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HelloFresh plans IPO; IKEA to test online sales via e-commerce sites

TOP NEWS

* German meal-kit delivery company HelloFresh SE said Oct. 10 that it is preparing for an IPO, with a goal to raise as much as €300 million. The company plans to list its shares on the Frankfurt Stock Exchange and aims to generate proceeds of between about €250 million and €300 million, which will mainly be used to fund growth, it said in a statement.

* Swedish furniture retailer IKEA Group plans to test selling its furniture through e-commerce websites, the Financial Times reported, citing Torbjörn Lööf, chief executive of IKEA-owned Inter IKEA. Lööf reportedly said the move is part of a "broader overhaul" but declined to comment on which online retailers the company would be working with.

LUXURY GOODS

* French luxury goods group LVMH Moët Hennessy Louis Vuitton SE on Oct. 9 said revenue for the first nine months of 2017 rose 14% year over year as all of its divisions posted growth at a healthy pace. The Paris-based company said revenue for the period rose to €30.10 billion from €26.33 billion in the same period a year earlier, 12% growth on an organic basis, or a constant currency and comparable basis.

MULTILINE RETAIL

* Singapore Post said it was "finalizing details" with online retailer Lazada Group SA and Singaporean property developer CapitaLand to bring click and collect services to its revamped shopping mall called the SingPost Centre, the Nikkei Asian Review reported. Consumers reportedly can collect or return goods they purchased online at the SingPost Centre, and the partnership also plans to provide a home-delivery service for products purchased at the mall.

E-COMMERCE

* Amazon.com Inc. might have to pay back taxes to the U.S. in the wake of the EU's own call for roughly €250 million in unpaid taxes, the Financial Times reported. Citing unnamed EU officials, the newspaper added that half of the profits in a holding company operated by Amazon in Luxembourg could be taxable in the U.S. The e-commerce company declined to comment on the matter.

* Chinese e-commerce giant JD.Com Inc. launched a new luxury e-commerce platform called Toplife, which will compete with Alibaba Group Holding Ltd.'s Luxury Pavilion. The direct, full-priced shopping platform will feature various categories and provide a range of premium services.

* Japanese e-commerce company Rakuten Inc. secured exclusive rights to offer livestreaming of all American league National Basketball Association games to its subscribers in Japan. The company also became a global marketing partner of the NBA as part of the multiyear partnership, which will let Rakuten sell select NBA and team merchandise on its e-commerce channels globally.

PERSONAL PRODUCTS

* South Korean cosmetics company AmorePacific Group appointed Ahn Sae-hong as its CEO, The Korea Herald reported. Ahn has served as the vice president of its subsidiary, Innisfree, since 2014. The retailer also appointed Jessica Hanson, former marketing head at L'Oréal SA and Sephora, to lead its U.S. operations.

HYPERMARKETS

* German discount grocer ALDI Einkauf GmbH & Co. oHG plans to open an 88,000-square-meter distribution center in Bedford, England, BBC News reported. The new center could reportedly employ 400 workers and is part of the company's expansion plans in the U.K., where it aims to open 300 new stores by 2022.

CONSUMER ELECTRONICS AND SPECIALTY RETAIL

* LG Electronics Inc.'s third-quarter operating profit jumped 82.2% year-over-year but fell short of analysts' expectations, according to preliminary results announced Oct. 10. The South Korean company said operating profit for the three-month period leaped to 516.1 billion South Korean won from 283.2 billion won a year earlier. The mean consensus of analysts' estimates had forecast operating profit at 573.43 billion won, according to S&P Capital IQ.

INDUSTRY NEWS

* U.K. retail sales in September rose 1.9% year over year as price inflation filtered through to consumers, the British Retail Consortium said Oct. 10. In the three months to September, food sales increased 2.5% on a like-for-like basis, while in-store sales of nonfood items fell 2%, the BRC said. Shoppers focused on essential purchases and shied away from big-ticket items such as furniture and household electrical goods.

* Digital payments are expected to hit 726 billion transactions globally by 2020, CNBC reported, citing a report by technology consultant Capgemini and bank BNP Paribas. Data also reportedly showed that noncash transactions between 2014 and 2015 jumped 11.2%, which marks the highest growth in the past decade.