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سپتامبر 29, 2022

India’s Reliance launches first in-house premium fashion store

BENGALURU, Sept 29 (Reuters) – Reliance Industries Ltd’s (RELI.NS) retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led company continues to grab a bigger slice of India’s luxury market.The new store chain called Azorte, the first of which was launched in Bengaluru, will compete with the likes of Mango and Industria de Diseno Textil SA-owned Zara (ITX.MC), and cater to millenials and Gen Z.”The mid-premium fashion segment is one of fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion,” Akhilesh Prasad, chief executive of the fashion and lifestyle arm of Reliance Retail, said.Register now for FREE unlimited access to Reuters.comRegisterThe launch is a part of the Ambani company’s aggressive strides in the retail industry, forging partnerships with domestic and global brands. read more The company plans to build a portfolio of 50 to 60 grocery, household and personal care brands within the year and is in advanced talks to get the rights for LVMH-owned French beauty brand Sephora in India.Reliance’s luxury and lifestyle foray has been led by Ambani’s daughter Isha.Register now for FREE unlimited access to Reuters.comRegisterReporting by Nandan Mandayam and Nivedita Bhattacharjee in BengaluruOur Standards: The Thomson Reuters Trust Principles. .

آگوست 16, 2022

Juicy Couture owner scoops up UK’s Ted Baker for about $254 mln

The Ted Baker logo is seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly/File PhotoRegister now for FREE unlimited access to Reuters.comRegister

Offer price of 110 pence per Ted Baker share
Offer backed by Ted Baker board

Aug 16 (Reuters) – Juicy Couture and Forever 21 owner Authentic Brands (ABG) (AUTH.N) has agreed to buy Ted Baker (TED.L) in a deal worth roughly 211 million pounds ($254 million), ending months of speculation over the fate of the British fashion group.Pandemic-related losses forced Ted Baker to put itself up for sale in April and the company picked a preferred suitor the following month. However, the bidder – reported to have been ABG – in June decided not to make an offer, forcing Ted Baker to consider other options. read more Ted Baker has now reached an agreement with U.S.-based ABG, whose brands also include Reebok, consisting of 110 pence cash for each Ted Baker share, and which represents a premium of about 18.2% to Monday’s closing price.Register now for FREE unlimited access to Reuters.comRegisterThe companies said the deal would not be revised unless a rival suitor emerges.”ABG believes there are significant growth opportunities for the Ted Baker brand in North America given (its) … strong consumer recognition in this market,” the New York-listed company said in a statement on Tuesday.Known for its suits, shirts and dresses with quirky details, Ted Baker is in the midst of a turnaround plan and is looking to benefit from a rebound in demand for office and leisure wear.In May it posted a smaller annual loss of 38.4 million pounds and said sales in the first quarter of the current year had risen 20% year-on-year. read more Ted Baker had also rejected several bids from private-equity group Sycamore before launching its sale process, and Tuesday’s move is the latest in a flurry of deals for British companies, made more affordable to overseas buyers by the weakness of the pound.Ted Baker’s shares were up about 17% at 108p in early trading, just shy of the offer price and still well short of their peak in 2015 when they were trading at 2,972p apiece.($1 = 0.8299 pounds)Register now for FREE unlimited access to Reuters.comRegisterReporting by Pushkala Aripaka in Bengaluru; Editing by Sherry Jacob-Phillips and David HolmesOur Standards: The Thomson Reuters Trust Principles. .

آگوست 12, 2022

India’s LIC June-quarter premium income jumps as policy sales rebound

A security guard walks past logos of Life Insurance Corporation of India (LIC) and Bombay Stock Exchange (BSE) inside the BSE building in Mumbai, India, May 17, 2022. REUTERS/Niharika KulkarniRegister now for FREE unlimited access to Reuters.comRegisterBENGALURU, Aug 12 (Reuters) – Life Insurance Corporation of India (LIC) (LIFI.NS) reported a 20.4% rise in June-quarter premium income on Friday, as easing COVID-19 restrictions boosted sales of policies for the insurer that largely depends on its agents.The company, which drives its business mostly through an army of 1.3 million sales agents, was hit by pandemic-led lockdowns last year that disrupted the work of its agents who focus on in-person engagement.”As the COVID situation normalises, we are seeing a larger activity on the ground, therefore bringing us back closer to our model of having ‘feet on street’,” Chairperson M R Kumar said.Register now for FREE unlimited access to Reuters.comRegisterLIC, India’s biggest insurer, said net premium income rose to 983.52 billion rupees ($12.34 billion) from 817.21 billion rupees a year earlier, with nearly a 60% jump in the number of policies sold.The company’s gross value of new business (VNB), which measures expected profit from new premiums and is a key gauge for future growth, stood at 18.61 billion rupees, while VNB margins came in at 13.6%.We don’t see much market volatility going forward that could impact results, Kumar said in a press briefing, adding that the insurer sees VNB margin at over 15% by the end of the year.The company, synonymous with buying protection policies in India, listed in May following a record $2.7 billion initial public offering. It commands a market share of over 60% in terms of overall premiums.LIC’s profit for the three months ended June 30 stood at 6.83 billion rupees, compared with 29.4 million rupees in the COVID-hit quarter a year ago, the company said in a regulatory filing.Shares of LIC have fallen about 22% since its May listing, compared to a 23% rise in no. 2 rival SBI Life Insurance (SBIL.NS) over the same period.($1 = 79.6830 Indian rupees)Register now for FREE unlimited access to Reuters.comRegisterReporting by Chris Thomas in Bengaluru and Nupur Anand in Mumbai; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles. .

