A weekly round up of the hottest international retail and consumer news.
1. Walmart to buy Bonobos
Walmart will acquire men’s clothing company Bonobos for US$310m in cash. The company wants to ramp up its e-commerce presence in an effort to stave off competition, chiefly from rival Amazon. Last year Walmart bought Jet.com for $3.3bn. It has also bought out other online fashion companies like Moosejaw and ShoeBuy.
2. German grocers target US shoppers
German discounters Aldi and Lidl have firmly landed in the US. The pair changed the face of grocery retailing in the UK by slashing prices through their no-frills approach to retailing. Lidl opened its first 10 US stores this week. Its promise: prices as much as 50% lower than its competition in the US. Meanwhile, Aldi, which has over 1,650 supermarkets in 35 states, announced its target of 2,500 stores by the end of 2022 in the US market.
3. Reebonz to raise funds
Southeast Asia’s largest online luxury retailer, Reebonz, is planning to raise as much as $150m to boost its business and fund expansion. The company’s website allows customers to buy new and pre-owned designer bags, watches and other luxury items. The eight-year-old start-up, which was valued at about $300m in 2015, is working with investment banks to target potential investors.
4. Nike cuts jobs
Sportswear company Nike is to shed about 1,400 jobs in a bid to reverse languishing sales. The Oregon-based group wants to focus on selling product directly to customers online, rather than through third-party retailers. Nike is facing increased competition from rivals adidas and Under Armour.