«Top NewsTue Mar 31, 2015 7:52am BSTLONDON (Reuters) - Kingfisher (KGF.L), Europe's biggest home improvement retailer, said on Tuesday it planned to close about 60 underperforming B&Q stores in Britain as the group posted a 7.5 percent fall in annual profit.The store closures form part of new Chief Executive Veronique Laury's plan to shake-up the... Continue Reading →
Luxury retailer Prada says the company will implement cost-cutting measuresItalian luxury goods retailer Prada saw its net profit fall 28% last year as sales slumped in major markets of China and Europe.The firm's net income was €451m ($490m; £330m) for the year ending 31 January, down from €628m a year ago.The amount also fell short... Continue Reading →
Sports Direct is responsible for employing nearly one in every five workers in the retail and wholesale sector on a zero hours contract, official data suggests.The revelation comes as a senior employment lawyer warned that the company, owned by the billionaire Mike Ashley, may have broken rules on consultation by giving staff at its USC... Continue Reading →
The Benetton family has sold its controlling stake in World Duty Free to Switzerland's Dufry.The deal creates the world largest travel retailer, with a market share of 25% and projected annual sales of $9bn (€8.3bn; £6bn).Dufry is paying €10.25 a share for the 50.1% stake, valuing the group at €3.6bn.World Duty Free operates 495 stores in... Continue Reading →
THE chief executive of Morrisons, David Potts, is continuing his cull of senior management, following last week's decision to cut five members of its 11-strong board.Around 20 members of top-level staff are set to be cut in an attempt to make the supermarket giant a "leaner" organisation.A Morrisons spokesman said: ”Following last week’s announcement of... Continue Reading →
Tesco Ireland appoints new CEOAndrew Yaxley, new Tesco Ireland CEONewsRead More: Tesco Ireland25 March 2015 | 0Phil J Clarke is retiring in AprilAndrew Yaxley has been announced as the new CEO of Tesco Ireland. Yaxley (47) is currently the managing director of Tesco’s London business. Prior to that he held a number of positions in the commercial function... Continue Reading →
Halfords appoints new CEOThe current CEO, UK and president of North West Europe for McDonald’s Corporation, McDonald also counts Colgate Palmolive and British Airways in her resume.Speaking in light of the announcement, Halfords chairman Dennis Millard said:“We are delighted to have recruited Jill, who has a strong track record of heading a large, complex, service-led... Continue Reading →
American jewelry house of Tiffany reports full year 2014 worldwide net sales rose to $4.25 billion, which represented a 5% increase in dollars or a 7% increase on a constant exchange rate basis which was on top of a 10% increase in 2013 on that same basis.Tiffany net earnings for the full year rose 167% to $484... Continue Reading →
Seattle -- Starbucks Corp. remains highly bullish on expansion. In remarks at the company’s annual shareholders meeting, the coffee giant revealed that over the next five years it plans to open 3,500 locations in its Americas region and 8,000 new stores in foreign markets. And just in case you were wondering … Starbucks noted that Shanghai... Continue Reading →
Alid is planning to open more new shops in the UK this year than Tesco, Sainsbury’s and Morrisons combined according to comprehensive new supermarket research that lays bare the dramatic changes in the industry. The German discounter, which celebrates its 25th anniversary of opening in the UK this year, plans to open 1.02m sq ft of... Continue Reading →
Ashapura Intimates Fashion plans to open 200 Valentine loungewear retail showrooms across India in three years on a franchise basis.It plans to open 26 Valentine showrooms in Mumbai this year, most of which will be company-owned, it said in a statement on Monday.Ashapura sells intimate garments such as lounge wear, bridal night wear, honeymoon sets,... Continue Reading →
The Bharatiya Janata Party (BJP)-led government in the Indian state of Maharashtra on Friday signed a memorandum of understanding (MoU) with the Swedish furniture retailing giant, IKEA, to set up two to three stores. Maharashtra is one of four states, including Telangana, Karnataka and Delhi-National Capital Region (NCR), identified by IKEA to open its stores.... Continue Reading →
