Tesco is facing an investor revolt over £140,000 paid to CEO Dave Lewis for relocation costs, The Times reports this morning. In a report before the retailer’s annual meeting next week, Pensions & Investment Research Consultants (Pirc) advised shareholders to oppose the remuneration report, arguing that a 179% increase in benefits for Lewis was “not considered appropriate”, the paper adds.
Lidl’s eye-catching move to launch a “high-end” fashion line with supermodel Heidi Klum gets plenty of coverage. The collection is due to launch in the chain’s 650 UK stores this year, with subsequent releases across Europe and in its new US outlets, The Financial Times reports. The Telegraph writes that Lidl is adding a “high-end” fashion brand to its aisles just months after luring in middle-class shoppers with deluxe £2.99 lobsters. Read The Grocer’s Daily Bread blog on the launch here.
Online food start-up Delivery Hero has confirmed plans for an €450m initial public offering later this year (The Financial Times). A listing of the German business would be the first flotation by a Rocket Internet-backed company – which is also behind HelloFresh – since the tech firm itself floated in 2014. The Times notes the German takeaway delivery group is in the throes of selling its UK-based Hungryhouse business to Just Eat. The paper also adds that the proposed IPO on the Frankfurt Stock Exchange comes despite the business being lossmaking.
The latest BRC-KPMG monthly retail sales data also gets a showing, with The Guardian writing that UK households are cutting back as the Brexit effect on the pound hits living costs. The Times notes that Britain’s retailers may have benefited from an Easter boost but consumer spending fell again during May. Consumer spending in Britain slowed to a 10-month low in May as shoppers reined-in spending on food and petrol, but continued to splash out on cinema tickets and meals at restaurants, according to an analysis of the nation’s credit and debit card transactions by Barclaycard (The Mail).