What: The Hyundai Seoul, the newest Hyundai location in Seoul, is the most successful new retail venture in recent times.

Why it is important: It's all about the experience, in a much differentiated manner when compared to the rest of the national operators, Shinsegae and Lotte.

The Hyundai Seoul, a department store in western Seoul, achieved over 1 trillion won in sales in just under three years (2 years and 9 months), setting a record among Korean department stores despite not featuring luxury brands like Hermès, Louis Vuitton, and Chanel. This success, surpassing the previous record held by Shinsegae Department Store's Daegu branch, is attributed to the store's innovative approach, appealing particularly to younger generations and foreign customers.

Key to The Hyundai Seoul's success has been its focus on creating a visually appealing and experiential shopping environment. Half of its space is dedicated to 'Instagrammable' relaxation areas, and it was the first to bring popular online fashion brands into a department store setting. The store has hosted over 320 pop-up events, including various cultural and trendy themes, significantly attracting younger customers.

Foreign customer sales, particularly among the 20 to 30 age group, have soared by 891.7% year-on-year, largely due to the store's continuous offering of K-pop idol group-related pop-ups, featuring bands like BTS and Blackpink. This strategy significantly contributed to The Hyundai Seoul's rapid achievement of the 1 trillion won sales milestone.

The Hyundai Seoul becomes fastest store to hit 1 trillion won milestone

What: Farfetch managed to get a $500m emergency financing.

Why it is important: Technically, Farfetch is now the property of a Korean online player specialized on discounted goods. Let’s see where this goes.

Coupang, Inc., a major global retailer, has announced its intention to acquire Farfetch Holdings plc, an eminent online luxury company. This move positions Coupang as a significant player in the $400 billion global personal luxury goods market. The acquisition synergizes Coupang's operational and logistics excellence with Farfetch's luxury ecosystem, aiming to enhance customer and brand experiences worldwide. It particularly targets South Korea's luxury goods segment, where per capita spending is notably high. The deal provides Farfetch with $500 million in capital to continue supporting luxury brands and boutiques with advanced technology and global consumer access. Both companies anticipate this partnership will redefine the luxury customer experience globally, with Coupang's track record in commerce innovation playing a key role. Greenoaks, a global investment firm, has provided substantial financial expertise for the acquisition as Coupang’s investment partner.

Coupang saves Farfetch

What: Galeria and Inno are in a dire situation now that owner Signa has collapsed.

Why it is important: Those two chains are not under the same ownership type as Kadewe and Selfridges, and therefore Central Thailand might not be able to be a white knight in this case.

The German department store chain Galeria, along with its Belgian subsidiary Inno, is seeking a new owner following the financial collapse of its Austrian parent company, Signa Holding. Signa, a real estate firm with substantial debts, has entered a restructuring process and sought protection from creditors. The company's CEO, René Benko, has stepped down, and a restructuring expert has been appointed.

Although Signa Holding is in financial distress, Galeria and Inno, operating under Swiss Signa Retail Selection AG, are not immediately threatened as they have filed for separate creditor protection. This move aims to shield the retail branches from the broader bankruptcy issues of Signa Group.

The board of Galeria, led by chairman Christian Wenger, is now overseeing an orderly business process independently, looking for potential buyers. Inno was already on sale prior to these developments. Meanwhile, Signa Retail Selection's stake in the Swiss department store Globus remains unaffected by these proceedings.

The Thai Central Group, a key player in European luxury retail, has reiterated its commitment to supporting its businesses in Europe, including Selfridges, which it recently acquired to safeguard it from Signa's financial troubles.

Galeria is looking for a new owner after the collapse of Signa

What: Harrods has introduced two new rooms – a holiday and swim room, as well as an evening and occasion-wear room, spanning a total of 10,000 square feet.

