BoF compiles the most important professional moves of the week.
CAPE TOWN, South Africa — Woolworths Holdings Ltd. of South Africa is using a $2 billion takeover of Australia’s David Jones Ltd. to challenge fashion retailers Inditex SA, Hennes & Mauritz AB and Fast Retailing Co. in the southern hemisphere.
NEW YORK, United States — Aldo Bensadoun, who founded the Aldo Group in 1972 selling wooden clogs in Canada, is the sole owner of the Aldo Group’s two shareholding entities. The retailer now has a value of $1.7 billion, according to data compiled by Bloomberg, making Aldo’s executive chairman, Bensadoun, a billionaire.
HONG KONG, China — Li & Fung Ltd. is working with Citigroup Inc. to spin off its brands business, valued at about $2 billion, people with knowledge of the matter said.
TOKYO, Japan — Fast Retailing Co., Asia’s biggest clothing retailer, fell the most in 10 months in Tokyo trading after lowering its annual profit forecast, citing higher costs and weak demand.
PARIS, France — Japanese casual wear chain Uniqlo opens its first store in Germany on Friday, as it accelerates expansion in Europe in a bid by its parent company Fast Retailing Co Ltd to become the world's top fashion retailer by 2020.
PARIS, France — Gucci owner Kering SA will consider acquiring sports and lifestyle brands in three years, as it assesses the performance of its Puma brand, Chief Executive Officer Francois-Henri Pinault said.
NEW YORK, United States — Abercrombie & Fitch Co., the teen retailer that’s been under pressure from activist investors to shake up management, hired Kohl’s Corp. executive Joanne C. Crevoiserat to be chief financial officer.