Swedish fashion retailer H&M said on Monday that sales including value-added tax (VAT) rose 15 percent in local currencies in February 2015 compared to the same month the previous year.In the first quarter from 1 December 2014 to 28 February 2015, sales jumped 15 percent including VAT in local currencies compared to the corresponding quarter... Continue Reading →
German discounter Aldi is planning to launch an online store in Britain, according to reports. The retailer, which has long avoided online sales as it is not profitable enough, has offered online delivery of alcoholic drinks in Australia since 2013 but the UK launch would be its first foray into ecommerce in Europe. Aldi South, which runs... Continue Reading →
Home and garden retailer Homebase has announced the appointment of Echo Lu as managing director of the company. Lu, who is set to take up her new position on April 20, joins the company from Tesco where she worked over the past 10 years across different markets, including group business planning & insight director and property... Continue Reading →
The Asia regional head of Dubai-based Al-Futtaim Group has said Singapore has too many malls that are too similar to each other.Al-Futtaim announced last week that it will close two John Little stores and a Marks and Spencer outlet in Singapore in the coming months.Kesri Kapur, Al-Futtaim’s head of business in Asia, told The Malay Mail that Singapore’s... Continue Reading →
Arcadia’s flagship brands Topshop and Topman has opened its first flagship in Auckland, New Zealand, after Top Retail, a company founded by fashion designer Karen Walker, menswear retailer Barkers, and a third, silent partner, secured the rights to own, develop and operate the brands in the country. The 10,000 square foot, two-floor flagship on Queen Street,... Continue Reading →
Inditex profits boom, profit sharing scheme Inditex, the Spanish owner of fast fashion retailer Zara, has announced net profits for its fiscal 2014 of just over €2.5 billion, a five per cent rise year-on-year.Net sales were up eight per cent to €18.1 billion, from €16.7 billion in 2013, and although gross profit was up seven per... Continue Reading →
Lifestyle clothing brand Joules saw its full year revenue climb by 21.3% to £96.3 million as it continued to expand in the UK and overseas.In the year to 25 May 2014, pre-tax profit before exceptional items grew by 23.3% to £5.1 million.Retail sales from Joules own stores increased by 36% with ecommerce and catalogue sales... Continue Reading →
WH Smith is to open six outlets at Australia’s Sydney airport following a “competitive tender process”.The new stores are part of the airport’s plans to transform the T1 terminal and the first outlet will open in August, according to the Sydney Morning Herald. “This is a real evolution from the traditional ‘books and news’ operations and introduces... Continue Reading →
AEROPOSTALE, an American retailer which owns more than 1,000 fashion stores aimed at children and teenagers, has announced plans to expand into Ireland later this year.In a conference call last week, the New York-based company said that it expected to open in Ireland within six months after reaching an “exciting” licensing agreement with a local... Continue Reading →
Source: Retail in Asia Italian luxury house Prada opened two new stores in Asia last week – one in Hong Kong, one in South Korea.Opened on 2 March, the new Seoul store is located at the Shinsegae Main department store, covering a total area of approximately 165 square metres and housing the men's ready-to-wear, leather goods, accessories... Continue Reading →
Burberry on Monday opened its first freestanding store in Shinsaibashi, Osaka.Set over two floors, the new store houses the largest Burberry product assortment in Osaka, including the brand's collection of iconic Made in England trench coats. In-store digital screens showcase Burberry content and broadcast live events directly from the brand's global headquarters in London, enabled... Continue Reading →
Leading lingerie and beauty retailer Victoria’s Secret has opened its first Beauty & Accessories store at AB Won Pat Guam International Airport, in partnership with Lotte Duty Free Guam. Opened on 11 March, the new store showcases an array of fashion-forward beauty products and accessories designed for the modern jet-setter, according to the brand. The offer includes... Continue Reading →
