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    Shaun Bonett is the Rich Lister who controls Prezzee, a gift card provider.

    Rich Lister’s ‘billion dollar’ company faces $79m loss

    Shaun Bonett bought into Prezzee in 2015 and has slowly increased his control over the business. New figures reveal it lost $79 million in the 18 months to December 31.

    • 1 hr ago
    • Primrose Riordan

    This Month

    Jill Dupleix sips a frozen margarita waiting for her burrito at Guzman Y Gomez.

    What does a $3b burrito taste like? Jill Dupleix rates Guzman y Gomez

    Mexican food is at its best when it’s made by hand, with a squat stone molcajete and smoky char from a hot grill, and unlimited access to sun-dried Mexican chillies. This isn’t that.

    • Jill Dupleix
    Reserve Bank governor Michele Bullock is walking a fine line balancing interest rates and inflation.

    Bullock v the burritos: $3b float speaks to the RBA’s nagging problem

    Central banks have a problem: rate hikes are slowing the economy, but a wealth effect from housing and shares is keeping inflation sticky.  

    • James Thomson
    The Kathmandu at Bondi Junction. KMD Brands has warned sales at the retailer have not recovered.

    Sluggish spending sends Kathmandu, Noni B profits to the wall

    KMD Brands and Mosaic Brands, which both run a number of major clothing chains, are warning of steep falls in earnings as customers stay away from stores.

    • Carrie LaFrenz
    Feeding frenzy: Guzman y Gomez co-founder and CEO Steven Marks, and TDM Growth Partners founder Tom Cowan.

    Can big burritos save public markets?

    We won’t know for many years whether Guzman y Gomez investors have overestimated Australians’ appetite for Mexican-themed restaurants.

    • The AFR View
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    Guzman y Gomez’s Steven Marks, with hugs between co-CEO Hilton Brett and co-founder Robert Hazan.

    Who’s who in the Guzman y Gomez fiesta

    This wasn’t an IPO debut. It was a pep rally. Steven Marks gathers the believers for his special debut on the ASX.

    • Mark Di Stefano and Primrose Riordan
    Guzman y Gomez’s Steven Marks in 2018, when he and TDM were forecasting FY23 operating income of eight-times than the actual number.

    Guzman y Gomez has a history of missing forecasts, documents show

    The bottom line is this: Guzman y Gomez hasn’t been growing as fast, or is as profitable, as management had previously predicted.

    • Sarah Thompson, Kanika Sood and Emma Rapaport
    Guzman y Gomez co-chief executives Steven Marks (right) and Brett Hilton ring the bell to mark the company’s listing.

    Guzman y Gomez IPO pop to $3b lifts hopes for listings

    The Mexican-themed restaurant chain’s value topped $3 billion on its debut, and there are hopes this will rekindle a stagnating market for local sharemarket listings.

    • Carrie LaFrenz and Primrose Riordan
    Guzman y Gomez bosses Hilton Brett and Steven Marks will expand in South Australia via Viva Energy.

    This ASX giant is a secret winner from Guzman y Gomez float

    As Guzman y Gomez prepares for one of the most hyped floats in years, a $5 billion ASX giant is watching on with interest. 

    • James Thomson
    COSRX’s Snail Mucin cream became the most popular beauty product on Amazon last year.

    Online shopping has become a giant fake-product machine

    TikTok is better than any other digital platform for turning cult favourites into global bestsellers – and making counterfeiters money.

    • Amanda Mull

    Can Guzman y Gomez’s New Yorker frontman prove everyone wrong?

    Managers say the IPO is too riddled with cushy perks for insiders to offer value. Founder Steve Marks disagrees.

    • Primrose Riordan, Carrie LaFrenz and Max Mason
    Phil Ryan is the chief executive of City Chic Collective and was one of the company’s founders.

    City Chic sales smashed by 30pc, capital raise documents show

    The women’s specialty fashion retailer is raising $27.5 million at a steep discount, investors were being told this week, with its bottom line deep in the red.

    • Carrie LaFrenz
    HS Fresh Food is a major supplier of salads to Coles, as well as Woolworths and IGA.

    Coles and Woolworths supplier HS Fresh Food collapses

    Disclosures show that the administrators, FTI Consulting, first discussed their appointment to help the ailing pre-packaged meals group 12 months ago.

    • Simon Evans
    Yoox Net-A-Porter, owned by Richemont, is exiting China to focus on more profitable geographies.

    Cettire quietly enters China’s rocky luxury goods market

    The ASX-listed retail platform had flagged the move this year. But it comes as rivals including Yoox Net-a-Porter focus on “more profitable geographies”.

    • Carrie LaFrenz
    The original Guzman y Gomez food franchise in Newtown, Sydney.

    Guzman y Gomez’s spicy burrito is a recipe for high growth

    It’s easy to sound smart by being gloomy about the future of a stock, but the future of this Mexican-themed chain is positive.

    • Martin Rogers
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    Country Road Group is the latest major retailer to close its stores in the wake of coronavirus.

    Country Road owner probes claim suppliers pressured into ‘rebates’

    Woolworths Holdings has engaged a law firm to investigate whether managers improperly pushed for price cuts, threatening to buy less, to meet earnings targets.

    • Carrie LaFrenz and Jonathan Shapiro
    Domino’s chairman Jack Cowin is not happy about the falling Domino’s share price.

    Jack Cowin taps ex-Burger King execs in France to fix Domino’s

    The ASX-listed pizza chain set up in France in 2006, but only has an estimated 8 per cent share of the market. Poor international growth has hurt shares.

    • Carrie LaFrenz
    The Chanticleer podcast features James Thomson and Anthony Macdonald.

    Chanticleer’s best calls, biggest rogues and dud deals

    This week in a special episode of the Chanticleer podcast, James and Anthony take you inside Chanticleer’s 50-year anniversary lunch, and share the best stories, insights and moments.

    Chemist Warehouse have an uphill battle to get its merger with Sigma Healthcare passed the ACCC.

    Barrenjoey says ACCC overplaying Chemist Warehouse’s supply risks

    The broker has told clients that the competition regulator has ignored independent wholesaler CH2 when warning the deal will mean less drug supply competition.

    • Carrie LaFrenz and Jemima Whyte
    Steven Marks, Guzman y Gomez’s founder, at a Morgan Stanley conference earlier this week. He is bullish about the company’s growth prospects.

    Investors scramble for Guzman y Gomez shares amid hot demand

    Sources said some investors interested in the $2.2 billion float received 10 per cent of what they had wanted, while others managed to grab 45 per cent.

    • Tom Richardson