China's tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd, worth a combined $1 trillion, are on a retail investment binge, forcing merchants to choose sides amid a battle for shoppers' digital wallets.
Steinhoff said on Tuesday it had started to lose credit lines from lenders and was still unable to determine the scale of accounting irregularities which have wiped more than $10 billion off its market value.
EU state aid regulators will investigate whether Ikea's tax arrangement with Dutch tax authorities helped cut its tax bill, the latest crackdown on unfair tax deals between multinationals and EU countries.
Thousands of smaller Chinese store owners are now using a supply chain app made by Alibaba Group; part of a multi-billion dollar drive to take the e-commerce giant's dominance of online shopping into physical stores.
Ikea saw a sixth year of UK growth in the 12 months to August 31 with the retail giant’s sales up 5.8% to £1.814 billion. It also increased its market share by 0.5% and is targeting a share of 15% within 10 years.