Kimberly Redmond | |

Saks Fifth Avenue has announced plans to phase out the sale of products made from animals raised for the use of their fur or those made with fur from wild animals over the next two years.

On Wednesday, the New York-based luxury retailer said its 40-store chain will close its 27 fur salons and fur departments by January 2022 and that it will stop selling products that contain mink, fox, chinchilla, coyote, sable and beaver by January 2023.

Kimberly Redmond | |

Target Corporation (NYSE: TGT) announced Wednesday it will add products from more than 500 Black-owned brands, spend more with Black-owned businesses such as marketing and construction companies and launch a support and mentoring program for Black-owned companies.

The Minneapolis-based big-box retail chain did not specify its current overall spending with Black-owned businesses but said it plans to increase that figure and spend more than $2 billion by 2025.

Kimberly Redmond | | Inc (Nasdaq: AMZN) received emergency clearance on Thursday from the US Food and Drug Administration (FDA) for an at-home COVID-19 test kit.

In its emergency use authorization (EUA), the FDA said the tech giant plans to use the nasal swab and PCR-based test, which is developed by Amazon subsidiary STS Lab Holdco, for its ongoing coronavirus screenings of employees.

Reuters | |

Victoria’s Secret owner L Brands raised its current-quarter profit forecast for the second time this month as customers use stimulus checks to buy everything from scented candles to lingerie, sending its shares to a three-year high.

The company on Friday also cited the unusual shifts in spending patterns and relaxation of COVID-19 restrictions for the upbeat first-quarter forecast.

Kimberly Redmond | |

Dollar General Corporation (NYSE: DG) posted earnings on Thursday for the fourth quarter of 2020 that fell short of expectations and issued a downbeat forecast for 2021.

For the quarter, the Tennessee-based discount retailer reported a 24.8% increase in earnings per share of $2.62, compared to a diluted EPS of $2.10 in the fourth quarter of 2019 and missed analyst forecasts of $2.72.

Kimberly Redmond | |

The Toys"R"Us and Babies"R"Us brands are changing hands again, less than two years after Tru Kids Inc bought them in a liquidation sale.

On Monday, WHP Global, a New York-based brand acquisition and management firm, announced it had taken a controlling stake in Tru Kids and will now manage its business and growth. Financial terms of the deal were not disclosed.

Reuters | |

SoftBank Group Corp-backed Coupang was valued at around $109 billion in its market debut on Thursday after South Korea’s largest e-commerce company raised around $4.6 billion in the biggest U.S. initial public offering this year.

Coupang’s stock soared 81% to open at $63.50. The company had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving the Seoul-headquartered e-commerce giant a market value of $60 billion.

Reuters | |

German sportswear company Adidas aims to double its e-commerce sales by 2025 and make its products more sustainable as part of a five-year plan to lift profitability closer to that of rival Nike.

Adidas is targeting online sales of up to 9 billion euros ($10.7 billion) a year by 2025 with an operating profit margin of 12-14%, up from the 11.3% achieved in 2019 before the coronavirus crisis knocked sales and profitability.

Reuters | |

A group of U.S. lawmakers will visit an Inc facility in Alabama on Friday, lending their support to a growing push to unionize workers at the e-commerce firm.

The Congressional delegation includes U.S. Representatives Andy Levin (D-MI), Jamaal Bowman (D-NY), Cori Bush (D-MO), Terri Sewell (D-AL), and Nikema Williams (D-AL). Workers at the Amazon fulfillment center in Bessemer, Alabama, are voting on whether to become the first Amazon employees to join a union.

Kimberly Redmond | |

Arts and crafts retailer The Michaels Companies (Nasdaq: MIK) announced Wednesday it reached an agreement with Apollo Global Management to take the company private.

Apollo will acquire all outstanding shares of Michaels common stock for $22 per share — a 47% premium to the closing stock price on Feb. 26, a day before media reports speculated a deal was in the works — for an equity transaction value of $3.3 billion. The deal is valued at $5 billion including debt.