Retail Unilever sells Ben & Jerry’s business in Israel Unilever on Wednesday sold its Ben & Jerry’s ice cream business in Israel to its local licensee for an undisclosed sum, aiming to smooth over a potentially damaging diplomatic row over the company’s political stance. The deal comes after the US ice cream brand announced last year it would stop marketing products in the Israeli-occupied […] June 30, 2022
Retail Nike Q1 forecasts downbeat, despite higher Middle East sales Nike Inc forecast first-quarter revenue below estimates as it expects to discount more and wrestles with pandemic-related disruptions in China, its most profitable market. The company’s shares fell 3 percent to $107 after the bell. Analysts are mixed about Nike’s prospects in China this year even as strict COVID-19 lockdowns have been lifted in several […] June 28, 2022
Retail British shoppers continue to cut back as retail sales fall in May British consumers cut back on shopping in May in the face of fast-rising inflation, and an increase in sales in April was revised down sharply, according to data that on Friday provided further evidence of a cost-of-living squeeze. The Office for National Statistics said May sales volumes fell by 0.5 percent on the month, a […] June 24, 2022
Opinion How global brands can get on the road to Babylon The scars of war are rarely seen as Iraq opens its doors to international business June 23, 2022
Retail Qatari fund sells half its stake in Spanish retailer El Corte Ingles Privately owned Spanish department store chain El Corte Ingles said on Tuesday it bought back half of the stake Qatari fund Primefin held in the company. Primefin, an investment vehicle of Sheikh Hamad Bin Jassim Bin Jaber Al Thani, the former Prime Minister of Qatar, will keep a 5.53 percent stake in Corte Ingles, while […] June 21, 2022
Retail Danone trims product range as shoppers balk at high prices French food giant Danone is cutting the variety of products it sells to retailers to cut costs, a top executive told Reuters, meaning yoghurt fans may in future miss out on the exact flavour or pot-size they’re used to. Supermarkets and the makers of packaged food are struggling to combat rising costs, with products ranging […] June 20, 2022
Retail Dior show in Spain glitters with flamenco notes A live show by Christian Dior in the Spanish city of Seville on Thursday included a colourful celebration of flamenco. The event is one of several that mark the return of luxury labels to the catwalk after a period of dormancy during the COVID-19 pandemic. The event in the city’s historic Plaza de Espana showcased […] June 17, 2022
Retail UAE shoppers less price-conscious than Europeans but not for long UAE shoppers are much less price-conscious when buying goods and services, compared to their European counterparts, but the record rising cost of living may see this becoming more of a priority for some over the next 12 months, according to a new retail report. In a survey in April of 5,250 consumers in seven countries […] June 14, 2022
Retail Retail festival to test Covid-hit Chinese shoppers’ urge to splurge China will get a picture of how its zero-Covid policy and slowing economy are affecting shoppers’ urge to splurge this weekend, as e-commerce platforms gear up to report takings from the mid-year 618 shopping festival. The retail event, held in the run-up to June 18, is China’s second-largest by sales after Singles Day on November […] June 14, 2022
Retail Dubai deepens China ties with $163m Jafza market Yiwu will be the first free zone market in the Middle East to cater to the retail and wholesale industries June 13, 2022
Retail Online shopping surges 32% in UAE The total number of debit and credit cards used for online transactions in the United Arab Emirates (UAE) increased by nearly a third during the first quarter of this year. Consumers continue to embrace the e-commerce sector despite travel and shopping restrictions returning to normal following the coronavirus pandemic. Network International, a payment processing firm […] June 10, 2022
Retail Saudi mall reopens after blaze cost $6.67m Saudi retail operator Arabian Centres has reopened Mall of Dhahran, in the eastern province of the kingdom, and confirmed in a statement to the Saudi Exchange that the financial cost of a fire at the site last month will be roughly 25 million Saudi riyals ($6.67 million). In the bourse statement, Arabian Centres confirmed that […] June 8, 2022
Retail Saudi PIF ‘shortlisted as bidder for stake in Starbucks MENA’ Saudi Arabia’s Public Investment Fund (PIF) has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, according to two sources. The franchise has several hundred coffee shops in 14 countries across the Middle East, Russia and central Asia. Kuwait-based Alshaya Group, the region’s […] June 6, 2022
Retail Beware the NFT bandwagon, crypto lawyer warns shoppers As Gulf retail brands venture into non-fungible tokens (NFTs), customers need to be careful not to fall for fear-of-missing-out (FOMO) syndrome, and jump on the digital bandwagon without fully understanding what they’re buying into, a leading cryptocurrency and blockchain lawyer has said. Her warning comes as Dubai-based retail giant Majid Al Futtaim (MAF) and blockchain […] June 2, 2022
Banking & Finance UAE’s Al-Futtaim Group to invest up to $1bn in Egypt Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday. Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts […] June 2, 2022
Retail Dubai’s Aramex in $265m deal to buy US e-commerce firm Dubai-listed courier firm Aramex has bought US-based e-commerce company Access USA Shipping, in a deal valued at around $265 million, it was reported on Wednesday. Access USA Shipping, operating as MyUS, is described as a technology-driven, cross-border e-commerce platform, and serves customers in the US, UK and China. “We see significant benefits to be derived […] June 1, 2022
Retail Amazon.com says it is being unfairly targeted by US Congress bill By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […] June 1, 2022
Retail Middle East breathes in smoking hot tobacco sales The Middle East tobacco industry has seen strong growth in recent months, helped by duty free sales as the travel sector reopens following the pandemic. British tobacco firm Imperial Brands, which manages brands such as Davidoff, JPS and West cigarettes, reported this week that while its global revenue was down 1.3 percent to £15.362 billion […] May 19, 2022
Retail Turkish retailer in talks to take over Reebok’s Russian stores FLO Magazacilik could buy the US firm's 100-plus outlets in Russia, but chairman Mehmet Ziylan denied reports that the deal is already done May 16, 2022
Retail Chiara Ferragni reveals investor interest in fashion brand Chiara Ferragni has received various expressions of interest from potential investors in her brand, the Italian Instagram star said in an interview with Milano Finanza. Ferragni, 35, is Italy’s top fashion influencer with 27 million followers on Instagram. In January she mandated BNP Paribas to find an investor to help expand her fashion brand internationally. […] May 12, 2022
Tech Make it happen: How to digitally transform your business Here is the first of our monthly guides to harnessing global trends with a razor-sharp regional focus May 10, 2022
Retail Mashreq puts $10m into Cashew, buy now, pay later start-up United Arab Emirates buy now, pay later platform Cashew announced on Monday it had secured up to $10 million in debt and equity financing from local lender Mashreqbank PSC which would now help it expand faster. The deal is the latest investment in the Gulf’s growing buy now, pay later sector that has drawn interest […] May 9, 2022
