International News

Macy’s announced the closing on approximately US$ 4.5 billion of new financing, including its previously announced US$ 1.3 billion of 8.375 percent senior secured notes, as well as a new US$ 3.15 billion asset-based credit agreement. In addition, the company...

Putting an end to merger talks with Uber, US-based food delivery business Grubhub has finally agreed to be acquired by European company Just Eat Takeaway for an enterprise value of US$ 7.3 billion. Uber reportedly walked away from the merger...

Inditex, the owner of Zara will close as many as 1,200 stores - 16 percent of its global outlets- around the world as the clothing retailer tries to boost online sales during the chaos wrought by the COVID-19 pandemic. Inditex...

43.7 percent of consumers globally stated that they are spending more time on social media due to the coronavirus outbreak. Brands need to capitalise on this increased social media activity to promote purchasing and build shopper loyalty in a...

Starbucks expects to lose more than US$ 3 billion in revenue in its fiscal third quarter due to the new coronavirus, but said the disruption to its business should subside through the rest of the year. "The Starbucks brand is...

J.C. Penney announced that it has taken the first step in implementing its store optimization strategy. Following a comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit for the company, JCPenney...

Economies all over the world are suffering due to the Novel Coronavirus pandemic, and the global retail industry – which has been in a state of flux for the last few years – has been especially hard hit. The...

Simon Property Group is suing Gap as the fashion retailer failed to pay more than US$ 65.9 million in rent and other charges due during the coronavirus pandemic. In late April, Gap stopped paying rent on its temporarily shuttered stores,...

The UK arm of Victoria's Secret went into administration on Friday, putting more than 800 jobs at risk. Stuart Burgdoerfer, CEO, Victoria's Secret's said in a statement that the company had appointed Deloitte to work with Victoria’s Secret UK in...

Card payments in New Zealand will continue to rise at the expense of cash amid COVID-19 outbreak, though at a slower pace, says GlobalData, a leading data and analytics company. GlobalData’s revised-forecasts for New Zealand predict that card payments will...

Forecasts suggest that COVID-19 will wipe off US$297bn from the global apparel market in 2020, a 15.2 percent decline on 2019. The US (largest apparel market) will account for 42 percent of all lost spend, which will contribute to...

Singapore, one of the fastest growing e-commerce markets in South East Asia, has experienced a surge in e-commerce transactions post the outbreak of COVID-19 pandemic. The rise in consumer preference for online purchases during the outbreak will have a...

PVH Corp, owner of a portfolio of iconic brands including Tommy Hilfiger and Calvin Klein, announced that Daniel Grieder is stepping down from his role of Chief Executive Officer, Tommy Hilfiger Global & PVH Europe after 23 years in...

Most of the top 25 publicly traded global retailers by market capitalization (MCap) reported quarter-on-quarter (QoQ) declines for the first quarter (Q1) ending 31 March 2020, with Amazon and JD.com being exceptions, according to GlobalData, a leading data and...