Office Depot knocks back Staples takeover bid; CVC in talks to buy Birkenstock

TOP NEWS IN RETAIL

* Office Depot owner The ODP Corp. has knocked back a takeover approach by Staples owner USR Parent Inc., The Wall Street Journal reported, citing a letter sent by the target company. Office Depot reportedly said the deal would carry too much regulatory risk, and a merger of the two companies' retail operations or a joint venture would be preferable.

* Private equity firm CVC Capital Partners is in advanced talks to acquire footwear company Birkenstock for more than €4 billion, sources told Bloomberg News. A representative for CVC reportedly declined to comment, while a Birkenstock spokesperson did not immediately comment.

➤ Uniqlo shows continued pandemic challenges for fast fashion

Fast Retailing has reported revenues that were below expectations due to continued pandemic-related disruptions in its North American operations, among other reasons. It is unlikely to be the only firm to have faced those issues.

➤ New EU ruling could whet big food companies' appetite for insect-based fare

Barclays estimates that the insect protein market could be worth up to $8 billion by 2030, based on a compound annual growth rate of 24%.

➤ Samsung, LG refrigerator imports heat up as retail sales remain cool

U.S. retail sales increased by a modest 4.3% year over year, while imports of consumer durables have surged, raising the prospect of excess inventories. Import growth has been led by home appliances and specifically refrigerators.

TEXTILES, APPAREL AND LUXURY GOODS

* A consortium including British retailer Next PLC is leading the race to buy struggling fashion retailer Topshop, The Guardian reported. Topshop's parent Arcadia Group Ltd., which also owns popular brands including Dorothy Perkins and Miss Selfridge, went into administration in November 2020. Next reportedly has teamed up with U.S. hedge fund Davidson Kempner Capital Management LLC to jointly bid for the business, and Jan. 18 is the final date for the companies to submit the bids.

* Fast Retailing Co. Ltd.-owned Uniqlo will launch its own Uniqlo Pay service on its mobile app, instead of using third-party services, Nikkei Asia reported. The payment feature reportedly can be used at almost all Uniqlo stores in Japan. Uniqlo Pay will also be available for online purchases and at GU stores in the future.

* Kering SA-owned watch brand Girard-Perregaux rolled out its own e-commerce site in the U.S. and the U.K., with plans to expand its reach to other markets, Women's Wear Daily reported, citing CEO Patrick Pruniaux.

* Superdry PLC reported that the underlying basic loss for the half year ended Oct. 24, 2020, widened by 84.2% to 10.5 pence per share from a loss of 5.7 pence per share last year. Revenue declined by 23.4% year over year to £282.7 million due to the impact of the coronavirus pandemic.

E-COMMERCE

* China's competition regulator launched an investigation into Tencent Holdings Ltd.-backed Vipshop Holdings Ltd. following complaints that the online discount retailer has unfairly locked in sellers, Nikkei Asia reported, citing the watchdog. Vipshop reportedly said it will cooperate with the investigation.

* Amazon.com Inc. will invest more than €230 million to launch two new logistics facilities in Italy, creating 1,100 jobs in the next three years, Reuters reported, citing a company statement. The company will build a distribution site in the city of Novara and a fulfillment center in the city of Modena.

* Roofoods Ltd., doing business as Deliveroo, named Next PLC CEO Simon Wolfson as a nonexecutive director of its board ahead of its potential IPO, Reuters reported, citing a company statement.

FOOD AND STAPLES RETAILING

* Alison Horner will step down as CEO of Tesco PLC's Asian unit in February, The Sunday Times reported, citing an internal company memo. Horner reportedly declined to comment but has told colleagues her exit is unrelated to the collapsed construction company Carillion PLC, where she was a nonexecutive director.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Greeting card company Moonpig.com Ltd. confirmed that it intends to list on the London Stock Exchange, targeting a free float of at least 25% of its issued share capital upon admission.

MARKETS

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