Why it is important: The introduction of Harrods' new holiday and swim room, as well as the evening and occasion-wear room, is significant due to the expansion of their offerings and the substantial revenue growth, reflecting the evolving consumer demand for luxury partywear and the strong performance of the company.

The evening and occasion wear area features four large fitting rooms and accommodates 38 brands, aiming to meet the growing demand for eveningwear, with a remarkable 50% category growth in 2021. The new brands joining Harrods include Koltson, Alex Perry, Celia Kritharioti, and Rodo, along with exclusive designs from Maria Lucia Hohan, Pamela Rolland, and Taller Marmo. In the holiday and swim room, permanent offerings from Missoni, Zimmermann, Eres, and Anya Hindmarch will be featured, alongside long-term pop-ups such as Pucci and Le Double J.

Harrods opens dedicated swimwear and eveningwear spaces

What: LVMH and Chanel are teaming up to tackle the Scope 3 emissions topic.

Why it is important: While retailers are still reluctant to create alliances and share information, largeluxury brands are already doing it.

LVMH Moët Hennessy Louis Vuitton and Chanel, two of the world's largest luxury groups, have initiated a groundbreaking partnership to enhance sustainability in the luxury industry. They aim to standardize corporate and social responsibility reporting and audit processes at the supplier level and support suppliers through the Life 360 Business Partners program. This collaboration includes initiatives like LVMH Circularity for reusing unsold products.

The partnership reflects a growing recognition in the luxury sector that tackling environmental challenges requires cooperation over competition. Bernard Arnault of LVMH emphasized that while competition in design and creativity is essential, sharing information on sustainability is beneficial for the industry.

LVMH's focus on sustainability extends to its malls, including energy reduction achievements and challenges in eliminating fossil fuel-based plastics. Financial support and co-investment in supplier transitions are part of their strategy, acknowledging that suppliers often face significant financial hurdles in sustainable overhauls.

The alliance with Chanel, still in early stages, explores collective audit systems to ease supplier burdens. The collaboration is a response to the urgency of the climate crisis, aiming to establish best practices, particularly in leather sourcing, and set higher standards for suppliers.

LVMH's commitment to sustainability is evident in its business practices, from product packaging to transportation methods, recognizing the need for comprehensive and realistic strategies for ecological responsibility while continuing to grow as a company.

LVMH, Chanel link on sustainability

What: Central Group adds a new activity to its retail ventures: wholesale B2B business.

Why it is important: Diversification is a way to ensure dominance when it comes to final customers when a retailer becomes a cultural brand

Central Retail Corporation (CRC), a major Thai retail conglomerate, is entering the wholesale market with its new venture, Go Wholesale. This move is seen as a direct challenge to CP Axtra, the parent company of Lotus's and Makro, which is currently the dominant player in the Thai wholesale market. CRC plans to open over 40 Go Wholesale units in the next five years, starting with a large store in Srinakarin, followed by another in Chiang Mai, and more in Pattaya and Amata City.

Go Wholesale differentiates itself from Makro by being member-based (currently free membership) and primarily targets customers in the HoReCa sector (hotels, restaurants, catering) as well as food providers in institutional settings. CP Axtra, with its Makro stores, is a strong competitor, operating 164 units and generating significant revenue and profit in the Thai market.

CRC is not solely relying on wholesale for growth. The company anticipates a boost in its retail sector from recovering tourism, expecting 30 million international visitors to Thailand by year-end. However, challenges such as a downturn in tourism compared to pre-pandemic levels, a residential real estate crisis in Vietnam, and a slowdown in external trade impact CRC's diverse operations, which include fashion and hardline sales through Robinsons, Central department stores, and Nguyen Kim appliance stores.

Despite some areas of concern, such as a slight decline in food sales and the impact of rising interest rates on big-ticket purchases, CRC's problems are viewed as cyclical rather than structural. The company remains optimistic about its growth prospects, buoyed by its robust retail model, vibrant mall business, and the new wholesale venture.

