Reuters
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Labubu-maker Pop Mart diversifies into jewellery with new concept store
Pop Mart, known for its popular Labubu character and blind box toys, has launched its first jewellery store in Shanghai, named Popop. This move comes as the company experiences significant growth, with its stock price soaring due to high demand for its affordable and appealing toys. While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart's affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200% so far this year.
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Paramount to lay off 3.5% of US staff in latest job cut, memo shows
Paramount Global is implementing another round of layoffs, impacting 3.5% of its U.S. workforce, as revealed in an internal memo. This decision follows previous cuts and reflects the challenges posed by declining cable TV subscriptions and the shift towards streaming services. The company is also awaiting regulatory approval for its $8.4 billion merger with Skydance Media.
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Meta's Threads to test direct messaging feature in select markets
Meta's Threads app will soon have direct messaging. This feature aims to attract more users. The test will begin in select markets like Hong Kong and Thailand. Threads wants to compete with X and TikTok. Threads currently has over 350 million monthly active users. By next year, Threads is expected to surpass X in U.S. monthly active users.
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Walmart's Flipkart secures approval for direct lending in India, documents show
Flipkart, owned by Walmart, has secured a non-bank finance company (NBFC) licence from the Reserve Bank of India, enabling it to directly offer loans to customers and sellers. This marks the first time the RBI has granted such a licence to a major e-commerce player in India. The central bank issued its certificate of registration - a document that officially recognizes a company as an NBFC - to Flipkart Finance Private Limited on March 13.
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Procter & Gamble to cut 7,000 jobs to rein in costs as tariff uncertainity looms
Procter & Gamble plans to reduce its workforce by 7,000 employees, approximately 6% of its total, over the next two years. This restructuring aims to address uneven consumer demand and rising costs influenced by tariff uncertainties. P&G will also streamline its organization, potentially divesting some brands and product categories to optimize its supply chain and navigate the challenging global environment.
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Apple and Alibaba's AI rollout in China delayed by Trump's trade war: Report
Apple and Alibaba's plans to introduce AI services for iPhones in China are facing delays due to regulatory hurdles at the Cyberspace Administration of China. This setback, attributed to escalating geopolitical tensions between the US and China, could negatively impact Apple's efforts to boost iPhone sales in a competitive market.
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German digital ministry treads cautiously over online platform levy
Germany considers a digital services levy on online platforms. The digital ministry insists on international coordination. The ministry also wants to avoid higher consumer prices. Wolfram Weimer suggested a 10% levy on platforms like Google and Facebook. Friedrich Merz is expected to meet Donald Trump in Washington. Bitkom warns the levy could increase prices and slow digitalization.
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Gap shares slide as tariffs loom large over apparel maker's turnaround plans
Gap Incorporated faces profit squeeze due to US tariffs. The Old Navy owner anticipates costs up to $300 million. Gap focuses on diversifying its supply chain and using US-grown cotton. Shares plummeted 20 per cent in early trading. Despite tariff concerns, annual forecasts remain unchanged. Some retailers including Best Buy have accounted for the tariffs and a few others have pulled their forecasts. However, firms like Gap have excluded the impact from their outlook, citing an ever evolving trade policy.
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American Eagle Outfitters reports bigger-than-expected loss, forecasts downbeat revenue
American Eagle Outfitters anticipates a revenue decline in the second quarter, falling short of expectations due to rising input costs and weakened demand, leading to a wider-than-expected quarterly loss. Comparable sales decreased for both the American Eagle and Aerie brands. The company's financial performance was further impacted by inventory charges and increased promotional activities.
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British American Tobacco sells $1.5 billion stake in India's ITC via block deal
British American Tobacco (BAT) has divested a 2.5% stake in ITC, the Indian consumer goods giant, for $1.5 billion, exceeding initial plans. The shares were sold at 413 Indian rupees each, a 4.8% discount. Despite the sale, BAT remains ITC's largest shareholder. The deal, led by Goldman Sachs and Citigroup, follows a similar major transaction by IndiGo's co-founder.
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Instacart appoints insider Chris Rogers as CEO
Instacart has announced Chris Rogers as its new CEO, effective August 15, succeeding Fidji Simo, who is departing to join OpenAI. Rogers, currently the chief business officer, aims to innovate grocery shopping through technology and partnerships. Simo will remain as chair to facilitate the transition, highlighting Rogers' significant contributions to Instacart's growth and strategy.
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EU probe against Shein advances, violations to be detailed soon, Bloomberg reports
The European Union is set to escalate its investigation into Shein, alleging violations of product safety and consumer laws. This could lead to substantial fines for the fast-fashion retailer, potentially reaching 4% of its annual EU sales if the issues remain unresolved. The EU's scrutiny comes amid broader concerns about low-value e-commerce shipments, particularly from China.
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Nestle's Nescafe to invest additional $89 million in Brazil business
Nescafe is set to boost its presence in Brazil. The coffee giant will invest an extra 500 million reais by 2028. This investment is in addition to the 1 billion reais already committed. The funds will expand the Montes Claros factory. It will also increase the reach of Nestle Professional coffee machines.
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KFC India operator Devyani widens losses in fourth quarter as expenses bite
Devyani International, a KFC and Pizza Hut operator in India, faced a larger loss in the fourth quarter. Increased expenses for ingredients and employees impacted profits. Revenue increased due to cheaper menu items and new stores. Pizza Hut's sales grew, but KFC's declined slightly.
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Metro Brands beats quarterly profit estimates on strong demand for premium footwear
Metro Brands reported a higher-than-expected fourth-quarter profit, driven by strong demand for its premium footwear and the winter wedding season. The company's profit reached 947.5 million rupees, exceeding analysts' estimates, although it was lower than the previous year due to a tax benefit in fiscal 2024. Revenue grew by 10.
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Australia's new haul of Chinese online goods helps tame inflation
Chinese e-commerce platforms like Taobao and JD.COM are expanding into Australia, offering cheaper goods and intensifying competition. This influx of affordable imports is expected to ease inflationary pressures, potentially leading to further interest rate cuts by the Reserve Bank of Australia. Goldman Sachs estimates this redirection of Chinese goods could lower Australian inflation by 20-50 basis points.
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E-commerce company Allegro goes local to stand out from Asian competitors
Allegro is intensifying its focus on local offerings to stand out against growing competition from Asian e-commerce platforms like Temu. The company has removed listings with extended shipping times from its international marketplaces and plans to enhance its platform with AI-driven features and loyalty programs.
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Ralph Lauren mulls price hikes as tariffs hurt sales forecast
Ralph Lauren anticipates a slight increase in annual revenue. However, tariffs are expected to impact profit margins later in the year. Despite this, the company exceeded expectations for both revenue and profit in the fourth quarter. This success is attributed to increased marketing and brand investments. The company is considering price adjustments to offset the tariff impact.
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Shein says EU fees, French penalties would increase prices in France
French shoppers could face higher costs on Shein purchases due to European Union's proposed €2 handling fee on low-cost imports and a French bill penalising fast fashion. Shein warns prices may rise by €12 by 2030. The measures aim to address environmental impact and curb customs exemptions for cheap goods.
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Google defeats Rumble's antitrust lawsuit over video sharing market
A federal judge dismissed Rumble's $2 billion antitrust lawsuit against Google, citing the statute of limitations. Rumble alleged Google rigged search results to favor YouTube and blocked Rumble from pre-installation on Android phones. The judge criticized Rumble's lack of evidence, while Rumble is pursuing a separate lawsuit against Google over digital advertising practices.
