Retail

Bloomberg Forever 21, which came to epitomise the fast-fashion movement by selling trendy, of-the-moment clothing to teens at bottom-barrel prices, is relaunching in Japan by quietly overhauling itself as an upmarket clothier. About 80% of Forever 21’s new collection, which will launch in the fashion-crazy country Tuesday via online sales and a pop-up store in central Tokyo, will be developed ...

  Bloomberg Tesco Plc plans to raise store employees’ base pay by 7% as workers across the UK struggle to keep up with the rising cost of living. Store employees will get £11.02 an hour from early April, the retailer said, hailing the agreement with the USDAW union as the third pay increase in 10 months. Workers in London will ...

  Bloomberg British supermarket chain Morrisons said it would cut prices across many of its own-brand products to help consumers squeezed by the cost of living crisis. The move, which Morrisons said would cost $30 million, will reduce prices by an average of 19% on items including potatoes, coffee and rice. The company has invested £148 million in cutting the ...

  Bloomberg Amancio Ortega, the billionaire founder of the Zara clothing chain, pulled out of a 550 million euro ($588 million) deal to buy the Dublin office development that forms part of Meta Platforms Inc.’s European headquarters, the Sunday Times reported. Meta signed a 25-year lease on the Fibonacci Square complex in 2018 and agreed to pay an annual rent ...

  Hong Kong / Gulf Time Emirates Palace Hotel has officially rebranded as Emirates Palace Mandarin Oriental, Abu Dhabi, signalling a new golden era as part of the Mandarin Oriental Hotel Group portfolio. This exciting chapter will celebrate and build upon the hotel’s distinctive legacy while introducing unparalleled experiences for guests, further cementing its position as world’s most iconic beachfront ...

  Bloomberg Boohoo Group Plc was confronted by protesters angry at its record over workers’ rights when the fast fashion chain attempted to discuss ethical clothing at an event in London. Senior representatives of the British online retailer were speaking at Source Fashion, a conference connecting suppliers with retail buyers. Boohoo has previously faced accusations of low wages and poor ...

  Bloomberg Brazilian retailer Americanas SA appointed its third Chief Executive Officer in six weeks as it looks to navigate the firm through bankruptcy and continue operations while negotiating a hefty debt load. The Americanas board named Leonardo Coelho Pereira to the top job at Americanas, according to a filing. He replaces Joao Guerra who will return to his duties ...

  Bloomberg Anta Sports Products Ltd sank by the most in almost four months after the entry of a sizable stake in Hong Kong’s clearing system stoked speculation of a sale by a key shareholder. Shares of the Chinese sportswear maker slumped as much as 8% in Hong Kong, the most since October 24. The move came after exchange data ...

  Bloomberg Hennes & Mauritz AB is expanding into the business of textile-sorting as it forms a venture to deal with waste in the fashion industry. The Swedish retailer has created a joint venture with recycling company Remondis with the aim of extending the life of about 40 million garments in 2023. The business, called Looper Textile Co, will collect ...

Bloomberg Ikea’s path to achieving its 2030 climate goals is paved with the usual tactics, including boosting renewable energy use and reducing the climate footprint of its materials. But tucked among those challenges is a rather unexpected carbon culprit: the glue that holds some of the flat-pack furniture giant’s most popular products together. The adhesive Ikea uses to make its ...