Welcome back to The Spin! Today we check out how Walmart plans to go up against Amazon in India, and which Chinese tech giant is going to launch a social payment service. Then there is the high-end label that unexpectedly withdrew from New York Fashion Week as Facebook unexpectedly withdrew its support for digital currencies. Enjoy the read and feel free to share! Cheers, Ulrike


Joined forces. US discount giant Walmart is said to be in advanced negotiations to acquire a 15 to 20 percent stake in Indian online platform Flipkart. A deal would allow for synergies giving both companies a greater advantage in competing with Amazon in India. According to sources, Walmart's CEO Doug McMillon led a delegation to visit Flipcart's Bengaluru office in late January.


Dream team. Swiss watch and jewelry specialist Bucherer Group has bought the US luxury watch retailer Tourneau LLC from Leonard Green's Green Equity Investors IV. The acquisition price has not been disclosed, but the takeover is considered the largest in Bucherer's 130-year history. Bucherer, which operates 33 stores in Europe, will immediately introduce (press release) the brand and its fine jewelry to the North American market through Tourneau, which currently runs 28 retail stores and a webshop in the US.


Mall merger. Indian primary retail infrastructure developer Future Market Networks (FMN) will merge with its mall developer subsidiary, Star Shopping Centers Private Limited. According to a regulatory filing, the move is designed to cut costs and streamline operations. FMN is part of India's Future Group retail conglomerate.


Comeback cancelled. The wife of disgraced movie mogul Harvey Weinstein, Georgina Chapman, has cancelled the fashion show for her Marchesa label. Ironically scheduled to run on Valentine's Day (February 14) during New York Fashion Week, the Hollywood-centric collection will now be shown in an unspecified "updated format", most likely a digital presentation.

High honors. Mansur Gavriel will receive the American Apparel & Footwear Association's prestigious Image Awards Fashion Maverick honor. Emanuel Chirico, Chairman and CEO of PVH Corporation was named Person of The Year, and Camuto Group takes the Company of the Year award. The Designer of the Year award goes to Joseph Altuzarra, and the Retailer of the Year award to Fred Segal. The accolades will be given at a gala in New York on April 16.


Shoes to fill. Wolfram Hail, CEO of German footwear retailer HR Group, will relinquish his position by the end of February. He will be succeeded (paywall; in German) by Peter Wolf, who has been partner and member of the advisory board since 2016. HR Group operates about 530 Reno stores in ten countries and delivers to about 1,700 stores via its wholesale operation. Previously, Wolf held executive positions at large retailers including Karstadt and Tchibo.


Cracking down on crypto. Facebook is banning ads for cryptocurrencies including Bitcoin, Ethereum and Ripple as well as initial coin offerings. The new policy also includes binary options. According to Product Management Director Rob Leathern, the policy is part of an ongoing effort to improve the integrity and security of ads on Facebook, and to make it harder for scammers to profit from a presence on the platform.

Social payment. Chinese tech giant Tencent Holdings, which recently partnered with Suning Commerce Group, JD.com and Sunac China Holdings to buy a 14 percent stake in Chinese mall operator Wanda Commercial Properties, has just launched its own credit system. Tencent Credit is available to more than a billion Chinese nationals who use Tencent's WeChat or QQ apps.


is a product
delivered to you by
textilwirtschaft.de | Imprint