Retail

Bloomberg Saks, Gucci, Louis Vuitton and other luxury retailers were accused in a lawsuit of agreeing to not hire sales clerks from each other’s stores in violation of US antitrust law. The companies conspired to enter into “no-hire agreements” that prohibit them from hiring employees who have worked within six months for rival brands, according to the complaint filed last …

Bloomberg Forever 21 Inc is moving out of its parents’ house. US Bankruptcy Judge Kevin Gross said in a hearing that he would approve the sale of the retailer to its two largest landlords — Simon Property Group Inc and Brookfield Property Partners LP — and Authentic Brands Group LLC, marking the end of control by the Chang family. Forever …

Bloomberg For the past few months, Under Armour Inc executives have promised that 2020 would be the coming-out party of a brand-new company, a shift from defense to offense after a multiyear restructuring and a change in leadership. After revealing fourth-quarter results and 2020 projections that trailed analysts’ expectations, the company issued a sobering set of expectations for investors. Revenue …

Bloomberg Bed Bath & Beyond Inc fell sharply after reporting that a key measure of sales contracted in December and January, the latest sign the home-furnishings retailer faces a tough road back to growth. “We are experiencing short-term pain in our efforts to stabilise the business, including the pressures of store traffic trends,” Chief Executive Officer Mark Tritton said in …

Bloomberg Simon Property Group Inc agreed to buy rival US shopping-mall operator Taubman Centers Inc for about $3.6 billion, a combination that comes as e-commerce continues to roil brick-and-mortar retail. Simon will pay $52.50 a share in cash for all of Taubman’s common stock, the companies said in a statement. That’s about 51% more than Taubman’s closing share price on …

Bloomberg JD Sports Fashion Plc’s purchase of Footasylum may harm competition and leave shoppers worse off, the UK’s antitrust regulator said. The UK’s Competition and Markets Authority (CMA) said its provisional view is that the transaction could lead to “a substantial lessening of competition in the retail supply of sports-inspired casual footwear.” The regulator, asked for feedback on its findings. …

Bloomberg Ocado Group Plc forecast retail revenue growth of as much as 15% this year as it starts to sell products from Marks & Spencer Group Plc and sets up the first of its robot-run delivery systems for supermarkets abroad. The UK online grocer says it’s on track to launch its joint venture (JV) with M&S in September and open …

Bloomberg Britain’s largest supermarket chain Tesco Plc is inviting Thai tycoons to the second round of bidding for its operations in Thailand and Malaysia that could fetch more than $7 billion, according to people with knowledge of the matter. Thai billionaire Dhanin Chearavanont’s Charoen Pokphand Group and Central Group, controlled by the Chirathivat family, were picked to proceed with deadline …

Bloomberg Tapestry Inc rose after posting strong sales at its Coach brand while the struggling Kate Spade unit’s results weren’t as bad as expected. Still, the company said its full-year forecast will be negatively impacted by the coronavirus. Coach same-store sales grew 2% worldwide in the second quarter, topping the 1% average of analysts’ estimates, according to Consensus Metrix. Kate …

Bloomberg Luxury conglomerate Tapestry Inc appointed Liz Fraser as the new head of its beleaguered Kate Spade brand after the departure of Anna Bakst at the end of the year sparked a search for a new executive. Fraser starts as CEO of Kate Spade on March 1 and will take over from Joanne Crevoiserat, Tapestry’s chief financial officer who held …