NEW YORK, Oct 5 (Reuters) – U.S. retailers enter the holiday
season vowing to control discounting that has wreaked havoc on
their results in the past, but competition between stores,
consumers trained to expect discounts and a still-recovering
economy point to a difficult year.
The holidays are the most important time of the year for
retailers as well as some shoppers: about a third of some
stores’ profits are made in the last two months of the year, and
discounts can make or break those results.
NEW YORK (Reuters) – American designer Ralph Lauren, who built a fashion powerhouse on luxury designs inspired by country club chic, announced Tuesday he is stepping down as chief executive officer and named the head of Gap Inc’s populist Old Navy brand to the position.
Ralph Lauren Corp, founded by 75-year-old Lauren in 1967, appointed Stefan Larsson, the global president of Gap’s Old Navy division, as CEO effective in November. Lauren will continue to serve as executive chairman and head its design team, the company said in a statement.
NEW YORK/SYDNEY (Reuters) – The iPhone 6s and 6s Plus hit stores around the world on Friday, at the start of what is expected to be a record weekend for sales of Apple Inc’s (AAPL.O: Quote, Profile, Research, Stock Buzz) marquee product.
Eager buyers – joined by at least one robot – flocked to Apple stores from Sydney to New York, itching to get their hands on the new models, which boast a 3D touch feature and an improved camera.
NEW YORK (Reuters) – Upper middle-class shoppers spooked by a whipsawing stock market and shoppers waiting till the last minute for the best deals could result in the weakest U.S. holiday sales season for retailers since the recession, AlixPartners said.
The consultancy firm said it expects sales to grow 2.8 percent to 3.4 percent during the November-December shopping period compared with 4.4 percent in 2014, based on analyzing consumer spending trends so far this year.
(Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) will launch a three-month online sale on Wednesday to take on Amazon.com Inc’s (AMZN.O: Quote, Profile, Research, Stock Buzz) “Prime Day”, a highly publicized shopping event for members of Amazon Prime shipping and digital content service the same day.
The world’s largest retailer also cut the size of the minimum order eligible for free shipping to $35 from $50 for at least 30 days.
July 9 (Reuters) – Coty Inc, the U.S. maker of
Calvin Klein and Chloe perfume, will buy Procter & Gamble’s
perfume, hair care and make-up businesses for $12.5
billion in the biggest cosmetics merger in recent history.
Coty would become the No. 1 perfume maker ahead of L’Oreal
and No. 3 make-up provider behind its French rival and
Estee Lauder. It would run the perfume licenses of Gucci,
Hugo Boss and Dolce & Gabbana as well as make-up brands Cover
Girl and Max Factor, more than doubling its size with combined
sales of more than $10 billion.
(Reuters) – Coty Inc (COTY.N: Quote, Profile, Research, Stock Buzz) has sealed a deal to buy Procter & Gamble Co’s (PG.N: Quote, Profile, Research, Stock Buzz) beauty business, which includes brands such as Clairol and Wella, in a $12.5 billion transaction that will make Coty the world leader in perfume and hair care.
Coty’s shares fell 6 percent in early trading after the widely expected deal, while P&G was up 0.6 percent.
(Reuters) – Starbucks Corp said it would raise prices for some of its coffee beverages by 5-20 cents in the United States from Tuesday.
Starbucks, however, will leave the prices of some popular beverages such as the Grande Brewed Coffee and the Frappuccino unchanged in most U.S. outlets, it said on Monday.
(Reuters) – Shares of Avon Products Inc (AVP.N: Quote, Profile, Research, Stock Buzz) soared as much as 20 percent after an apparently non-existent firm incorporated in a remote archipelago in the Indian Ocean offered to buy the cosmetics company for almost three times its market value.
Avon said it had not received any such offer.
The purported acquirer, which identified itself as PTG Capital Partners, said in a U.S. Securities and Exchange Commission filing on Thursday it would pay $18.75 per share for Avon. (bit.ly/1A2HwEy)
(Reuters) – Shares of Avon Products Inc (AVP.N: Quote, Profile, Research, Stock Buzz) soared as much as 20 percent after an apparently non-existent firm based in a remote archipelago in the Indian Ocean said it had offered to buy the cosmetics company for almost three times its market value.
Avon said it had not received any such offer.
The purported acquirer, which identified itself as PTG Capital Partners, said in a filing with the U.S. Securities and Exchange Commission on Thursday it would pay $18.75 per share for Avon. (bit.ly/1A2HwEy)