TOP NEWS
* Revlon Inc. plans to formally reach out to potential bidders in September, after the U.S. Labor Day holiday weekend, in a bid to turn the company around without going private, Bloomberg News reported, citing people with knowledge of the matter. The New York-based cosmetics-maker is looking to sell the whole business or some of its major brands, but is not interested in divesting the smaller brands piecemeal, the report said. Revlon did not immediately respond to S&P Global Market Intelligence's request for comment.
* Fitness startup Peloton Interactive Inc. plans to raise $500 million during its IPO on the Nasdaq Global Select Market, according to a prospectus supplement filed with the U.S. SEC. For the fiscal year ended June 30, Peloton's sales grew 110% to $915 million compared to $435 million in fiscal 2018. Net loss rose to $245.7 million from last year's $47.9 million.
TEXTILES, APPAREL AND LUXURY GOODS
* Dolce & Gabbana Luxembourg SARL expects sales in China to decline for the year ending March 2020 as the company struggles to recover from its controversial advertising campaign in the country, Reuters reported, citing a filing with Italy's Chamber of Commerce. Total revenue for fiscal 2018-2019 reportedly rose 4.9% to €1.38 billion, but the Asia-Pacific market fell to 22% from 25% of total turnover. Dolce & Gabbana reportedly was not immediately available for comment.
* Charming Charlie Holding Inc. has retained advisory firm Hilco Streambank LLC to put the apparel brand and its related intellectual property assets, including trademarks, domain names, its customer database and social media assets, up for sale. Offers are due Sept. 5 and an auction will be held Sept. 11.
* Ted Baker PLC tapped Japan's Sojitz Infinity Inc. as its retail license partner in the country in a deal that will run for an initial five-year period. The British apparel chain will transfer its existing directly operated business to its Japanese partner, who will be in charge of the long-term expansion of Ted Baker in the region, effective Oct. 1.
* Fast-fashion retailer Primark plans to train more than 160,000 independent cotton farmers in sustainable farming methods by the end of 2022. The Associated British Foods PLC unit is expanding the three-year program to farmers in China and will enroll thousands more from India and Pakistan.
* Urban Outfitters Inc. launched a vegan skincare brand called high, which uses cannabis sativa seed oil, at 43 of its stores in the U.S. and online.
E-COMMERCE
* Meituan Dianping could revive its power bank rental business, signaling a shift in the online-to-offline app operator's strategy as it seeks to apply a more conservative approach to new ventures due to financial pressures, news site TechNode reported, citing Chinese media LatePost.
* Authentic Brands Group LLC partnered with Walmart Inc.-owned Flipkart Online Services Pvt. Ltd. to bring its Nautica apparel brand to India, Women's Wear Daily reported. Under the deal, the e-commerce company reportedly will be in charge of the online and offline licensing and distribution of Nautica in the country through its Flipkart and Myntra platforms.
HOUSEHOLD AND PERSONAL PRODUCTS
* Coty Inc.'s adjusted EPS for fiscal 2019 slid 6% to 65 cents from 69 cents in the previous year, but it beat the S&P Global Market Intelligence consensus normalized EPS estimate of 64 cents. Net revenue was down 8% year over year to $8.65 billion from $9.40 billion. Separately, Coty announced that it will exit its controlling stake in cosmetics company Younique LLC "as soon as practicable" in a bid to focus on their respective strengths.
* Tesco PLC partnered with Mattel Inc. to reintroduce the Matchbox toy car brand to the market after it was discontinued at the beginning of 2019. Under the collaboration, the two companies will launch about 100 new cars each year.
* X5 Retail Group NV has created its own digital self-checkout device, the first hardware and software product that was developed exclusively by the company, and installed 67 of them at 11 of its Pyaterochka stores. As part of the program's second phase, X5 plans to integrate a weighing platform and to install a QR code payment software in the devices.
HYPERMARKETS AND SUPERCENTERS
* Costco Wholesale Corp. will limit shoppers to 2,000 at a time at its debut store in China after it was forced to close early on opening day due to large crowds, Reuters reported, citing a company statement on Chinese social media platform WeChat. Costco, which will work with local police to improve traffic flow, reportedly pledged to text members when the store is close to capacity and when wait times are long.
HOUSEHOLD DURABLES AND SPECIALTY RETAIL
* Tiffany & Co. posted second quarter diluted EPS of $1.12, down from $1.17 in the year-ago period but above the S&P Global Market Intelligence consensus GAAP EPS estimate of $1.05. Worldwide net sales decreased 3% in reported terms, or 1% at constant currency, to $1.05 billion, while comparable sales declined 4%.
* Newell Brands Inc.-owned beverage container label Contigo is recalling about 5.7 million of its Contigo Kids Cleanable water bottles that have a black spout base and black spout cover after receiving 149 reports of the spout detaching. According to the U.S. Consumer Product Safety Commission, the water bottle's clear silicone spout can detach and pose a choking hazard to children.
* WH Smith PLC said its travel segment "continues to perform strongly" for the year ending Aug. 31 and that its international arm has expanded to 428 stores outside the U.K. The company's high-street segment is performing in line with expectations, and it delivered cost savings and margin improvements consistent with its profit-focused strategy.
HOTELS, RESORTS AND CRUISE LINES
* Shares of Thomas Cook Group PLC plunged as much as 18.08% to 6 pence on Aug. 28 after the British travel services company said it agreed on the key commercial terms of a rescue deal with investor Fosun Tourism Group, along with banks and majority of its senior noteholders. Under the terms of the latest agreement, Fosun International Ltd.-owned Fosun Tourism will invest £450 million in cash to Thomas Cook, in exchange for 75% of the equity of the British company's tour operations and 25% of its airline business.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 0.19% to 25,615.48, and the Nikkei 225 rose 0.11% to 20,479.42.
In Europe, around midday, the FTSE 100 was up 0.23% % to 7,105.45, and the Euronext 100 lost 0.54% to 1,039.34.
On the macro front
The U.S. state street investor confidence index, the U.S. Energy Information Administration petroleum status report and the U.S. survey of business uncertainty 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.
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