Retail

Bloomberg South Africa’s financial regulator fined Steinhoff International Holdings NV a record 53 million rand ($3.6 million) for failing to properly disclose accounting problems and is probing at least 10 individuals in connection with the late-2017 scandal. The Financial Sector Conduct Authority (FSCA) reduced the penalty from an initial 1.5 billion rand in light of the retailer’s precarious financial position, ...

Bloomberg Forever 21 Inc is preparing to close at least 100 stores as part of a restructuring that calls for the trendy retailer to file for bankruptcy as early as this month, according to people with knowledge of the preparations. The apparel merchant is working on obtaining a financial package that would provide about $75 million for its restructuring in ...

Bloomberg J Crew Group Inc plans to spin off its Madewell denim chain in a public offering, the company announced in a filing, five months after announcing it was considering such a move. The number of shares to be offered and the price range for the proposed offering haven’t yet been determined, according to the filing. The amount of the ...

Bloomberg Hermes International says growth in greater China remains rapid despite months of protests in the luxury shopping hub of Hong Kong. A “slight acceleration” in mainland China will offset the impact from store closures in Hong Kong, which was most significant in August, Hermes Chief Financial Officer Eric du Halgouet said on a conference call. “Globally, our performance in ...

Bloomberg Climate change may lead to large swings in the incomes of US retail workers, according to a new study published by the Federal Reserve. In the analysis published this month, Fed economist Brigitte Roth Tran suggested that income inequality could increase as retail employees whose pay or hours are tied to sales find their work affected by more volatile ...

Bloomberg Amazon.com Inc is bringing its Prime membership programme to Brazil in an effort to leapfrog competitors and gain traction in a country where it has been expanding slowly but surely. To start, Amazon Prime Brazil will be a scaled-down version of the US subscription service, offering free unlimited shipping for about 500,000 products out of the 20 million Amazon ...

z Bloomberg Discount clothing chain Primark is betting that opening more and bigger stores will drive sales gains, bucking a trend in which competitors are scaling back their bricks-and-mortar presence. The apparel brand, owned by Associated British Foods Plc (AB Foods), expects new stores in the US and Europe to propel sales for the full year. The strategy runs counter ...

Bloomberg Walmart Inc’s new policy discouraging patrons from openly carrying guns will rely heavily on signage and won’t require employees to confront every person carrying a firearm, according to a person familiar with the matter. The nuanced approach is designed to let people who are armed go about their business in a Walmart store, as long as they’re not making ...

Bloomberg Lululemon Athletica Inc shares rose as much as 6.7 percent to a record high after again issuing a beat and raise quarterly report. “Lulu continued to show that it is in a league of its own,” Telsey Advisory’s Dana Telsey wrote. The retailer surprised the Street with a 500-basis point total comparable sales beat, even better than the 460-basis ...

Bloomberg Louis Vuitton plans to add roughly 1,500 manufacturing jobs in France over the next three years, ramping up production to feed surging demand from China and other emerging economies. While the luxury label has opened factories in Italy, Spain and the US, Chief Executive Officer Michael Burke said it’s committed to keeping the majority of its supply chain in ...