EBay Will Lay Off 9% of Workforce
The online marketplace is looking to simplify operations and shift resources to its fastest-growing areas, Reuters reported.
Retail
Analysis and advice from the front lines of the retail transformation.
Superdry Founder Set to Win Investor Backing for Return to Board
The apparel retailer's board had opposed founder Julian Dunkerton's return, saying it would be highly disruptive and could trigger resignations.
Apple, Louis Vuitton, Gucci Drop China Prices for VAT Cuts
Luxury brands lowered product prices in China as a cut in the country's VAT rate came into effect on April 1.
Weak US Retail Sales Underscore Slowing Economy
Retail sales dropped 0.2 percent as households cut back on purchases, indicating a loss of economic momentum.
Hong Kong Retail Sales Drop for the First Time in Two Years
Consumer spending traditionally surges before the Lunar New Year holidays, but this year much of that was done in January due to the holiday's earlier start date of February 5.
Sports Direct Says Debenhams Investors Back Ashley's Bid for CEO
The sportswear group, which has a near-30 percent stake in Debenhams, did not name or number the shareholders backing such a move.
The Future of Luxury Is Freedom
Beyond goods, services and experiences, freedom will become the ultimate signifier of status.
H&M First-Quarter Earnings Beat Estimates on Fewer Discounts
Pretax profit fell 17 percent to 1.04 billion Swedish krona ($112 million) despite the retailer introducing new products at lower prices to try to avoid massive discounts later.
Ancient Greek Sandals Finally Plants a Flag in Athens
The footwear brand is opening its first flagship store in the Greek capital, while also launching new products such as handbags, anklets and candles.
PVH to Exit High-End Collection of Calvin Klein Label
The apparel maker also said it would shut the label's flagship store on New York's Madison Avenue, as the fashion line failed to strike a chord with customers.
Mike Ashley Weighs Offer Valuing Debenhams at $81 Million
The offer is the latest of Ashley’s attempts to wrest control of the ailing department store and save his existing stake in the company.
Fred Segal to Expand Under New Owner
The LA-based brand seeks to capitalise on a resurgence of West Coast style, which is characterised by breezy, casual apparel.
Boost for Champs Elysées as Galeries Lafayette Opens 'Concept' Store
As top-tier department stores pitch themselves as day-trip destinations to counter competition from online rivals such as Amazon, Galeries Lafayette will open a new outlet in Paris this week.
THE NEWS IN BRIEF
Vinted Faces Influx of Suspected Looted Goods After French Riots
The company has ‘taken immediate action to identify and remove listings linked to the looting,’ and has ‘stepped up monitoring of suspicious listings,’ a Vinted spokesperson said in a statement. ‘When our rules are breached, we act against the accounts involved, up to permanent bans.’
Zara Billionaire Owner Ortega Buys $550 Million Chicago Tower
Pontegadea Inversiones SL acquired the 51-story One North Wacker in the city’s business district in one of the biggest US office deals this year.
Joe Corré’s Light House Club Launches Pop-Up Spaces for Emerging Designers
Independent creatives can apply to utilise pop-up spaces at Light House to sell merchandise and meet with clientele.
Shein Outsells British Rival Asos as UK Revenue Hits $3.41 Billion
The ultra-fast fashion company said sales had been bolstered by marketing partnerships with music festivals, a pop-up shop on London’s Oxford Street and local Christmas gift events.
Gap to Use Athleta Leader’s Exit to Rebuild Slumping Brand
The departure of Athleta’s CEO for Lululemon is a chance to ‘reimagine the brand’s path forward,’ Gap Inc. CEO Richard Dickson wrote in an internal memo viewed by Bloomberg.
Harvey Nichols’ Birmingham Store Will Close in January
The department store’s Leeds and Bristol outlets will be converted to the Flannels brand in a shake-up under Mike Ashley’s Frasers Group, which purchased the chain when it was put into administration in mid-August.
Lululemon Hires Athleta Head in Management Shakeup
Maggie Gauger is joining Lululemon as chief product officer as new CEO Heidi O’Neill looks to revive sales.