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P&G signals Peltz proxy battle fails; Wal-Mart expects online sales to jump 40%


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P&G signals Peltz proxy battle fails; Wal-Mart expects online sales to jump 40%


* Trian Fund Management LP appeared to lose its proxy battle with Procter & Gamble Co. as shareholders voted to elect all of the consumer products giant's nominees to its board of directors and shut out activist investor Nelson Peltz, CEO of Trian. In a statement, Trian said the vote was "too close to call," adding that it would wait for certified results from independent auditors.

* U.S. retail giant Wal-Mart Stores Inc. said during an annual investor meeting that it expects to see a 40% spike in e-commerce sales in fiscal 2019. The company will also migrate its e-commerce site Inc.'s "smart cart" system, an algorithm that provides shoppers with the cheapest prices, to the primary Wal-Mart portal in 2018, according to the company's U.S. e-commerce CEO Marc Lore.


* Apparel retailer H&M Hennes & Mauritz AB announced that it will invest an undisclosed sum in Swedish firm re:newcell to use its technology to recycle cotton, viscose and other cellulosic fibers into a pulp that can be used to produce new textiles. The company added that the move is part of its goal to use 100% recycled or other sustainably sourced material by 2030.


* Sears Canada Inc. plans to liquidate all its remaining stores, the department store chain announced Oct. 10, following a last-ditch attempt by executive director Brandon Stranzl to save the company. The liquidation would lead to the closure of 130 stores and cause the loss of 12,000 jobs, Reuters reported.

* Japanese department store operators Takashimaya Co Ltd. and J. Front Retailing Co. Ltd. recorded rises in tax-free sales for the first half of 2017 ended August, the Nikkei Asian Review reported. J. Front's year-over-year tax-free sales reportedly rose 52%, while Takashimaya posted a 50% increase in tax-free sales during the same period. However, a majority of both companies' regional stores reportedly posted declines in same-store revenues.

* Indo Lotte Makmur, a joint venture between South Korean department store operator Lotte Shopping Co. Ltd. and Indonesian conglomerate Salim Group, launched an e-commerce portal and app called iLotte, the Nikkei Asian Review reported. The company will reportedly make an initial investment of $100 million in the e-commerce business that will offer various products primarily for women.


* Inc. said it is offering college students in the U.S. discounted rates for its Prime paid subscription service, along with a monthly payment option instead of an annual membership. The e-commerce giant said its Prime Student service costs $5.49 per month, 50% off the regular Prime fee, and comes with a six-month trial period.

* Chinese e-commerce company Alibaba Group Holding Ltd. announced that it will invest more than $15 billion over the next three years to build research hubs around the world as the company looks to further its growth with new technologies. The company also launched a research program called Alibaba DAMO Academy, which will open seven research and development labs worldwide.

* Chinese e-commerce company JD.Com Inc. said its new luxury e-commerce platform Toplife will serve as the exclusive online store in China for Canadian luxury fashion brand Ports 1961. Ports 1961, which set up physical stores in the country in the mid-1990s, also unveiled its 2017 fall and winter collections on the new platform.

* U.K.-based online retailer ASOS Plc said Oct. 11 it launched a same-day delivery service to customers in London, adding to other offerings it already has in place at a time that the competition to provide wider and speedier delivery options is intensifying. ASOS plans to expand the service to other major U.K. cities in the coming months.

* Amazon's food delivery service AmazonFresh in parts of the U.K. will sell grocery products from supermarket chain Booths, offering items from the store for the first time online. Booths runs 28 stores across the north of England.


* The U.K.'s Co-operative Group Ltd., one of the world's largest consumer co-operative societies, agreed to acquire convenience store operator Nisa Retail Ltd. for up to £143 million, the two businesses said in a joint statement Oct. 10. Nisa's board has recommended its shareholders accept the offer, according to the statement.

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