What: Harrods is launching its first-ever ESG report.

Why it is important: No retailer in the world, as exclusive as it can be, will escape the need to show its efforts towards more sustainability.

Harrods has introduced significant sustainability commitments in its inaugural ESG report. By 2030, all Harrods own-label products will adhere to its 'Responsible Sourcing Standards,' which enforce rigorous supplier compliance and certified sustainable practices. The company aims to eliminate problematic single-use packaging by 2025 and is set to transition 75% of its electricity to renewable sources by 2030. Additionally, it plans to reduce its scope one and two greenhouse gas emissions by 90% over the same period, using 2022 as a baseline.

The department store also focuses on social aspects, pledging to involve 15% of its workforce in community volunteering and fundraising. It seeks to empower customers through innovative and sustainable business models. Harrods has already developed materials specifications for cotton, leather, cashmere, bast, and synthetic fibers to support these goals.

Managing Director Michael Ward emphasized the integration of sustainability into core business strategies to maintain high standards and meet customer expectations, viewing this advancement as a crucial step for Harrods' future sustainability and operational responsibility.

Harrods outlines its new sustainability commitments in its first-ever ESG report

What: Parisian luxury department store Printemps has appointed chef Gregory Gourdet as the Culinary Director for its first US store, set to open on Wall Street in New York City in Spring 2025.

Why it is important: Gourdet's appointment reflects Printemps' commitment to offering exceptional culinary experiences, enhancing the overall appeal of its first US store.

Printemps has named James Beard award-winning chef Gregory Gourdet as the Culinary Director for its upcoming US store in New York City. The store, located in the landmark One Wall Street building and designed by Parisian architect Laura Gonzalez, is set to open in Spring 2025. Gourdet, a New York City native, will oversee five food and beverage concepts ranging from casual cafes to fine dining, in collaboration with Saga Hospitality Group. Printemps aims to offer innovative, high-quality culinary experiences that reflect a blend of cultures and a commitment to sustainable ingredients. The appointment is part of Printemps' broader strategy to create a luxurious, Paris-meets-New York atmosphere in its new 54,365 square feet store.

Printemps appoints Culinary Director ahead of debut US store opening in Spring 2025

What: China is pressurizing Western card companies to lower their fees.

Why it is important: International players should expect regional and national pressure to increase their weight on their businesses.

China is actively encouraging Visa and Mastercard to reduce their bank card transaction fees to better accommodate foreign visitors. The Payment & Clearing Association of China has initiated discussions with these global card issuers to decrease the fees for transactions made with foreign cards. They are proposing to lower the current rate from 2-3% to 1.5%, according to a report by Bloomberg News. Mastercard has acknowledged receiving the proposal and expressed its commitment to collaborating with partners to reduce the expenses local merchants face when accepting foreign bank cards.

However, Visa and Mastercard have not yet responded to inquiries about the negotiations. This push aligns with an earlier proposal by the industry group, which was announced on their website but lacked specific details on the fee reduction.

China asks Visa, Mastercard to cut transaction fees

What: Supermarkets are increasingly equipping themselves in retail media capabilities, especially through in-store messaging devices.

Why it important: While retail media has gone under the radar due to the popularity of AI, it is still a growing, and very concrete, topic.

Retailers are increasingly leveraging in-store media to enhance customer engagement and advertising revenue. Supermarkets, for example, are installing digital screens in high-traffic areas like entryways and checkout lanes to capture consumer attention and promote products. Hy-Vee, through its RedMedia network, and large players like Walmart and Kroger, are leading this initiative. Walmart has incorporated around 170,000 digital screens across its stores, and Kroger has integrated video into its Kroger Precision Marketing network.

The scope of in-store media is considerable, with Solomon Partners reporting potential advertising spending in U.S. retail media networks (RMNs) to reach $106 billion by 2027. In-store consumer reach significantly surpasses online audiences, making physical stores a lucrative platform for advertisers. Walmart, for instance, reaches over 212 million people monthly in-store, compared to 125 million online.