McIlroy is set to be joined by many of world golf’s big names, with Rickie Fowler, Ernie Els, Sergio Garcia and Lee Westwood already confirmed to join Ireland’s golfing superstars McIlroy, Graeme McDowell, Padraig Harrington and Ryder Cup Captain Darren Clarke. McIlroy said: “It’s great news that Dubai Duty Free has come on board as the... Continue Reading →
THE little-known new owners of BHS have spoken out for the first time to reveal their ambitious plans to turn around the department store chain, claiming it is a “very big challenge” and will take “at least two years” to get it back into profit. Keith Smith, chairman of the vehicle that has bought BHS, told... Continue Reading →
World famous luxury department store Harvey Nichols will make its debut in Qatar after signing a deal to be part of Doha Festival City, it was announced on Saturday.Qatari firm Saleh Al Hamad Al Mana Group of Companies has struck an exclusive licence agreement with Harvey Nichols to bring it to the Gulf state.The mall... Continue Reading →
The struggling chain also highlighted another year of falling sales as underlying profits - excluding the £1.3 billion one-off property hit - fell 52% to £345 million in the year to February 1.It announced that it will close 23 under-performing M Local stores during the current financial year, having recently disclosed plans to shut 10... Continue Reading →
Sir Philip Green sells BHS to Retail Acquisitions 'for £1'Sir Philip Green has sold department store chain BHS to an investment vehicle called Retail Acquisitions Ltd.The BBC understands the asking price for BHS was as low as £1.BHS was part of the Arcadia Group, controlled by Sir Philip, which still includes TopShop, Burton and Evans.The... Continue Reading →
Sir Philip Green has sold loss-making high street chain BHS to a retail vehicle for an undisclosed sum.The tycoon, who owned the department store business for almost 15 years, had put it up for sale earlier this year after receiving a number of approaches.
Qatar plans to open the world’s first open-air, air conditioned public plaza, it was announced this week.The 38,000 sq m project at Doha’s Katara Cultural Village is intended to open in 2016, with a Galeries Lafayette department store, dedicated children’s mall and Evian branded spa.Ground-cooling technology will enable shoppers to wander around the plaza even... Continue Reading →
Here's what to expect at Google's "shop in shop" at Currys PC World. GoogleGoogle is following Microsoft and Apple into the retail space with its first-ever "shop in shop" in the UK.The search giant on Wednesday unveiled the shop within a shop on London's Tottenham Court Road, traditionally a center of technology stores for the UK's capital. The... Continue Reading →
Fendi’s new Web siteItalian fashion house Fendi is updating its online image with a new Web site that streamlines navigation and caters to consumers’ needs.The brand has released a new ecommerce feature for its European sites, and the Web site redesign was likely in preparation for this addition. By staying up-to-date on the latest technology, Fendi is... Continue Reading →
Apple could open three stores in the UAE before the end of the year, according to a Dubai-based website.Apple has yet to open its first store in the country, but a report by tech website AbsoluteGeeks.com claims sources have revealed the company will open three by year-end.News has already been leaked of the company’s plans to open... Continue Reading →
New York -- Juicy Couture, which was acquired by Authentic Brands Group in 2013, may no longer be a coveted brand in the United States, but it is still has great appeal in foreign markets. The company expects to open 133 stores (through its various licensing partners) during the next five years, according to Women's Wear Daily.Juicy... Continue Reading →
The majority of Dunnes Stores staff have voted for industrial action over work contracts and pay conditions.Members of Mandate Trade Union voted with a majority of 67% in favour of the industrial action on 6 March.Gerry Light, Mandate’s assistant general secretary said the nature and timing of industrial action will take place within the following... Continue Reading →
The American fashion house COACH is opening its first mono-brand store in France, in Fall. The new Coach store in Paris will be situated at 372-374 Rue Saint-Honoré and will cover a 6,500-square-foot space. Back in December, Coach only had 20 upgraded stores open across the globe, but the brand plans to open another 50 to 60 in 2015... Continue Reading →
