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Boohoo's CEO John Lyttle is stepping down as the company initiates a strategic review of its brands, including Debenhams and Karen Millen. This comes as Boohoo faces declining sales and increased competition, with a 15% drop in revenue reported for the last six months. The company is exploring options to maximize shareholder value.
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London Mayor Sadiq Khan has announced a £150 million proposal to pedestrianise Oxford Street, aiming to revitalize the iconic shopping area. The initiative seeks to enhance foot traffic and economic activity while addressing pollution concerns. Approval from the London Assembly and local government is required for the project to proceed.
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Frasers Group has proposed a £83 million takeover bid for Mulberry, valuing shares at 130p each. Mulberry's board rejected the offer, citing its potential for future growth and support from its majority shareholder, Challice. The luxury brand is currently facing financial difficulties, including a £34 million pre-tax loss last year.