Moreover, the integration of analytics and digital tools is pivotal. For example, Hy-Vee’s RedMedia provides detailed campaign performance data, enhancing strategic advertising decisions. Similarly, Northeast Grocery collaborates with Instacart to use Carrot Ads for targeted in-store advertising, reflecting a trend towards more personalized, data-driven marketing strategies in retail.

Supermarkets are leveraging retail media through in-store messaging

What: Global luxury e-commerce player Yoox Net a Porter calls it quits in China.

Why it is important: Are we entering times when players can only be regional but not global anymore?

Yoox Net-a-Porter (YNAP), owned by Swiss luxury group Richemont, is exiting the Chinese market, a move that reflects broader struggles among luxury retailers in the region. This decision is part of a strategic shift to concentrate resources and investments on more profitable markets. The closure marks the end of YNAP's joint venture with Alibaba, a partnership established to enhance YNAP's presence in China since entering the market in 2013.

China's luxury market, critical for international luxury brands, has faced challenges this year due to a prolonged property downturn and reduced consumer spending, affecting major players like Kering and LVMH, although Hermès has seen continued success. The economic slowdown has particularly impacted brands reliant on China's burgeoning middle class, which are now facing a tougher sales environment.

Richemont has been trying to sell its stake in YNAP for several years, with a failed attempt at a deal with Farfetch in 2023. Discussions with other potential buyers are ongoing, with hopes of a resolution by year-end. Meanwhile, broader economic pressures are evident in the retail sector, with companies like Uniqlo's parent, Fast Retailing, reducing their new store openings in China due to challenging market conditions.

Yoox Net-a-Porter exits China to focus on more profitable markets

What: Kohl’s has launched The Return Drop at Kohl’s service across over 1,100 locations in the U.S., allowing returns from brands such as Carhartt, Hanes, and Levi’s.

Why it is important: This new service, in partnership with Narvar and Inmar Post-Purchase Solutions, enhances convenience for shoppers and aims to boost foot traffic in Kohl’s stores, following the success of a similar partnership with Amazon.

Kohl’s is expanding its returns services by introducing The Return Drop at Kohl’s at more than 1,100 locations across the U.S. Through a collaboration with Narvar and Inmar Post-Purchase Solutions, Kohl’s will accept returns from brands like Carhartt, Hanes, and Levi’s. Customers can initiate the return process to receive a QR code, and then drop off the item at a Kohl’s location without needing a box or shipping label. This initiative is part of Kohl’s strategy to enhance the customer experience and operational efficiency while shifting focus to its physical stores to reverse recent financial losses. Despite experiencing a 3.4% dip in net sales for 2023 and further declines in Q1 2024, Kohl’s is working on various measures to improve performance and customer satisfaction.

Kohl’s introduces Return Drop service to stores nationwide

What: Target is partnering with Shopify to add a curated selection of Shopify brands to its online marketplace and physical stores.

Why it is important: This partnership aims to enhance Target's product offerings by bringing high-growth, trusted brands to a broader customer base, leveraging the reach of both Target's extensive retail network and Shopify's robust e-commerce platform.

Target Corp. is teaming up with Shopify to incorporate a hand-picked assortment of Shopify brands into its Target Plus marketplace, which will also extend to physical Target stores in the coming months. This move, announced by Harley Finkelstein, President of Shopify, and Cara Sylvester, Target’s EVP and Chief Guest Experience Officer, aims to expand Target's product mix with thoughtfully designed and affordable items. This partnership allows Shopify merchants to reach millions of new customers and aligns with Target’s strategy to provide a curated, high-quality shopping experience. The collaboration reflects the growing importance of digital marketplaces, projected to account for over 30% of all e-commerce growth in the next three years.

Target expands marketplace with select shopify brands

What: Walmart is expanding its focus from basic apparel to high fashion, hiring industry veterans and designers to elevate its fashion offerings and compete with Amazon in the $7.2 trillion retail market.

