Retail

Bloomberg PT Bukalapak.com raised capital from investors including Indonesian media giant Emtek and South Korea’s Shinhan Financial Group Co, a round of funding that valued the online marketplace at more than $2.5 billion. The Jakarta-based startup, which last month said it would cut about 10 percent of its workforce to focus on profitability, announced the transaction but wouldn’t provide more ...

Bloomberg John Lewis Partnership Plc plans to cut one-third of the top jobs at its headquarters as it integrates grocer Waitrose with its department-store operations in response to tough UK retail competition. The reduction of 75 senior managers will save about 100 million pounds ($123 million) over time, the company said. Waitrose managing director Rob Collins plans to step down ...

Bloomberg After Tesco Plc said Chief Executive Officer Dave Lewis will hand the baton to drugstore executive Ken Murphy, one analyst summed up his surprise by quipping, “Ken who?” While Murphy is known inside Walgreens Boots Alliance Inc for spearheading its push into China, he’s a relative unknown in London financial circles. Next summer he’ll take over the top job ...

Bloomberg Mother Nature is figuring into consumers’ holiday spending plans this year. The environmental impact of fast-delivery options, which may include using planes and shipping multiple items separately, is a concern resonating with Americans, according to Accenture’s Annual Holiday Shopping Survey. Half of respondents said they’d choose options that leave a smaller carbon footprint, such as slower shipping or in-store ...

Bloomberg Richemont is acquiring Italian jewellery brand Buccellati to bolster its existing portfolio of Cartier and Van Cleef & Arpels. The Swiss luxury-goods maker bought the Milan-based brand from Gangtai Group Corp, a Chinese investment company, for an undisclosed price. Luca Solca, an analyst at Sanford C Bernstein, said it probably paid less than the $250 million the Shanghai-based investment ...

Bloomberg The UK’s accounting watchdog opened an investigation into Ernst & Young’s audit of Thomas Cook Group Plc’s financial statements after the 178-year-old tour operator collapsed. The Financial Reporting Council began the probe amid a growing political outcry over the failure last month, which cost thousands of jobs and left tourists stranded across Europe. The Big Four accounting firms have ...

Bloomberg Richemont and Alibaba Group Holding Ltd’s luxury joint venture has gone live in China, presenting 130 brands in one location on the Tmall e-commerce site. Tom Ford, Brunello Cucinelli and Jimmy Choo join Richemont brands Cartier, Piaget and Vacheron Constantin on the site. Investors have awaited details on the partnership since the companies announced it about a year ago. ...

Bloomberg Forever 21 Inc filed for bankruptcy protection, the latest big fashion merchant who couldn’t cope with high rents and heavy competition as the shift to e-commerce cut a swathe through traditional retailers. Court papers filed in Wilmington, Delaware, show Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion. The Chapter 11 filing ...

Bloomberg Tesco Plc is considering a sale of its struggling Polish operations, according to people familiar with the situation, as the UK’s largest retailer focuses on its domestic operations and more promising overseas markets. The supermarket operator has begun a review of the Polish arm, according to the people, who asked not to be identified discussing a private matter. The ...

Bloomberg Ikea’s annual retail sales exceeded $44 billion for the first time as the Swedish home-furnishings giant opened new stores and rolled out e-commerce in more markets. Sales of products and services to Ikea customers rose 6.5 percent in the year through August to 41.3 billion euros, according to a statement. It was the fastest growth since 2016. “We passed ...