US-based Target Corporation recently announced that it is closing all its stores in Canada and is about to begin a court-supervised winding down of its Canadian businesses.
Brian Cornell, Target Corporation Chairman and CEO, said the move was a ‘difficult’ decision, but the right one for Target.
“We had great expectations for Canada but our early missteps proved too difficult to overcome,” he said.
Indian e-commerce companies may run into more competition in the months ahead with global entities such as Alibaba, Rakuten and Walmart seriously eyeing the Indian market.
Founded by two ex-Amazon employees Sachin and Binny Bansal, Flipkart has been changing its formats and strategy over the last year with Amazon’s entry.
Australia's largest retailer of consumer electronics products announced plans of listing on the Australian Securities Exchange (ASX).
Dick Smith Holdings Limited (Dick Smith) lodged the prosecutes for the Initial Public Offering (IPO) with the Australian Securities and Investments Commission (ASIC) on Thursday.
Based on a share price of AUD2.20 per share, the company expects the offering to raise AUS344.5 million (USD).
In Bangladesh's villages and on its street corners, Japanese fashion giant Uniqlo is quietly gathering market data to help it in its ambition of becoming the world's top clothing brand in seven years.
Like other global brands, Uniqlo set up shop in Bangladesh's cities to tap into their cheap labour and make casual fashion wear affordable and profitable. But it has also gone into the country's impoverished villages and neighbourhoods looking for a way to give something back to a country that many said was being exploited by the garment industry.
Avon Products says it will cut about 1,500 jobs and exit two Asian markets – South Korea and Vietnam – as the struggling beauty products seller takes initial steps toward its cost-cutting goal.
The job cuts amount to almost 4 percent of its workforce and mark one of the first major moves by CEO Sheri McCoy, who was brought on in April to replace longtime CEO Andrea Jung.
After nearly 14 years of working to persuade China to buy into its foreign coffee culture, Starbucks Corp. is aiming to become more Chinese as it plans a rapid expansion in the country.
Belinda Wong, president of Starbucks China, said in an interview that Starbucks aims to roll out 800 new stores in the next three years to add to its existing fleet of 700. Over that period it will increase the number of employees to more than 30,000 from the current 12,000.
According to the fifth annual edition of the Global Retail Theft Barometer, retail shrinkage rate in Japan is 1.04 percent of sales, the third-lowest in the world. However, this rate was up 4 percent compared to the previous year. The total shrinkage amount – profit loss due to customer and employee theft, supplier/vendor fraud and administrative errors – in Japan reached JPY774 billion (USD9.96b), the second-highest worldwide, representing almost 53 percent of the total sum in the Asia-Pacific.
According to the International Association of Chiefs of Police Centre for Social Media, it is estimated that consumers spend a staggering USD272,000 per minute shopping online. In particular, e-commerce in Asia-Pacific is booming due to rising affluence of the growing middle class and their increased access to the internet. This is also bolstered by the convenience, speed and cross-border reach of online businesses.
The former chief executive and founder of hipster clothing brand American Apparel, Dov Charney, is claiming USD40 million in damages for a breach of employment contract, his attorney said.
The company's board ousted Charney in December, six months after suspending him, for allegedly misusing funds and helping spread improper photos of a former employee.
The developers of the popular multi-platform messaging app WeChat have rolled out an e-commerce offering through the app to tap the boom in the number of Indonesians using smartphones and engaging in online transactions.
The app now offers a new feature called Official Account, which provides digital marketing platforms for companies that makes it easy to promote information and services to customers through the application.