Why it is important: Walmart's strategic move into fashion signifies a major shift for the retail giant, aiming to tap into a lucrative market segment and attract style-conscious consumers who typically look beyond Walmart for fashionable clothing. This evolution could reshape the competitive landscape of retail, showcasing how traditional mass-market retailers can successfully venture into more sophisticated product categories.

Walmart is making a significant push into the fashion industry, moving beyond its reputation for low-cost basics to offer more stylish and trendy apparel. This strategic shift is spearheaded by industry veterans Denise Incandela, formerly of Saks Fifth Avenue, and designer Brandon Maxwell, known for his high fashion credentials and work on brands like Scoop and Free Assembly. Walmart aims to capture a larger share of the $7.2 trillion retail market by leveraging its scale and strategic supplier relationships. The retailer has already seen substantial growth in its fashion sales, which reached $29.5 billion last year. With a focus on digital transformation and an expansive online inventory, Walmart is positioned to compete directly with Amazon in the fashion sector. This new direction is part of a broader effort to democratize fashion and make stylish, quality clothing accessible to a wider audience.

Walmart already sells clothes — now, it wants to sell fashion, too

What: After many years of work, Central Chidlom, an iconic location in Bangkok, is finally opened.

Why it is important: we reported the state of Central business in Bangkok in a previous exclusive, mentioning Chidlom as an important location in need of a significant upgrade Natira Boonsri, CEO of Thailand's Central Department Store Group, recently spoke about the transformation of Central Chidlom, one of the country's historic department stores, claiming it to be "redefining the shopping experience."

 The newly unveiled Luxe Galerie, a three-level, 8000 square meter luxury area within Central Chidlom in downtown Bangkok, marks a significant upgrade. This section hosts an array of top-tier brands like Versace, Burberry, and Louis Vuitton, and includes distinct spaces such as Shoes Avenue and Sneakers Boulevard, which cater to luxury footwear and younger fashion demographics respectively. Central Chidlom, which opened in 1973, faced competition and obsolescence over the decades, even experiencing a significant setback with a fire in 1995. However, this renovation appears to be a strategic move to reposition itself in a bustling retail landscape dominated by newer shopping centers. This makeover aligns with Central Retail's broader performance, which owns Central Chidlom. In the first quarter of this year, Central Retail reported fashion sales surpassing 2019 figures for the first time post-pandemic, with total sales 6% higher year-on-year. The company's omni-channel sales approach now accounts for nearly 20% of its retail sales, showcasing significant growth. Central Retail's overall net profit for the quarter also rose by 14% to approximately $72 million.

Inside Central Chidlom’s luxury makeover in Bangkok

What: Nordstrom has appointed Alexis DePree as its new Chief Operating Officer (COO), expanding her responsibilities to include the company’s supply chain operations, transportation, inventory operations, enterprise operations, and store operations.

Why it is important: Alexis DePree's appointment as COO signifies Nordstrom's commitment to strengthening its operational efficiency and supply chain capabilities.

Nordstrom has named Alexis DePree as its new Chief Operating Officer (COO), an expanded role that reflects the extensive scope of her responsibilities. DePree, who joined Nordstrom in early 2020 as Executive Vice President and Chief Supply Chain Officer, brings over 12 years of fulfillment leadership experience from Amazon and Target. In her new role, DePree will oversee supply chain operations, transportation, inventory operations, enterprise operations, and store operations. Her contributions have already led to significant improvements in Nordstrom’s supply chain efficiency and customer service speed. Nordstrom emphasizes that DePree's team will continue to play a critical role in implementing RFID technology and ensuring operational consistency across all stores.

Nordstrom appoints Alexis DePree as COO

What: M&S is partnering with repair and alterations specialist Sojo to offer clothing repair services, supported by the £1 million M&S Plan A Accelerator Fund, and is launching a new circularity identity called Plan A - Another Life.

