Retail

Bloomberg Sycamore Partners is looking to take most of its cash out of Staples Inc through a recapitalisation that will saddle the company with roughly $1 billion of additional debt, according to people with knowledge of the plan. If successful, the debt sale will allow the private equity firm to recoup roughly two-thirds of the $1.6 billion it put up …

Bloomberg Avon Products Inc spiked after rival Natura & Co confirmed that it has engaged in talks with Avon about a “potential transaction,” without giving further details. The confirmation, made in a regulatory filing, comes hours after the Wall Street Journal reported Avon and Natura were in early discussions about a potential sale that could put the cosmetics maker and …

Bloomberg German food wholesaler Metro AG’s Chinese business has attracted potential bidders including internet giant Tencent Holdings Ltd and domestic buyout firm Citic Private Equity, people with knowledge of the matter said. Metro kicked off its sale of a controlling stake in the Chinese unit this month and first-round offers are expected to be submitted in April, according to the …

Bloomberg China Feihe Ltd, an infant formula producer, is restarting preparations for a Hong Kong initial public offering that could raise as much as $1 billion, people with knowledge of the matter said. The Heilongjiang-based company plans to sell shares as soon as this year, according to the people. Feihe is working with China Merchants Securities Co and JPMorgan Chase …

Bloomberg Hermes International has become the latest fashion industry victim of men’s casual dress, signalling weakness in its silk business as neckties lose their allure. Revenue from silk and textiles rose 3 percent in 2018, the slowest growth of the French luxury-goods maker’s business units. CEO Axel Dumas said on Wednesday the company has been shifting production to adjust to …

Bloomberg Prada SpA shares fell to the lowest close since 2016 as slower Chinese spending contributed to an unexpected drop in the Italian fashion house’s annual profit. The Hong Kong-listed luxury group attributed a slump in Asia mostly to Chinese tourists reining in spending in Hong Kong and Macau because of the weakness in the yuan. Other luxury brands, including …

Bloomberg Steinhoff International Holdings NV identified eight people, including former Chief Executive Officer Markus Jooste, as those allegedly behind questionable transactions that brought the global retailer to near collapse. The company’s executives were compelled by a South African parliamentary committee to release the names even as Chairwoman Heather Sonn and Chief Executive Officer Louis du Preez warned it could jeopardise …

Bloomberg PT Matahari Department Store was downgraded by at least four analysts and led declines among Lippo Group stocks after a slump in the retailer’s net income prompted a cut in its dividend payout. Matahari plunged as much as 22 percent in Jakarta trading, the most since December 2011, while PT Lippo Cikarang, PT Lippo Karawaci and PT Siloam International …

Bloomberg Battered minibus taxis snake the perimeter of Ivory Coast’s latest shopping hotspot, a brand new mall in a sprawling Abidjan suburb that shows how grocers like France’s Carrefour SA are turning their attention to lower-income African customers. The parking lot reserved for car owners lies empty, contrasting with the throng of shoppers inside the crowded $30 million Cosmos Mall, …

Bloomberg Amazon.com Inc. is ending its experiment with electronics-focussed pop-up stores, shuttering 87 kiosks located inside shopping malls, Whole Foods Market locations and Kohl’s stores around the US. “After much review, we came to the decision to discontinue our pop-up kiosk program,” an Amazon spokeswoman said. The closings are expected to be completed by the end of April, the Wall …