Retail

Bloomberg Poland’s newest stock listing was a roaring success on its first day of trading, taking over as the biggest stock on the country’s main exchange and adding almost two-thirds in market value. Allegro.eu SA shares jumped 63% to close at 70 zloty in its first trading session in Warsaw on October 12, lifting the company’s value to 72 billion …

Bloomberg L’Oreal SA plans to close retail locations to restructure its US luxury operations as the company grapples with severe changes to consumer behaviour amid the pandemic. The Luxe Division of L’Oreal USA plans to shift investment to growth areas such as e-commerce as part of the reorganisation over the next six months, the company said in a statement in …

Bloomberg Reliance Retail, owned by Indian tycoon Mukesh Ambani, has withdrawn from the race to buy Debenhams Plc, The Sunday Times reported, quoting a source close to the process. Reliance had denied previous reports that it was in talks about buying all or part of Debenhams. Multiple parties remained interested in the company, according to The Sunday Times. The UK …

Bloomberg Tesco Plc’s new chief executive officer reported a strong rise in first-half sales as more people bought groceries while working from home during the pandemic. Tesco’s like-for-likes sales in the UK and Ireland, its core market, rose 7.2% as people ate more at home than in cafes and restaurants. Tesco also slightly upgraded its outlook on retail profitability for …

Bloomberg With millions of Americans still sheltering in place and cooking their own meals, the grocery industry has been one of the few bright spots in an otherwise battered US economy. Unless, that is, you are Whole Foods Market, the upscale chain acquired three years ago by Amazon.com Inc. Trips to Whole Foods in September were down 25% from a …

Bloomberg Amazon.com Inc is extending its Diwali sales event to an entire month this year, hoping to outdo rival Walmart Inc‘s Flipkart in the race to unlock latent demand as India’s shoppers emerge from drawn-out pandemic lockdowns. Both Amazon and Flipkart are pulling out all the stops for the country’s most important shopping season, which starts in mid-October. But unlike …

Bloomberg Singapore’s GIC Pte and private-equity firm TPG will invest a combined $1 billion in Indian billionaire Mukesh Ambani’s retail unit, taking total inflows into the business to about $4.4 billion. GIC will spend 55.1 billion rupees ($753 million) for a 1.22% stake in Reliance Retail Ventures Ltd, while US-based TPG will take 0.41% for 18.4 billion rupees, the Indian …

Bloomberg Walmart Inc’s 1999 acquisition of Asda looked set to disrupt the UK supermarket business, with the US retailer using its deep pockets to shake up entrenched players like Tesco Plc and J Sainsbury Plc. The purchase never quite lived up to the hype. Asda struggled to defend its market share against bigger rivals and the German discounters Aldi and …

Bloomberg A Hennes & Mauritz AB unit was fined $41.4 million by a German data protection watchdog after managers trampled on the private lives of staff, storing details ranging from workers’ religious beliefs to their medical history. “Unfortunately, we had an incident in a subsidiary in Germany that was reported to the data protection authority at the end of last …

Bloomberg Amazon.com is about to test whether consumers who have taken to online shopping in huge numbers during the pandemic will spend even more for deals during the company’s Prime Day sales event. The largest online retailer will offer discounts for paying members of its speedy-shipping and video streaming service beginning on October 13. The two days of discounts come …