Shareholders of struggling Australian retailer Myer voted down executive pay proposals on Friday, in a revolt led by billionaire investor Solomon Lew pressuring the board to start delivering on its turnaround strategy.
UK households are their least confident since immediately after last year’s Brexit vote, partly because of this month’s interest rate hike and more signs of a slowdown in the housing market, a survey showed on Friday.
Shoppers splurged more than $1.52 billion online by Thanksgiving evening, up 16.8% over last year, and more bargain hunters turned up at stores this year as retailers opened their doors early on the eve of Black Friday.
Womenswear retailer College Style has filed for bankruptcy. The Dutch retailer, which focuses on the Christian Reformed Tradition community, cites the growing number of web shops as one of the factors of the default.
After outlining the evolution of Russian’s biggest luxury department store, TSUM, with its fashion director Alla Verber, FashionNetwork.com discussed the retailer’s e-commerce strategy with chairman Andreas Schmeidler.