Retail

Bloomberg LVMH countersued Tiffany & Co weeks after pulling out of its $16 billion purchase of the iconic New York-based jeweller, saying the decision was driven by the French government’s request to delay the deal’s closing and Tiffany’s mismanagement during the pandemic. The maker of Louis Vuitton bags contends Tiffany’s business was devastated by the coronavirus outbreak and that provides …

Bloomberg Poshmark Inc, an online resale marketplace for second-hand clothing, said it has filed confidentially for an initial public offering. The number of shares and the price range for the IPO haven’t been determined, Poshmark said in a statement. The Redwood City, California-based company had put off a potential IPO to focus on boosting sales and improving its execution, people …

Bloomberg Neiman Marcus has officially come out of bankruptcy, a process that left the upscale department store with a lighter debt load and new owners to confront the same industry trends that led to its financial woes. The new Neiman Marcus Holding Company Inc emerged from Chapter 11 bankruptcy protection, saying it had eliminated more than $4 billion of existing …

Bloomberg Walmart Inc will recruit more than 20,000 workers ahead of the US holidays to prepare for an expected surge in online shopping amid the pandemic, its first large seasonal hiring in five years. The world’s biggest retailer is readying itself for a holiday e-commerce battle with Amazon.com Inc by bringing on more seasonal staff to handle online orders at …

Bloomberg Nike Inc rallied in late trading after the world’s largest sportswear maker returned to profit and posted far better revenue than predicted, a sign it’s swiftly bouncing back from the pandemic slump. Revenue amounted to $10.6 billion in its fiscal first quarter, Nike said, compared with the $9.11 billion estimate of analysts. The company posted 95 cents a share …

Bloomberg Tiffany & Co persuaded a court to fast-track a lawsuit claiming that LVMH is relying on faulty legal pretexts to try to cancel a $16 billion buyout, with the judge urging both sides to seek a settlement. Delaware Chancery Court Judge Joseph Slights III rejected a request by the maker of Louis Vuitton bags and Moet & Chandon Champagne …

Bloomberg Chinese demand for luxury goods is projected to grow as much as 30% this year as high-income mainland shoppers drive the country’s post-pandemic economic rebound. It’s the only bright spot for the luxury industry, which is otherwise poised to see worldwide spending shrink 45% in 2020 as Europe and the US continue to battle the coronavirus ahead of a …

Bloomberg After seven months as Woolworths Holdings Ltd Chief Executive Officer, Roy Bagattini can finally make plans to visit the whole organisation. The former Levi Strauss & Co Americas boss returned to South Africa to take over the Cape Town-based retailer in mid-February and only had about a month in the office before the country entered a strict lockdown to …

Bloomberg Walmart Inc said it’s targeting zero emissions from its global operations by 2040, a small fraction of its total, in the latest climate-focussed step amid heightened calls from investors and activists to reduce carbon footprints. The world’s biggest retailer also plans to secure enough wind, solar and other renewable energy sources to power its facilities with 100% green power …

Bloomberg The pandemic may have wiped out demand for apparel and driven many remaining customers online, but that isn’t stopping Lululemon Athletica Inc from eyeing new brick-and-mortar stores across the US. Unlike some overstretched competitors, the upscale purveyor of yoga pants is still at an early stage of growth, according to CEO Calvin McDonald. In a recent video interview, he …