Tuesday, 25th July: Jimmy Choo are known for its luxury shoes and accessories, but has been up for sale itself since April when its majority owner announced its intention to focus on consumer goods. Three months later and fashion retailer Michael Kors has agreed to acquire the British shoemaker for a deal worth £896m ($1.17bn) as it looks to offset falling luxury handbag sales. Under the terms of the agreement, Jimmy Choo will become a wholly-owned subsidiary of Michael Kors, continuing to operator as it does today, under its existing management team. Jimmy Choo is receiving a premium of 36.5% at 230p in cash per share, as shares rose to c.228p in early trade, closing at similar levels.

A proposed crackdown to outlaw leaseholds on new-build houses is to be proposed. Given the go-ahead, it would mean a ban on new leasehold homes whereby the owner of the lease pays ground rent to a freeholder, which can sharply rise over coming years. The plans look set to only apply to new homes built in England, but it looks to be a way in which the government can better regulate the housing market, which currently prevents many young people unable to afford a new home. Earlier this year Taylor Wimpey said it would reduce ground rent for the majority of owners who face a doubling of charges every 10 years for several decades.

Kantar released the latest grocery market share figures in the UK for the 12 weeks ending 16 July. The data shows market growth has exceed 3% for the 4th consecutive period, with supermarket sales increasing 3.9% compared to the same period last year. Although higher grocery inflation has contributed to market growth this year, prices are no longer accelerating with like-for-like inflation standing at 3.2%, the same rate as last month. Discount retailers Lidl and Aldi increased sales 19.4% and 17.9% respectively, growing their market share to 5.1% and 7.0% respectively. Tesco, Sainsbury’s and Morrison’s all saw sales rise >2%.

source: http://uk.kantar.com/consumer/shoppers/2017/august-kantar-worldpanel-uk-grocery-share/

The FTSE was driven higher by miners as copper prices hit a five-month high amid signs of stronger Chinese demand and lingering supply-side concerns. Antofagasta, Glencore and Anglo American all traded higher, with the former pushing for a late surge to close +7.46%. The index closed +0.77%, while indices across Europe also ended Tuesday in the green.