آگوست 9, 2022

AppLovin offers to buy video game software maker Unity in $17.5 bln deal

People play “Pokemon GO” on the Pokequan GoBoat Adventure Cruise in the Occoquan River in the small town of Occoquan, Virginia, U.S. August 14, 2016. REUTERS/Sait Serkan GurbuzRegister now for FREE unlimited access to Reuters.comRegisterAug 9 (Reuters) – Gaming software company AppLovin Corp (APP.O) made an offer on Tuesday to buy its peer Unity Software Inc (U.N) in a $17.54 billion all-stock deal, threatening to derail Unity’s announced plan to acquire AppLovin’s smaller competitor ironSource .AppLovin has offered $58.85 for each Unity share, which represents a premium of 18% to Unity’s Monday closing price. Unity will own 55% of the combined company’s outstanding shares, representing about 49% of the voting rights.AppLovin hired advisors to work out an offer after Unity last month said it would buy ironSource in a $4.4 billion all-stock transaction, sources familiar with the matter told Reuters. Unity’s board will have to terminate the ironSource deal if it wants to pursue a combination with AppLovin, according to the proposal.Register now for FREE unlimited access to Reuters.comRegisterUnder the proposed deal, Unity’s Chief Executive John Riccitiello will become CEO of the combined business, while AppLovin Chief Executive Adam Foroughi will take the role of chief operating officer.Unity said its board would evaluate the offer. The company is slated to report its earnings after the bell on Tuesday.Both companies make software used to design video games. Game-making software has also been expanding to new technologies such as the so-called metaverse, or immersive virtual worlds.Unity’s software has been used to build some of the most-played games such as “Call of Duty: Mobile,” and “Pokemon Go”, while AppLovin provides helps developers to grow and monetize their apps.AppLovin’s offer comes as game developers and console makers warn of a slowdown in the sector as decades-high inflation and easing of COVID-19 restrictions lead gamers to pick outdoor activities. The company lowered its sales guidance on Tuesday.”The deal comes as surprise to everybody in the business,” said Serkan Toto, founder of game industry consultancy Kantan Games. “It’s a $15 billion company going after a $15 billion company. It’s a desperate attempt to consolidate and the chances of this deal happening are very slim.”Shares of Palo Alto, California-based AppLovin, which went public last year, fell 9.9% while those of Unity rose 1% in the morning trading session. Shares of ironSource were down 9.7%.Foroughi said the combined company will have the potential to generate an adjusted operating profit of over $3 billion by the end of 2024.Register now for FREE unlimited access to Reuters.comRegisterReporting by Eva Mathews and Nivedita Balu in Bengaluru, Krystal Hu in New York; Editing by Saumyadeb Chakrabarty and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles. .

ژوئن 10, 2022

Asia Gold High prices drag India discounts to 7-week low; China demand sluggish

A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De ChowdhuriRegister now for FREE unlimited access to Reuters.comRegister

India sees discount of up to $10/oz vs $9 last week
Indian buyers will wait for a hefty correction- dealer
Buyers in China cautious, conserving their expenditure – analyst

June 10 (Reuters) – Gold discounts in India this week were stretched to their highest level in seven weeks as higher prices repelled demand, while fresh concerns over the spread of COVID in top-consumer China left buyers reluctant to make purchases.This week, dealers in India were offering a discount of up to $10 an ounce over official domestic prices — inclusive of the 10.75% import and 3% sales levies, up from the last week’s discount of $9.Retail buying in India will remain weak, especially from rural areas as farmers focus on planting of summer-sown crops, said a Mumbai-based dealer with a private bullion importing bank.Register now for FREE unlimited access to Reuters.comRegister“In May, prices were attractive. Retail consumers were buying for weddings. Now buyers will wait for a hefty correction,” the dealer said.Weddings are one of the biggest drivers of gold purchases in India.In China, gold was being sold at a discount of $1.5 to a premium of $0.5 an ounce versus global benchmark spot rates .Physical gold demand in China is pretty sluggish, StoneX analyst Rhona O’Connell said, adding that people haven’t been coming back into the market yet after lockdowns were eased, as they are cautious about the outlook and are conserving their expenditure for now.China’s commercial hub of Shanghai faces an unexpected round of mass COVID-19 testing for most residents this weekend – just 10 days after a city-wide lockdown was lifted. read more COVID-related restrictions weighed on demand in China in May and “the average trading volumes of Au9999 – a proxy of Chinese wholesale gold demand – witnessed the weakest May since 2013,” the World Gold Council said in a monthly note.In Hong Kong, gold continued to be sold at a discount of about $1.8 an ounce to a $1 premium, while in Japan, gold was sold between a premium of 50 cents and at par with the benchmark.Register now for FREE unlimited access to Reuters.comRegisterReporting by Eileen Soreng, Bharat Govind Gautam in Bengaluru, Rajendra Jhadav in Mumbai; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles. .