INTERNATIONAL

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• Apparel retailer Express files for US bankruptcy protection, to close over 100 stores

  Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday.

  

• US sues to block merger of Coach and Michael Kors handbag makers

  "The FTC's decision to sue is surprising because there's no shortage of competition for fashion, apparel and accessories. The commission has latched onto a marketing term - 'accessible luxury' - and treats it like a unique market that exists in a vacuum," said Howard Hogan, chair of the fashion, retail and consumer practice at law firm Gibson Dunn.

  

• Superdry plans to go private as it kicks off rescue plan

  The rescue plan, poised to bring in material cash savings from rent reductions at 39 of Superdry's 94 stores in Britain, and extend the maturity of loans made under the group's debt facility agreements, comes as the company grapples with weak demand and a cash crunch.

  

• Supermarket chain franchisee Spinneys plans IPO, to expand into Saudi Arabia

  The company plans to open its first store in Riyadh in the first half of this year and open three more by the end of the year in the capital city and Jeddah. "These are the two cities we are targeting because that's where our customer base - affluent, high disposable income customers - is living," Kumar said, noting that Saudi Arabia, the biggest economy in the Gulf, and the UAE offer a host of untapped opportunities.

  

• US retail sales beat expectations in March

  Retail sales rose 0.7% last month, the Commerce Department's Census Bureau said on Monday. Data for February was revised higher to show sales rebounding 0.9% instead 0.6% as previously reported. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, rising 0.3% in March.

  

• UK's THG returns to revenue growth in Q4 on demand for beauty products

  After a bumper $7 billion London initial public offering in 2020, THG has issued multiple profit warnings that have weighed heavily on its shares and led to several takeover approaches, all of which have been rejected.

  

• Struggling UK fashion retailer Ted Baker to shut 15 stores, 250 jobs at risk

  Ted Baker, a popular brand name in the UK, fell into administration last month, after more than a year of being sold to U.S.-based Authentic Brands Group. Authentic Brands is looking for a new operating partner for the retail and e-commerce business in the UK and across Europe.

  

• California fast food workers get $20 hourly minimum

  The minimum wage for many fast food workers in California rose to $20 per hour on Monday, sparking joy for employees but warnings of likely price increases in the state which already faces a high cost of living. Some chains have said they will need to increase prices and warn the wage hikes could ultimately cost jobs.

  

• Alibaba groceries arm Freshippo CEO to retire, to be replaced by CFO

  The leadership reshuffle at Freshippo is the latest one at e-commerce giant Alibaba Group, which has seen a number of its senior leaders depart or move into new roles as the company undergoes a restructuring and strategy rethink.

  

• Zalando jumps as online fashion retailer sees return to growth

  Zalando said on Wednesday it expected gross merchandise value (GMV) growth, a key metric measuring the value of all goods sold, of between 0% and 5% this year, after a 1.1% decline to 14.6 billion euros in 2023.

  

• US judge to hear FTC challenge to Kroger-Albertsons deal in August

  The FTC sued last month to block the deal that would create a supermarket empire with more than 4,000 stores, saying it would boost grocery prices for millions of Americans. The tie-up has drawn tough scrutiny from lawmakers and consumer groups worried about higher grocery prices, job losses and store closures.