Retail

Bloomberg Steinhoff International Holdings NV rejected allegations of dishonesty made in a Manager-Magazin report that Chief Executive Officer Markus Jooste is among employees being investigated by German prosecutors in a 2015 case linked to possible accounting fraud. Substantial information in the article is “wrong or misleading,” the South African furniture and clothing retailer said. Referring to the start of the …

Bloomberg After years of being relegated to the back of the closet, Hollister has been reborn. Though the heyday of the seagull logo is long past, the teen apparel brand with the California vibe has charged back into the mix, trying to turn things around for its struggling parent, Abercrombie & Fitch Co. The bird was once a stamp of …

Bloomberg A price war has raged in US supermarket aisles for well over a year, bloodying retailers big and small. On Monday, Amazon.com Inc. plans to toss a smart bomb into the fray. The online giant’s move to slash prices on everything from organic baby kale to fair-trade bananas on the same day its $13.7 billion acquisition of Whole Foods …

Bloomberg Tiffany & Co. is making headway with millennials who seek fashion jewellery while forgoing some of the treasures of the Audrey Hepburn generation: wedding and engagement rings. Growth in fashion and designer jewellery helped boost revenue to $959.7 million during the second quarter, even as sales of wedding rings underperformed, the company. While revenue topped analysts’ estimates, same-store sales …

Bloomberg Massmart Holdings Ltd., the South African grocery and general goods retailer owned by Wal-Mart Stores Inc., said tougher control of costs wasn’t enough to prevent earnings falling during “the most difficult trading conditions in recent memory.” First-half operating profit before interest declined by 6.6 percent to $58 million, the Johannesburg-based company said. Sales increased 0.5 percent to 42.5 billion …

Bloomberg Roots Canada Ltd., the iconic retailer known for its casual wear and leather goods emblazoned with beaver logos, has hired banks to prepare an initial public offering this year, according to people familiar with the matter. The Canadian clothing company is working with Toronto-Dominion Bank, Credit Suisse Group AG and Bank of Montreal on the share sale, the people …

Bloomberg Shoprite Holdings Ltd. won’t let the purchase of a 22.7 percent stake in the food retailer by Steinhoff International Holdings NV affect its independence and is on the hunt for acquisitions of its own, according to Chief Executive Officer Pieter Engelbrecht. Africa’s largest supermarket chain will continue to dictate its own strategy, the CEO said after an earnings presentation …

Bloomberg US retail stocks have been wildly volatile for years. Now that turbulence is spreading to their close cousins, apparel stocks. Name a major company in the sector and chances are it’s posted an eye-catching tumble—or in some instances, gain—at some point this year. Coach plunged 15 percent one day last week. Michael Kors soared 22 percent in early August, …

Bloomberg Macy’s Inc. rose after naming former eBay Inc. Senior Vice President Hal Lawton as president, bringing in an executive with an extensive technology background to the struggling department-store giant. Lawton, who starts on September 8, will be responsible for the Macy’s brand, including merchandising, marketing, stores and operations, the company. He inherits the post from Jeff Gennette, who took …

Bloomberg Tesco Plc’s sales growth outpaced its main UK rivals in the last month as the country’s biggest grocer continued its revival in the face of a squeeze on disposable incomes. Separate reports from researchers Kantar Worldpanel and Nielsen both pointed to a strong month for the market leader, pushing its shares up the most in more than a month. …