Tipsheet: ‘Uncomfortable Laughter’ @ Wmart Mtg | ‘Diamond Swapping’ Allegations | Etsy Open Call #2
DID HE REALLY JUST SAY THAT? – Late night TV host adds edge to Wal-Mart shareholders meeting by Michael Tilley at The City Wire. “Loud and somewhat uncomfortable laughter was the result of Corden saying (Greg) Penner’s marriage had nothing to do with him being named chairman. Corden, with subtle sarcasm, said Penner earned the job by “working tirelessly for Wal-Mart.” “He worked tirelessly at marrying Rob Walton’s daughter,” Corden joked, pulling a direct punch line out of the sarcastic setup, and launching another round of loud laughter and “did he really just say that!?” looks among the crowd.” Read more
Walmart U.S. CEO Greg Foran seeing far fewer “code red’s” by Kim Souza at The City Wire. “He said 18 months ago when he began the job there were many stores he visited that would have rated a 4 or 5 out of 10. Admitting that tremendous progress has been made, he said it could be two more years before Walmart gets to the point where they no longer have to raise bar store performance.” Read more
NYC: City’s last original grocer quietly shopping Manhattan stores by Lisa Fickenscher at NY Post. “D’Agostino, one of the city’s last independent, family-owned grocers, has been quietly shopping its remaining nine Manhattan stores, The Post has learned. The 84-year-old business had 13 stores a year ago — down from 26 at its peak — and has closed several this year alone.” Read more
Kay Jewelers Owner Denies Engaging in ‘Diamond Swapping’ by Nick Turner at Bloomberg. “The remarks follow a BuzzFeed story about customers complaining that their diamonds had been unknowingly replaced with lesser-quality gems. The allegations reverberated through the markets on Thursday when an influential newsletter from James Grant addressed them, sending Signet’s stock down as much as 14 percent in intraday trading.” Read more
Etsy Open Call, linking makers to retailers, is back for seconds by Teresa Novellino at New York Business Journal. “The event will kick off August 22 with a series of educational workshops for designers, and the pitch event will follow on August 23. Both will be held at the company’s new Brooklyn headquarters in Dumbo, at 117 Adams Street.” Read more
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Walmart CEO Doug McMillon Elected to US-China Business Council Read the release
Australia: Woolworths CEO Brad Banducci unveils growth aspirations by Sue Mitchell at Sydney Morning Herald. “In a briefing with analysts at Woolworths’ liquor head office in Sydney, Mr Banducci said he was aiming to grow food and liquor volumes by 2 per cent and lift topline sales growth to 4 per cent through price inflation and by opening a smaller number of new stores.” Read more
…Woolworths fined $9m in laundry case via Inside FMCG. “This penalty is the largest the ACCC has obtained against a party that was an accessory to competition law breaches by being knowingly concerned in anticompetitive conduct,” Sims said.” Read more
Canada: Consumers opt for frozen, not fresh amid rising produce prices by Eric Atkins at The Globe and Mail. “(Apples) are up by 23 per cent in the 12 months ending in April. Cauliflower famously soared in price over the winter to as much as $8 a head in some regions, but has come back to earth recently. Still, fresh vegetables have risen in price by more than 15 per cent, while the broad consumer price index sits at just 1.7 per cent, according to Statistics Canada’s April figures.” Read more
Here are the 14 Companies Returning to the Fortune 500 (Big Lots #10) by Audrey Shi at Fortune. See the list
Burberry CEO’s compensation falls 75% by Nathan Bomey at USA Today. “…the luxury retailer grapples with declining revenue and profit amid a slowdown in the company’s key China market.” Read more
The Lipstick Index Has a Luxury Twist by Andrea Felsted at Bloomberg. “Consumers may be thinking twice about buying a Louis Vuitton handbag, but they are happy to snap up Christian Dior cosmetics. Growth in the market for luxury goods such as watches, clothes and accessories is slowing, while the premium beauty and personal care market — which includes upscale makeup, skincare, haircare and fragrance — is gaining ground.” Read more
Tipsheet Extra Stories
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Hudson’s Bay sees $15 billion in sales this year, nearly quadruple its revenue in 2013
Watch out U.K. retailers — Walmart is coming for you
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Post Office becomes UK’s biggest retailer open on Sundays
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