V.F. Corp. to move APAC HQ to Shanghai; IAC supports MGM's bid for Entain

TOP NEWS IN RETAIL

* V.F. Corp. will move its Asia-Pacific headquarters to Shanghai from Hong Kong, in order to strengthen its presence in China. It will also move its Asia Product Supply Hub to Singapore from Hong Kong. The transition will occur in the next 12 to 18 months, starting in April.

* MGM Resorts International secured IAC/InterActiveCorp.'s support for its proposed takeover bid for BetMGM partner Entain PLC, confirming earlier reports. IAC said it plans to invest up to $1 billion in MGM to support the acquisition. Meanwhile, MGM Chairman Barry Diller told the Financial Times (London) that he is "skeptical" that the takeover attempt will succeed, pointing to the uncertainty surrounding all-stock deals, wherein market values of companies "have to align completely."

➤ Life during, after COVID-19 – supply chain strategies in 2021

Corporate supply chain strategies have had to shift from tariff-cost mitigation to resilience building in the past four years. In 2021, the fruits of those labors, and a new round of challenges, will start to emerge.

➤ 'A huge shock': December US job losses show a recovery on pause

Roughly 140,000 jobs were lost in December, a far departure from the 50,000 jobs projected by economists' consensus to be added in the month. Economists caution that labor market weakness will continue for several months.

➤ Hospitality industry drives US job losses in December 2020 amid COVID-19 spike

The U.S. economy lost 140,000 jobs last month as the leisure and hospitality industry saw a decline of 498,000 jobs.

TEXTILES, APPAREL AND LUXURY GOODS

* Footwear retailer Dr Martens, owned by private equity firm Permira, plans to launch an IPO in London, the Financial Times reported, citing CEO Kenny Wilson. The company reported £672 million in revenue for the year that ended March 2020, the report said.

* Lululemon Athletica Inc. said it now expects its fourth-quarter 2020 adjusted diluted EPS to be at the high end of its mid-single digits expectation and for revenue to be at the high end of its mid- to high-teens expectation. CEO Calvin McDonald said the company remains "confident about our opportunities in 2021 and committed to our Power of Three growth plan."

* FRP Advisory has accepted an unnamed buyer's bid to rescue Edinburgh Woollen Mill Group Ltd. out of administration, potentially saving "a small number" of the retailer's 400 stores, a source told The Sunday Times (London).

E-COMMERCE

* Future Group founder and CEO Kishore Biyani sees "no reason" why Future Retail Ltd.'s deal with Reliance Industries Ltd. should be delayed following the Delhi High Court ruling on Amazon.com Inc.'s dispute, Reuters reported. Amazon reportedly declined to comment on the matter, while Reliance did not respond to a comment request.

HOUSEHOLD AND PERSONAL PRODUCTS

* Spectrum Brands Holdings Inc. and private equity firm CVC Capital Partners are in advanced purchase talks for Conair Corp., sources told Bloomberg News. The deal could value the hairdryer manufacturer at about $2 billion. Representatives for Spectrum and Conair reportedly did not respond to comment requests, while a CVC spokesperson declined to comment.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* JD Sports Fashion PLC's revenue for the 22 weeks to Jan. 2 rose 5% year over year. The sporting goods retailer expects a headline pretax profit of about £295 million for the full year ending Jan. 30, and a 5% to 10% pretax profit growth for the year ending Jan. 29, 2022.

HOTELS, RESORTS AND CRUISE LINES

* Marriott International Inc. paused donations to lawmakers who voted against the certification of President-elect Joe Biden's election, company spokesperson Connie Kim confirmed to Reuters. A Walmart Inc. spokesperson reportedly also said the retailer will factor the pro-Trump riots at the U.S. Capitol as it reviews its donation strategy.

CASINOS AND GAMING

* Casino operator Las Vegas Sands Corp. is in early talks with potential sport betting partners, Bloomberg News reported, citing people familiar with the matter. The plans could include the use of the Las Vegas Sands brands or the creation of a betting platform, the report said. Las Vegas Sands did not immediately respond to S&P Global Market Intelligence's requests for comment.

* Entain, formerly known as GVC Holdings PLC, said CEO Shay Segev will resign from the company to become co-CEO of sports streaming platform DAZN. Shay will remain with Entain for the next six months or until a successor is found.

MARKETS

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