China’s e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional $3.33 billion to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63% from 51%.
As both its search for a new CEO and its review of strategic alternatives get underway, the NYC-based consumer brands management company announced declining sales and deepening losses for the third quarter on Friday.
In the same week as Mothercare threw in the towel with its UK stores, rival mother and baby products chain Mamas & Papas has opted for a pre-pack administration with its existing owner back in control.
The owner of the Ikea furniture brand expects sales to grow this fiscal year as online trade expands, but profits will be tempered by increased investment as the brand battles web specialists like Amazon and Made.
Moving on from whimsical themes such as camp, punk and Catholicism, the theme for the Metropolitan Museum of Art’s Costume Institute 2020 event and exhibition will be “About Time: Fashion and Duration.”