By Phil Wahba
(Reuters) – The J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) CEO who tried to wean the retailer from a heavy dependence on price discounts and coupons has a somewhat surprising offer for customers: a coupon.
In February, J.C. Penney stopped offering coupons and most of the hundreds of sales events it used to hold each year in favor of an approach that emphasized everyday low prices. It was the first step in a planned multi-year transformation that includes opening 100 specialized boutiques in its stores for brands such as Levi’s, Jonathan Adler and Izod.
(Reuters) – EBay Inc has quietly launched an online marketplace for deals on local services, taking on Groupon Inc and expanding into a potentially big category.
Groupon shares fell 4.3 percent to $5.05 in afternoon trading.
The news of eBay’s deals service emerged as the e-commerce company unveiled a major re-design of its website, adding Facebook-like features it hopes will spur more sales.
(Reuters) – Avon Products Inc (AVP.N: Quote, Profile, Research, Stock Buzz) will close the book on the Andrea Jung era at the end of the year, clearing the way for new Chief Executive Sheri McCoy to try to fix the iconic but struggling beauty products company.
Jung, whom McCoy replaced as CEO in April, will step down as executive chairman and board member on December 31, more than a year early, and stay on as a senior adviser, the company said on Friday.
NEW YORK (Reuters) – Fashion company Fifth & Pacific Cos Inc (FNP.N: Quote, Profile, Research, Stock Buzz) on Monday slashed its profit outlook for the year, citing difficulties at its struggling Juicy Couture brand in selling apparel at full price.
Fifth & Pacific, known as Liz Claiborne Inc until May, lowered its forecast for 2012 earnings excluding items like interest, tax, depreciation and amortization (adjusted EBITDA) to a range of $100 million to $115 million, down from its prior range of $125 million to $140 million.
NEW YORK, Sept 28 (Reuters) – Tablet computers, turtles and
a new take on a furry old-timer are the hot toys retailers and
manufacturers hope will spark a rebound from a dismal 2011
holiday season, according to a closely watched “Most Wanted”
list released on Friday.
The industry is not just counting on best-selling toys to
generate joy at the cash register. Major retailers are pushing
more attractive layaway plans to lure shoppers into stores
before they go elsewhere this holiday season.
NEW YORK (Reuters) – Top luxury brands that long ago shunned outlet malls as America’s bargain bin are now moving more aggressively with plans to build more outlet stores and take advantage of shoppers’ love of bargains.
Saks Inc (SKS.N: Quote, Profile, Research, Stock Buzz), Nordstrom Inc (JWN.N: Quote, Profile, Research, Stock Buzz), Tumi Holdings Inc (TUMI.N: Quote, Profile, Research, Stock Buzz), Neiman Marcus Group NMRCUS.UL and Michael Kors Holdings Ltd (KORS.N: Quote, Profile, Research, Stock Buzz) are among the high-end names making lower priced outlets a cornerstone of their store expansion, even as some have all but halted building new full-service stores.
NEW YORK (Reuters) – Tumi Holdings Inc (TUMI.N: Quote, Profile, Research, Stock Buzz) plans to make stores in airports a big part of its expansion push, and the high-end luggage and accessories maker could have about 50 such stores in the United States over time, up from a handful now, its chief executive said on Thursday.
Tumi, whose luggage can sell for more than $1,000 a piece, has seen its sales rise as it adds a variety of accessories as well as bags aimed at professional women.
WASHINGTON (Reuters) – U.S. securities regulators do not plan take any action stemming from an investigation into whether Avon Products Inc executives improperly shared information with analysts, Avon said on Thursday.
The staff of the Securities and Exchange Commission’s enforcement division told the company it doesn’t intend to recommend any enforcement action against the company, Avon said in a regulatory filing.
By Phil Wahba
(Reuters) – Luxury retailer Neiman Marcus Group Inc NMRCUS.UL will use e-commerce to push into new international markets, with plans to start a Chinese website by July and offer overseas shipping on its main site in time for the holiday season.
Neiman Marcus currently gets international revenue only from shipping to Canada from its U.S. websites. Its 42 namesake department stores, as well as its outlet locations and Bergdorf Goodman store, are all in the United States.
NEW YORK (Reuters) – HSN Inc (HSNI.O: Quote, Profile, Research, Stock Buzz) is on the hunt for more acquisitions to build up its stable of mail order catalog and e-commerce businesses, the television and Internet-based retailer’s chief executive said on Wednesday.
HSN, which bought children’s clothing e-retailer Chasing Fireflies in April, is looking for more e-commerce deals in the $50 million to $250 million range, HSN Chief Executive Mindy Grossman told the Reuters Retail and Consumer Summit.