High street retailer Next is reportedly close to finalising a deal to purchase rival fashion chain Fat Face. If the acquisition goes through, Next, which currently operates 500 high street stores, would add Fat Face’s 200 stores to its portfolio. According to Sky News, the deal could be agreed upon this week.
This move would be the latest in a series of strategic purchases by Next, which has been actively expanding its presence on the high street. In the past year, Next has acquired several chains, including fashion brand Joules, furniture brand Made.com, and a minority stake in baby goods store chain JoJo Maman BéBé. More recently, Next increased its stake in fashion chain Reiss from 51% to 72%.
Next’s acquisitions have been aimed at strengthening its “Total Platform,” a suite of online services for third-party brands. Earlier this year, Next acquired the floral fashion brand Cath Kidston, although the deal did not include Cath Kidston’s physical stores.
Fat Face, which faced financial difficulties during the Covid-19 pandemic, was taken over by a consortium of lenders in 2020. If Next’s acquisition of Fat Face is successful, it could potentially provide a boost to the struggling fashion chain.
In other news, entertainment giant Walt Disney Co has announced ticket price increases for its Disneyland resort in California and Walt Disney World in Florida. The price hikes come shortly after Disney unveiled a substantial spending plan for its parks business.
At Disneyland, ticket prices have been raised by up to 8.9%, with the cost per ticket on busy days, such as holidays, increasing by 8.4% to $194. Meanwhile, yearly pass prices at Walt Disney World in Orlando are rising by up to 10%, with the most expensive Incredi-Pass now priced at $1,449, an increase of $50.
Disney’s parks business experienced a strong rebound from the pandemic, but recent domestic footfall has been softer, potentially due to the high cost of living in the United States, which may discourage spending on theme parks. In an effort to attract more visitors, Disney recently announced discounts on ticket prices for children for a limited period.
These price adjustments come as part of Disney’s $60 billion spending plan for parks and cruises over the next decade. While the plan has raised concerns among some Wall Street analysts due to its long-term payoff, Disney is determined to boost revenue and ensure the continued success of its parks business.
The price changes at Disneyland and Walt Disney World are effective immediately, according to a statement from the company. However, Disney has decided not to increase daily pass prices at its Florida location and has maintained the same price for its cheapest ticket at Disneyland, which has remained unchanged for the past four years.
