Thu Apr 5, 2012 1:36pm EDT * Expected to start reaching out to shareholders next week * Total check for the deal is $14 bln, no private equityBy Nadia Damouni and Phil WahbaNEW YORK, April 5 (Reuters) - Beauty company Coty Inc is expected to start reaching out directly to Avon Products Inc's major shareholders next week to sell them on the merits of its $10 billion bid to buy the world's largest cosmetics direct seller, sources close to the matter said on Thursday.Privately held Coty, the company behind fragrances for such stars as Lady Gaga, earlier this week offered to buy Avon, which is facing declining sales in key markets like Brazil as well as a bribery probe, for $23.25 a share. That is ... Continue reading →
Thu Apr 5, 2012 1:27pm EDT * Target, TJX, Ross raise quarterly profit forecasts * Q1 profits to be better for retailers- analysts* Bright-colored clothes, spring merchandise star sellers* Fewer discounts to help margins -- analystsBy Nivedita BhattacharjeeApril 5 (Reuters) - Summery weather and an earlier Easter prompted shoppers to buy bright-colored clothing, with many boosting retailers' profits by paying closer to full price than in recent years.Of the 20 retailers tracked by Thomson Reuters, 10 beat Wall Street sales estimates, with the biggest increases coming from clothing sellers.Victoria's Secret parent Limited Brands Inc, Target Corp, Macy's Inc and Gap Inc were among the retailers that beat analysts' expectations for sales at stores open at least a year as they lured shoppers with blue, yellow ... Continue reading →
By Lisa Baertlein DETROIT, April 4 | Wed Apr 4, 2012 12:59am EDT DETROIT, April 4 (Reuters) - When Slows Bar-B-Q opened in Detroit's Corktown district seven years ago, the neighborhood was so neglected that the street lamps no longer worked. The restaurant sits in the shadow of Detroit's abandoned central train station, a few blocks from the vacant lot where Tiger Stadium once stood. "People said we were nuts," recalled co-owner Phillip Cooley.Today, Slows has two Detroit locations that pull in a healthy $6 million in sales annually.An artisan coffee shop and a swanky cocktail bar have opened near Slows in Corktown, making the neighborhood one of a handful of vibrant residential pockets in Motor City.The success of Slows and other local food businesses ... Continue reading →
By Phil Wahba Mon Apr 2, 2012 9:01am EDT (Reuters) - Beauty company Coty Inc said on Monday it offered to buy Avon Products Inc for $10 billion, but the bid was rejected by the cosmetics direct seller, which is grappling with sliding sales in key markets and a bribery probe. Coty, whose products include fragrances for celebrities including Beyonce and Lady Gaga, said it had no plans to make a hostile bid but had been "unsuccessful" in getting Avon to talk about a deal.Coty, a fast growing privately held company majority-owned by Joh. A Benckiser, is offering $23.25 per share, a 20 percent premium over Avon's Friday closing price of $19.36 on the New York Stock Exchange.Shares of Avon rose 19.3 percent to $23.10 ... Continue reading →
By Georgina Prodhan LONDON, March 21 | Wed Mar 21, 2012 8:08am EDT LONDON, March 21 (Reuters) - The maker of the hit mobile game Angry Birds has struck a deal with Wal-Mart to embed clues to a new version of the game in merchandise sold in Wal-Mart stores, hoping to drive Angry Birds fans into the stores, and shoppers to the game. The world's biggest retailer will stock limited-edition T-shirts, soft toys and snacks containing clues that unlock bonus levels of Angry Birds Space, which will be available in app stores from Thursday.Rovio, the Finnish start-up behind the world's most downloaded mobile game, has ambitions to become a global entertainment brand. Its marketing chief told Reuters on Tuesday it was teaming up with a ... Continue reading →
