Department stores Brown Thomas and Arnotts could begin selling second-hand goods by the end of next year, Donald McDonald, managing director of both told the Sunday Independent.
Mr McDonald revealed that the pair planned to spend €70 million on their stores and on-line businesses over the next five years. This would include a shift to “conscientious consumption” which would focus on re-selling second-hand luxury goods.
“By the end of next year, we will be rolling out a significant offering in this area,” he told the newspaper. “This will evolve over the next few years and we are really well-placed to be significant players in this market.”
Sales at the two businesses rose 1.4 per cent to €253 million in the 12 months to February this year. Profits at Brown Thomas climbed 40 per cent to €6.7 million. However, investment left Arnotts with a loss of €1.3 million.
Extra US tax bill
Irish food companies face an extra €91 million tax bill from US president Donald Trump’s trade war with the EU, The Sunday Business Post said that a secret Government memo showed.
An internal government document shows that tariffs on butter, liqueur and cheese sold to the US will cost Irish companies €91 million a-year as a result of the dispute.
The paper noted that despite the Republic not being involved in the dispute, which stems from a row over aircraft subsidies, it would pay the highest price in the EU as long as it continued.
Liqueurs such as Bailey’s Irish Cream face the biggest hit, the newspaper said. “The study found that Trump’s trade tariffs would impose costs of €42 million on the €168 million of liqueurs imported to the US annually.”
Davy shares €9.5m fee
Investment bank JP Morgan Cazenove and stockbroker Davy will share a €9.5 million success fee if the sale of Dublin-listed Green Real Estate Investment Trust (Reit) goes through as expected next month, The Sunday Times reported.
“The financial advisers are entitled to the fee on completion of the €1.34 billion deal according to new details disclosed in Green Reit’s annual report, published on Friday.
“JP Morgan Cazenove is lead financial adviser to Green Reit on its sale to UK group Henderson Park and Davy is joint financial adviser and corporate broker.”
The High Court must approve a "scheme of arrangement" that will allow the deal to go through at a hearing set for November 6th. Shareholders and the Competition and Consumer Protection Commission have already given it the go-ahead.
