Retail

Bloomberg A wave of patriotic buying fuelled by the Xinjiang cotton controversy is helping shares of Chinese sportswear makers outperform global peers. Chinese consumer support in response to the alleged human-rights issues in Xinjiang region has boosted at least one local sneaker maker by some 250% since the controversy escalated in late March. A Bloomberg gauge of Hong Kong-listed apparel …

Bloomberg Walmart Inc has hired a veteran of American Express Co to run Walmart+, the membership program it unveiled less than a year ago to counter Amazon.com Inc’s Prime plan. Chris Cracchiolo, a senior executive who spent 19 years at the credit-card company, will take over as senior vice president and general manager of Walmart+ on July 12, Chief Customer …

Bloomberg Ocado Group Plc added Spanish grocery chain Alcampo as a new client for its robotic warehouse business, which is gaining traction abroad as grocery e-commerce booms. The new contract will add to profit in coming fiscal years as these deals require an upfront investment, Ocado said. The company also maintained its full-year earnings forecast as strong sales in its …

Bloomberg J Sainsbury Plc raised its profit forecast, underlining the bullish trends for UK supermarkets that have focused private equity bidders’ attention on the grocer’s smaller rival, Wm Morrison Supermarkets Plc. Sainsbury expects to generate profit of 660 million pounds ($917 million) this fiscal year, up from a previous forecast of 620 million pounds and exceeding pre-Covid levels, the grocer …

Bloomberg Chinese billionaire Zhang Jindong secured a $1.36 billion state-backed bailout for the troubled retail arm of his Suning empire, marking another step in Beijing’s efforts to clean up its heavily indebted conglomerates. A group of investors, led by the Nanjing state asset management committee and the Jiangsu provincial government, will take a 16.96% stake in Suning.com Co, according to …

Bloomberg Krispy Kreme Inc’s shares rose in their first day of trading, giving the doughnut chain a much-needed lift a day after it was forced to downsize its initial public offering. The stock reversed an early decline and jumped 24% to $21 a share in New York. The Charlotte, North Carolina-based company, which is owned by investment firm JAB Holdings …

Bloomberg Apollo Global Management Inc said on Monday it’s considering an offer for Wm Morrison Supermarkets Plc, heating up a takeover battle for the UK grocer. Morrison just agreed over the weekend to a 6.3 billion-pound ($8.7 billion) takeover from a consortium led by Fortress Investment Group. That offer trumped private equity firm Clayton Dubilier & Rice LLC’s earlier 5.5 …

Bloomberg An Egyptian e-commerce business linking traditional retailers with suppliers of products such as food and groceries plans to expand in North Africa and the Gulf after an early-stage funding round. Cairo-based MaxAB raised $40 million from RMBV and seven others including the International Finance Corp and Flourish Ventures, according to a statement on Monday. It plans to use the …

Bloomberg A Brazilian supermarket chain controlled by L Catterton, the private equity firm backed by French billionaire Bernard Arnault, has chosen banks for a potential initial public offering that could raise as much as 800 million reais ($159 million), people familiar with the matter said. Sao Paulo-based Grupo St Marche is working with Banco Santander Brasil SA, Banco Itau BBA …

Bloomberg Fortress Investment Group agreed to buy Wm Morrison Supermarket Plc for about 6.3 billion pounds ($8.7 billion), trumping an earlier bid from Clayton Dubilier & Rice. The all-cash agreement by a group led by Fortress, a SoftBank Group Corp subsidiary, follows the UK supermarket chain’s rejection of CD&R’s 5.5 billion-pound offer last month. It’s the latest in a flurry …