The News In Brief
Rite Aid Set to File Second Bankruptcy, Announces Job Cuts
The company was unable to secure additional capital from lenders in order to continue operating the business and now intends to file Chapter 11.
Hims Taps Amazon Vet to Lead Operations as Company Expands
Former Amazon.com Inc. executive Nader Kabbani, who led the launch of Amazon Pharmacy during his nearly two-decade tenure at the e-commerce company, will join Hims & Hers Health Inc. as chief of operations.
Italian Fashion Group OTB Assessing Extent of Price Hikes in US
The owner of Diesel, Jil Sander and Maison Margiela is evaluating the extent of US price increases if trade tariffs are confirmed, CEO Ubaldo Minelli said Monday.
Skechers Will Be Acquired by Investment Firm 3G Capital for $8.2 Billion
The shoemaker will be purchased for $63 per share. Following the announcement, shares of the footwear company rose 25 percent in early New York trading.
Shein’s London IPO Stalled Amid US Tariff Fallout
Progress on the fast-fashion retailer’s initial public offering for a listing in London has halted, Bloomberg reported.
Footwear Brands Including Nike and Adidas Ask Trump for Tariff Exemption
The Footwear Distributors & Retailers of America trade group urged Trump to exempt shoes from reciprocal tariffs in a letter signed by shoemakers.
Unilever to Invest $1.5 Billion in Mexico, Including New Factory
The consumer goods company will devote $407 million to a new factory in Nuevo Leon which will specialise in beauty products and personal care.
As Trump Moves to Tax Small Parcels, Some Retailers Give Up on US
The removal of de minimis is forcing price increases and prompting some businesses to exit the US market altogether.
Harrods is Latest British Retailer to Be Hit by Cyber Attack
Following incidents at Marks & Spencer and the Co-op group, Harrods says hackers attempted to break into their systems on Thursday
Temu Ditches Chinese Imports Model to Avoid Trump’s Tariffs
Temu is abandoning their model centred around cheap Chinese imports, aiming to sell only goods from local merchants to American consumers.
LVMH’s Moët Hennessy to Cut Workforce by 10%, FT Reports
The luxury conglomerate’s wine and spirits business will shrink its workforce by about 1,200 employees, according to the Financial Times.
Riccardo Tisci Accused of Sexual Assault
A spokesperson for the designer told WWD the allegations are ‘categorically untrue.’