In for a penny, in for a pound: Thailand’s Central bets big on wholesale

What: Decathlon has initiated the sale of properties housing around 90 of its stores in France, Spain, Portugal, Italy, and Germany, with the transaction valued at over EUR 600 million.

Why it is important: This strategic divestment reflects the evolving dynamics within both retail and real estate sectors, marking a notable development for the French sporting goods group.

The properties, covering approximately 400,000 square meters, have been purchased by US investor Realty Income, marking their entry into France and Germany. This move is significant as Decathlon remains the owner of about 40% of its French stores' premises, with France being its primary market, where it operates 325 stores and generated EUR 4.7 billion of its EUR 15.4 billion revenue in 2022.

Under the leadership of Barbara Martin Coppola, Decathlon currently operates 1,751 stores globally.

Decathlon sells premises of 90 European stores

What: Le Bon Marché has selected Sarah Andelman, founder of Just an Idea consulting agency and former purchasing and image director of Colette, as its guest curator for a distinct exhibit with a book theme.

Why it is important: The exhibit's timing coincides with the resurgence of book clubs and the popularity of BookTok, highlighting the enduring appeal of literature in the digital age.

Andelman, a passionate book lover, will present unique book-related items such as totes, jewellery, candles, and a selection of books, inspired by her collaboration with illustrator Jean Jullien. The exhibit will feature merchandise from renowned global bookstores, including The Strand in New York, Pillow-Cat Books, Cow Books in Tokyo, and Oakland Book/Shop.

Fashion brands will showcase their own book-themed products, with examples such as Longchamp’s crossbody book-holder bag and Liya Kebede's Liyabrairie book straps. Additionally, the store will collaborate with various brands and host events to promote reading, including activities tailored for children.

Colette's Sarah Andelman to curate an exhibition for Le Bon Marché

What: John Lewis has launched its first luxury fashion pre-loved pop-up in collaboration with reseller Sign of the Times at Peter Jones on Sloane Square.

Why it is important: The initiative aims to encourage customers to support sustainable shopping and offers a unique and eco-friendly gifting option for Christmas.

The pop-up, open until 31 January, showcases pre-loved designer pieces such as outerwear, bags, and accessories from brands like Goyard, Chanel, Moncler, Gucci, and Loewe.

Head of category for fashion brands at John Lewis, Beth Pettet, emphasized the premium edit of designer products promoting a more sustainable way of shopping. Sign of the Times' owner and CEO, Antonia Johnstone, highlighted the brand's heritage and synergy with Peter Jones, expressing excitement about curating a sustainable selection for the clientele.

John Lewis opens first pre-loved luxury fashion pop-up

What: Department stores and popular stores in France recorded slight growth, while mass-market channels and hyper-supermarkets experienced declines.

Why it is important: The report reflects mixed fortunes in different distribution channels and a shift towards online sales in the fashion sector.

Sales of fashion items in November 2023 remained stable compared to the previous year, but down 4.9% compared to November 2019. Textile and clothing sales were flourishing online, with a 6% increase compared to 2022, than in physical stores, which saw a 1.4% decrease. The activity of fashion distributors, excluding online sales, increased by 0.3% from January to November 2023 compared to the same period last year.

The Fashion Institute (IFM) expects a 0.8% contraction in textile and clothing sales for the whole of 2023, with a stabilization of prices anticipated for the following year. Specialised chains continue to perform well, while multi-brand independents and hyper-supermarkets struggle.

Department stores in France celebrate growth while grocery stores lagged 

What: Apple’s card program has not been working as well as expected for Goldman Sachs.

Why it is important: Department stores should not discard their traditional credit card partnerships yet

Apple is ending its credit-card partnership with Goldman Sachs, marking a significant retreat for the Wall Street bank from consumer lending. The tech giant has proposed to exit the contract, which includes the credit card launched in 2019 and a savings account introduced this year, within the next 12 to 15 months. This move signifies a reversal from their extension agreement through 2029, intended to be a key part of Goldman's consumer market strategy.

