(Reuters) – Li & Fung Ltd (0494.HK: Quote, Profile, Research, Stock Buzz), a global supplier of apparel, is in advanced talks to buy Synergies Worldwide, a small, New York-based supplier, a source familiar with the matter said on Thursday.
The move would help Hong Kong-based Li & Fung gain a better foothold in the fast fashion and discount clothing space.
Oct 2 (Reuters) – Nearly two years after a factory fire at
one of its suppliers in Bangladesh killed 29 people and injured
more than 100 others, Gap Inc has promised to implement
new safety standards starting next month.
The company, which owns the Gap, Banana Republic and Old
Navy brands, said it would hire a fire safety inspector, and
loan vendors up to $20 million for safety improvements, and
provide up to $2 million in compensation to workers displaced
while factories are being brought up to safety standards.
(Reuters) – Retailers including Gap Inc and Bed Bath & Beyond Inc have joined a mobile payments network that intends to battle similar services from Google Inc and other companies.
The Merchant Customer Exchange, a confederation of retailers, has already attracted Wal-Mart Stores Inc, Target Corp and Japan’s 7-Eleven Inc since announcing plans in August.
(Reuters) – Groupon Inc (GRPN.O: Quote, Profile, Research, Stock Buzz), the world’s largest online daily deals provider, is reshuffling senior management roles in an attempt to fix its struggling European business — a shake-up that will also include the departure of its chief of international business.
According to an internal memo obtained by Reuters, Chris Muhr, SVP of sales, will now head the Europe, Middle East and Africa region, while Veit Dengler, SVP International, will be leaving the company.
(Reuters) – Groupon Inc, the world’s largest online daily deals provider, launched a payment business on Wednesday and entered a crowded field where it will compete with eBay Inc’s PayPal and start-up Square Inc.
Groupon said the new service lets restaurants, salons and spas, retailers and other local businesses accept credit card payments at a lower rate than other providers.
(Reuters) – Tech-savvy holiday shoppers who are counting on using their mobile devices to avoid miles-long check-out lines are unlikely to see that Christmas wish come true this year.
Apple Inc (AAPL.O: Quote, Profile, Research, Stock Buzz), Amazon (AMZN.O: Quote, Profile, Research, Stock Buzz), Nokia Oyj (NOK1V.HE: Quote, Profile, Research, Stock Buzz) and Samsung Electronics (005930.KS: Quote, Profile, Research, Stock Buzz) are delivering hot new mobile devices for the holiday season, and it is easier than ever to research products, compare prices and make purchases from online stores.
NEW YORK (Reuters) – Groupon Inc (GRPN.O: Quote, Profile, Research, Stock Buzz) is working on cross-border and multi-country deals as the world’s largest online daily deals provider looks for newer ways to build global market share and help retailers broaden their footprint, a top executive said.
“That really is where we have added advantage, being in 48 countries,” said Rajen Ruparell, vice president of global sales, speaking at the Reuters Retail and Consumer Summit in New York.
(Reuters) – Abercrombie & Fitch Co (ANF.N: Quote, Profile, Research, Stock Buzz) has hired Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) as it works to ward off pressure from investors, a source familiar with the matter said on Wednesday.
The source would not say what the nature of the pressure was or name the investors, but CNBC earlier tweeted that Goldman was hired to help keep activist Relational Investors at bay.
NEW YORK (Reuters) – Shoemaker Crocs Inc (CROX.O: Quote, Profile, Research, Stock Buzz) hopes to attract those aged 13 to 30 as it launches its spring/summer collection featuring heels, boots and wedges.
The new designs as well as Retro clogs – higher priced but still made with its signature resin Croslite – are part of the company’s plan to expand by reinvesting the money it makes from selling the bright and chunky clogs for which it was originally known.
MUMBAI/CHICAGO (Reuters) – While India’s politicians dither over rules allowing foreign retailers into the country, some online stores are already selling discounted clothing from companies such as Abercrombie & Fitch Co that have yet to officially enter the market.
Homegrown start-ups including fashionandyou.com, myntra.com snapdeal.com, dealsandyou.com, yebhi.com and HomeShop 18 – which is eyeing a U.S. initial public offering – are introducing India’s growing middle class to mid-market U.S. brands, at discounts of more than 50 percent.