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* Google Inc. will invest $550 million in cash in Inc. as part of a strategic partnership that will open the door for the search-engine behemoth to deepen its involvement in online shopping. The two companies said they plan to collaborate on a range of strategic initiatives, including joint development of retail solutions in Southeast Asia, the U.S. and Europe. As part of the deal, the Chinese e-commerce company will use its supply chain and logistics expertise, and Alphabet Inc.-owned Google will use its capabilities in technology, to create next-generation retail infrastructure that will offer personalized and seamless shopping experience.

* Apparel retailer Perry Ellis International Inc. will become a private company after its board unanimously agreed to be acquired by its founder, George Feldenkreis, for $437 million, with the transaction expected to be completed in the second half of 2018. A newly formed entity controlled by Feldenkreis will acquire all outstanding common shares of Perry Ellis not already beneficially owned by his family for $27.50 per share in cash. The transaction will be financed through a senior secured asset-backed revolving loan facility underwritten by Wells Fargo Bank NA, a $282 million multitranche term financing facility provided by Fortress Credit Advisors LLC, and equity provided by the Feldenkreis family.


* Italian fashion house Missoni SpA agreed to sell a 41.2% stake to Fondo Strategico Italiano's mid-market growth equity fund in a bid to expand the luxury firm's presence globally and enhance its product development. As part of the investment, FSI industrial partner Michele Norsa, former CEO of Salvatore Ferragamo SpA and Valentino Fashion Group SpA, will be named vice chairman of Missoni's board.

* Deckers Outdoor Corp. appointed Steve Fasching as CFO, effective July 16, replacing Thomas George, who announced his resignation from the footwear maker on March 2 but remained in the role until Deckers appointed a successor. Prior to the appointment, Fasching was the senior vice president of Deckers' corporate strategy, planning & investor relations.

* India's Reliance Brands Ltd., a unit of Reliance Industries Ltd.-owned Reliance Retail Ltd, is in final-stage negotiations to take over Genesis Luxury Fashion Pvt. Ltd. for an estimated 4.5 billion rupees, sources told The Economic Times of India. Reliance Brands holds 40% of the luxury group owned by apparel company Genesis Colors Ltd after the retailer bought L Catterton Asia's entire stake in Genesis Luxury.

* Canada Goose Holdings Inc. reported "exceptional" results for fiscal 2018 as the apparel company said it expects annual revenue to grow at least 20% for the next three fiscal years. For the year ended March 31, Canada Goose posted a 95.3% year-over-year jump in adjusted diluted EPS to 84 Canadian cents from 43 cents in 2017, beating the S&P Capital IQ mean consensus estimate of 69 cents. Over the next three fiscal years, the Toronto-based company expects adjusted diluted EPS to grow at least 25% per year and annual revenue to increase by at least 20% annually.


* Alibaba Group Holding Ltd.'s e-commerce site Tmall launched a try-before-you-buy option for online fashion shoppers as it aims to remove the inconvenience of returns and refunds, according to a post on the Chinese online retail giant's news site Alizila. The service, which lists several fashion brands, including Italy's Miss Sixty; Canada's Lululemon Athletica Inc.; and China's Stella Luna, Dazzle, Ein, Yiner and Conquis, is open to select Alibaba Super members. Customers who decide to keep the clothes after trying them for seven days will be charged the payment on their Alipay accounts, while customers who want to send the items back can do so for free.

* Bazaar app Mercari Inc. plans to raise about ¥130.66 billion during its debut on the Tokyo Stock Exchange's Mothers market on June 19 after issuing shares priced at ¥3,000 each, according to a Japanese regulatory filing. The peer-to-peer marketplace app operator plans to sell 43,554,800 shares in the public offering at a price between ¥2,250 to ¥6,900, higher than its previous indicative price range of ¥2,200 to ¥2,700 per share.


* Illinois-based Walgreens Boots Alliance Inc. plans to open a new 200,000-square-foot office in the fall of 2019 in Chicago's Old Post Office Building, where it plans to employ 1,800 people. Digital and IT operations employees supporting the Walgreens business, as well as some Walgreens Boots Alliance global IT personnel, will be in the new office space, along with about 1,300 positions relocated from other offices.


* Bajaj Electricals Ltd proposed to acquire all of the shares of Nirlep Appliances Pvt. Ltd. for a consideration of 425 million Indian rupees, according to a filing with the Bombay Stock Exchange and the National Stock Exchange of India. The Indian cookware maker will become a wholly owned subsidiary of the consumer durables producer upon completion of the transaction.


* Chinese education services provider Puxin Ltd. raised $122.4 million during its IPO on the New York Stock Exchange, trading at a high of $22.18 per share and closing at a price of $21 on its U.S. bourse debut. The company sold 7.2 million American depositary shares, each representing two ordinary shares, in the public offering.

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The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was down 0.43% to 30,309.49. The Nikkei 225 fell 0.75% to 22,680.33.

In Europe, as of midday, the FTSE 100 was down 0.32% to 7,609.25, and the Euronext 100 was down 0.99% to 1,058.92.

On the macro front

The housing market index report is due out today.

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