Retail

Bloomberg Asos Plc’s domestic sales growth rebounded over the holidays as the UK’s largest online-only fashion retailer profited at the expense of store-based rivals. Sales in the UK, Asos’s largest market, rose 23 percent to $429 million in the four months ended on December 31, the London-based company said. The shares rose as much as 1.3 percent, recouping early losses. ...

Bloomberg Walmart Stores Inc. is cutting as many as 1,000 jobs at its headquarters this year and next, the latest effort to streamline a retail empire under threat from Amazon.com Inc. The first wave of layoffs totalled between 400 and 500 jobs and hit the company’s marketing, human resources, merchandising, real estate and other divisions this week, the Bentonville, Arkansas-based ...

Bloomberg Retailers are so worried about fraudulent purchases online, many say they’re rejecting legitimate transactions out of fear that they may be fake. Sixty-seven percent of retailers have online security measures that are quick to cancel any transaction that raises suspicion, according to a survey by Experian, a global information-services company. When gauging all businesses that figure rises to 71 ...

BLoomberg Tesco Plc and J Sainsbury Plc, the United Kingdom’s biggest grocers, are cutting thousands of management positions as intense competition and wage increases heap more pressure on Britain’s beleaguered retailers. Sainsbury is cutting management roles across its convenience stores and supermarkets, the London-based retailer said. That followed an announcement from larger rival Tesco, which is scrapping 1,700 management jobs ...

Bloomberg India will witness about 10 foreign single-brand retailers starting operations after PM Narendra Modi removed the need for a federal approval, a senior minister said. The companies which have sought government permission to set up single-brand establishments include Fast Retailing Co., operator of Japanese casual-wear brand Uniqlo. It had submitted an application in November in 2017. Tesla Inc. is ...

Bloomberg Tencent Holdings Ltd. plans to invest in Carrefour SA’s China unit, following Alibaba Group Holding Ltd.’s footsteps to uproot traditional grocery and department stores with technology. The social media giant, along with local retailer Yonghui Superstores, agreed to take a stake in Carrefour China, the companies said. They plan to work together on data, retail, mobile payments and data ...

Bloomberg One of H&M’s largest shareholders has lost its patience. Skandia’s actively managed funds have spent the past months selling off most of its stake in Hennes & Mauritz AB after watching the fashion retailer struggle with weakening sales in its physical stores and intensifying online competition. The Swedish savings and insurance giant says there’s a raft of issues H&M ...

Bloomberg Richemont agreed to take full control of online luxury retailer Yoox Net-a-Porter SpA for about 2.7 billion euros ($3.3 billion), reflecting ecommerce’s inroads into the world of $5,000 Cartier necklaces and $50,000 Vacheron Constantin watches. Investors would receive 38 euros a share, the Geneva-based luxury-goods company said in a statement. Richemont already owns 50 percent of YNAP. The bid ...

Bloomberg Coca-Cola Co. CEO James Quincey is kicking off a recycling spree, part of efforts to burnish the beverage giant’s image. The soft-drink company, which operates in more than 200 countries, is setting the goal of recycling one bottle or can for everyone it sells by 2030. It’s also pledging to become a corporate leader in reducing the plastic waste ...

BLoomberg Steinhoff International Holdings NV, the global retailer fighting to recover from an accounting scandal, sold its luxury Gulfstream 550 private jet to a US aircraft broker as it seeks to boost liquidity. The plane, with serial number 5113, was registered to Annapolis, Maryland-based Avpro Inc. on January 12, according to the US Federal Aviation Administration’s online records. The luxuriously ...