While we mostly cover local news on Inside Retail, we know retailers operate in a global economy and are affected by trends and changes taking place internationally.
As such, each week we round up the biggest global news stories so you can stay informed about the industry beyond our little island.
Patagonia CEO steps down
Source: Bloomberg
After six years at the helm of one of the most outspoken proponents of retail-for-good, Patagonia CEO Rose Marcario is stepping down effective Friday June 12.
The business will begin the search for a successor, though in the interim COO Doug Freeman will run the business.
Guess to close 100 stores worldwide
Source: Bloomberg
Guess is set to close about 9 per cent of it’s network, or 100 stores, following the COVID-19 crisis.
The closures are set to impact the US and China over the next 18 months.
Ocado raises 1 bilion pounds in capital raise
Source: Reuters
Online supermarket Ocado will 1 billion pounds in an effort to better capitalise on the online grocery market following the COVID-19 crisis.
“This capital raise gives Ocado Group the opportunity to accelerate our role in creating sustainable change in the industry, allowing us the flexibility to move at increased pace and capitalise on the full opportunity set over the medium term,” CEO and founder Tim Steiner said.
Tailored Brands could seek Chapter 11
Source: Reuters
Men’s Warehouse owner Tailored Brands said it may need to seek bankruptcy protection or shut, with COVID-19 hitting the business hard.
Apparel retailers have been among the worst hit as their businesses were considered non-essential and their stores had to be closed
Sephora to donate space to people of colour-owned businesses
Source: Bloomberg
Following the social unrest caused by the death of George Floyd, Sephora has signed a pledge to dedicate 15 per cent of shelf space to products from people of colour-owned businesses.
It also aims to improve these brands’ access to venture capital and support their development.
Walmart to unlock personal care products
Source: Reuters
Walmart is also listening to social activists, stating it will no longer keep personal care products designed for people of colour in locked display cases.
The move came as customers online said the practice suggested the retail firm believed people of this minority could not be trusted.