Why it is important: This initiative enhances M&S's commitment to sustainability by offering consumers practical ways to reduce their carbon footprint and extend the life of their clothing, addressing the growing demand for circular economy practices.

M&S has joined forces with Sojo to introduce a new clothing repair service, marking a significant step in promoting the circular economy. Supported by the £1 million M&S Plan A Accelerator Fund, the service will allow customers to book various repair services online through a hub called ‘M&S Fixed by Sojo’. This initiative is part of M&S's long-running sustainability efforts under its Plan A program, which now includes a new identity, Plan A - Another Life. The service aims to make clothing repairs accessible, with prices starting from £5, and it promises to return repaired items within seven to ten days. Additionally, M&S will provide educational content on clothing maintenance through its new platform. This move is expected to reduce textile waste and help consumers lower their carbon footprint, aligning with the increasing demand for sustainable practices in the fashion industry.

M&S enters clothing repair with Soo, launches Another Life identity

What: TJX Companies, an off-price retailer, continues to thrive with significant revenue growth and expansion, adding 1300 new stores amidst an increasingly competitive retail landscape.

Why it is important: TJX's unique business model and consistent market expansion highlight its resilience and ability to outperform other retailers by leveraging a strategic "sell low, buy lower" approach, making it a formidable player in the retail sector.

TJX Companies reported impressive revenue growth from $48.5 billion in 2022 to $54.2 billion in 2023, attributing its success to its extensive network of stores and strategic partnerships. CEO Ernie Herrman emphasized the company's ability to gain market share and expand its footprint with 1300 new stores, despite closures by other retailers. The company's success is driven by its unique business model focused on offering affordable luxury through a "treasure hunt" shopping experience. Additionally, while e-commerce remains a small percentage of overall sales, TJX continues to grow its online presence with differentiated products to complement its in-store offerings. The retailer's ability to attract a diverse customer base, including next-gen consumers, through strategic marketing and rapid merchandise turnover underscores its market dominance.

TJX companies' explosive growth: dominating the retail landscape with unstoppable expansion

What: Harrods has published its inaugural Environmental, Social, and Governance (ESG) report, highlighting progress and setting new sustainability goals.

Why it is important: This report marks a significant step in Harrods' commitment to sustainability, showcasing its efforts in reducing carbon emissions, enhancing product circularity, and promoting diversity, equity, and inclusion within the company.

Harrods has unveiled its first ESG report, detailing the luxury retailer's progress in sustainability efforts over the past year. Key achievements include a 2.4% reduction in Scope 1 and 2 carbon emissions, significant energy consumption reductions at its Knightsbridge store, and the installation of solar panels at its Thames Valley Distribution Centre. Harrods aims to cut absolute Scope 1 and 2 greenhouse gas emissions by 90% by 2030. The report also highlights initiatives such as repair and rental services, replacing PVC shopper bags with sustainable alternatives, and launching a responsible sourcing program. Harrods has introduced a data capture campaign to better understand its workforce demographics and has launched a new community strategy with key charity partners. Despite acknowledging the challenges of operating in a historic building, Harrods remains committed to advancing its sustainability goals.

Harrods dives into first ESG report, makes progress but lots still to do

What: Thai retailer Central Group has acquired the remaining assets of the German luxury department store chain KaDeWe Group.

Why it is important: This acquisition strengthens Central Group's presence in the European luxury retail market and allows it to manage some of Germany's most iconic department stores, enhancing its global footprint.

Central Group, a Thai retail giant, has purchased the remaining assets of KaDeWe Group, including the renowned KaDeWe store in Berlin and the other two stores, Alsterhaus in Hamburg and Oberpollinger in Munich. This move follows the insolvency of Signa, the property empire founded by Rene Benko. Central Group will continue operating these stores and plans to renegotiate the rent agreements. The acquisition underscores Central Group's strategy to expand its luxury retail portfolio in Europe amidst the real estate crisis affecting Signa.

