Retail

Unilever’s inflation struggle is a mixed basket

22 July 2021

Higher costs squeezed the $155 bln Marmite maker’s profitability in the first half, forcing CEO Alan Jope to dump his goal of higher operating margins. Hefty marketing spend gives Unilever scope to raise prices faster. But investors are placing a bigger discount on future growth.

Capital Calls: BBQGuys go easy on the hot sauce

20 July 2021

Concise views on global finance: An e-commerce company for grill connoisseurs is going public via a blank-check company with a valuation that befits its side-dish status.

Capital Calls: Chinese hacking, Tencent

19 July 2021

Concise views on global finance: When the only response to China hacks is harsh words, companies will pay the price; the $680 billion technology giant places a heavyweight bet on UK gaming group Sumo.

Viewsroom: Grocer buyouts, More China crackdowns

8 July 2021

Why are private equity firms clogging the aisles at Britain’s WM Morrison to pull off a near-$9 billion purchase of the supermarket chain? Aimee Donnellan and Peter Thal Larsen explain. And our Asia columnists discuss Beijing’s new attitude to U.S.-traded Chinese companies.

Buyout shoppers can spend more on Morrisons

21 June 2021

The British grocer rejected an $8 bln bid from Clayton, Dubilier & Rice. The 30% premium looks juicy, but the private equity firm will earn a decent return if Morrisons just delivers expected sales and margins. Extra cost savings or property sales would justify a bigger trolley.

Capital Calls: JPMorgan, French SPAC, Jessica Alba

17 June 2021

Concise views on global finance: Jamie Dimon bulks up his nascent UK digital banking offer by buying Nutmeg; France boosts its lowly SPAC league-table position with two blank-cheque vehicles; the Hollywood star’s consumer packaged goods company Honest encounters growing pains.

Australia’s big boozy spinoff gauges ESG’s S value

17 June 2021

Grocery chain Woolworths is in the final stages of demerging its liquor shops, pubs and poker machines. Independence should help the Endeavour arm, perhaps worth A$13 bln, grow faster. How shareholders respond will help distill attitudes on the tricky social aspects of investing.

Capital Calls: U.S. malls are a tale of two REITs

14 June 2021

Concise views on global finance: Shopping center operator Washington Prime filed for bankruptcy protection, but the outlook is a bit rosier for premium mall owners.

Selfridges $6 bln deal would be rich bet on London

11 June 2021

The Weston family may sell the luxury department store. At nearly 5 times sales, the mooted price looks punchy. Given the dicey prospects for physical retail and the UK capital after Brexit, buyers will have to be more interested in owning a trophy asset than financial returns.

Capital Calls: Warren Buffett’s taxes

8 June 2021

Concise views on global finance: A ProPublica report unveils the true tax rate of the Sage of Omaha, Jeff Bezos and other members of the uber-rich elite.

Capital Calls: Russia and US, Clothing IPOs, Food

3 June 2021

Concise views on global finance: The Kremlin tells its national state fund to get out of greenback-denominated assets; Rent the Runway thinks about going public; the FAO’s global food index hits its highest level in nearly a decade.

Capital Calls: AMC craziness, Pro lacrosse

2 June 2021

Concise views on global finance: The movie-theater chain raised $230 million from a hedge fund, which promptly sold the shares at a profit; New England Patriots owner Robert Kraft and Alibaba's Joe Tsai are betting on the latest U.S. effort to professionalize the preppy sport.

Capital Calls: Greensill/Bluestone

1 June 2021

Concise views on global finance: The collapse of the supply-chain finance group may have left the governor of West Virginia personally on the hook for $700 million.

Capital Calls: Tata’s BigBasket deal

31 May 2021

Concise views on global finance: The Indian conglomerate’s purchase of the Alibaba-backed online grocery startup will underpin its digital consumer ambitions.

Pandora adds green polish to its lab-diamond bet

28 May 2021

The $13 bln Danish trinket maker is switching to all synthetic stones, a move driven more by profit than sustainability. Man-made rocks can be 90% cheaper than natural ones, putting them in Pandora’s mass-market ambit. The reduced carbon footprint adds some millennial sparkle.

Capital Calls: Klarna, Dan Loeb, Fashion IPO

28 May 2021

Concise views on global finance: The Swedish “buy now, pay later” group’s possible $50 bln price tag may leapfrog rivals Afterpay and Affirm; the corporate agitator deserves a taste of his own medicine; About You’s mooted 3 bln euro valuation implies a discount to rivals.

New Danone CEO sweetens shift to financial metrics

17 May 2021

The French dairy giant is poised to make Barry Callebaut CEO Antoine de Saint-Affrique its new boss. He boosted the chocolate maker’s sales and doubled investor returns, though his record on cocoa’s ethical issues is less stellar. Still, Danone investors will welcome the change.

Poundland’s knock-down IPO is reassuringly cheap

13 May 2021

Pepco, owner of the chain that flogs cheap toiletries, is listing with a 4.8 bln euro price tag. Links to scandal-hit Steinhoff and weak sales growth justify a cut-price valuation of below 10 times this year’s EBITDA. If it can grab more market share, the discount won’t last.

Alibaba tightropes to please investors, Beijing

13 May 2021

A $2.8 bln antitrust fine resulted in a quarterly net loss, but the Chinese e-commerce giant expects annual sales to jump 30% to $144 bln. That should soothe jittery shareholders. Regulators, though, are increasingly at odds with Alibaba’s competitive edge – its vast data trove.

Capital Calls: Disney misses the mark

13 May 2021

Concise views on global finance: Walt Disney reported nearly 104 million subscribers for its streaming flagship service.