Goldman Sachs, having suffered substantial losses in its consumer operation, had already expressed interest in offloading the partnership earlier this year. Potential successors for the program include American Express and Synchrony Financial, although Amex has shown concerns about certain aspects of the program, and discussions may not be ongoing.

For Apple, this development is a setback in its services business, which has become more vital as iPhone sales slow down. Goldman Sachs, on the other hand, is refocusing on its core clients in corporate and investment sectors after this and other consumer-lending setbacks, including ending another credit-card partnership with General Motors and selling off its personal loans portfolio.

The partnership had a rocky beginning, with disagreements over cardholder approval rates leading to higher loan losses for Goldman and operational challenges. Goldman Sachs is also facing regulatory scrutiny over its credit card practices, leading to internal shifts to address these issues.

Apple pulls plug on Goldman credit-card partnership

What: Returns are a retailer’s nightmare when it comes to e-commerce.

Why it is important: many solutions are being explored, from charging returns, asking customers to return items in stores, or letting them keep the goods.

Online retailers are grappling with high return rates, costing them significantly. Around 20% of online purchases are returned, resulting in a $642 billion annual expense. This issue is prompting retailers to explore various strategies to reduce these costs:

1. "Keep It" Policies: Faced with high return costs, 59% of major retailers, including Amazon and Walmart, are adopting "keep it" return policies. This approach, while cost-effective in the short term, is not sustainable due to potential abuse by customers.
2. In-Store Returns: Encouraging customers to return items in-store is another strategy. This not only saves on shipping costs but also increases the chance of additional purchases by customers and immediate restocking of returned items.
3. Charging for Returns: To deter excessive online returns, about 40% of retailers now charge for returns. This includes companies like JC Penney, Zara, and H&M. While effective in reducing returns, this approach may be unpopular with customers.
4. Enhancing Online Shopping Experience: Retailers are investing in technology to improve size and fit estimations. For example, Bershka collaborated with 3DLOOK for a virtual fitting room, significantly reducing return rates. Zara uses user-generated photos to give a realistic view of their products, enhancing customer satisfaction with their purchases.

These varied approaches reflect the urgent need for retailers to address the high cost of returns, balancing customer satisfaction with financial viability.

The billion dollar return nightmare: Why retailers are enabling ‘Keep It’ policies

What: Lotte Group has initiated the construction of an AI-powered Customer Fulfillment Center (CFC) in Busan in collaboration with UK's retail tech firm, Ocado.

Why it is important: Lotte seeks to differentiate its grocery services by adapting them to fit the Korean lifestyle, including eco-friendly delivery methods and strategies catering specifically to apartment living.  The company plans to utilize data and AI for efficient inventory management and automated processes, including delivery routes.

This endeavour marks Lotte's expansion into the online grocery market, aiming to compete with companies like Coupang and Kurly. The CFC, employing the Ocado Smart Platform, promises enhanced spatial efficiency and a doubling of product capacity compared to conventional centres.

The initiative also aims to enhance the online shopping experience, with up to 33 daily dispatches and a focus on analysing customer behaviour.

The project is expected to generate over 2,000 new jobs and is part of Lotte's larger plan to establish six OSP-based fulfilment centres nationwide by 2030.

Lotte breaks ground for its first AI-based fulfillment center in Busan

What: Saks hosts a private pop-up shopping event in the Fouquet’s penthouse in New York.

Why it is important: The event offers a unique and luxurious shopping experience for top clients and hotel guests, showcasing a curated assortment of merchandise and engaging in a virtual event to showcase holiday styling picks.

This event is the first pop-up to be held in the penthouse and aims to offer the opulence and comfort of a Parisian apartment to top clients and hotel guests. Saks has curated an assortment of merchandise, including women’s ready-to-wear, shoes, handbags, accessories, beauty, and kids' items for this event. New York stylist Julie Heller will curate the pop-up, showcasing luxury designer goods from Saks.

