Harrods MD Michael Ward is upbeat on the change the next few years will bring but says it will be tough for rivals without a USP as the store spends mega-money to focus on experiences, Millennials and the global shopper.
Claire’s Stores Inc said on Monday it filed for Chapter 11 bankruptcy protection and expects to reduce debt by about $1.9 billion, as the struggling retailer of girls’ accessories combats a fall in mall traffic.
Alibaba said it will invest an additional $2 billion in Southeast Asian e-commerce firm Lazada Group and replace its CEO, consolidating its control over the firm as it targets an aggressive expansion in the region.
Chinese video streaming service provider iQiyi Inc, a unit of search engine giant Baidu Inc, has launched an initial public offering in New York worth up to $2.4 billion, seeking to expand its range of content.
French luxury goods group Kering has complied with its tax obligations in Switzerland, it said on Friday, responding to newspaper reports alleging that the company used a Swiss-based scheme to evade taxes on earnings.
Victory and Dreams Holding, the owner of Dutch fashion chains Miller&Monroe and Witteveen, has acquired the German branches of Charles Vögele. As a result, the company will expand the Miller&Monroe concept to Germany.
Tiffany & Co missed analysts’ estimates with quarterly same-store sales numbers on Friday and forecast a full-year profit largely below expectations, as the upscale jeweler invests heavily to turn around its business.