Ted Baker investors are hoping for a change in trends at the fashion brand this week as the company marks the end of a year of bad news. Since the company’s founder, Ray Kelvin, was forced out at the end of last year after being accused of a regime of “forced hugs” and harassment – allegations he has denied – the company’s share price has dived nearly 80%. After three profit warnings in a year, the latest blow came last week with the admission that the fashion brand had overestimated the value of its stock by as much as £25m and had called in forensic accountants from Deloitte and law firm Freshfields Bruckhaus Deringer to investigate. The appointments came after advisers from AlixPartners were also brought in to help make improvements in the group’s supply chain. It all gives the impression that Ted Baker is now awash with expensive spreadsheet-wielding consultants having lost guiding light Kelvin. Investors will be hoping that a strong Black Friday and cooler October and November weather will have delivered better sales for the brand. However, the signs are not great, given that the company which once prided itself on minimal discounting was offering 40% off… Read full this story
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Ted Baker needs a saviour. Could that be its founder? have 302 words, post on www.theguardian.com at December 8, 2019. This is cached page on Europe Breaking News. If you want remove this page, please contact us.