Joules shares dive 45 percent after investments talks with Next end

Joules has confirmed that its discussions about Next plc acquiring an equity stake in the group have ceased.

After the announcement that a potential 15 million pound equity investment in the British fashion group has failed, Joules shares sinked more than 45 percent.

However, the company added that the discussions regarding Joules potentially adopting the Next Total Platform in the future will remain ongoing.

“The company has an ongoing positive relationship with Next, successfully selling Joules products through Next's Label channel which will continue,” it said.

The company further said that the group continues to develop and execute its strategy and turnaround plan, which focuses on driving higher profitability through: a better pricing and promotional strategy; focusing on more profitable product categories with shorter time to market; optimising the group's channel mix; and a continuing strong focus on cost control.

The group's outlook for the full year remains unchanged.