Retail

Bloomberg Gap Inc, the apparel retailer that’s searching for a new chief executive officer, said it will no longer seek to establish Old Navy as a standalone company. The plan, announced under previous CEO Art Peck, was to spin off Old Navy on the premise that its fast growth wasn’t being reflected in Gap’s stock price. However, Old Navy’s performance …

Bloomberg Amazon.com Inc is planning to create terminals which would allow customers to make payments in-store with a wave of the hand, Dow Jones reports citing people familiar with the matter. The company plans to pitch the terminals to coffee shops, fast-food restaurants and other merchants and has recently began working with Visa Inc, according to the report. Amazon is …

Bloomberg HelloFresh’s stock jumped as much as 14% after the company reported preliminary 2019 results, beating analyst expectations. Adjusted earnings before interest, tax, depreciation and amortisation for last year is expected to come in at 45 million euros ($50 million) to 48 million euros, the company said in a statement. That beat the 22.1 million-euro average estimate from analysts, according …

Bloomberg Amazon.com Inc has offered Deliveroo a loan after a UK probe into the food-delivery startup’s last funding round threatened a cash crunch, people familiar with the matter said. Without the backing from Amazon, Deliveroo ran the risk of running low on capital, the people said. While the size of the loan is unclear, the London-based company has significant funds …

Bloomberg Beyond Meat Inc rose after a report that the faux-meat maker hopes to expand into the Chinese mainland market this year added to the stock’s recent momentum. The company’s Executive Chairman Seth Goldman said “we haven’t announced anything, but we are expected to do something this year,” according to China’s Xinhua News Agency. His comment came on the sidelines …

Bloomberg Woolworths Holdings Ltd appointed Roy Bagattini from Levi Strauss & Co as chief executive officer to replace Ian Moir, who will step down after nine years at the helm of the South African retailer. Bagattini, 56, will start next month, the Cape Town-based company said in a statement. He is the head of the Americas region of the US …

Bloomberg Target Corp tumbled after posting holiday sales that were below its own expectations and slashing its fourth-quarter sales outlook, delivering a warning sign for the entire retail sector that tougher times lie ahead. Comparable sales — a key barometre of retail performance — rose 1.4% in the November-December period, far less than last year’s 5.7% growth. Target plans to …

Bloomberg Chow Tai Fook Jewellery Group Ltd said it plans to shut about 15 of its Hong Kong stores after their leases expire this year, in a sign that major retailers are starting to withdraw from the city’s economy as anti-China protests continue. In the first significant pullback by a luxury retailer after months of fiery demonstrations that have driven …

Bloomberg Shares of Ryohin Keikaku Co tumbled 19%, the most on record, after the Muji operator cut its profit forecast, citing uncertainty in its East Asian operations. The retailer of everything from furniture to clothing and food lowered its full-year operating profit target 17% to 37.8 billion yen ($343 million). It reported third-quarter operating profit of 9.2 billion yen versus …

Bloomberg Amazon.com Inc founder Jeff Bezos is likely to be greeted by an unprecedented show of opposition during his short India visit this week, after thousands of small-time local retailers pledged to protest its pricing and exclusive-selling practices. The Amazon chief executive is slated to headline the inaugural session of Amazon India’s event for small and medium businesses — “smbhav” …