Retail

Bloomberg A group led by China Resources Capital Management Ltd is close to buying a majority stake in City’super, valuing the high-end Hong Kong supermarket chain at almost $300 million, people with knowledge of the matter said. CR Capital, the alternative investments arm of state-owned conglomerate China Resources Holdings Co, and its co-investors plan to acquire 65% of City Super …

Bloomberg Shoprite Holdings Ltd’s second-half sales climbed as it gained market share, even as the main lower-income customers of Africa’s largest food retailer battle with the impact of an economic slowdown. Sales in its core South African business rose 9.4% in the last three months of the fiscal year through June, the Cape Town-based supermarket operator said. Still, the grocer …

Bloomberg Under Armour Inc managed to reach more customers than expected last quarter, even with most of its stores closed — but the road ahead is looking bumpy. The athletic-goods maker’s second-half revenue is likely to fall 20% to 25%, with its recently improved gross margin coming under new pressure, executives warned on a call with analysts. The volatile stock …

Bloomberg Walmart Inc might be one of the few big winners in the pandemic, having posted surging sales month after month, but that isn’t stopping the company from tightening its belt. The world’s biggest retailer has laid off hundreds of workers in units including store planning, logistics, merchandising and real estate, according to people familiar with the matter. It is …

Bloomberg LVMH’s customers are curbing purchases of high-end fashion faster than the company can cut costs, and that’s hitting the Louis Vuitton owner’s profit. The French luxury conglomerate’s profit from recurring operations totalled 1.67 billion euros ($1.96 billion) in the first half, less than the 2.32 billion euros analysts expected. The shares fell as much as 4% on Tuesday in …

Bloomberg Cosmetics giant Revlon Inc is asking its bondholders for more time to repay borrowings due next year as it seeks to ride out pressures from the Covid-19 pandemic. The makeup company, hit hard by store closings to contain the virus, is seeking to exchange its 5.75% bonds due in 2021 for new notes with the same coupon maturing in …

Bloomberg Debenhams Plc, one of the UK’s biggest department stores, has kicked off a plan that could see new owners as the struggling retailer assesses ways to exit its protective administration. Possible outcomes include the current owners retaining the business, potential joint-venture arrangements that could involve new investors, or a sale to a third party, the company said in an …

Bloomberg Steinhoff International Holdings NV proposed a $1 billion settlement to resolve more than $8 billion of legal claims lodged against the retailer following the accounting scandal that almost wiped out the company. Claimants would get a combination of cash and shares in Pepkor Holdings Ltd, a clothing retailer controlled by Steinhoff, the company said. Most of the 90 claims …

Bloomberg The race to purchase Brooks Brothers Group Inc out of bankruptcy is on as brand manager WHP Global and a group of Italian companies prepare bids following Authentic Brands Group LLC and Simon Property Group Inc’s $305 million offer. Sparc Group LLC, which is backed by Barneys New York owner Authentic and mall landlord Simon, agreed to make a …

Bloomberg First released in 1959, the iconic Barbie doll has seen Mattel Inc through the civil rights movement, the Cold War and the rise of the internet. And now it’s helping the company weather a global pandemic. While Mattel’s overall sales fell 15% in the second quarter from a year earlier — the result of closed retail stores, supply-chain troubles …