Hello, dear reader!
Yesterday it looked as if ailing Japanese company Sharp had secured a takeover from Foxconn, today things took a turn and the latter demands some clarification first. We will keep you in the loop. In other news, China's Huawei is teaming up with Germany's Leica, and French retailer Carrefour donates millions of meals to food banks worldwide. On this positive note, we wish you a relaxed weekend.
asia & south pacific
Woolies suffers huge loss The Australian retailer's decision to pull the plug on its Masters hardware chain comes at a cost as it reported a AU$ 1 billion loss. Newly appointed chief executive Brad Banducci is under pressure to revive the business. Meanwhile, competitor Wesfarmers has confirmed it is interested in about 15 Masters’ sites.
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Foxconn delays deal Taiwanese contract manufacturer Foxconn has put its US$ 6.2 billion acquisition of Japanese electronics maker Sharp on hold, saying it had been surprised by new information and needed more time to study the details.
Huawei partners with Leica The iconic German camera company and the Chinese telecom giant announced a strategic partnership to reinvent smartphone photography. The tie-up will include combined research and development, design, engineering, marketing and retail distribution.
Lidl expands in Serbia During a meeting with Serbian Prime Minister Aleksandar Vucic, representatives of German discount powerhouse Lidl announced that the company plans to open 100 stores in the country +++ Serbia is also the target of Polish footwear retailer CCC (paywall), which plans to open 423 new stores this year.
Millions of meals from Carrefour The French retailer donated almost 4,953 tonnes of foodstuffs – equivalent to 10 million meals – to food banks around the world between October and December in 2015. This was part of Carrefour’s third international Food Bank collection campaign.
usa & canada
Kohl's changes strategy After a disappointing 20% drop in fourth-quarter profits, the Wisconsin-based retailer said that it will close 18 underperforming stores this year and open seven small-format and two off-price stores and enter the outlet space with 12 Fila stores.
Pick n Pay tests new format The Cape Town-based retailer tries its luck in the informal retail trade sector by converting traditional spaza-shops into modern micro stores and will open its first-ever spaza-to-store pilot shop in Soweto this week.