Retail

Bloomberg A consortium led by Alibaba Group Holding Ltd and the Jiangsu provincial government are nearing a deal to buy a stake in the retail arm of Chinese billionaire Zhang Jindong’s Suning empire, according to people familiar with the matter, the latest domino to fall in Beijing’s effort to clean up its heavily indebted conglomerates. The unit, Suning.com Co, could …

Bloomberg Apparel maker Hela Clothing plans an initial public offering on the Colombo Stock Exchange within 12 months to raise capital for entry into North Africa and the expansion of its East African operations. The Sri Lanka-based manufacturer for PVH Corp — the parent company of fashion brands Tommy Hilfiger and Calvin Klein — will offload a 20% stake for …

Bloomberg Samokat, Russia’s biggest instant grocery-delivery service by orders, is aiming to be the first of its peers to take a share of the booming US market. The founders of the St Petersburg-based company are launching the service, to be called Buyk, in August in New York. They are targeting 10,000 orders a month there by year-end. “We understand that …

Bloomberg British online food retailer Ocado Group Plc has settled its bitter legal fight with one of its co-founders, after he obtained confidential information to help set up a rival business. Ocado sued Jonathan Faiman as well as his business partner Jon Hillary, who also previously worked for the company, and their business Project Today Holdings Ltd for breach of …

Bloomberg The owner of former Sears stores is looking to sell as many as 50 properties as it tries to generate cash and focus on the development of other sites it owns. Seritage Growth Properties, a real estate investment trust that emerged from the Sears bankruptcy, wants to unload 40 to 50 sites that “were less interesting in terms of …

Bloomberg 7-Eleven Inc was ordered by US antitrust regulators to sell 293 gas-station retail stores acquired as part of its $21 billion purchase of Marathon Petroleum’s Speedway business. The order disclosed by the US Federal Trade Commission resolves lingering concerns over the transaction. In May, FTC Acting Chairwoman Rebecca Kelly Slaughter and her fellow Democratic commissioner said the agency would …

Bloomberg Nike Inc soared to an all-time high in the latest sign that consumers are opening their wallets more than expected as the pandemic eases in much of the world. The shares rose almost 16% to a record $154.35 after the company projected that revenue this fiscal year will surpass $50 billion for the first time, benefiting from rebounding growth …

Bloomberg The deals during Amazon.com Inc’s annual Prime Day sale will be stingier this year, according to merchants, thanks to rising shipping costs, higher advertising rates and scarce inventory. The two-day event arrives as the world grapples with the lingering effects of the pandemic. Supply-chain disruptions — including the Suez Canal shutdown earlier this year and a spike in Covid …

Bloomberg The owner of Saks Fifth Avenue plans to separate the e-commerce business of its discount chain into a standalone company, the latest move to break up the operations of a brand synonymous with luxury apparel. A split of Saks Off 5th will allow the new company to better tailor its investments for the online business, said Paige Thomas, who …

Bloomberg Retail property in the UK “is turning the corner” following years of decline for the sector, according to analysts at JPMorgan Chase & Co. A series of “encouraging trends” are emerging in terms of the number of people who are planning to visit malls and retail parks after the pandemic and in consumer behaviour on e-commerce and mall apps, …