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Report: H&M to go big in New York City
New York -- H&M will open its largest store in the world, on Fifth Avenue in Manhattan, Women’s Wear Daily reported.
The company will open a six-level, 57,000-sq.-ft. store on Fifth Avenue at the corner of 48th Street sometime next year, according to the report.
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Carlos Slim reduces stake in Saks
New York -- On Thursday, Saks’ top shareholder Carlos Slim sold 1.5 million of his shares in Saks Inc., remaining the retailer’s No. 1 shareholder but reducing his holdings to 25 million shares.
The Mexican billionaire, through Inmobiliaria Carso SA De CV, sold the 1.5 million shares on Monday and Tuesday.