CHECKOUT COUNTER: Nestlé buys hipster coffee
A weekly round up of the hottest international retail and consumer news.
1. Nestlé splashes out on hipster coffee brand
Swiss food giant Nestlé SA has bought a majority stake in California-based Blue Bottle Coffee.
It marks the first step by a packaged coffee leader into the world of "hipster" speciality bars that serve high-end, single-origin coffees. The terms of the deal have not been disclosed, but the company is said to have paid as much as US$500m.
2. Aerosoles files for bankruptcy
Women’s shoe retailer Aerosoles Group has filed for Chapter 11 bankruptcy protection — the latest casualty in a struggling retail industry. Aerosoles has more than 300 stores around the world, including in China, India and Peru. The firm will shut stores as part of a restructuring effort to realign the business. According to its bankruptcy court filing, the company has listed assets of $10m-$50m and liabilities of $100m-$500m.
3. Profits fall at Prada
Italian fashion house Prada SpA reported first-half profits that missed analysts’ estimates and cautioned that its turnaround efforts may take longer than expected. Net income fell 18% to €€115.7m in the six months to end-July. Analysts had predicted €143m, according to data compiled by Bloomberg. Revenue was down 5.7%.
4. Rolling Stone mag up for sale
The publisher of Rolling Stone magazine has announced it is putting its controlling stake in the magazine up for sale. Founder Jann Wenner started the magazine in San Francisco in 1967 with music critic Ralph Gleason. Since then, it has remained under the control of his company, Wenner Media.