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P&G: Peltz lost by just over 6 million votes; Nordstrom delays privatization

TOP NEWS

* Procter & Gamble Co. said Oct. 16 that Trian Fund Management LP CEO and founding partner Nelson Peltz fell short of winning a seat on its board of directors by just over 6 million votes out of billions cast. The results still are preliminary, P&G wrote in the document, adding that it will file final results with the SEC once vote totals have been certified by its independent inspector of elections. A spokeswoman for Trian did not immediately respond to a request for comment on the tally.

* U.S. department store operator Nordstrom Inc. said it would hold off on making a deal to go private until 2018. The retailer said in a statement that members of the chain's founding family have told a special committee on the company's board of directors that they will resume work on a deal "after the conclusion of the holiday season."

TEXTILES, APPAREL AND LUXURY GOODS

* Uniqlo owner Fast Retailing Co. Ltd. and women's specialty retailer L Brands Inc. have agreed to invest in the IPO of Hong Kong-based cloth supplier Crystal International Group Ltd., Bloomberg reported. Fast Retailing reportedly would buy $20 million worth of Crystal's stock and Victoria's Secret owner L Brands agreed to buy $10 million. The company aims to raise as much as $574 million through the offering.

* Swiss luxury goods company Compagnie Financière Richemont SA, which owns a portfolio of jewelry and watch brands, on Oct. 17 flagged a sharp increase in profit expected for the first half of fiscal 2018. The company said operating profit for the six-month period ended Sept. 30 is likely to show an increase of about 45% year over year. The corresponding profit for the period is expected to show an increase of about 80%, Richemont added.

MULTILINE RETAIL

* Vietnamese mall operator Vincom Retail Co., Ltd. launched an IPO valued at up to 16.2 trillion Vietnamese dong, DealStreetAsia reported, citing International Financial Review. Vingroup, Vincom's parent company, reportedly did not immediately respond to DealStreetAsia's request for comment on the IPO terms. Bloomberg reported that the company will price the IPO Oct. 26 and start trading from Nov. 6.

E-COMMERCE

* Chinese e-commerce site JD.Com Inc. has opened two unmanned convenience stores on a test basis at its Beijing headquarters that use facial recognition and RFID technology to analyze customers' movements and product preferences. The company's unmanned convenience store model offers the full array of such technological innovations, while its D-Mart Smart Store Solution is a low-cost option of its first model.

* Amazon.com Inc. invested 16.20 billion rupees in its Indian unit, The Times of India reported, citing regulatory filings. The e-commerce giant, which plans to spend $5 billion in the country, made the latest investment in September, the newspaper added.

* U.S. online marketplace eBay Inc. rolled out eBay Authenticate, an authentication service for shoppers and sellers of luxury handbags on the online marketplace. The company said handbags listed with an "authenticity verified" label are backed by a 200% money-back guarantee and that it will expand the service in 2018 to include more categories.

FOOD RETAILING

* The U.K. unit of German discount retailer Lidl Stiftung & Co. KG plans to open a new regional distribution center in Peterborough, England, Reuters reported. The 754,000-square-foot facility would reportedly be Lidl's largest distribution center in the U.K. and would create 500 jobs when operational.

* Canadian food and pharmacy company Loblaw Cos. Ltd. laid off 500 of its office workers, many of them with immediate effect, to cope with "growing pressures" from costs and competition, Canadian Business reported, citing a memo to the company's employees. However, the company reportedly expects to create "hundreds" of jobs in 2017 as it invests in omnichannel, financial services and other growing sectors.

SPECIALTY RETAIL

* U.S. toy company Toys R Us Inc. is looking at strategic options for its Asian business, including an IPO on the Hong Kong stock exchange, Bloomberg News reported, citing people with knowledge of the matter. The company's Asia operations are not part of its bankruptcy proceedings, and it could reportedly raise as much as $2 billion from a listing. Representatives for Toys R Us and a spokeswoman at its Asian joint-venture partner Fung Group declined Bloomberg's requests for comment.

* Swedish furniture retailer IKEA Group increased prices in Britain by 3% as a fall in the value of the British pound hurt its imports, Reuters reported, citing an IKEA spokeswoman. The company reportedly imports many of the items it sells in Britain.

INDUSTRY NEWS

* U.K. supermarket sales for the 12 weeks ending Oct. 8 rose 3.1% year over year even as the "big four" supermarkets lost market share to smaller operators, market research firm Kantar Worldpanel said. However, sales at the "big four," consisting of Wm Morrison Supermarkets plc, Tesco Plc, J Sainsbury Plc and Wal-Mart Stores Inc.-owned ASDA Stores Ltd., continued to increase. German discount retailer Lidl reportedly continues to be the fastest-growing supermarket in the U.K.

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