Becoming a major partner with fashion giant ASOS is a big deal in anyone’s books and it looks like the lucky partner is Norbert Denstressangle who has recently signed a three year contract to manage the company’s worldwide distribution centre.
ASOS has quickly developed to become the biggest fashion retailer online with a massive range of products numbering over 60,000. They have their own brand of product to go along with the large number of other brands it carries. The company boasts that each week it introduces over a thousand new lines. Coupons are great to get a discount off your order, if you’re looking for an ASOS coupon, see here.
Norbert Dentressangle will be managing the global electronic fulfillment centre that ASOS have in Barnsley, UK. The facility has over 1.1 million square feet of floor space and currently employs over 1000 people. ASOS now ships to over 241 countries so the importance of it’s logistic company is paramount to the company’s success.
Despite having phenomenal growth and success over the last few years, the company is still achieving a great deal of growth with a massive 45% increase in revenue over it’s 2012 figures.
In another sign that the Australian mining industry is experiencing a major downturn, global mining powerhouse, Peabody Energy has announced that they will be cutting their workforce in Queensland by 400 employees. This massive reduction in staff comes only weeks after it announced that 450 contractors would be let go.
Peabody said in a statement that the reason for the staff reduction was due to global demand for resources declining and a generally challenging economic conditions. Unions, however, are in disagreement with the company however as they have highlighted the fact that Peabody has been increasing production which contradicts their claims of a slowdown.
The coal industry is likely to experience more hard times as new mines start to come online in Queensland. The major one that will be online shortly is the Daunia project which is a major project of BHP.
When coal prices were at record highs, companies failed to ensure costs were kept under control and this has come back to bite them. Coal companies are now attempting to wind back their costs and increasing profitability by slashing jobs and increasing the amount of production.
Queensland has lost over 7000 jobs since the mining downturn has started and it looks like going further unless the global economy improves dramatically.
After the massive earthquake experienced by New Zealander’s this week, insurance companies have announced that they will not be taking on any new customers located in Central New Zealand. The regions that have been affected are those stretching from Malborough to Taupo.
John Lucas is the manager of the Insurance council and he has advised that this is a normal process after an big earthquake has hit. Mr Lucas has said some of his 27 members are not taking on new insurance policies just yet and may not take anymore new business on for weeks.
As with all earthquakes, the real costs to the insurers is not known for weeks or months after the event as people lodge their claims. It is therefore impossible to know what exposure the insurer has until this point. Many insurers however, have a set date to claim for the earthquake damage so check with your insurer what date yours is.
Companies like EQC cover earthquake damage up to $100,000 and those that have more damage than that will be hit hard.
Billabong has finally found a suitor for the company that will get it out of it’s troubles (for now). The company announced last week that it had reached a deal with a private equity firm called Altamont Capital Partners to a debt rescue deal. As part of the deal, Billabong has also handed over it’s brand Dakine sports to Altamont Capital.
The rescue deal from Altamont Capital Partners will be and equity swap deal which will mean Altamont will get 15% off Billabong in exchange for a $325 loan. The deal with Altamont comes after the company rejected two offers from Oaktree Capital Management and Centerbridge Partners. The deal also means that, with options, Altamont can own up to 40% of the company. An approval by shareholders is required before the deal can proceed.
Billabong has been on a huge slide over the past few years with sales dropping dramatically with the downturn in the world economy. It has struggled to stay afloat and has had to close stores and sell brands to survive. It has a couple of bright spots, such as it’s SurfStitch brand in Australia. The online only store has traded exceptionally with intelligent marketing utilizing coupons. Selling off these assets may be the only way out of trouble for the company should this deal fall through.
Shares is RIM skyrocketed on news that Lenovo is interested in acquiring the company. Lenovo is quoted in China as saying that they are looking at many options in mobile growth and one of them is the acquisition of RIM, makers of the BlackBerry.
The interest has got as far as Lenovo having already talked to RIM and it’s consultants about entering into a joint venture.
Acquisition of RIM by Lenovo would need to follow strict regulatory requirements from the Canadian government and may be difficult as Canadian prime minister Stephen Harper once described the company as a ‘crown jewel’ of the country. It is therefore expected that any attempted acquisition would meet strong opposition from parts of the government.
RIM has fallen far from it’s hey day due to delays in product launches and the rise of Apple and Android. Their has been some recent optimism in the company, however, since they will shortly be releasing their new BlackBerry platform.
Lenovo would be a powerful partner for RIM and would have a lot to offer. Lenovo have great products for sale and they often have a Lenovo coupon for consumers on their website.
One of the big online retailer start-ups of the last few years, The Iconic, has continued to flourish despite stories recently that the retailer is experiencing huge losses. The company has been openly criticized recently with many saying that the company has an unsustainable business model. The business model that is employed by the company is one which means the company is selling at very low or no margin in an attempt to gain market share and destroy competitors. The company also employs strong promotional methods such as offering consumers huge discounts or a The Iconic coupon with their purchases.
The company has had to respond to the slowdown in retail by cutting staff. This move has been defended by it’s co-founder, Adam Jacobs, who has said that these moves are a natural progression to a more mature business. Jacobs also added that the company was focused on growth but will now move toward ensuring profitability.
Retailing has been going downhill in Australia for years and The Iconic will need to ensure that it has a sustainable model long term for it to survive.