By Douglas H. Meal, David T. Cohen, and Lisa L. Rachlin, Ropes & Gray LLP
In its annual report filed Tuesday, Abercrombie & Fitch revealed that it plans to open Abercrombie & Fitch flagship stores in Seoul and Shanghai in 2013, as well as 20 international Hollister stores.
Abercrombie & Fitch Co. announced the promotion of Amy Zehrer to the position of EVP stores, from SVP, effective immediately.
Abercrombie & Fitch Co.’s net income rose to $157.2 million for the fourth quarter, compared with $45.8 million a year earlier for a 13-week period.
Levi Strauss & Co reported that net income for the quarter ended Nov. 25 rose to $53 million, from $44 million in the year-ago period.
J.C. Penney Co. has hired Brandon Tonniges, a former Abercrombie & Fitch Co. executive, as director of visual merchandising, Bloomberg reported.
A report issued by CEB TowerGroup found that sales of gift cards will surpass $110 billion and spillage will drop 20% to $1.7 billion.
Simon Property Group said that St. Louis Premium Outlets, located in Chesterfield, Mo., has moved up its opening date to Aug. 22, 2013, and will be joined by Nike, Cole Haan, Converse, Gymboree, Adidas, Wilsons Leather and Claire's Accessories.
Private equity firm Apax Partners said that it will acquire Cole Haan from Nike for $570 million in cash.
Abercrombie and Fitch reported net income of $71.5 million for the third quarter, compared with $50.9 million in the year-ago period and beating Wall Street expectations.
Target Corp. unveiled its lineup of gift cards for the upcoming holiday season.
The Body Shop launched a new earth-friendly eGift Card service powered by CashStar, a digital gifting and incentives company.
Family Dollar Stores has named Jocelyn Wong to the position of SVP, chief marketing officer.
More and more retailers are using digital technology to enhance the physical store experience and engage customers.
Abercrombie & Fitch Co. has hired Goldman Sachs Group Inc. in the wake of investor pressure, according to Reuters.
Whole Foods Market said that it has launched two new eco-friendly gift cards, with plans to replace the recycled plastic cards that will be phased out over time.
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