The News In Brief
Uniqlo Owner Targets Higher Sales From Strong Western Market
Fast Retailing Co. reported record annual revenue of ¥3.1 trillion ($20.8 billion) for the fiscal year ending in August, driven by strong demand for its Uniqlo brand in North America and Europe, despite a sales dip in China.
Alibaba’s Lazada Wants Armani, D&G to Help Hit $100 Billion Goal
The company is targeting top European fashion brands to boost its luxury segment and achieve $100 billion in e-commerce volume by 2030.
Mercado Libre Posts Record Argentina Sales Amid Consumer Rebound
The company reported signs of a consumption rebound in Argentina, with record sales of 20 million products worth $916 million in August, as consumers increasingly purchase non-essential goods amid a recovering economic landscape.
Arnault Poised to Buy Paris FC Football Club With Red Bull
The Arnault family is set to acquire a majority stake in second-tier football club Paris FC, investing alongside Red Bull in a move to diversify into sports.
Saudi Wealth Fund to Buy 40% Share in Selfridges
The country’s Public Investment Fund is set to become a minority partner in the UK department store chain after buying out the position of the now-insolvent Signa Group.
Used Luxury Watch Prices Stabilise, Boosted by Patek Philippe
Bloomberg’s index of the 50 most popular watches on the secondary market edged up 0.1 percent in September after two years of decline.
Claudia Schiffer Announced as Rhode Ambassador
The supermodel stars in a campaign for a forthcoming moisturising product, Butter Balm.
Moose Knuckles Receives Minority Investment From Chinese Down Apparel Giant Bosideng
Bosideng, the largest retailer of down coats in China, will help the Canadian outerwear brand scale in Asia.
Estée Lauder Companies Names New West Coast Leadership
Executive changes continue for Estée Lauder Companies ahead of CEO Fabrizio Freda’s retirement.
Sears Is Looking for Rent Relief on Last-Standing Stores
Once a retail giant, Sears now struggles to maintain its dwindling stores, seeking rent concessions while facing the reality of a retail landscape increasingly dominated by online shopping.
Shein’s UK Sales Hit $2 Billion Ahead of Possible London Listing
The company, which was founded in China but is now based in Singapore, saw its British revenue rise 38 percent in 2023 from a year earlier.
Amazon Antitrust Case Filed by FTC to Move Forward After Ruling
The FTC’s case against Amazon for allegedly stifling online retail competition will proceed, despite the dismissal of claims from several states involved in the lawsuit.