Venerable US retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of storied names to do so amid the ongoing coronavirus outbreak that has crippled the retail sector.
UK malls giant Hammerson on Monday confirmed press peculation that it’s in “advanced discussions on the terms of a possible disposal of its 50% interest in VIA Outlets to its joint venture partner APG”.
Sales at Maybelline maker L’Oréal fell more sharply than expected in the second quarter, though the French beauty giant managed to contain any major profit erosion as the COVID-19 pandemic forced stores to close.
Amazon on Thursday beat Wall Street's estimates for second-quarter revenue as coronavirus-driven lockdowns pushed more people to shop for groceries and other essential and non-essential items on its platform.
Facebook beat analysts' estimates for quarterly revenue on Thursday, as businesses used its digital advertising tools to tap a surge in online traffic during the pandemic even as they slashed marketing budgets elsewhere.
Burberry on Friday announced the opening of its long-awaited social retail store in China’s technology hub Shenzhen, “blending the physical and social worlds in a digitally immersive retail experience”.
We’ve become more used to retailers closing stores than opening them in recent periods, but on Thursday, M&S said that it has opened a brand-new store as part of its plan to create an estate “fit for the new world”.
Fashion giant Benetton said Thursday that 2019 was an important milestone in its relaunch as its “economic-financial indicators show significant recovery and a reduction in losses compared to previous years”.
PayPal reported an 86% jump in Q2 profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic. Net income increased to $1.53 billion.
Europe's largest property firm Unibail-Rodamco-Westfield posted a 14.2% like-for-like decline in H1 net rental income on Wednesday after malls were forced to close during Covid-19 lockdowns, but shoppers are returning.
British retailers discounted their goods less in July than the month before, after consumer demand picked up in many sectors as lockdown restrictions eased, data from the British Retail Consortium showed on Wednesday.
EBay beat Wall Street estimates for quarterly profit on Tuesday and raised its full-year outlook, as the company benefited from a surge in online shopping by people staying indoors due to coronavirus-driven lockdowns.
Next is slowly working its way back to health following the shock of the lockdown. Full-price sales in Q2 still fell 28%, but it said this was“much better" than it expected and recent weeks have improved further.
French luxury group Kering's Q2 comp sales plunged by 43.7% due to the coronavirus. Gucci comp sales fell 45% and Saint Laurent 48%, but recovering Bottega Veneta contained the drop in revenue to only 24.4%