RetailBoss is streamlining its retail news with our weekly retail roundup, including updates from around the globe. Here are today’s top stories from this week; if you want to get this news in your inbox, sign up for our free retail newsletter and follow us online at @retailboss on Instagram, Facebook, Twitter and Linkedin.
Today’s Retail News
Bernard Arnault, the Chairman and CEO of LVMH Moët Hennessy – Louis Vuitton, is under investigation by the Paris prosecutor for alleged money laundering. The allegations involve financial transactions between Arnault and Russian oligarch Nikolai Sarkisov. Despite the ongoing investigation, Arnault has vehemently denied the accusations, labeling them as “absurd and senseless.”
Canadian fashion retailer Aritzia reported a net loss of $5.99 million or $0.05 per share for the second quarter of fiscal 2024. This is a significant drop from the profit of $46.26 million or $0.40 per share reported a year ago. Despite the loss, the company saw a slight increase in revenue, with a 1.6% rise to $534.2 million. CEO Jennifer Wong expressed disappointment in the results but remained optimistic about the company’s future growth.
Once a dominant brand in the toy industry, Toys R Us is planning a comeback. The company’s parent company, WHP Global, announced plans to open as many as 24 new stores in the U.S. as early as next year. This move marks a significant step in the company’s recovery after its liquidation.
Fitness companies Lululemon and Peloton have announced a five-year “strategic global partnership.” The partnership involves Lululemon discontinuing its Mirror fitness hardware and Peloton reducing its private-label fitness clothing line production. This collaboration marks a significant shift in the relationship between the two former competitors.
Rihanna’s Fenty Beauty line is now available at Ulta Beauty locations within Target stores. This move expands the brand’s reach and accessibility, allowing more consumers to experience its diverse range of beauty products.
Little holiday cheer ahead for retailers (Financial Post)
Retailers are bracing for a challenging holiday season due to supply chain disruptions and increased competition. Despite these challenges, many are optimistic about solid sales and customer engagement potential.
H&M’s return fees have sparked discussion about their impact on retail loyalty programs. While some argue that the fees discourage returns and promote thoughtful purchasing, others believe they may deter customers from shopping with the brand.
Target has announced the closure of nine stores across the U.S. due to an escalating theft problem. The decision underscores retailers’ challenges in maintaining security and profitability in an increasingly complex retail environment.
Aritzia, a Canadian fashion retailer, is a favourite among many celebrities. Known for its stylish and high-quality pieces, the brand has been spotted on numerous high-profile individuals, further boosting its popularity and appeal.
Amazon faces landmark monopoly lawsuit by FTC(Fashion Network)
Amazon is facing a landmark monopoly lawsuit by the Federal Trade Commission (FTC). The lawsuit represents a significant challenge for the e-commerce giant and could have far-reaching implications for the industry.
Serengeti Home Fragrances offers a unique range of scents inspired by the African landscape. These fragrances aim to bring the essence of Africa into your living room, creating a unique and immersive sensory experience.
As we approach 2024, experts have begun identifying the best makeup brands for the upcoming year. These brands are expected to lead the industry in quality, innovation, and consumer appeal.