International Business

Walmart’s Japanese subsidiary Seiyu plans to close 30 stores and remodel 50 others next year in an effort to strengthen its every day low price strategy.

Stamford, Conn. -- The U.S., U.K. and Germany are the most desirable e-destinations for consumers to purchase goods online outside their own country. According to new global online research from Pitney Bowes Inc., Australians are the most likely to buy products online from retailers outside their own country (63%) followed by Canada and Russia (both 54%).    

IKEA has appointed Stefan Sjöstrand president of its Canadian organization after he has previously served as SVP, IKEA France.

With this move Sjöstrand is bringing global insights gathered from many years of working with IKEA to the Canadian market, as well as a proven track record of achieving business success through people development, according to the company. 

San Diego –- PriceSmart Inc. reported net income of $21.9 million in the fourth quarter of fiscal 2014, up 5% from $20.8 million in the same quarter the prior fiscal year. However, this was still beneath Wall Street expectations. However, PriceSmart beat Wall Street projections with total revenue of $622.6 million, a 5% hike from $585.4 million. The addition of two new warehouse stores, bringing the total to 33, helped boost revenues.

Former Toys “R” Us president Neil Friedman has joined toy manufacturer Alex Brands as president and CEO.

Friedman has been appointed to the Alex Brands board of directors earlier this year.  Prior to that he was president of the U.S. division at Toys “R” Us and also served as president at Mattel Brands, Fisher-Price Brands, Tyco Preschool and MCA/Universal Merchandising. Friedman is a member of the Toy Industry Hall of Fame and the International Licensing Industry Merchandiser’s Association’s Hall of Fame. 

Milan, Italy –- Specialty eyewear retailer Luxottica Group S.P.A. reported increases in profit and revenue during the third quarter of fiscal 2014. Net income grew 10% to $259.2 million from $236.8 million in the third quarter of the prior fiscal year, while net sales rose 5% to $3.01 billion from $2.85 billion.  

Tria Beauty, a maker of at-home beauty devices, has named Peter Wyles as the company's president and CEO.

Prior to joining Tria Beauty, Wyles served as president and CEO of several companies, including ReVENT Medical and Ventus Medical. Wyles spent 15 years at Bayer HealthCare, where he held executive roles in the consumer, pharmaceutical and medical device businesses both in the United States and internationally.

Cincinnati -- Macy’s and Bloomingdale’s stores plan to open in Abu Dhabi, United Arab Emirates (UAE) in 2018 as part of a strategic partnership with Al Tayer Group LLC, a UAE-based company with diversified businesses. This will be Macy’s first international store location and the second for Bloomingdale’s.