Forever 21's new owners plan to keep the fashion retailer's stores up and running and will focus on growing its presence in international markets. Simon Property Group, Brookfield Property Partners and Authentic Brands Group teamed up to acquire Forever 21, which currently operates 593 stores including 448 in the US.
Female candidates for political positions tend to be scrutinized for their appearance, so retail fashion firm M.M. LaFleur is lending women running for federal, state and local offices this year five appropriate outfits each at no charge. "A lot of women can't afford to buy the kinds of clothes that people expect of candidates," Sarah LaFleur, the company's co-founder, said.
L Brands will sell a 55% stake in its Victoria's Secret and Pink brands to Sycamore Partners for $525 million, the company said Thursday. Victoria's Secret will become a privately held company valued at about $1.1 billion with L Brands retaining a 45% interest, and Les Wexner will exit as L Brands chairman and CEO but remain as chairman emeritus.
Retailers are increasingly using their own data to make merchandising decisions instead of depending on information from consumer product brands, industry executives say. Software and data collection technology are giving grocers more control over which products win prime shelf space, and many are putting new products and higher-margin, private-label offerings in the spots where shoppers are most likely to see them.
Amazon has created Amazon Care, an app that will help employees and family members in Seattle schedule doctor visits and talk to medical professionals via chat or video. The pilot project is the latest move into health care by the e-commerce giant, which previously added medical professionals to its staff and bought online pharmacy PillPack in 2018.
Etsy's website has hosted twice as many experiments since the company gained more processing power by moving to Google Cloud, said Mike Fisher, the online retailer's chief technology officer. The tests largely explore placement of customer reviews and best practices for encouraging online shoppers to spend money on the artisan items and crafts for sale on the platform.
Online retailers in India including Amazon and Walmart-owned Flipkart are pushing the government to reconsider a proposed 1% tax on third-party sellers on their sites, according to a document. The Federation of Indian Chambers of Commerce and Industry says the new tax would put a damper on the country's emerging e-commerce industry.
Additive manufacturers are increasingly using artificial intelligence, machine learning and machine vision to create product designs and develop process parameters. Massachusetts-based Inkbit uses a system that "allows you to get a new level of printing accuracy and precision that you cannot achieve without machine learning," says CEO Davide Marini.
Operational technology security and incident readiness are two areas where manufacturers need to focus this year, says Donovan Tindill of Honeywell Industrial Cybersecurity Marketing. Cybersecurity must be considered "through the entire life cycle of the control system, from its initial selection through to design, configuration, commissioning, and maintenance," he says.
Two Chicago organizations, MxD and mHUB, are advancing digital manufacturing, cybersecurity and product development by forming partnerships between manufacturers, universities and other businesses and organizations. One effort from mHUB is working with large manufacturers and startups to create industrial internet of things devices that can solve specific problems.
- Page 1