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Former Steinhoff leader found dead after massive fine levied

Inside Retail

Jooste, aged 63, was charged for making false and misleading Steinhoff’s financial statements between 2014 and 2017, according to the Australian Financial Review (AFR). Steinhoff revealed holes in its accounts in December 2017, the first sign of an accounting fraud that led to the near-collapse of the retailer, Reuters reported.

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Luxury brand Hermès targeted by animal rights protestors

Inside Retail

PETA became a shareholder of Hermès in 2015 to push back against exposed cruelty in reptile farms in Texas and Zimbabwe, and in 2016 also revealed poor conditions for young ostriches at a Hermès supplier, before finding more poor conditions in 2017 in a Vietnam crocodile supplier.

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Seafolly rescues rival Tigerlily from administration

Inside Retail

The brand was acquired by Crescent Capital in 2017, but fell into voluntary administration in March 2020, largely due to the impact of Covid-19. The company plans to relaunch Tigerlily early next year following a restructure, according to sources with knowledge of the deal.

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7-Eleven settles franchisee class actions

Inside Retail

It’s been a rollercoaster ride since the class actions were mooted back in 2017. However, the law firm had its knuckles metaphorically rapped when it was forced to retract statements made to franchisees in 2017. A statement from the convenience chain confirmed the settlement but gave no insight into the details of the agreement. “7-Eleven

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Collins Foods faces class action suit from KFC workers

Inside Retail

Shine Lawyers filed the lawsuit at the Federal Court of Australia on behalf of these employees who worked at certain KFC stores from December 4, 2017 to December 4, this year. Franchisee Collins Foods has confirmed the receipt of a class action claim from certain KFC employees who allegedly were not provided paid 10-minute rest breaks.

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Tigerlily enters voluntary administration for second time

Inside Retail

The brand was acquired by Crescent Capital in 2017, but fell into voluntary administration in March 2020, largely due to the impact of the Covid-19 pandemic. Last October, Crescent Capital appointed Deloitte to help sell the swimwear brand to capitalise on the high demand for beach apparel.

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TK Maxx to open first store in Perth

Inside Retail

Since its expansion into Australia in 2017, the retailer has opened 78 stores including the new TK Maxx store in WA. The retailer sells big brands at affordable prices across a huge range of products including women’s, men’s and kids’ fashion, shoes, accessories, homewares, beauty and toys.

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