Macy's Inc said on Tuesday it planned to raise $1.1 billion (£893.36 million) in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.
South African retailer Truworths said on Monday that its full-year profit was likely to fall by at least 30% and it was unlikely to pay a dividend, while all options were open for its British footwear business.
France's Finance Minister Bruno Le Maire said on Monday he favoured delaying French summer sales to beef up the cash situation of retailers who were hit by a lockdown triggered by the coronavirus crisis.
One day after Alessandro Michele, creative director of Gucci, revealed on Instagram that the brand would in future stage only two shows per year, the designer called for a reformulation of the fashion calendar.
Bernard Arnault, Europe’s richest man, has acquired a one-quarter stake in Arnaud Lagardère’s holding company, in a move that will be seen as an attempt to support the family of his fellow French billionaire.
Gucci’s creative director Alessandro Michele has announced, via Instagram, that the Italian brand will abandon the official runway season, and will instead stage only two shows per year in for the foreseeable future.
Australian discount department store retailer Target could see up to 75 of its stores being closed and many others converted to another of its owner’s banners. Over 1,000 jobs will be affected, owner Wesfarmers said.
Burberry was hit hard by the Covid-19 crisis at the end of its last financial year and the impact is continuing in the new year. But it's seeing resurgent demand in key Asian markets and its strategy remains on track.