J Sainsbury plc has agreed for a financing package of £3.5 billion in the proposed combination with Asda Stores Ltd, Walmart’s UK subsidiary, working with its existing banks and new institutions. Sainsbury's revolving credit facility will rise from £1.45 billion to £2.0 billion at transaction close, providing further financial flexibility to the joint group. J Sainsbury said in a release that it is on track to achieve £200 million of cost savings this year. Walmart had said on April 30

Secoo Holding, Asia's largest online integrated upscale products and services platform, is now a strategic partner of L Catterton Asia, the Asian unit of the largest and most global consumer-focused private equity firm, and JD.com, China’s largest retailer. Secoo has got a US$175 million investment as three-year convertible note from L Catterton and JD.com. Pursuant to the convertible note and warrant subscription agreement, L Catterton and JD will subscribe for a convertible note with the p

Major British high street stores like Asos, River Island, New Look and Next will participate in the Shape GB campaign, a survey conducted for the first time in 17 years across the United Kingdom to create standardised sizes. Around 30,000 adults will submit their measurements using an app that will enable retailers to adhere to a new universal sizing system. The survey will measure people’s body’s via a revolutionary body volume indicator (BVI), according to British media reports. Users

On a reported basis, the retail sales of Asos plc, a global fashion destination, for four months ended June 30, 2018, has climbed 22 per cent while it went up 21 per cent in constant currency. The company has recorded continued market share gain in the United Kingdom with retail sales growth of more than 23 per cent in the reported period. The company expects FY18 sales to be within the range of 25-30 per cent and the gross margin is forecast to be around 100 basis point. "I am pleased with t

Indian brand PrettySecrets has tied up with Myntra to be a part of Myntra’s Brand Accelerator Program. PrettySecrets has seen a month on month growth of over 80 per cent on Myntra as compared to last year’s End of Reason Sale on Myntra. This year, PrettySecrets has grown by 110 per cent, with sales worth Rs 4 crore in June on Myntra alone. PrettySecrets’ growth chart over the past one year has had a very positive influence over Myntra which in turn is one of the biggest fashion e-commerce bra

Burberry has recorded 3 per cent increase in its comparable sales in the first quarter of fiscal 2018, with a solid performance in retail in a period of transition. The company has also announced strategic investment in key markets including relocating and expanding its flagship store in Dubai and closing an additional two outlets in the reported period. In the first quarter of fiscal 2018, Burberry completed global roll out of new digital clienteling tool supporting enhanced customer service

Carlo Benetton, the youngest of the four siblings who founded the renowned Italian fashion brand United Colors of Benetton, has died from cancer at the age of 74. Carlo founded the company with his brothers Luciano and Gilberto and his sister Giuliana in 1965 in Ponzano Veneto. Benetton died in his home in the northern Italian city of Treviso. Benetton initially became famous for its signature soft wool jumpers in a variety of colours, but later on became more known for a series of controvers

Creating sourcing opportunities for the textiles industry, the 25th Hong Kong (HK) Fashion Week comes to an end. Around fifteen fashion events, including fashion shows, trend forecasting and fashion tech seminars, buyer forum and a networking reception were held during the four-day fair to generate business opportunities for industry professionals. Around 11,000 buyers from 65 countries and regions attended the trade show with attendance from Canada, Taiwan and those from Belt and Road countr

Australia’s swimwear brand Seafolly will soon open its first online store in China on the country’s largest cross-border ecommerce platform Tmall Global. With 1.4 million Chinese tourists visiting Australia in the past 12 months and exposed to Australian beach lifestyle, CEO Paul Kotrba sees the Chinese market as critical to the firm’s global expansion plan.Alibaba Group subsidiary Tmall Global has more than 70,000 brands and retailers and receives more than 40 million unique online visitors dai

As many as 10 couturiers will display their creative clothing range at the India Couture Week 2018 beginning July 25. The ramp will be enlivened by designers namely Anju Modi, Pallavi Jaikishan, Rahul Mishra, Reynu Taandon, Rohit Bal, Shyamal & Bhumika, Suneet Varma, Tarun Tahiliani, and debutants Amit Aggarwal and Falguni & Shane with colour and shine. "Hindustan Times is happy to be presenting the FDCI India Couture Week with Sunil Sethi Design Alliance. There is great resonance wit