Bloomberg Nykaa E-Retail Pvt has selected banks for its initial public offering in Mumbai that could raise at least $500 million, according to people familiar with the matter. The online cosmetics retailer is working with Kotak Mahindra Capital Co and Morgan Stanley on the potential offering, said the people, who asked not to be identified as the information is private. ...
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GameStop posts longest losing streak in one year
Bloomberg GameStop Corp fell, wrapping up its longest losing streak in a year, amid growing skepticism over its long-term potential despite activist Ryan Cohen’s latest efforts to revitalise the company. Shares fell 11% in New York to close at $141.09, their lowest level in more than two weeks, as Reuters reported the video-game retailer is seeking a replacement for the ...
Read More »UK’s JD Sports opens Dublin warehouse
Bloomberg UK sportswear chain JD Sports Fashion Plc said Brexit red tape has severely tested its operations and it’s opening new warehouses in the European Union to avoid the hassles of customs checks. The UK sportswear chain said duties and disruptions from customs checks mean it’s no longer enjoying “frictionless†trading. A new 65,000 square-foot warehouse near Dublin will become ...
Read More »UK’s Hammerson sells retail parks for $480m
Bloomberg Struggling UK mall operator Hammerson Plc has agreed to sell its retail parks to Canadian private equity firm Brookfield Asset Management Inc for 350 million pounds ($480 million), the Sunday Times reported. Brookfield will acquire seven retail parks, giving a much-needed financial boost to the owner of Birmingham’s Bullring shopping centre. Hammerson, which owns once-prized shopping centres across the ...
Read More »New York’s OTG exploring sale
Bloomberg OTG, an operator of restaurants and concessions at US airports, is exploring options including a sale or going public through a special purpose acquisition company, according to people with knowledge of the matter. The New York-based company, which filed to go public in 2016 before delaying plans and citing market conditions, is working with an adviser to solicit interest ...
Read More »Levi surges to highest since IPO on ‘outlook’
Bloomberg Levi Strauss & Co shares reached their highest ever since going public after the denim maker projected a sales boost in the first half of the year. The company joins a group of retailers that expect shoppers to spend more freely as 2021 progresses. The San Francisco-based company said it sees net revenue increasing 24% to 25% in the ...
Read More »Tyson opens first new poultry plant in 25 years in retail push
Bloomberg America’s biggest meat company opened its first new poultry plant in 25 years after the pandemic gave grocery-store sales of chicken a boost. Tyson Foods Inc’s $425 million plant in Humboldt, Tennessee, is starting production of the retail products this month, and the company expects to employ 1,500 people at the facility by 2023, according to a statement. While ...
Read More »Hermes to Swiss: Stop feeding luxury-watch supply glut
Bloomberg Swiss watchmakers are still churning out too many timepieces despite production cuts following a Covid-induced sales slump, according to the head of Hermes International’s horology unit. Brands including Hermes, Rolex and Audemars Piguet temporarily halted production last year amid the pandemic, which helped ease a supply glut somewhat. Still, some producers are failing to address the issue, Laurent Dordet, ...
Read More »Walmart’s Flipkart aims for IPO in fourth quarter: Sources
Bloomberg Flipkart, the Indian e-commerce giant controlled by Walmart Inc, is making progress toward an initial public offering as soon as the fourth quarter of this year, according to people familiar with the matter. The US retail giant has set up an internal IPO team for Flipkart and is leaning towards a traditional debut in the US, said the people, ...
Read More »H&M’s troubles in Asia compound over ‘problematic’ map
Bloomberg Hennes & Mauritz AB’s woes in Asia deepened after a “problematic†map on its website drew the attention of Chinese authorities, with the retailer’s attempts to resolve the matter then angering consumers in Vietnam. H&M’s Shanghai unit was summoned by two of the city’s regulators to correct mistakes on the image, and the company said it will carry out ...
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