article thumbnail

FedEx Plans $1 Billion in Cuts as Demand Falls

Retail TouchPoints

FedEx is planning to cut an additional $1 billion in costs, citing weak demand that led to a disappointing profit for Q2 2023, which ended Nov. The reductions will add to cost-cutting measures announced in September to bring FedEx’s total fiscal savings plan for 2023 to $3.7 FedEx had expected revenue of $23.7

Planning 289
article thumbnail

Tom Ford opens its first Australian Beauty concept store

Inside Retail

Tom Ford opened its first store in Australia in Sydney in 2011, and it was acquired last year by beauty behemoth Estee Lauder in a US$2.8 The corporation planned to fund this deal using cash, debt, and $300 million in delayed payments to the sellers that will become due in July 2025.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Consumer class action launched against JB Hi-Fi over ‘junk’ warranties

Inside Retail

The suit is seeking refunds for consumers who bought such warranties between January 1, 2011 and November 29, 2023. They were of little or no value because – the class action argues – customers already had the same rights for free under the Australian Consumer Law. Further reading: JB Hi-Fi says full-year profit fell, but sales up 4.3

Consumer 264
article thumbnail

Poshmark to exit Australia to focus on core markets

Inside Retail

The company said on its website that it plans to increase investment and “drive meaningful growth” in its core markets – the US and Canada. Founded in 2011, Poshmark is a social commerce marketplace where users can buy and sell new and secondhand fashion, home goods, and electronics.

Marketing 263
article thumbnail

Søstrene Grene to Open Flagship Store in Central London Amid UK Expansion Plans

365 Retail

Søstrene Grene , the esteemed Danish homewares and hobby brand, has unveiled plans to open a flagship store in Central London. Founded in 1973 by the Grene family, the brand’s legacy is now carried forward by Mikkel Grene, who took over as CEO and co-owner in 2011.

Planning 111
article thumbnail

Bark Ups the Ante in Petcare with Debut of Airline for Dogs

Retail TouchPoints

When we started Bark in 2011, we were on a mission to disrupt the dog space and create products designed for dogs and their humans,” said Matt Meeker, Co-founder and CEO of Bark in a statement. “We Each plane will accommodate approximately 10 dogs and their human companions.

Planning 262
article thumbnail

Sears Reaches $175 Million Settlement With Lampert, Clearing Way to Complete Bankruptcy

Retail TouchPoints

Sears Holdings and its creditors have reached a $175 million settlement agreement with former CEO Eddie Lampert and other investors that will clear the way for the retailer to execute its long-delayed bankruptcy plan. Lampert exited the CEO role when Sears entered bankruptcy in October 2018 and stepped down as Chairman in February 2019.

Planning 242