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McArthurGlen forms new JV with Simon Property Group Wednesday, 5th June 2013
McArthurGlen has formed a joint venture agreement with Simon Property Group, providing a platform for the US mall owner in Europe. Simon Property Group will initially invest EUR 435 million McArthurGlen’s design outlet centres. As part of the deal, Simon will acquire an ownership interest in six propertied and become a partner in McArthurGlen’s property management and development business.
Delhaize to sell off raft of supermarket chains in $265m deal Wednesday, 29th May 2013
Delhaize is set to sell three of its US supermarket chains to rival Bi-Lo Holdings in a deal worth USD 265 million as it looks to streamline its business stateside. The Belgium-based retailer, which attributes around 65 per cent of its revenue to US trading, announced on Tuesday that it would sell the Sweetbay, Harveys and Reid’s operations.
LK Bennett plots store openings in China Monday, 13th May 2013
LK Bennett becomes the latest luxury retailer to open its stores to the Chinese market. The news comes after a spokesman told the Mail On Sunday that a deal with China is ‘looking very close’ and could be signed as early as the summer. Financial reports show that profits before finance charges had rose 37 per cent to GBP 11 million for the financial year.
Research finds ‘untapped opportunity’ for European retailers yet to embrace social media Tuesday, 7th May 2013
Facebook Login integration is found to be twice as popular with European online retailers as with their US counterparts, a new study published by Betapond finds. Betapond’s study, ‘Login to Boost Checkouts’, found 14.5 per cent of European online retailers implementing Login with Facebook, compared to just 6 per cent in the US.
Jones Group announces US store closures Thursday, 25th April 2013
The Jones Group Inc., parent company to Nine West, Kurt Geiger and Jones New York, has announced it will close around 170 of its underperforming US stores by mid-2014. The company will also cut its workforce by 8 per cent as part of the measures announced on Wednesday, which Jones Group Inc said would cost around USD 40 million to USD 60 million over the next 15 months as it looks to turnaround its profits.
My-wardrobe hints at US push Wednesday, 24th April 2013
‘Everyday luxury’ e-commerce site My-wardrobe is said to be looking stateside to further expand its fashion and accessories brand. Having launched in the UK in 2006 and Australia in 2011, founder Sarah Curran told WWD that My-wardrobe had been looking at the US market “very carefully” as it looked to expand its audience of fashion lovers.
JC Penney borrows $850m to fund inventory boost Tuesday, 16th April 2013
J.C. Penney Co Inc has reportedly borrowed USD 850 million from its USD 1.85 billion revolving credit facility to help buy inventory with the hopes of boosting the businesses' struggling turnaround. The Texan retailer, which owns over 1,106 locations, said it will use the proceeds to fund its working capital needs and capital expenditures, including buying inventory to overhaul its home goods department.
Prada beats forecasts as Q4 profit surges 36% Friday, 5th April 2013
The Italian fashion power house reported a 36 per cent rise in net profit for the fourth quarter to EUR 217 million, as it focuses its next stage of global expansion on the Middle East and the Americas. Prada SpA managed to beat the average forecast for its final quarter to 31 March, which was set at EUR 202 million in a poll by Thomson Reuters I/B/E/S.
J Crew’s final quarter a sting in the tail to otherwise stellar results Thursday, 21st March 2013
Fourth-quarter net profits fell 32.5 per cent for J Crew, despite the US fashion brand posting strong results for 2012 as a whole. J Crew net profits rose 86.7 per cent in the year to 2 February, while revenues were up 20 per cent to USD 2.23 billion, with a 3 per cent comparable-sales gain.
Ted Baker profit up 16.5% as new openings boost sales Thursday, 21st March 2013
British high-end fashion brand Ted Baker revealed a 16.5 per cent rise in annual profits as new stores overseas and strong UK sales helped secure sales. Ted Baker on Thursday said profit before tax and exceptional costs for the year to 26 January stood at £31.5 million, up from £27.1 million the year before and in line with analyst forecasts.