Frederick Lukoff, the long-time president of Stella McCartney, quits to become CEO of Dutch brand Scotch & Soda. A surprise move, barely one year after overseeing McCartney's buyback of 50% of her company from Kering.
Dirk-Jan Stoppelenburg, the CEO of Scotch & Soda, is planning to step down as chief executive and take a new role as chairman of the board. He will continue to lead the brand until a successor is appointed.
Shares in South African retailer Woolworths slid to a six-year low on Thursday after it reported a 3.5 billion rand annual post-tax loss, hurt by a hefty write-down on the value of its David Jones business in Australia.