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, we’re kicking off a new weekly round-up of the biggest global news stories so you can stay informed about the industry beyond our little island.
Lush and Bonjour sued over unpaid Hong Kong rent
Source: Inside Retail Asia
Cosmetics companies Lush and Bonjour have fallen victim to the coronavirus crisis and are facing legal action over unpaid rent.
Bonjour saw falling sales last year, citing fewer visitors from Mainland China in the wake of political protests.
Hedge fund managers have asked the directors of collapsed retailer Neiman Marcus to explore a merger combination with rival Saks Fifth Avenue.
According to Reuters, the merger could create up to US$4.7 billion of value.
The Brazilian grocery chain expects to continue to grow even as the economy further deteriorates, with Brazil suffering the worst coronavirus outbreak in emerging markets.
Carrefours shares slipped 2.2 per cent after net income fell 16 per cent in the first quarter.
Source: The Verge
In an open letter, Amazon’s VP of public policy Brian Huseman said it can only do so much on its own, and that inconsistent state standards limit its ability to crack down on the issue.
A federal law, however, would ensure proper protection for Americans and help retailers to deal with scalpers.
Founders Domenico Dolce and Stefano Gabbana said the business has seen an unfortunate series of months and will continue to as the coronavirus crisis continues.
The pair didn’t give further details.
Ingka’s shopping mall arm, Ingka Centres, is planning a major entry into the US in the next few years, and is in talks to purchase central properties in major cities.
The business is currently looking at New York, Los Angeles, San Francisco and Chicago.
Source: Business of Fashion
J.C. Penney is negotiating a bankruptcy deal with various lenders in exchange for control of the company.
The deal would be included in an allegedly imminent chapter 11 court filing.