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Freshly Squeezed: 28.10.19

Reading Time: 2 mins
By Published On: October 28, 20190 Comments

LVMH offers to buy Tiffany & Co and Uniqlo introduces eco-friendly bags. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.

LVMH Offers to Buy Tiffany & Co.

LVMH (Louis Vuitton Moet Hennessy) offered to buy Tiffany & Co for $14.5 billion in an effort to expand its offering across to jewellery. LVMH has a market value of USD214 billion, and Tiffany & Co currently has an annual revenue of USD 4 billion. The sales for Tiffany’s have slipped over the years, and in an effort to regain its customer base, the jewellery has introduced luxury homewares and men’s jewellery.

“Tiffany has yet to express its full potential—for example in design jewellery and watches,” explained Luca Solca, Analyst at Bernstein & Co. According to the Wall Street Journal, “in recent quarters sales have slipped both in the U.S. and Asia. Excluding currency swings, comparable sales have declined from a year earlier for two straight quarters.”

Uniqlo Releases Eco-Friendly Paper Bags in Aussie Stores

Uniqlo is releasing eco-friendly paper bags in its Australian stores. In line with its focus on sustainability, the Japanese retailer is removing the use of its plastic bags and replacing them with an environmentally friendly alternative. “Sustainability has increasingly become a priority on the global agenda and as a leading retailer, it has been crucial for UNIQLO to look at how we can address this key issue, whether from a clothing design perspective, or current in-store practices,” said Kensuke Suwa, COO of UNIQLO Australia.

“Introducing the paper bags nationally is one of the steps we are taking in our move to become more environmentally friendly, and is well-timed to coincide with the Victorian Government’s single-use plastic shopping bags ban which comes into play this November. We definitely recognise that Uniqlo has a role to play and the team is consistently exploring new sustainability initiatives to roll out in this market.” Uniqlo Australia will additionally be retailing branded, eco-friendly reusable bags for $2.90 which are made from recycled PET-bottles.

Catch up on last Friday’s Freshly Squeezed news here.

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