Saks partners with Fouquet’s New York to host a private pop-up shopping event

What: Frasers Group has acquired John Anthony, a premium menswear retailer, with five stores situated in south-west England and an online store.

Why it is important: The acquisition of John Anthony adds to Frasers Group's expansion strategy and portfolio of businesses in the retail and fashion industry.

The retailer, established for 44 years, is known for offering designer collections from both new and established labels, including brands like Acne Studios, Fred Perry, and Vivienne Westwood.

Frasers Group has a history of purchasing businesses at bargain prices, with recent acquisitions including major stakes in Boohoo Group, N Brown, and ASOS, as well as a takeover of MySale, JD Sports brands, and others. Speculation surrounds the future of the John Anthony name, as it remains unclear if it will continue or be integrated into one of Frasers' other operations

Frasers Group acquires premium menswear retailer John Anthony

What: The Financial Times reviews the reasons why Farfetch is facing a reckoning now.

Why it is important: The disappearance of Farfetch could induce new opportunities for agile department stores, but also new threats if they are late to react and if another player does.

In 2018, Farfetch, led by founder José Neves, went public on the New York Stock Exchange, initially achieving a high valuation with strong investor interest. However, five years later, the company's situation has drastically deteriorated. Farfetch's shares have plummeted by over 97% from their peak, reducing its market value from around $24bn in 2021 to about $220mn. The company now faces a critical choice: to find a "white knight" investor or to go into administration.

Despite initial success and interest from major investors, Farfetch has struggled to become profitable. The company's business model, focused on online luxury retail, has faced challenges in securing products from top brands, which prefer direct control over their sales channels. The company's diversification efforts, including acquisitions like New Guards Group and ventures into different sectors, have not stabilized its financial woes.

Farfetch's financial struggles are compounded by a significant debt repayment schedule and a downgrade by Moody's to a deep junk status. The company's future is uncertain, with potential impacts on the wider luxury e-commerce industry and the many boutique retailers it supports. The industry fears that Farfetch's collapse could lead to widespread inventory issues, discounting, and pressure on larger retailers. Even if Farfetch survives, doubts remain about the sustainability and value of its business model in a luxury market increasingly moving towards direct-to-consumer sales.

Where did Farfetch go wrong?

What: Following the departure of Gastón Bottazzini, Alejandro González, the company's financial director for the past seventeen years, will assume the interim CEO role starting January 1st, as the search for a permanent CEO continues.

Why it is important: Falabella is observing a significant leadership change with the both the interim CEO and the appointment of Enrique Ostalé as the new president, marking the first time the presidency passed to an executive external to the owning families.

González has been credited with orchestrating the capital increase in 2018 and implementing an efficiency plan resulting in a 6% reduction in expenses.

Falabella appoints an interim CEO as of January 1

What: Chinese tourists are back, but they now prefer experience and discovery over purchases that can be made online.

Why it is important: Department stores need to focus on experience, experience, experience (and know how to make money out of it).

Chinese tourists, once known for their shopping sprees in global luxury destinations, have changed their travel and spending habits post-pandemic. The new generation of travelers, mostly under 40, are veering away from traditional shopping-focused tourism, favoring unique experiences and places discovered through social media apps like Xiaohongshu (China's Instagram). This shift has impacted companies reliant on "travel retail," such as Estée Lauder and Shiseido, leading to a drop in shares and profit forecasts due to decreased spending by Chinese tourists in their preferred travel retail segments.

Luxury retailers, including Harvey Nichols, are feeling the pinch with reduced shopping by Chinese visitors in Hong Kong, prompting the closure of one of its stores. The pandemic has also accelerated e-commerce and luxury brand presence in China, reducing the price gap between China and tourist destinations, further influencing shopping behavior.

