Hello, dear reader,
Canadian retail group Hudson's Bays' appetite for acquisitions seems to be insatiable. After thinking about to take over Macy's, the conglomerate is reportedly in talks to buy Neiman Marcus. E-commerce giant Ebay has launched in Chile and the online market in Britain gets an Australian competitor. Read these stories and a lot more in today's issue.
USA & Canada
Department store struggle
Neiman Marcus is up for sale and Hudson's Bay is reportedly looking for a deal to buy the ailing luxury clothing chain without taking on the company's debt of roughly US$ 5 billion. Meanwhile Macy's, which was also on the shopping list of the Canadian group, announced changes to get the company back on track.
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Couche-Tard on course
The Canadian convenience store operator reported a quarterly profit increase thanks to its operations in Europe and the US, but missed the estimates due to weak economy in its home country. The global re-branding of its Circle K stores gained momentum with more than 1,000 stores in the US completed.
JBS brings home the bacon
The Brazilian meat processing giant has announced a deal with food manufacturer Danish Crown to acquire their Plumrose USA business for US$ 230 million. Plumrose produces ham and bacon and other premium meat products and generates revenues of around US$ 500 million annually.
Ebay launches in Chile
Online giants continue to arrive in the South American country. Following on from Amazon opening its first facility in Santiago last year, US e-commerce major Ebay is gearing up to start in Chile in cooperation with leading Argentinian online market place Mercado Libre (in Spanish).
Lidl buys in Belgium
Following the merger of Dutch retailer Ahold and Belgium's Delhaize, the Belgian unit of the German discounter will acquire three Albert Heijn stores and one project, allowing Ahold Delhaize to satisfy the Belgian Competition Authority.
Fnac partners for music
In a bid to compete with Amazon and improve its online music and video offering, French retail group Fnac-Darty has unveiled a strategic alliance with streaming platform Deezer. The deal will see the former become a shareholder of the latter within three years.
Asia & Australia
Heading out of China, British icon Marks and Spencer has closed its prestigious Beijing branch earlier this month +++ In a move that will help it focus on its North American stores, office supply retailer Staples is selling its Australian and New Zealand operations to private investment firm Platinum Equity.
E-commerce foray in Indonesia
South Korean retail major Lotte joins forces with Jakarta-based Salim Group to introduce an online platform in the Southeast Asian island nation, putting US$ 88 million into the project initially. Indonesia's e-commerce market is expected to grow to US$ 46 billion by 2025.