News roundup--Sir Terry Leahy to retire from Tesco

Tesco’s chief executive Sir Terry Leahy will retire next year after 14 years with Britain’s number one supermarket. He will be succeeded by Phil Clarke who is currently responsible for Tesco’s international operations in Asia and Europe as well as group IT.

Online grocer Ocado is inviting its customers to join the company’s flotation by buying shares in the business. Chief executive Tim Steiner told the Guardian that individuals would be able to invest between £1000 and £12,000 in the company at the same price as established City investors.

Max Azria, the designer, retailer and distributor of women's apparel and accessories and owner of fashion business BCBG has formed a partnership with billionaire's son Nicolas Berggruen in order to bid for collapsed German department store Karstadt. In a statement, Azria said that "BCBG and Berggruen are committed to helping to restore the lustre of the revered Karstadt brand”.