Asda COO quits company
London — A Tuesday report by Bloomberg said that the COO of Wal-Mart’s Asda supermarket unit has quit after just six months in the position.
Bloomberg, which sourced a report in the Daily Telegraph, said that Simon King, a former head of Tesco PLC’s Turkish operations, left immediately. No successor has yet been named.
Best Buy to buy back $5 billion of its shares
Minneapolis — Best Buy Co. said Tuesday that it will buy back $5 billion of its common stock and raise its quarterly dividend by 7%.
The retailer said that the buyback replaces a $5.5 billion repurchase program that had about $800 million left as of May 28. The announcement came just ahead of its shareholders meeting in Richfield, Minn.
Versace coming to H&M
STOCKHOLM — H&M announced that it is collaborating with Versace for its autumn 2011 designer collection. Designed by its creative director Donatella Versace, the exclusive collection will look back to the vibrant heritage of the brand, full of leather, print, colour and exuberance in exclusive materials at fantastic H&M prices, according to the company. The collection will include ranges for women, men and selected pieces for the home. It will be available from Nov. 17 in around 300 stores worldwide, as well as on-line. In addition, Donatella Versace has also designed a pre-spring collection for H&M which will be exclusively available in countries with H&M on-line sales from Jan. 19, 2012.
"Versace is one of the most important brands of recent times, and their collection for H&M will be glamorous and flamboyant – everything Versace stands for. Donatella Versace is sharing with us iconic designs from the archives. This is such a celebratory collaboration and it is perfect for the party season, " says Margareta van den Bosch, creative advisor at H&M.