Breakfast briefing: Burberry, The Body Shop and more

Burberry transfers beauty business to Coty

Burberry is transferring its fragrances and cosmetics business to Coty in an exclusive licensing agreement, The Telegraph reported.

The agreement will take effect from October.

Coty will pay £130m for at least a 10-year licence and about £50m for stock, totalling £180m.

Burberry will take the creative lead while Coty will use its global distribution network.

Goldman may bid on The Body Shop

The Goldman Sachs Group is deciding whether to bid £600m for The Body Shop, Sky News reported.

Sources said that the initial price-tag of €1bn (£850m) was "wildly optimistic" and suggested that it may be worth just £600m.

Goldman's spokesperson declined to comment.

Shareholder raises concern over Sports Direct’s law firm

Legal & General Investment Management (LGIM) has raised concerns about the law firm appointed by Sports Direct, Reuters reported.

LGIM said: "Concerns remain about the appointment of the company’s long-term law firm to carry out the review given its close links with the company."

LGIM also voted against the re-election of Sports Direct chairman Keith Hellawell in January 2017.

Smiggle set to open 20 stores in Ireland

Smiggle is planning to open approximately 20 stores in Ireland in three years, The Irish Independent reported.

The first store will open next month at the Dundrum Shopping Centre in Dublin.