Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
ASOS
There’s news this morning of an interesting JV between fast fashion specialists ASOS LON:ASC and US-based multi-channel retailer Nordstrom. The latter is investing for a minority stake in the Topshop, Topman Miss Selfridge and HIIT brands, in a move which is designed to increase penetration into the North America market. Nordstrom has legacy ties to Topshop in the US market, so hopes will be that this symbiotic deal will power growth for the entire ASOS proposition.
QUIZ
Keeping with fashion and QUIZ LON:QUIZ, the omnichannel fashion brand has this morning published results for the quarter ending June 30th. This offers a clear illustration as to just how badly hit the company was by COVID-related trading restrictions, with sales of £17.2m being recorded for the period, up from £4.2m in the previous year. The company hopes that further easing of restrictions will continue to bolster sales as consumers have more need to buy new clothes. 2019 comparatives aren’t readily available, but to give some context, sales for April-August 2019 came it at £55.2m so there’s still some way to go.
Westminster Group
Westminster Group LON:WSG is an AIM listed provider of managed security services to a range of customers. A notice to the market this morning advises that they have been awarded a contract to supply security services to help protect the Tower of London. Precise details of the win are being withheld on security grounds, but it’s certainly a flagship deal for the company to add to its portfolio, which also includes the supply of security screening equipment to the Houses of Parliament.
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