Despite a dampened interest in shopping, there's an uptick in travel, with young Chinese tourists focusing on creating personal travel narratives rather than purchasing goods. This trend is partly attributed to China's weakened economy impacting discretionary spending, with more Chinese opting to shop domestically.

However, there are signs of a gradual return to travel, with a surge in travel package sales during China's recent Double 11 shopping festival. Companies like Samsonite are optimistic about the eventual full return of Chinese outbound travel, preparing for a resurgence by the end of 2024.

Chinese tourists are back. They just aren’t shopping like before.

What: The Robin Report reviews where Kohl’s stands and the perspectives for the company.

Why it is important: Is Kohl’s too big to fail?

Kohl's, once a retail powerhouse, is now grappling with significant challenges. The company, which disrupted the market and outpaced competitors like Mervyns, is stuck in a difficult position in the retail landscape. It faces internal issues like management turnover and external pressures such as investor scrutiny. CEO Tom Kingsbury, a respected retail veteran, is attempting to steer the company back to profitability and growth.

Positives for Kohl's include profitability despite a drop in earnings, improved gross margins, and reduced inventory levels. The retailer's physical stores have seen a slight uptick, and its partnership with Sephora has proven to be highly successful. Additionally, Kohl's real estate strategy, focusing on strip mall locations and testing smaller stores, appears advantageous in the current shopping environment.

Challenges for Kohl's are substantial. The retailer is struggling to find its place in the market, squeezed between discounters like Walmart and higher-end stores like Macy's. Its online business strategy is currently de-emphasized, a risky move in a digital-centric retail world. The company is also dealing with a complicated promotional strategy and aging store locations.

Kingsbury's age and previous semi-retirement raise questions about his long-term commitment to overseeing the company's turnaround. Moreover, Kohl's merchandising strategy, fluctuating between national labels and house brands, needs a clear direction. As the company navigates these challenges, it faces the threat of investor action and the need for a coherent, effective strategy to adapt to the evolving retail environment.

Can Tom Kingsbury Fix Kohl’s?

What: A somewhat interesting allliance between an hospitality leader and a retailer cum provider of experiences.

Why is it interesting: Department stores and malls do not have anymore the prominence on potential deals with retailers, who can not explore many other possible physical avenues.

Marriott International, a major hotel chain with a revenue of $21 billion from its 8,700 hotels, has partnered with Camp, a smaller company known for its activity-oriented toy stores, to enhance children's experiences at their all-inclusive resorts. This five-year partnership, for an undisclosed licensing fee, aims to rapidly introduce engaging kids' clubs at Marriott's resorts, driven by Camp's innovative approach to children's activities.

This collaboration is part of Marriott's strategy to grow its all-inclusive business segment, especially in the wake of the Covid-19 pandemic which saw a shift in travel preferences, with leisure travel outpacing business travel. Marriott has been expanding its all-inclusive resorts, particularly in the Caribbean and Latin America, and sees the partnership with Camp as a way to bolster its offerings for families, with plans to roll out new kids clubs starting in 2024.

Camp, founded in 2018, is known for its experiential retail model, offering interactive and immersive play experiences for children. During the pandemic, the company shifted its revenue model to include entrance fees and focused on immersive shows and a birthday-party business. The partnership with Marriott represents a strategic move for Camp, allowing it to reach more families at vacation destinations and potentially expand to more Marriott hotels in North America.

The partnership involves Camp designing the kids clubs and providing programming and training, while Marriott will handle the construction, operation, and staffing. This move is expected to boost Camp's brand recognition and market its existing stores, although licensing fees from such partnerships are projected to form a small part of Camp's revenue, which Forbes estimates to be less than $50 million annually.

Marriott teams up with Camp to redesign its kids clubs

What: Coresight reviews how AI is being implemented in luxury brands.

Why it is important: It is infusing at each and every level, from customer-facing to back-office operations.

