Retail

  Bloomberg A former Amazon Web Services worker was convicted of hacking into the company’s cloud servers to steal customer data and computer power that she used to mine cryptocurrency. Following a week-long trial in Seattle, Paige A. Thompson, 36, was found guilty of seven federal crimes, including wire fraud, which carries a prison sentence of as long as 20 ...

  Bloomberg Released by Inditex’s Zara as part of a limited clothing collection, the little pink number costs $90 and is sourced, in part, from captured carbon emissions. It’s also officially sold out. Carbon and other greenhouse-gas emissions are, for lack of a better description, the worst. The buildup of these gases in recent decades is starting to reshape every ...

  Bloomberg Boohoo Group Plc is considering charging customers to send back garments as an increasing rate of returns crimps sales at the fast-fashion retailer. The British firm, whose business is purely online, is looking at returns across all markets, Chief Executive Officer John Lyttle said, at a time when many retailers are trying to manage logistics costs. While Boohoo ...

Bloomberg Tesco Plc said shoppers are buying fewer items and trading down to cheaper own-brand versions of staples in an “incredibly challenging” market hit by the worst inflation in 40 years. Britain’s biggest supermarket chain reported a greater-than-expected 1.5% decline in comparable UK sales in the first quarter, in fresh evidence of how rising prices are changing shopping behaviour. “Inflation ...

  Bloomberg Kroger Co said grocery shoppers are “aggressively” turning to cheaper store brands as they wrestle with the highest inflation in four decades. Same-store sales for Kroger-branded products rose 6.3% in the first quarter, faster than the overall sales growth, the company said Thursday on its earnings call. Customers who are facing higher prices everywhere from the gas pump ...

  Bloomberg Europe’s retail stocks are heading back towards pandemic lows. And after the profit warning from Asos Plc and the first UK sales decline in Boohoo Group Plc’s history, it’s online merchants that are leading them there. Asos shares sunk as much as 28%, falling to the lowest since August 2010. The warning sent tremors through larger peer Zalando ...

  Bloomberg Etsy Inc’s bad news for investors goes beyond the 66% plunge that’s the second-biggest in the S&P 500 Index this year: The unraveling of the platform for craft sales may have further to go, especially with the fastest inflation in 40 years crimping consumer budgets. With Etsy shares already near their cheapest on record, UBS Group AG slashed ...

  Bloomberg Walmart Inc is seeking UK retailers to join its online marketplace in an attempt to give British businesses another e-commerce alternative to Amazon and EBay. Approved British sellers will be able to sell their goods on Walmart.com, which is visited by more than 120 million people every month, the US shopping giant said in a statement. In a ...

  Bloomberg Louis Vuitton is set to open its first restaurant in France, just in time for the summer season. The fashion brand owned by the luxury conglomerate LVMH SE is opening the dining spot, to be called Mory Sacko at Louis Vuitton, in the Riviera town of Saint-Tropez on June 17. The 40-seat spot with outdoor dining will be ...

  Bloomberg Overstock.com Inc is poised to take advantage of the inventory glut plaguing retailers like Target Corp and Walmart Inc. The e-commerce company specialises in helping chains liquidate slow-moving merchandise, and now it will have more opportunities than usual. US retailers racked up excess goods to ensure shelves stayed full during the pandemic. But now shoppers have shifted spending ...