filed its accounts for 2024, we can see what was going on in the period that led up to the need for the comprehensive restructuring, including store closures.
River Island
The company — River Island Holdings Limited — made a loss before tax of £124.3 million, much wider than the £32.2 million loss of the year before. That came as turnover fell to £690.1 million from £701.5 million and gross profit dropped to £37 million from £46.7 million. The operating loss also widened dramatically to £125.7 million from £34.1 million. And the net loss for the financial year was £138.4 million after a loss of £24.4 million in the previous year.
Recent years have been particularly tough for the business with it having swung to that £32.2 million pre-tax loss in 2023 after having made a profit of £7.5 million for 2022. Turnover during 2023 had fallen 15.1% although the previous year had been flattered by being a 53-week period rather than 52 weeks.
But at the time of releasing its 2023 figures in October 2024 it had said that 2023 was a year of “reset for the business” with product ranges refocused and a new leadership structure put in place, plus other key moves.
It had also said it was starting to see the benefits from its investment with customers “reacting positively” and “improved business performance”.
The lower sales and wider losses it has just released for 2024, followed by the 2025 restructuring, would suggest that the improved trading either ended or simply wasn’t enough to turn around the company’s performance. Yet there were undeniable signs of the company starting to get back on track even last year.
In 2024, the turnover drop was only 1.6% and like-for-like turnover that excluded closed stores was down only 0.3%.
Higher costs
So what caused the very much wider pre-tax loss? The firm was hit by a non-cash provision of £80.4 million on an inter-company loan balance, as well as an £11.2 million increase in its trading loss. And it was impacted by a significant inflationary increase in the cost of good sold, which contributed to a lower gross margin on a percentage basis. That caused a 20.8% fall in gross profit.
It also saw significant inflationary pressures in its operating costs with staff costs increasing by 7.6%. And while cost savings in multiple areas did help, it’s overall distribution and admin costs increased.
As we know, the company has put a major restructuring plan in place which was approved in August by the High Court. This enabled a step change in the size and profitability of the retail estate and secured long-term funding. It now has a new and secure financing facility until 2028 and has been putting its restructuring plan into action that it said should allow it to return to profitability.
Part of that plan is Ben Lewis having returned as group CEO, having managed the business for nearly a decade before he stepped down in 2019. The company also appointed a new CFO in late 2024.
Its transformation plan sees it now working on right-sizing its store estate, growing like-for-like sales at improved margins and investing in growth and productivity.
It said it’s already seeing significant returns on its strategy with the gross margin percentage greatly improved, costs significantly reduced and underlying sales in its retail estate returning to growth. It’s expecting “a significant improvement in profitability” for the current year, although we probably won’t find out the details of this for some time, unless the company chooses to share the good news in advance of its next Companies House filing.
French cosmetics group L’Oreal is to increase its stake in Swiss dermatology firm Galderma to 20% from about 10%, the Swiss firm said in a statement on Monday.
Galderma is a dermatology specialist – Reuters
L’Oreal is buying the stake for an undisclosed sum from a consortium led by Swedish private equity firm EQT, which includes Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. The deal is due to close in the first quarter of 2026. As a result, Galderma is looking into replacing board members representing the consortium by two non-independent board candidates from L’Oreal at the company’s next annual general meeting in 2026, it said.
“Galderma continues to deliver impressive growth, strong innovation, and category leadership across its broad, science-based dermatology portfolio,” said Galderma’s CEO Flemming Ørnskov in a press release. “With strengthened commercial execution, continued platform and portfolio expansion, and an increasingly consumer-focused approach to innovation, we are rapidly scaling into a dermatology powerhouse. We are pleased with L’Oréal’s increased investment, which affirms our direction and the meaningful value creation we expect in the years ahead. As we move into 2026, we remain fully focused on our Integrated Dermatology Strategy and on serving our customers, consumers, and patients.”
The businesses also plan to explore additional scientific research projects of mutual interest with a shared focus on skincare and skin health, innovation, and long-term growth. Galderma, originally set up as a joint venture between Nestle and L’Oreal before the latter sold its 50% stake in 2014, listed an initial tranche of its stock in March 2024.
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