TOP NEWS
* Australian maker of travel and adventure outdoor apparel Kathmandu Holdings Ltd. has agreed to acquire 100% of surfwear-maker Rip Curl Group Pty. Ltd. for A$350 million, according to a filing to the New Zealand Stock Exchange. Rip Curl, which was founded in Bells Beach in the Australian state of Victoria in 1969, designs, manufactures and sells surfing apparel and equipment in Australia, New Zealand, North America, Europe, Southeast Asia and Brazil.
* Amazon.com Inc. plans to introduce the technology behind its cashierless Go stores to other retail formats such as stores in airports and movie theaters, CNBC reported, citing people familiar with the matter. The e-commerce giant is reportedly in talks to bring its Go technology to Cineworld Group PLC-owned Regal theaters and OTG EXP Inc.'s CIBO Express stores at airports. An Amazon spokesperson told S&P Global Market Intelligence that the company does not comment on rumors or speculation.
TEXTILES, APPAREL AND LUXURY GOODS
* California-based apparel retailer Tilly's Inc. appointed Tricia Smith as executive vice president and chief merchandising officer, effective Sept. 30, and promoted Michael Henry to the position of executive vice president and CFO. Smith was previously general merchandise manager of women's, young contemporary, designer and specialized apparel at Nordstrom Inc.
* Italian apparel retailer Aeffe SpA will name Stefano Secchi as general manager of its luxury fashion house Moschino SpA, replacing Gabriele Maggio, Women's Wear Daily reported.
* Luxury group Kering SA appointed Kalpana Denzel as chief diversity, inclusion and talent officer, effective Oct. 1.
* Wacoal America Inc. promoted Mitch Kauffman as president, replacing CEO Bob Vitale, who is set to retire, Women's Wear Daily reported. Kauffman will also become CEO of Wacoal's U.S. unit in March 2020, the report said.
MULTILINE RETAIL
* Australian conglomerate Wesfarmers Ltd. said it found that it underpaid about 6,000 current and former employees at its industrial and safety business during the testing of its new payroll system. The company said it owes approximately A$15 million, about half of which "relates to superannuation on loadings and allowances," to employees at its Blackwoods, Workwear Group, Coregas and Greencap units since 2010.
E-COMMERCE
* Asos PLC reduced the fee it charges for unlimited free delivery from £14.99 to £9.95 following customers' complaints about the increased price, the company confirmed to S&P Global Market Intelligence in an email. The e-commerce company retailer said it will contact customers who were charged £14.99 to give them a discount on their next purchase. Retail Gazette first reported the story.
FOOD AND STAPLES RETAILING
* J Sainsbury PLC said John Rogers resigned as CEO of Sainsbury's general merchandise unit Argos, effective Oct. 31, to join advertising company WPP PLC as its CFO.
HOUSEHOLD DURABLES AND SPECIALTY RETAIL
* The U.K.'s Competition and Markets Authority referred JD Sports Fashion PLC's £90 million acquisition of Footasylum PLC for a more in-depth investigation as the regulator expects the transaction to result in substantially less competition within the sportswear market. In response to the CMA's decision, JD said it believes the deal would not affect competition, adding that it will continue to fully cooperate with the antitrust authority.
* Steinhoff International Holdings NV unit Steinhoff Investment Holdings Ltd. delayed the publication of its 2017 and 2018 results, which were scheduled to be released by the end of September. "Despite the company's best efforts, there remains a substantial amount of work in order to prepare, and then to audit, the company's annual financial statements," Steinhoff Investment said.
* AB Electrolux appointed Kai Wärn, president and CEO of Husqvarna AB (publ), as chairman of its Electrolux Professional unit, which it intends to distribute to its shareholders and list during the first half of 2020. Electrolux Professional designs and manufactures restaurant, catering and laundry solutions.
HOTELS, RESORTS AND CRUISE LINES
* U.K.'s Financial Reporting Council started a probe into the auditing of financial statements of Thomas Cook Group PLC by Ernst & Young for the year ended Sept. 30, 2018.
* Thomas Cook Group PLC's former employees are pressing legal charges against the embattled retailer to get compensation after losing their jobs, the Financial Times reported, citing labor union Unite. Another 8,000 workers of the company submitted a request to U.K. business secretary Andrea Leadsom to ask insolvency administrators to pay outstanding wages of Thomas Cook staff.
* SoftBank Group Corp. and Indian hotel startup Oyo have together acquired an 80% stake in Japanese rental apartment operator MDI for about $100 million, the Nikkei Asian Review reported, citing a person familiar with the deal. Oyo reportedly confirmed the transaction but declined to provide details, while SoftBank and MDI declined to comment.
INDUSTRY NEWS
* Gambling revenue in Macao increased 0.6% year over year in September to 22.08 billion Macanese patacas, while accumulated gross revenue for 2019 declined 1.7% to about 220.30 billion patacas, according to data from the Gaming Inspection and Coordination Bureau.
* Retail sales volume in Greece declined 3% year over year in July, while revenue decreased 2.7%, according to the Hellenic Statistical Authority.
* German retail trade turnover recovered in line with expectations during August, provisional data from the Federal Statistical Office showed. Real retail trade increased by 0.5% month over month in August after calendar and seasonal adjustments, matching the consensus estimate of economists polled by Econoday.
Now featured on S&P Global Market Intelligence
Amazon in the Middle East: Competition, regulation could stymie ambitions
Amazon in the Middle East: Leveraging a lucrative growth opportunity
Shoemakers lead same-store sales growth among consumer companies
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Nikkei 225 lifted 0.59% to 21,885.24.
In Europe, around midday, the FTSE 100 fell 0.40% to 7,378.59, and the Euronext 100 was down 0.15% to 1,097.49.
On the macro front
The Redbook Index for retail sales, the Purchasing Managers' Manufacturing Index, Institute For Supply Management manufacturing index and the construction spending report are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