Thailand's Central buys rest of German luxury retail business KaDeWe

What: Fashion brands are slow to open stores in Dubai's community malls, missing out on a growing demand from local residents.

Why it is important: With Dubai's population set to double by 2040, there is a rising need for convenient retail options in residential areas, presenting a significant opportunity for fashion brands to cater to local demand away from the crowded mega malls.

Dubai's population growth and urban expansion are driving a demand for community malls in residential areas, offering a convenient alternative to the city's bustling mega malls. These smaller malls provide an opportunity for fashion and beauty brands to establish a presence and engage with local consumers in a more intimate setting. Despite this potential, many global fashion brands have been slow to move into these spaces, focusing instead on high-traffic mega malls. As Dubai's population decentralizes, the demand for well-executed community retail is increasing, creating a significant opportunity for brands to cater to local needs and experiment with new retail formats without heavy capital investment.

Dubai’s community malls are a missed opportunity for fashion

What: The day when 144 years old Smith & Caughey announces its closure for good in 2025, it falls victim of a cyber attack.

Why it is important: Department stores need scale to operate profitably, which some markets can not provide anymore now that we live in a globalized world.

Smith & Caughey’s, a distinguished Auckland department store operational for 144 years, has announced its impending closure in early 2025, attributing the decision to a combination of adverse factors including economic downturns, the rise of shopping malls, and changes in consumer behavior. This announcement coincided with a severe cyberattack that has crippled the store’s internal computer systems, further complicating communications with staff, customers, and stakeholders. The cyberattack, described as significant, involved the encryption of server and retail operations systems, prompting an emergency response from the company.

Chairman Tony Caughey called it a "live incident" and detailed the deployment of a specialist team to mitigate the effects. Despite the cyberattack, the company's website remains operational, and physical stores will temporarily close as they manage the crisis. The decision to shut down has been influenced by a 40% revenue decline over the past five years, challenges from direct brand retailing, and reduced city center foot traffic exacerbated by remote working trends.

This dual blow of a cyberattack on the same day as the closure announcement marks a profound challenge for the iconic store, which is well-regarded for its upscale offerings and festive displays. The closure is seen as a significant cultural and economic loss for Auckland, with nearly 250 jobs at risk.

NZ Smith & Caughey 144 years old department store considers closure, and is cyberattacked

What: ION Orchard’s CEO on the achievements made by the mall in 15 years

Why it is important: Singapore is one of the very few Asian markets where the distinction between malls and department stores remain visible, and where the latter are second in the race. 

ION Orchard, a prominent retail destination in Singapore, is marking its 15th anniversary with significant strides in enhancing its retail mix and customer experience. The mall has evolved into a multifaceted destination that blends shopping, dining, entertainment, and lifestyle, thanks in part to a diverse mix of international and local brands. Orchard Turn Developments CEO Yeo Mui Hong highlights the mall's strategic adaptation to market trends through regular surveys and market research, which inform their tenant selections and marketing campaigns. Yeo notes key collaborations and exclusive launches, such as Louis Vuitton x Supreme in 2017 and Christian Dior's Air Dior Capsule Collection in 2020, as pivotal in distinguishing ION Orchard from its competitors. The mall also embraces digital integration, with initiatives like interactive Instagram filters and augmented reality experiences to bridge the online and offline shopping environments. Technological enhancements in stores, like Zara's revamped two-floor outlet with integrated digital tools, underscore this modern approach. Staff training is another critical component of their strategy, with programs like the ION P.R.I.D.E. initiative ensuring high service standards across all personnel. These efforts are part of a broader vision to cement ION Orchard's status as a premier shopping and lifestyle hub in Singapore, particularly as it celebrates a significant milestone in its operation.

Singapore’s ION Orchard turns 15

What: Waitrose is currently rebuilding itself with a new team in order to become competitive again.

