UK discount retailer Poundworld will shutter 117 of its 355 stores by Aug. 31 and seek to negotiate rent reductions on the remaining locations as part of its company voluntary arrangement, according to a report. The retailer also expects to borrow an additional £15 million to fund its turnaround efforts.
Italian broadcasting company Giglio Group has teamed with China-based internet player Tencent to launch e-commerce services on the WeChat smartphone app. The new platform will feature Italian designer fashions and luxury goods aimed at millennials, Giglio Group CEO Alessandro Giglio said.
LVMH, the owner of the Louis Vuitton brand, led a funding round for Lyst, an online fashion search startup that connects shoppers with the web pages offering the products they want. Lyst, which launched its service in French, said it will use the new capital to expand into new languages and markets.
Rent the Runway began as a high-touch, stylist-focused business that gave customers a chance to enjoy quality apparel without the hefty prices. New rental options and recent technology additions have allowed the couture company to meet customers' evolving needs without losing its reputation for one-on-one service. Read more in STORES.
Starbucks has introduced drinks topped or sweetened with cascara, which comes from coffee husks. Aida Batlle, an El Salvadorian coffee farmer, is selling cascara for $7 a pound, while the average price for coffee is around $1.20.
The EU passed rules and targets for waste management this week, hoping to make reusing and recycling a priority over landfilling. The EU's new recycling targets for packaging waste are 65% by 2025 and 70% by 2030.
Target's Takeoff accelerator program is helping smaller brands like Hue for Every Man transition to mass market retail. The multicultural men's grooming brand has earned space at select Target locations and on the retailer's website.
L'Oreal is spearheading an effort dubbed SPICE: the Sustainable Packaging Initiative for CosmEtics, that will work to help the beauty industry develop more sustainable packaging. The program has 11 members including Coty, Avon Products, Shiseido, L'Occitane en Provence and Clarins Group.
IHA President and CEO Phil Brandl has decided on retirement after serving 22 years in his leading roles, and he will transition into a role as a consultant.
"It all seems natural and appropriate at a time when IHA is blessed with such a great and talented staff to continue to lead the association to the next level, and a great and successful future," he said about his retirement.