Retail

Bloomberg Walmart Inc is investing $1 billion over the next five years to remove all costs related to its employee college tuition program, in an effort to boost enrollment. The nation’s biggest private employer said as of August 16 the so-called Live Better U program will remove the $1 a day cost for about 1.5 million employees, who are eligible ...

Bloomberg Sales of Louis Vuitton handbags and the easing of lockdowns across the world helped revenue soar at luxury fashion house LVMH. In a stellar quarter for the owner of some of the world’s best-known brands, like-for-like sales rose 84% in the three months through June, ahead of analyst expectations. Much of the gain was fuelled by “remarkable” demand for ...

Bloomberg A US safety regulator’s decision to sue Amazon.com Inc could bring clarity to a question that has long befuddled courts and state legislatures nationwide: Who is responsible when a product bought from the world’s largest online retailer hurts or kills someone? In recent years, dozens of people who say they were harmed by products, such as exploding hoverboards, defective ...

Bloomberg Some of the world’s biggest footwear and garment companies are seeing production pinched as factories in Southeast Asia struggle to keep the lights on amid one of the world’s deadliest Covid-19 resurgences. A number of firms that churn out products for global giants like Nike Inc and Adidas AG have reported plant suspensions in Vietnam over the past few ...

Bloomberg Kimberly-Clark Corp’s shares fell after the maker of household supplies missed Wall Street’s expectations for second-quarter earnings and trimmed its annual forecast, saying inflationary pressures and slowing toilet paper demand are hurting results. Profit this year will be $6.65 to $6.90 a share, the company said in a statement, down from a prior expectation of as much as $7.55. ...

Bloomberg Bridgepoint Group plans to sell the UK operations of Burger King next year in a bet on an accelerated recovery of Britain’s pandemic-hit restaurant industry, Sky reported. The newly listed private equity group has started preliminary talks with investment banks about a sale of the fast-food chain, the news agency said, citing unidentified people with knowledge of the matter. ...

Bloomberg UK retail sales surged unexpectedly in June as consumers spent more in grocery stores to celebrate European championship soccer, adding momentum to the economic recovery. The volume of goods sold in shops and online rose 0.5% from the month before, the Office for National Statistics said. Economists had expected a 0.1% drop. The figures followed an unprecedented jump in ...

Bloomberg Uber Technologies, Inc is accelerating its on-demand grocery delivery service in the US, more than doubling the cities where it’s available and partnering with a major grocer as the pandemic-fueled delivery competition heats up. After launching its grocery delivery service last July, Uber said on Monday that it can now be used in more than 400 locations in the ...

Bloomberg Shoppers rushing back to stores after the lifting of lockdowns boosted European brands selling everything from watches to sneakers to handbags. Richemont, the owner of Cartier and Van Cleef & Arpels, reported a more than doubling in first-quarter revenue, while sales at Burberry Group Plc topped estimates. The results show consumers are hungry for luxury goods as they emerge ...

Bloomberg L Catterton, the private equity firm backed by luxury French fashion house LVMH, agreed to buy a 60% stake in Italian fashion company Etro SpA, Sole 24 Ore reported on its website, without citing anyone. The deal values Etro at about 500 million euros ($590 million), the newspaper reported. Etro, which had hired Rothschild as an adviser, had been ...