Corporate Governance

Fossil to overhaul business, shutter some stores
The watch and fashion accessories brand Fossil Group is planning to reorganize its business. The company, which operates 610 stores across the globe (including 284 U.S. locations) will close some stores, although it did not say how many, the Dallas News reported, as part of a multi-year business overhaul that also includes a focus on fewer products.
Whole Foods to launch national rewards program
Whole Foods Market is preparing to roll out a rewards program nationwide amid increasing competition for its shippers. . Coinciding with the company’s “strategy around leading a race to the top in terms of a differentiated customer experience,” the grocer plans to launch the rewards program in 2017, Whole Foods’ CEO John Mackey said in the company’s earnings call on Wednesday, Nov. 2. He did not reveal a specific start-date.

Starbucks ends its fiscal year on a high note

Starbucks Corp. is feeling its oats. The coffee giant topped estimates for its fourth quarter and gave a positive view for its current fiscal year. Starbucks’ consolidated net revenue grew 16% to $5.8 billion in its fourth quarter, which was better than expected.
Mall of America 'Debuts' a pop-up collection

On Nov. 16, the Mall of America will open the doors on a revolving collection of pop-up shops that will come and go throughout the year. Branded as Debut, the 2,500-sq.-ft. space will be kicked off by an eclectic selection of nine brands including Askov Finlayson, West Elm Local, Woolrich, Pomegranate, and Laurel Way by Pam Mondale.
Barneys New York promotes digital exec

Barneys New York named Josh Lieberman as its executive VP of digital. Lieberman, who was previously senior VP of digital marketing, will oversee the enterprise’s e-commerce and digital businesses, including all marketing, merchandising, operations, creative and technology.
J. Crew axing bridal

J. Crew Group is exiting the bridal business, which it entered back in 2004. The company has marked down its entire collection of wedding gowns and bridesmaids dresses by up to 70% online and in stores, reported Business Insider. Once the merchandise sells out, the retailer will no longer offer a wedding line, according to the report.
Walmart’s new sustainability roadmap includes focus on renewable energy

Walmart is setting some lofty goals for itself on such critical issues as sustainability and job creation. In remarks Friday at the Net Impact Conference, Walmart CEO Doug McMillon outlined a "new roadmap" that will guide the company’s role in society on critical issues during the next several years, and pointed to a “new era of trust and transparency.”
Saks Fifth Avenue continues brick-and-mortar expansion

Saks Fifth Avenue has opened its third location in Miami, and seventh location year to date, at the just opened Brickell City Centre in the city’s financial district.
Alibaba drives quarterly revenue despite Chinese economy

China’s sluggish economy didn’t stop Alibaba from increasing revenue by 55% for the September quarter.
CEO shakeup at Whole Foods

There’s going to be change in the leadership structure at Whole Foods Market that will leave founder John Mackey as the sole CEO of the company. Walter Robb, a 25-year Whole Foods veteran, is stepping down as co-CEO of the chain, effective Dec. 31. Robb, who has shared the CEO title with Mackey for six years, will remain on the board of directors and continue to serve as a senior advisor to the company and as chairman of the Whole Kids Foundation and Whole Cities Foundation.
Top Retailers, Influencers Talk Innovation at X/SPECS
Report: Amazon’s private-label lines are forces to be reckoned with

Amazon is synonymous for stealing marketshare from established retail brands. Now it upping the ante with private-label merchandise. By leveraging its online shelf space to introduce its own line of new private-label products, Amazon is changing the dynamic in the marketplace once again, according to a report by 1010data Market Insights. This time among category leaders, as Amazon’s private label line directly competes with national suppliers.