Icelandic investment group Baugur has reported pre-tax profits in the year to December 2006 down two thirds on the previous year. According to the Daily Telegraph, profits at Baugur declined from GBP265 million in the year to December 2005, to GBP84.4 million in the year to December 2006.
Philip Green has announced that he will open three Topshop stores in New York. This follows the businessman's three day trip to the city for the launch of the Kate Moss range in the Barney's chain of department stores across the US.
Private equity group Permira has become the largest shareholder in Italian fashion company Valentino. According to The Telegraph, Permira has bought a 29.6% stake in the fashion group from the company's ruling Marzotto family for E783 million. There is speculation that Permira wants to purchase a controlling stake, and may make an offer for the whole company.
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