Chinese e-commerce company Alibaba secured approval from the Hong Kong Exchanges & Clearing for the sale of shares and Luxury group LVMH Moët Hennessy-Louis Vuitton agreed to acquire American luxury jewellery and specialty retailer Tiffany & Co. Retail-insight-network.com wraps up key headlines from November 2019.
Alibaba secures Hong Kong stock exchange approval for share sale
Chinese e-commerce company Alibaba reportedly secured approval from the Hong Kong Exchanges & Clearing for the sale of shares.
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The secondary listing in Hong Kong is expected to allow the e-commerce giant to raise between $10bn and $15bn, which could be one of the largest fundraisings this year.
Alibaba is already listed in New York, US. It is reported to have raised $25bn in 2014.
LVMH enters agreement to acquire Tiffany & Co for $16.2bn
Luxury group LVMH Moët Hennessy-Louis Vuitton agreed to acquire American luxury jewellery and specialty retailer Tiffany & Co for $16.2bn or $135 per share.
LVMH said it believes the acquisition will boost its presence in the US and complement its 75 distinguished houses.
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By GlobalDataApproved by the boards of directors of both companies, the deal is expected to close in the middle of next year, with Tiffany & Co added to LVMH’s Watches & Jewellery division.
TJX acquires 25% stake in Russian retailer Familia for $225m
US off-price department store chain TJX Companies acquired a 25% ownership stake in Russia-based low-cost apparel and home fashions retailer Familia for $225m.
The transaction will allow TJX to invest in Russia’s off-price apparel and home fashions retail market.
Familia currently operates over 275 stores in 90 towns across Russia. Earlier this year, the company opened four stores, with three located in Moscow.
Chinese retailer Urban Tea buys 51% interest in Hunan 39 Pu Tea
Chinese retailer Urban Tea bought 51% equity interest in Hunan 39 Pu Tea for an undisclosed amount.
Under the terms of the transaction, the total consideration consists of 70% paid in ordinary shares of Urban Tea and 30% in cash.
39 PU Tea was established in April 2011 and is involved in tea production and distribution, product research and development and other projects.
Dressbarn begins closing sales at 544 retail stores
Ascena retail group’s women’s clothing brand Dressbarn started its closing sales at 544 retail stores in the US.
The sale commencement marks the final stage of the wind-down process, which the retailer is carrying out with support from liquidation firm Gordon Brothers.
In May this year, Dressbarn first revealed its plan to gradually close all of its 650 stores and other retail operations in the US.
Mothercare enters administration, putting 2,500 jobs at risk
UK pregnancy and childcare product retailer Mothercare entered administration, putting 2,500 jobs at risk.
Announced via the company’s restructuring update, Mothercare said its aim for this financial year was to progress the next phase of its transformation. This includes securing a financial structure for the Mothercare Group and to ‘evolve, adapt and optimise the structure, format and model’ for its UK operations.
The news follows Mothercare’s fall in sales, store closures, jobs cuts and the sale of Early Learning Centre.
Nicole Crafts reveals plans to close A.C. Moore stores
Parent company Nicole Crafts revealed plans to close US-based arts and crafts chain AC Moore’s 145 retail stores.
The move, which is part of the company’s strategic plans, will see Nicole Crafts end its retail operations. It will retain Gordon Brothers’ retail and real estate divisions.
AC Moore opened its first store in Moorestown, New Jersey in 1985. It offers a selection of arts, crafts and floral merchandise.
Lowe’s to close 34 underperforming stores in Canada
Home improvements retailer Lowe’s announced it is to close 34 underperforming stores across Canada in a bid to optimise its network.
The announcement follows after the company conducted a detailed strategic review of its operations. The decision is said to allow the retailer to increase performance and strengthen its presence.
The 34 underperforming stores include 26 RONAs, six Lowe’s and two Reno-Depots, which are located in British Columbia, Alberta, Saskatchewan, Ontario, Quebec and Nova Scotia.