New Look is to open a flagship store at the eastern end of London’s Oxford Street.The fashion retailer has signed up to take a 31,800 square foot store at Great Portland Estates’ new development at 73/89 Oxford Street which is due to complete in April 2017. The store will include a basement, ground, first and... Continue Reading →
John Lewis is to step into Singapore as part of plans to export to 15 countries over the next few years.The retailer, which is scheduled to reveal its annual profits and staff bonus on Thursday, has signed a deal to open concessions in two Robinsons department stores in the city-state in July. They will be run... Continue Reading →
Sea lions, submarines and enough space for 800 stores. That's what the owners of the Mall of America in Minnesota are proposing for the American Dream mall in the Miami suburbs, which could some day be America's biggest mall, according to the Miami Herald.The newspaper says the project is estimated to cost $4 billion, span... Continue Reading →
Dragon City, the new 115,000 sq m mall development, which is under construction in Bahrain, has pre-let more than 60 percent of space, according to Cluttons.Unlike conventional malls, Dragon City which is being built in the southwest corner of Diyar Al Muharraq City, will cater to both wholesale and retail consumer bases and is similar... Continue Reading →
The Sports Direct founder Mike Ashley has rebuffed MPs who wanted to grill him over the treatment of staff at the company’s USC retail business in Scotland and the use of zero-hours contracts.The billionaire told MPs it was more appropriate that chief executive David Foley attend the Scottish Affairs committee, which is conducting an investigation into how... Continue Reading →
Marks & Spencer, the British high street bellwether, is closing five of its Shanghai stores as it reshapes its Asian business. The retailer, which has previously identified China as a key overseas market for growth, said it will close five of its stores in Shanghai by August to “ensure it is best aligned with its strategic... Continue Reading →
Prada opened its first store in Vietnam, in the heart of Hoan Kiem, Hanoi’s prestigious shopping district.The space, designed by architect Roberto Baciocchi, covers a total area of 360 square metres on a single level and houses the women’s and men’s leather goods, accessories and footwear collections.The store is strategically located in one of Hanoi’s... Continue Reading →
Benefit has launched a 1950s pop-up beauty parlour at 26 Greek Street, Soho to promote its Roller Lash mascara. The Curl's Best Friend curl and cocktail bar, which will run for a month, is spread across three floors and is dedicated to embracing the 'curl'.Designed by creative design agency The Persuaders, the venue allows visitors... Continue Reading →
THE Foschini Group aims to almost triple the number of its stores across the rest of Africa over the next five years, its chief executive said on Tuesday.Foschini is the biggest reseller of Adidas and Nike products in South Africa where it is the third-biggest clothing retailer by market value and operates more than 2,000... Continue Reading →
This is despite Business Day reporting last year that GPI had opted to drastically cut back its Burger King store opening target from 100 by the end of June this year to just 60.The aggressive expansion was held back by the various approvals required by the respective municipalities to open Burger King outlets‚ as well as a... Continue Reading →
Estée Lauder has recently openened its largest flagship store at Travel Retail Worldwide in Haitang Bay, Sanya. Combining navy and gold tones with hints of platinum, the design of the flagship store takes its cues from Estée Lauder’s heritage and is designed to immerse consumers in the “luxury and modern glamour” of the brand, reports... Continue Reading →
Leather-wear maker Furla reports rising sales in 2014 of 258 million Euros, a + 13% increase on 2013. “This growth is the result of hard work, both in terms of product distribution. We are growing in all segments and in all regions in which we operate. In 2015 we expect significant new investments, “said the... Continue Reading →
REPORT GAAP revenue increased 0.5 percent for the fiscal year 2014 to 1.2 billion dollars. On a constant currency basis, revenue increased 1.8 percent as compared to the prior year. For the fourth quarter, revenue was 206.5 million dollars, a decline of 9.7 percent as compared to the fourth quarter of 2013. On a constant currency... Continue Reading →
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