Why it is important: John Lewis and Waitrose are decoupling in terms of operations, in a move to focus on what they know how to do best. 

Waitrose has shown signs of resurgence in the competitive UK grocery market, as evidenced by its recent collaboration with renowned chef Yotam Ottolenghi. The partnership, which introduced a range of sauces, pastes, and spice blends, has reportedly exceeded sales expectations. This comes after the John Lewis Partnership, Waitrose's parent company, reported a return to profit for the fiscal year ending in January, with Waitrose itself achieving a 5% increase in sales to £7.7 billion. Amidst these gains, Waitrose faced challenges, including a market share reduction from 5% to 4.6%, issues stemming from its separation from Ocado, and technological disruptions. The retailer also struggled with investment limitations due to its unique employee-owned structure, which impacted its ability to launch aggressive pricing campaigns during economic downturns. In response to these challenges, Waitrose plans to expand its physical presence with new stores and refurbish existing ones, marking its first expansion in nearly a decade. Moreover, as Jason Tarry prepares to take over as chair of John Lewis in September, there is speculation about potential strategies he might employ, such as price matching schemes, to reinforce Waitrose's value proposition. Analysts suggest that while matching discounter Aldi's prices helped Tesco, a similar strategy may be adapted for Waitrose to compete with other major retailers. The company also aims to enhance customer loyalty through new programs that integrate benefits across both John Lewis and Waitrose, potentially reintroducing popular perks like the free newspaper offer for loyalty cardholders. These initiatives reflect a strategic shift towards reinforcing customer relationships and solidifying Waitrose’s position in the premium segment of the market.

Waitrose readies for change

What: Sales in Spanish shopping centers increased by 3.2% from January to April 2024 compared to the same period in 2023, with footfall growing by 3.7%.

Why it is important: The rise in sales and footfall indicates a positive trend in consumer spending and engagement in shopping centers, particularly highlighting the increased average spending per visitor in regions like Catalonia.

According to CBRE's "Retail Index," Spanish shopping centers experienced a 3.2% increase in sales and a 3.7% rise in footfall from January to April 2024 compared to the same period in 2023. Catalonia led the sales growth with a 6.1% increase, despite only a 2.3% rise in footfall, attributed to higher average spending per consumer. Southern Spain saw the highest footfall growth at 7.9%, with a corresponding sales increase of 3.8%. Rents have remained stable at 2023 levels, and no significant changes are expected in the next year.

Spanish Shopping center sales grew 3.2% through April, according to CBRE

What: Lacoste is taking over Selfridges' Alto by San Carlo rooftop restaurant and terrace, transforming it into an immersive space called Le Club Lacoste.

Why it is important: This partnership between Lacoste and Selfridges highlights the brand's commitment to creativity and innovation, showcasing its new collection and enhancing customer engagement through a themed, immersive experience.

This summer, Lacoste's signature green hue will dominate Selfridges' second floor atrium and rooftop terrace, transforming the Alto by San Carlo restaurant into Le Club Lacoste. The collaboration, celebrated for its creativity and innovation, aligns with the summer of sport theme and features the debut collection of Lacoste's creative director Pelagia Kolotouros. Visitors can enjoy a tennis-inspired drinks menu and watch live Wimbledon matches on digital screens, while the space is adorned with archival images from Lacoste's tennis heritage.

Lacoste takes over Selfridges for a summer of tennis

What: In India, an increasing number of malls are left in the dust, with high rates of vacancy.

Why it is important: Just like China, India is poised to challenge the traditional notions of retailing as we know them.

India's retail landscape is grappling with the challenge of increasing vacancies in small malls, highlighted by the rise in "ghost malls" – properties with over 40% vacancy. Knight Frank's report indicates that the number of ghost malls has increased from 57 in 2022 to 64 in 2023, with a projected 132 small malls at risk despite a significant expansion in retail space in major cities. The financial implications are severe, with a potential loss in sales reaching 6,700 crore rupees.

