Steinhoff International-owned Greenlit Brands has sold its general merchandise division to Allegro Funds, as the South African retailer grapples with the fallout of an accounting scandal worth about $7 billion.
The Italian interiors brand has opened a first Dutch store in Amsterdam, bringing the total of its monobrand shops to seven and launching also its Dutch e-tail site, as it forecasts a revenue of €16 million for 2019.
The owner of the Ikea furniture brand expects sales to grow this fiscal year as online trade expands, but profits will be tempered by increased investment as the brand battles web specialists like Amazon and Made.
The need to match rivals' prices is continuing to impact John Lewis with the company still being forced into discounts. And it doesn't play along, its sales are going into reverse as could be seen in its latest week.
H&M is expanding its focus on making fashion greener and revealed on Thursday that it has been collaborating with Ikea on a large-scale study, reviewing chemical content in post-consumer textile recycling.