International Updates

Giorgio Armani enjoys sales boost after opening 104 new shops
Sales at Armani's fashion house rose 16 percent to €2bn in 2012, faster than a year earlier thanks to growth in all geographical regions and after the opening of 104 new shops worldwide, taking the total to more than 2,200. Sales in China rose nearly 40 percent, "The Guardian" has reported.

Best Buy has $81 million first-quarter loss on price cuts
Best Buy, the world’s largest consumer-electronics retailer, posted an $81 million first-quarter net loss as the company lowers prices to compete with online rivals. The loss of 24 cents a share in the quarter ended May 4 compares with net income of $158 million, or 46 cents, a year earlier, the "Bloomberg" has reported.

Louis Vuitton loses ground as most valuable luxury brand
Louis Vuitton is losing ground as the world's most valuable luxury brand as competitors including Gucci and Prada gain, a new research report shows. Vuitton's brand value declined 12 percent from a year ago to $22.7 billion, Millward Brown Optimor estimated in its 2013 BrandZ study, "The Economic Times" has reported.

Chinese love affair with Burberry propels sales to record
British luxury brand Burberry has unveiled record annual sales of £2bn, driven by double digit growth in Asia. Revenue from Asia-Pacific rose 13 percent, led by demand for its more expensive products in China and Hong Kong. Sales grew 6 percent in both Europe and the Americas, and 11 percent in other markets, "The Telegraph" has reported.

Home Depot profit tops estimates as housing market gains
Home Depot, the largest U.S. home-improvement retailer, posted first-quarter profit that topped analysts’ estimates. Net income in the quarter ended May 5 rose 18 percent to $1.23 billion from $1.04 billion a year earlier. Revenue rose 7.4 percent to $19.1 billion, topping analysts’ $18.6 billion estimate,the "Bloomberg" has reported.

Marks & Spencer profits fall after clothing struggles
Marks & Spencer has suffered a 14 percent drop in annual profits following a sharp decline in clothing sales over the last year. Pre-tax profits in the year to March 30 were £564m, compared to £658m a year ago and M&S's record pre-tax profits of more than £1bn, "The Telegraph" has reported.

Tesco clothing brand plans international expansion
The clothing brand sold by Britain's biggest retailer Tesco said it planned to open more than 50 new franchise stores worldwide over the next five years. F&F, which opened its first franchise store in Saudi Arabia last year would open shops across the Middle East and in Kazakhstan, Georgia, Armenia and Azerbaijan, "The Times of India" has reported.

Empty shops hit record high, retail study shows
The number of empty shops on Britain's high streets and malls has hit a record high on the back of a struggling economy and changing shopping habits. Across the UK almost one in eight shops lay vacant in April 2013, according to the British Retail Consortium, "The Guardian" has reported.

Russia to develop largest retail space in Europe
In two years, Russia is projected to develop the largest retail space in Europe, surpassing its closest competitors, France and Great Britainas per the analysts at Cushman & Wakefield. Currently, France holds 16.95 million square meters retail space, Great Britain holds 16.48 million square meters, and Russia has 16.47 million square meters, "Russia Beyond the Headlines" has reported.

Dubai retains standing as global retail haven
Dubai has easily retained its ranking as the number two destination in terms of global retailer representation, just behind London and well ahead of the likes of Paris, Moscow and New York. It also ranked fourth among global cities which attracted new store openings in 2012 behind Hong Kong, the "gulfnews.com" has reported.

High streets see footfall increase
British high streets were significantly busier than either out-of-town retail parks or shopping centres last month, providing hope for a retail industry that has been shaken by a series of corporate collapses. Footfall on the high-street rose 3.4 percent year-on-year in April, the biggest increase since the run-up to Chrismtas in 2011, "The Telegraph" has reported.

McDonald’s seen overhauling U.S. menu from 145 choices
McDonald’s is streamlining its menu that has expanded by 70 percent to about 145 items since 2007 -- straining kitchen staff, gumming up service and spoiling customers for choice. So far Fruit & Walnut salads, Chicken Selects and Angus burgers have been eliminated, the "Bloomberg" has reported.

Tesco to battle 'breathtaking’ level of food waste
Tesco is to launch a major campaign against food waste this week, saying that every family wastes £700 a year throwing away food. Food will come in smaller sizes, and food promotions will be tailored to stop encouraging people to buy large amounts of food with a short shelf life, "The Telegraph" has reported.

Richemont chairman Johann Rupert to take 'grey gap year' from September
The billionaire chairman and founder of Richemont, the company behind Cartier watches and Montblanc fountain pens is to take a "grey gap year." Johann Rupert, 62, said he would be taking a year's sabbatical from Swiss luxury goods company Richemont following its annual meeting in September, "The Guardian" has reported.

McDonald’s to hire 75,000 China staff on store, McCafe expansion
McDonald’s, the world’s largest restaurant chain, said it plans to hire 75,000 new employees in China this year as the company accelerates store expansion in the world’s most populous country. The number of McCafes will increase by 45 percent this year to 750, the "Bloomberg" has reported.