Mergers & Acquisitions

San Francisco - Banana Republic has named fashion designer Marissa Webb as creative director and executive VP of design, effective April 28. She will be responsible for guiding the brand’s overall creative direction, as well as leading global product design for Banana Republic women’s, men’s, and accessories.

Cheshunt, U.K. – Philip Clarke, CEO of leading U.K. grocery and general merchandise retailer Tesco plc is publicly resisting calls for his resignation following a 6% decline in annual profits and 3% quarterly drop in U.K. same-store sales. Tesco has reported falling profits for two consecutive years following 20 years of continual profit growth.

Owning the shopping experience of the future is how Gap chairman and CEO Glenn Murphy described the motivation behind a wide range of omnichannel strategies he and other senior executives shared during an annual meeting with investors.

Murphy and Gap’s top division heads provided an overview of strategic initiatives designed to achieve long-term, profitable growth across its portfolio of brands and also highlighted how the company plans to use technology, innovation and scale as competitive advantages as it looks to deliver a world class omnichannel experience.

Seattle – Starbucks Corp. plans to move its European headquarters to London, from its current base in Amsterdam, Netherlands. The move will both concentrate some executives in the U.K., including some transferred from the Amsterdam office, and also increase the tax Starbucks pays in the U.K.

Starbucks paid an estimated $16.8 million in U.K. taxes during 2013 and has said it expects to pay the same amount in 2014. The company has received criticism in the U.K. for allegedly using complex accounting procedures to minimize the tax it pays there.

New York -- Sycamore Partners announced that it has reorganized the remaining businesses of The Jones Group into four independent operating companies: the Nine West Group, a jeanswear company (which will be named later), Jones New York, and the Kasper Group. Each will operate as an independent company led by its own management team. In line with the new decentralized structure, Wesley R. Card will step down as CEO and John T. McClain will step down as CFO of The Jones Group

Pleasanton, Calif. - Safeway Inc. has completed the distribution to its stockholders of 37.8 million shares of Class B common stock of Blackhawk Networks Holdings Inc. owned by Safeway. After the completion of the distribution, Safeway no longer owns any shares of Class B common stock of Blackhawk.

DSW and Town Shoes Limited have entered into a definitive agreement whereby DSW will purchase for cash approximately 44% interest in Town Shoes, the largest footwear and accessories retailer in Canada, for CAD $68 million — or approximately $62 million based on current exchange rates.

The transaction has been approved by each company's board of directors and is expected to close in May, subject to customary closing conditions.

By Michael Lebowitz