Retail

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 …

Bloomberg J Sainsbury Plc pledged to reduce costs and close stores as Chief Executive Officer Mike Coupe seeks to move on from a failed bid to take over rival grocer Asda. The UK supermarket operator plans to reduce expenditures by around $623 million over the next five years as it integrates dozens of Argos home-goods outlets, acquired in 2016, into …

Bloomberg Kering SA’s Gucci faces a possible backlash for showing straitjackets, meant to make a statement about self-expression and not to be sold in stores, at Milan Fashion Week. Model Ayesha Tan Jones held up “Mental Health Is Not Fashion” on her hands on her way down the runway. She then posted on Instagram that straitjackets symbolise “a cruel time …

Bloomberg Impossible Foods Inc started to finally offer its eponymous plant-based burger in US grocery aisles. The Impossible Burger will make its retail debut at 27 Gelson’s Markets locations in Southern California before expanding its retail presence in the fourth quarter and in early 2020, the company said in a statement. The product will arrive in additional unnamed stores, including …

Bloomberg JC Penney Co is preparing for talks with its creditors on possible transactions to ease its debt burden and give the company’s new chief executive more breathing room ahead of the critical holiday season. Advisers for the department-store chain and some of its bondholders are close to signing non-disclosure agreements, and expect to do so by the end of …

Bloomberg Walmart Inc’s Doug McMillon just took over as the chief spokesman for Corporate America, and he’s not wasting any time taking action. The Walmart chief executive said the retailer will stop selling e-cigarettes in its more than 5,300 US locations, displaying a tendency towards action that the company has typically lacked. The announcement supports the emerging narrative that Walmart’s …

Bloomberg US prosecutors ridiculed celebrity lawyer Michael Avenatti’s claim that he was charged with trying to extort millions of dollars from Nike Inc as payback for his feud with President Donald Trump, calling the allegation a “fantastic notion” based on hyperbole and insinuation. Avenatti asked a judge in August to throw out the case, claiming it was a vindictive prosecution …