Retail

Bloomberg The owner of bubble tea chain Nayuki, also known as Naixue’s Tea in Chinese, has completed a new funding round that values the company at nearly $2 billion, according to people familiar with the matter. Shenzhen Pindao Restaurant Management Co has raised more than $100 million in a series C funding round led by private equity firm PAG, said …

Bloomberg Apple Inc. lost its copyright claims against a Florida company that makes “virtual iPhones” used by security researchers to test for the vulnerabilities to its system. Apple contended Corellium LLC copied the operating system, graphical user interface and other aspects of the devices without permission. It accused Corellium of acting under the guise of helping discover bugs in the …

Bloomberg Smaller Chinese companies and those in the retail industry are struggling to access credit amid a weak recovery in consumer spending, according to China Beige Book International (CBBI), a provider of independent economic data. Loan rejection rates for retail businesses increased to 38% in the final quarter of 2020 from 14% in the previous quarter, according to the latest …

Bloomberg French retailers called for government support after sales failed to rebound fully from a second lockdown, suggesting measures to fight the coronavirus pandemic are changing consumer patterns. Despite a good pick-up in spending thanks to Black Friday discounts and year-end purchases, many clothing, shoe, jewelry, beauty-product and perfume retailers face a drop in revenue of more than 20% in …

Bloomberg American meatpackers are benefiting from one bright spot in the restaurant industry during the pandemic: fast-food sales. With most restaurants closed or operating at reduced capacity, customers have flocked to places including McDonald’s and Burger King, where they can simply drive through to grab food. That’s helped Cargill Inc.’s protein sales to food-services business to return to near normal, …

Bloomberg US holiday season sales beat low expectations for the pandemic year as online shopping surged. Total retail sales grew 3% over the extended 75-day holiday period, versus a forecast of 2.4%, according to Mastercard SpendingPulse, which tracks online and in-store retail sales across all payment methods. The number is far better than the 3.5% drop recorded during 2008, the …

Bloomberg Japanese retail sales resumed falling and Tokyo consumer prices slid the most in a decade amid slumping energy costs and record virus cases that kept shoppers home and darken the recovery outlook. Retail sales fall 2% in November from the prior month, as consumers continued to cut back on apparel purchases, the economy ministry reported. Analysts had forecast an …

Bloomberg Amazon.com says it will delay raising fees it charges independent sellers to store and ship items until June, a gesture to merchants who have sometimes bristled at the rising costs of doing business with the company. In a blog post to sellers, Jeff Wilke, the outgoing chief executive officer of Amazon’s retail unit, noted that other logistics companies have …

Bloomberg An Indian court allowed Amazon.com Inc to oppose Future Group’s $3.4 billion asset sale to Mukesh Ambani’s conglomerate but left it to local regulators to decide on the deal, in a mixed ruling for the US giant fighting Asia’s richest man for dominance in one of the world’s largest retail markets. The Delhi High Court said on Monday it …

Bloomberg Nike Inc gained in late trading after second-quarter revenue and profit topped Wall Street’s expectations, bolstered by e-commerce sales and rebounding growth in China. Sales rose 8.9% to $11.2 billion in the quarter ended on November 30, the athleticwear company reported. Analysts had projected $10.6 billion. Earnings grew to 78 cents a share, compared with a 62-cent estimate. The …