A rebrand to Debenhams Group signals a step change in strategy, with a capital-lite stock-lite and cash generative marketplace model to be adopted across all brands. Debenhams is now the majority contributor to Group profitability having scaled rapidly since its 2021 relaunch (we forecast c.£32m of EBITDA contribution in FY26). Its marketplace operating model and proprietary tech is now the blueprint for a wider group transformation. At Karen Millen trading remains resilient against a tough mar ....