Principles and Warehouse set up for flotation

Principles and Warehouse, the fashion chains snapped up by Baugur-backed Shoe Studio Group earlier this year, are set for a flotation in Iceland in September. Chief executive Don McCarthy plans to list SSG on the Icelandic stock exchange at the end of the summer after achieving group sales of £450m. The move follows that of Mosaic, the Oasis-to-Karen Millen empire owned by Baugur, which is preparing for a listing in Iceland this week.