Bloomberg Authentic Brands Group LLC is in talks to buy luxury chain Barneys New York Inc for $268 million and open 41 Barneys shops in Saks Fifth Avenue stores, according to a person with knowledge of the matter. Authentic Brands would close most existing and planned Barneys stores, including potentially the flagship Madison Avenue location, said the person, who asked ...
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Bed Bath surges after it names new CEO
Bloomberg Bed Bath & Beyond Inc shares soared after the company named Target Corp’s head merchant Mark Tritton as its new chief executive officer. Analysts were broadly encouraged by the announcement given Tritton’s successful tenure at Target. Loop Capital’s Anthony Chukumba cited the new CEO’s “retail/consumer pedigree†and merchandising and private label development “experience and expertise.†Morgan Stanley’s Simeon Gutman ...
Read More »Russia’s pizza king wants to use cloud to take over the world
Bloomberg Once you crack the profit code for delivering hot pizzas in the Arctic, where blocks of cheese arrive on nuclear icebreakers, expanding into more hospitable climes like Britain and Nigeria is as easy as pie. Or so says Fyodor Ovchinnikov, the freshly crowned franchise czar of Russia and soon, he’s betting, beyond. From a single basement oven in his ...
Read More »Walmart’s turnaround artist bolts to Air New Zealand
Bloomberg Walmart Inc’s Greg Foran, the architect of the revival of its US stores, is departing to run an airline in his native New Zealand, leaving a big hole at the world’s largest retailer on the cusp of the holiday season. John Furner, 45, was named to replace Foran, according to a statement. A close friend of Chief Executive Officer ...
Read More »Hugo Boss plunges to 9-year low as turnaround unravels
Bloomberg Hugo Boss AG plunged to a nine-year low after the German suitmaker cut its full-year outlook on weakness in the US and Hong Kong, casting doubt on CEO Mark Langer’s turnaround efforts. The guidance reduction comes two months after the suitmaker previously lowered its outlook, citing weak sales to tourists and pricing pressure in the US Now the anti-Beijing ...
Read More »Uniqlo sister brand’s 9-month profit up 75%
Bloomberg As fashion franchises like Forever 21 struggle globally amid changing shopping habits and competition from e-commerce, Uniqlo-owner Fast Retailing Co has managed to turn around a second clothing line into a profit driver. Its more experimental and stylish GU brand is expected to be a highlight of its full-year earnings to be reported. The sister brand, which sells at ...
Read More »Shiseido inks $845m deal for skincare firm
Bloomberg Shiseido Co agreed to buy skincare brand Drunk Elephant for $845 million as the Japanese beauty company seeks to appeal to younger consumers in the US. The deal for Drunk Elephant Holdings LLC won’t have a significant impact on full-year earnings, Shiseido said in a statement. It will be financed with a combination of cash and credit, and is ...
Read More »LVMH’s faster-than-forecast growth allays HK concerns
Bloomberg LVMH bucked concerns about the impact of protests in Hong Kong on sales of luxury goods to the key Chinese consumer market, throwing down a gauntlet to rivals with faster-than-expected revenue growth. Third-quarter sales of fashion and leather goods rose 19% as the Paris-based company that’s seen as a bellwether for the wider luxury sector flagged “remarkable†performances at ...
Read More »Levi Strauss profit and sales top analysts’ estimates in Q3
Bloomberg Levi Strauss & Co posted third-quarter profit and sales that topped analysts’ estimates, while revenue in its home market fell, as the company navigates an increasingly crowded denim market. Earnings excluding some items amounted to 31 cents a share in August, compared with the 28-cent average of projections. Denim is experiencing a resurgence and the market is getting more ...
Read More »Vans latest company caught up in Hong Kong protests
Bloomberg Hong Kong demonstrations continue to disrupt business as usual for some American companies and shoemaker Vans is the latest to get tangled up in the protests. During its annual shoe-design competition that is currently underway, Vans reportedly removed a submission from its website that depicted both a flower symbol of Hong Kong and protesters wearing gas masks, goggles and ...
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