Retail

  Bloomberg Tesco Plc agreed to pay 214 million pounds ($269 million) to resolve regulatory probes into a 2014 accounting scandal that prompted a boardroom house-cleaning and an overhaul of the UK grocer’s supplier relations. Tesco said its UK unit will pay 129 million pounds under a deferred prosecution agreement with the Serious Fraud Office, subject to court approval, and ...

  Emirates Business Max, the largest and most trusted value fashion brand in the Middle East, North Africa and India, has increased its presence in the UAE by opening a second store in Al Ain. With this, Max now has a total of 31 stores in the UAE. Located in Makani Zakher, the community mall in Al Grayyeh, Al Ain, ...

  Bloomberg Next Plc held its profit forecast and said it can mitigate a tough U.K. clothing market by improving ranges and switching suppliers, reassuring investors worried about the retailer’s price pressures and product challenges. The clothier maintained its forecast that profit will fall this year to between 680 million pounds ($849 million) and 780 million pounds, defying some analyst ...

  Bloomberg Emaar Malls PJSC, the shopping-center unit of Dubai’s largest publicly-traded property developer, bid for online retailer Souq.com in a challenge to an offer made by Amazon.com Inc., according to people familiar with the matter. The retail division of Emaar Properties PJSC, run by Mohamed Alabbar, offered about $800 million for Souq.com last week, which includes a convertible deposit ...

  Bloomberg Sonae SGPS SA, Portugal’s biggest hypermarket and supermarket chain, wants to show that a retailer from a modestly sized market can expand overseas without deploying shopping carts full of cash. The company this month expanded its presence across the Iberian peninsula by combining its sports retail arm with the regional unit of JD Sports Fashion Plc of the ...

  Dubai / Emirates Business FLC Production & Model Management, part of FLC Group – a Dubai-based Marketing Services Agency, launched the region’s first Model and Talent booking app. Available for both IOS and android users, this free application offers clients a revolutionary way to select talent for their upcoming campaigns. “At FLC, we are constantly looking for ways to ...

  DUBAI / Reuters Amazon.com Inc has agreed in principle to buy Dubai-based internet retailer Souq.com, one of the best-known names in the Middle East’s online shopping market, sources familiar with the deal said. Souq.com, which sells consumer electronics, fashion, household items and other goods, lays claim on its website to being the largest e-commerce site in the Arab world. ...

  Bloomberg Terrorist attacks in France and the decline of the pound are drawing tourists to London and Rome, bolstering French handbag maker Hermes International SCA as it bounces back from weakness in the domestic market and China. Hermes reported a 10 percent increase in full-year profit, citing a lift in sales from the pound’s fall in the wake of ...

  DUBAI / Emirates Business ‘MallfortheWorld’ announced that consumers in UAE, Saudi Arabia and Qatar will now have access to over 150 of the leading retailers in the US through its app, marking its foray into the Middle East. MallfortheWorld is the parent company of the award-winning global e-commerce giant MallforAfrica. Growing at a steady rate, the app is available ...

  Bloomberg Kraft Heinz Co., rebuffed recently in its bid to buy Unilever, is investing $200 million in an expanded corporate social responsibility program that includes a pledge to fight malnutrition and decrease its environmental footprint. The Kraft Heinz announcement comes about a month after the company pulled a $143 billion bid to buy Unilever, saying it didn’t want to ...