Retail

Bloomberg Fashion retailer Next Plc posted better-than-expected holiday sales and forecast an increase in fiscal 2021 profit in a welcome boost for the beleaguered UK retail market. Pretax profit will rise 1% to 734 million pounds ($963 million) in the year through January 2021, Next forecast in a statement. An extra week of sales next year may generate additional earnings, …

Bloomberg LVMH, the world’s largest luxury conglomerate, plans to close a store in Hong Kong’s shopping district as overall retail sales dip amid anti-government protests, according to a media report. The decision comes after Wharf Real Estate Investment Co, the owner of the Times Square mall in Causeway Bay, refused the French retailer’s request to lower rents, the South China …

Bloomberg New York can be harsh on foreign restaurateurs coming to town. When D&D London opened Bluebird London in Columbus Circle in September 2018, Eater described it as “New York’s worst new restaurant of 2018.” In the New York Times, Pete Wells said: “Because you are in an English restaurant, you will be curious about the English food. Because you …

Bloomberg Reliance Industries Ltd. started testing its online shopping portal, moving a step closer to billionaire Mukesh Ambani’s goal of setting up a digital platform to take on e-commerce giant Amazon.com Inc. in India. JioMart, open to select customers who pre-register, promises more than 50,000 grocery products, free home delivery and a return policy that asks no questions. Labeled ‘the …

Bloomberg NWP Retail, a shopping mall developer backed by Warburg Pincus LLC, will spend $123.5 million buying five Lippo shopping malls in Indonesia. Two shopping malls will be acquired from the Indonesian units of Singapore-listed Lippo Malls Indonesia Retail Trust for $92 million while another three will be bought for $31.5 million from entities owned by PT Multipolar. The acquisitions …

Dubai / Emirates Business Ted Baker announces the reopening of his prestigious Dubai Mall store. After relocating just around the corner, Ted’s flagship location has undergone a tailor-made makeover. In the heart of Downtown Dubai, known for threading together internationally recognised fashion and fine dining, this is his most grandiose setting of all for the newly improved Ted Baker store. …

Bloomberg EssilorLuxottica, the newly merged Italian-French eyewear conglomerate, said it was the target of a 190 million euro ($213 million) fraud at a factory in Thailand as a power struggle roils its headquarters. The world’s leading lens maker is working to recover the lost funds, and employees associated with the incident, which occurred at an Essilor plant, have been fired, …

Bloomberg The chief financial officer of Domino’s Pizza Group Plc died in a snorkeling accident, leaving a growing management void at the franchise holder for the fast-food brand in the UK and Ireland. David Bauernfeind, 51, died while on vacation with his family in Mauritius, according to a spokesman. The company’s chairman and chief executive officer had previously announced plans …

Bloomberg Barneys New York Inc. has stopped offering clearance merchandise on its websites, which now redirect to Saks Fifth Avenue’s sites. The retailer suspended closeout sales on Barneys.com and Barneyswarehouse.com sites and is transferring the remaining goods to Barneys stores slated to close, according to a representative for B. Riley Financial Inc., the firm handling the liquidation sales. Clearance at …

Bloomberg The Thailand and Malaysian operations of Britain’s largest supermarket chain Tesco Plc. are on the shopping lists of Thai tycoons. Thai billionaire Dhanin Chearavanont’s Charoen Pokphand Group and Central Group, controlled by Chirathivat family, are among companies that are weighing bids for the Southeast Asian business that could fetch more than $7 billion, according to people with knowledge of …