Category Archives: Retail suppliers

Miele opening in Mayfair

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Miele Experience Centre has opened in Mayfair – Miele’s seventh Experience Centre in Miele GB after Oxford Circus, Abingdon, Edinburgh, Bluewater, Brent Cross and Solihull.

The purpose of the Miele Experience Centre is to bring Miele’s premium and sustainable products to life in a prestigious area of Mayfair, London, directly opposite The Ritz. This state-of-the-art facility marks a significant milestone
as Miele celebrates its 125th anniversary this year. Designed to support all our customers and provide an immersive and hands-on experience with Miele’s innovative products, visitors can explore a wide range of appliances in a setting that emphasises Miele’s commitment to quality, performance, and timeless design.

In addition to showcasing Miele’s latest products, the new Experience Centre will serve as a versatile events space, ideal for collaborations with our customers and complementary brands. This dynamic venue will host cooking classes, product launches, and exclusive events, creating a hub of culinary inspiration and innovation.

ASKO APPLIANCES AB announce the launch of ASKO Germany

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ASKO APPLIANCES AB announce the launch of ASKO Germany.
The launch officially took place during the MHK Group AG General Meeting program in Berlin from May 24 to 25. ASKO unveiled its range of premium built-in kitchen appliances at the “living & style” exhibition in Estrel Congress Center, where the members of the MGH Group gathered to explore the latest trends and innovative technologies in the kitchen industry from the top speakers, prominent guests and exhibitors.

“ASKO’s minimalistic Scandinavian design and use of high-quality materials received very positive feedback,” says Robert Kapteijn, Business Director ASKO Germany. “ASKO exclusive collection of kitchen appliances is available only to German MHK Group members from now on. We are very much looking forward to shortly fulfilling the first showroom orders.”

MHK Group AG is one of the leading groups of kitchen, furniture and sanitary purchasing cooperatives in Europe ensuring optimal services, innovative products and technologies. With more than 3,800 members, who earned turnover of 9.727 billion euro in 2022, around 600 employees in 17 service companies, the MHK Group is a strong partner for medium-sized commercial and trade companies.
ASKO kitchen products are available on the German market only under the exclusive dealership of MHK Group.

Currys positive outlook

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Currys PLC conveyed a positive outlook for the upcoming year, buoyed by indications of a rebound. The consumer technology product and service retailer, headquartered in London, forecasts its adjusted pretax profit—excluding its operations in Greece—to be in the range of GBP 115 million to GBP 120 million for the fiscal year concluding on April 27. This projection is on par with the GBP 119 million adjusted pretax profit from the previous year and surpasses the initially estimated minimum of GBP 105 million.

The company reported a 2% increase in group like-for-like sales over the 16 weeks following the Christmas peak season. Despite this uptick, the annual like-for-like sales for the group saw a 2% decrease. Specifically, the UK and Ireland experienced a 2% drop in like-for-like sales, while the Nordic region recorded a 3% decline.

Currys sales slide

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Currys saw sales drop over the key Christmas period as supply issues left the retailer short of stock for some popular tech products.
The company said demand for some tech was “strong”, such as games consoles and virtual reality consoles which “flew off the shelves”.
However, Alex Baldock, group chief executive, said the firm “would want more” stock of consoles including the PS5 and Apple technology products as supply was impacted by global chip shortages.Currys reported that like-for-like group sales dropped by 5% for the 10 weeks to January 8 compared with the same period last year, but were 4% above pre-pandemic levels.
The company said sales in the UK and Ireland were 6% lower than during the same period a year earlier.Currys said it expects to post adjusted pre-tax profits of £155 million for the current financial year as a result of the performance.
The retailer also launched a £75 million programme of purchasing shares back from shareholders on Friday.

JD.com abandons bid for Currys

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Chinese e-commerce giant JD.com has dealt a blow to British electronics retailer Currys by walking away from a potential takeover.

This withdrawal follows a similar move by US investment company Elliott Advisors, leaving Currys to navigate its future course independently.

JD.com’s interest in Currys was said to have stemmed from a desire to expand its European footprint. The company’s brick-and-mortar presence in China faces increasing competition, and Currys’ established store and warehouse network across eight European countries offered a tempting solution.

Currys takeover speculation “seems to have passed

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The Currys board rejected two Elliott bids, claiming they “significantly undervalued” the company, while JD.com ended up not making an offer. The two companies walked away earlier this month, quashing speculation over an imminent takeover of the chain.

Mr Baldock said the takeover speculation “seems to have passed”,

Currys should hold out for £1bn takeover offer, says shareholder

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Currys shareholder has said the retailer should hold out for an offer worth £1bn amid the ongoing takeover saga between Waterstones owner Elliott Advisors and Chinese online shopping giant JD.com.

JO Hambro Capital Management (JOHCM) UK Equity Income fund, which is a top 10 shareholder, said an offer between 80p and 100p per share would be “acceptable”.

Currys rejects second takeover offer from US firm Elliott

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Currys has rejected a second takeover approach from US firm Elliott, saying the offer “significantly undervalued” the electronics chain.

Elliott valued the retailer at around £757m, up from its initial £700m valuation earlier this month.

The US company is up against Chinese rival JD.com which has also expressed an interest in buying the British firm