Retail

Bloomberg Levi Strauss & Co’s strong quarter is sending a clear message to the rest of the apparel industry: There’s value in spreading out manufacturing. Chief Executive Officer Chip Bergh said the denim maker sources less than 4% of its goods from Vietnam — which has faced factory shutdowns recent due to Covid-19 outbreaks — and tries not to have …

Bloomberg Activist investor Jana Partners believes Macy’s Inc could boost its valuation by spinning off its e-commerce business. Jana said in an investor presentation that the retail chain could follow the lead of Saks Fifth Avenue, whose owner spun out its e-commerce business. At a similar valuation, Macy’s online business could be worth about $14 billion, Jana said. Macy’s as …

Bloomberg Walmart has demoted the chief operating officer of its core US business and installed a finance expert in the role, shuffling its senior leadership team just before the key holiday period. Dacona Smith, one of the retailer’s highest-ranking Black executives, will shift to become executive vice president and chief operations officer of Walmart’s US stores, unit Chief Executive Officer …

Bloomberg Tesco Plc’s boss is putting the finishing touches on a plan to deliver a catastrophe-free Christmas as a deepening supply chain crisis makes it harder for grocers to keep shelves stocked with their full range of products. Chief Executive Officer Ken Murphy said Britain’s biggest supermarket has ordered 10% more turkeys this year and is increasing the number of …

Bloomberg Booming e-commerce sales have made a unicorn out of a Utah-based startup that helps companies manage their sales on Amazon.com Inc and other digital marketplaces. Pattern Inc, which started out selling fridge magnets and other trinkets on Amazon’s third-party marketplace, on Wednesday said it raised $225 million in new outside investment at a valuation of about $2 billion. Founded …

Bloomberg The UK’s auditing watchdog has started an investigation into Mazars’ audit of French Connection Group Plc. The Financial Reporting Council said on Wednesday the probe would focus on the year ending on January 31, 2020 without disclosing further details. The struggling UK fashion retailer has failed to keep pace on price with its high street rivals and has been …

Bloomberg Mondelez International Inc will require employees at its offices in Chicago, Miami and East Hanover, New Jersey, to be fully vaccinated “as a condition of employment,” according to a statement. The maker of Chips Ahoy! cookies and Halls cough drops said that vaccine adoption “is essential to lowering case counts, preventing Covid hospitalisations and deaths and ending this pandemic,” …

Bloomberg French Connection Group Plc accepted a $40 million takeover approach from a group of bidders that includes the struggling UK fashion retailer’s second-largest shareholder. Directors of the retailer unanimously recommended the 30-pence-a-share offer from a consortium, which includes Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Ltd. The group announced the bid on September 23. French Connection kicked …

Bloomberg Amazon founder Jeff Bezos participated in a $87 million Series B funding for Indonesian startup Ula, marking his first-ever investment in Southeast Asia’s e-commerce space. Bezos Expeditions, Northstar group, AC Ventures and Citius joined the round co-led by Prosus Ventures, Tencent and B-Capital, the e-commerce marketplace Ula said. The previous fundraising included $10.5 million seed round in June 2020 …

Bloomberg Tesco will announce a share buyback program this week when it reports first-half results, the Sunday Times reported. The retailer will maintain its normal dividend along with the buyback plan, although a special payout is not thought to be on the cards, according to the report. Tesco will be disciplined in its approach to buybacks, the report cited unidentified …