This trend underscores a deeper shift in consumer behaviour and the viability of traditional mall models. Christian Westphal of SilverSpoon Consultancy points to a transformation in consumer expectations, where young shoppers prioritize self-expression and seek value and authenticity, influencing their loyalty and spending habits. The challenge for retailers and brands is to adapt to these new consumer demands by enhancing personalized services and improving brand storytelling.

The issue is compounded by many malls' failure to attract this critical demographic, due to poor design, lackluster management, and an uncompetitive brand mix. Westphal emphasizes the necessity for malls to innovate and for sales teams to effectively represent their brands, aligning in-store experiences with online narratives to maintain consumer trust and satisfaction.

The situation calls for a strategic rethink in the mall industry to align more closely with evolving consumer preferences and market dynamics, ensuring relevance and sustainability in the changing retail environment.

What the rise of ghost malls says about India’s changing retail landscape

What: Marks & Spencer has announced Alison Dolan as its new Chief Financial Officer (CFO), set to replace interim CFO Jeremy Townsend in May 2025.

Why it is important: The appointment of Alison Dolan, a seasoned executive with extensive experience in fast-paced, digitally-led businesses, is crucial for M&S as it continues its successful transformation and expansion efforts.

M&S has named Alison Dolan as its next CFO, with her tenure set to begin before May 2025. Dolan, currently CFO at Rightmove plc, brings a wealth of experience from her previous roles at News UK and Sky, where she focused on finance, strategy, and transformation. CEO Stuart Machin expressed confidence in Dolan's ability to contribute to M&S's ongoing transformation. Meanwhile, interim CFO Jeremy Townsend will remain until May 2025, ensuring a smooth transition. This leadership change comes at a prosperous time for M&S, with rising sales and profits, alongside plans for further investment in its store estate to open new locations and upgrade existing ones.

M&S names Alison Dolan as new CFO, but with big delay

What: Frasers Group has appointed Jon Thompson, former CEO of HM Revenue and Customs (HMRC), as a non-executive director on its board.

Why it is important: This appointment signals Frasers Group's commitment to strengthening its leadership and governance as it continues to execute its long-term growth and international expansion strategies.

Frasers Group has announced the addition of Jon Thompson, former CEO of HMRC, to its board as a non-executive director. CEO Michael Murray emphasized that Thompson's expertise aligns with Frasers' transformation and Elevation Strategy. Thompson's background includes roles as CEO of the Financial Reporting Council, chief of HS1, and permanent secretary of the Ministry of Defence. His appointment supports Frasers' goal of becoming a leading international business, highlighted by recent acquisitions in the Netherlands and increased investment in Hugo Boss.

Frasers Group appoints former HMRC CEO to board

What: Korean e-commerce discounter Coupang has been caught red-handed manipulating product reviews

Why it is important: The scale of the manipulation is astounding, and by the time it was discovered, Coupang has been able to eat quite a large marketshare. 

South Korea's Fair Trade Commission (FTC) has imposed a significant fine of 140 billion won (approximately $102 million) on Coupang, a major e-commerce company, for engaging in unfair business practices. These practices include manipulating search algorithms to favor its own private-label products and generating false product reviews to enhance sales. This manipulation has been ongoing since February 2019 and has involved prioritizing at least 64,250 product types, resulting in a 76% increase in sales of these items. Additionally, Coupang mobilized 2,297 employees to write 72,614 favorable reviews for 7,342 private-label products, thereby skewing product visibility and misleading consumers. The FTC has criticized these actions for undermining consumer choice and distorting fair market competition. In response, the FTC has not only fined Coupang but also referred the company and its subsidiary, Coupang Private Label Brands (CPLB), for further legal action. CPLB, established in July 2020, specifically manages the sales of Coupang’s private brand items. The regulatory body has also mandated corrective measures to rectify these unfair practices, emphasizing a strict stance against such deceptive behavior in the market.

Coupang fined US$102 million for manipulating search algorithm