Man Made Disaster
UK online fashion retailer ASOS believes it can reach its target of GBP2.5 billion (USD4 billion) in annual sales by 2020, with price cuts helping to reignite growth after three profit warnings this year.
Until this year, ASOS had been the great success story of UK retailing and a darling of the stock market, helped by its appeal to internet-savvy twentysomethings and high-profile fans including singer Rita Ora and US First Lady Michelle Obama. Having floated at 20 pence in 2001, ASOS shares hit a high of GBP71.95 in February.
European retailers said on Tuesday they had found thousands of safety problems while inspecting Bangladesh garment factories in a drive to prevent a repeat of last year's Rana Plaza disaster that claimed over 1,100 lives.
The Bangladesh Accord on Fire and Building Safety, an umbrella group of nearly 200 European brands such as H&M and Carrefour, said inspectors discovered 80,000 safety hazards in the 1,106 factories investigated this year.
UK online fashion retailer Asos has been forced to suspend its website and stop taking orders, possibly for several days, after a fire at the firm's main warehouse in Barnsley of England's South Yorkshire.
The fire, which South Yorkshire police believe was started deliberately on Friday night, ripped through several floors of Asos's vast distribution centre. It took 10 fire engines and more than 60 firefighters to bring the blaze under control.
Amazon unveiled on Wednesday its first smartphone - Fire.
The brand new gadget features two new technologies - Dynamic perspective, which it said uses a new sensor system to respond to the way users hold, view, and move the gadget; and Firefly, which recognizes things in the real world like web and email addresses, phone numbers, QR and bar codes, movies, music, and products.
Former David Jones boss Mark McInnes has introduced a speech by Australian federal treasurer Joe Hockey with a blistering attack on the previous Labour government's management of the economy.
Now chief executive of the Just Group of fashion retail brands, McInnes said Labour had left a "financial mess".
City-owned market operator PD Pasar Jaya will channel Rp 300 billion (USD25.9 million) to revitalize Senen market’s Block 3 in Central Jakarta, which was gutted by a fire on Friday.
“The Rp 300 billion in funds are purely from our own pocket and reconstruction will start after the Idul Fitri holiday this year,” PD Pasar Jaya president director Djangga Lubis said in Jakarta on Monday as quoted by Antara news agency.
In the revitalization program, he said, PD Pasar Jaya would pose as both developer and manager of the market’s new building.
The Asia-Pacific will overtake Europe as the region whose tourists spend the most money overseas within 10 years, a report said Wednesday, driven by an explosion in the number of Chinese travellers.
An emerging global middle class will increase from 2 to 5 billion by 2030. This represents future global retail growth that will see emerging markets equal to developed markets in terms of retail spend with USD30 trillion. With these sheer numbers, what is the most common denominator that all retailers should be able to exploit to grow rapidly? Data.
Trends in the growth explosion
ITV undercover documentary finds girls as young as 13 forced to work 11 hours a day in unsafe conditions, despite factory collapse last year that killed 1,130.
Bangladesh garment factories producing clothes for British retailers are forcing girls as young as 13 to work up to 11 hours a day in appalling conditions, according to an ITV documentary to be shown on Thursday night.
Hoping to advance its offline-to-online (O2O) business model and boost its back-office capabilities including big data, smart search, high-performance computing, and internet banking, Suning Commerce Group Co. recently opened its first overseas R&D center in Silicon Valley.
The center will serve as the company's US hub for science and technology. Backed by an initial investment of USD5 million, it plans to start with a staff of 50 in 2014 and to grow it to 200 people by 2017.