AI is being used in luxury retail in 5 main ways: to create generative NFT art for customer engagement, optimize customer service via chatbots, improve operational efficiency, generate images for marketing campaigns, and develop anti-counterfeiting measures:

• Brands like Gucci, LVMH and Valentino are using generative AI to create NFT art pieces and improve customer engagement.
• AI powers chatbots and virtual assistants for customer service across many luxury brands.
• LVMH uses AI to optimize operations across 30 of its 75 brands, create digital showrooms, develop products, etc.
• Valentino used AI to generate the lookbook for its "Essentials" collection with AI-created models and imagery.
• Startups like Entrupy are developing AI-powered authentication solutions to protect luxury brands against counterfeits.

AI has high potential fordigital transformation in luxury due to brands' unique needs around personalization, exclusivity and discretion.

5 ways AI is used in luxury retail

What: Japanese department stores have benefitted from the touristic boon to thrive when others are currently struggling.

Why it is important: Is this more a trend or a stable situation?

Japanese department stores are experiencing a boost in sales due to an influx of overseas tourists, particularly with the weak yen encouraging high spending on luxury goods. However, executives remain cautious as this growth, largely driven by tourism, is not seen as sustainable in the long term. The focus is on maintaining relevance in the fashion segment for domestic middle-class customers and diversifying into complementary businesses.

While overall sales increased in October, there was a slowdown compared to the third quarter. Growth is primarily concentrated in major urban areas like Tokyo, Osaka, and Kyoto, with regional stores lagging behind. High-value customers and 'gaisho' sales (where sales representatives visit customers) are significant growth drivers, with a notable increase in younger, affluent shoppers.

Diversification efforts include developing mixed-use spaces and commercial activities, as well as positioning department stores as cultural hubs. Despite the positive trend, there's an industry-wide concern about sustaining this growth, particularly as other retail sectors like supermarkets and convenience stores are showing signs of a slowdown. November sales figures are being watched closely for indications of either a continued upswing or a further decline in retail performance.

Japan’s department stores: what’s left when the tourism tide goes out?

What: Kohl’s has recently appointed Wendy Arlin to its board of directors as part of a continuous board refreshment initiative aimed at bringing in experienced and relevant leaders

Why it is important: The appointment of Wendy Arlin to Kohl's board of directors is vital as it bolsters the board's expertise in financial and accounting matters, supporting the company's strategic growth plan and enhancing shareholder value.

Her appointment at Kohl's is set to become effective at the company's 2024 annual shareholder meeting, and she will also be serving on the board's audit committee. With Arlin's addition, Kohl's board will consist of 13 directors, 12 of whom are independent, reinforcing the existing strength of the board.

Arlin, who previously served as the chief financial officer for Bath & Body Works, brings over three decades of experience in corporate finance, accounting, and financial reporting to her new role. During her career at L Brands, she held various leadership positions for nearly 20 years, including senior vice president of finance and corporate controller. Currently, Arlin is a director of The Wendy's Company and WK Kellogg, where she is actively involved in the Compensation and Talent committee and chairs the Audit committee.

Kohl’s appoints former Bath & Body Works CFO to board

What: IKEA reported a "record year” of sales and celebrated with price reductions and bonuses for its workers.

Why it is important: The company is showing its  generosity toward its stakeholders by prioritising affordability for customers and rewarding its employees, thereby demonstrating a dedication to both consumer satisfaction and employee well-being.

The company experienced over USD 6.3 billion in total sales, featuring a 6.6% year-over-year revenue growth for the 2023 fiscal year, and notable increases in e-commerce sales and online visits.

In response to consumers' budgetary constraints, IKEA reintroduced its New Lower Price initiative, offering discounts on its products at U.S. stores and online. The company also plans to pay USD 54.5 million to its workers across two-thirds of its U.S. units as part of its "One Ikea Bonus" performance incentive program.

Ikea celebrates sales growth with lower prices