Jain leaves Wal-Mart India
Bentonville, Ark. – Raj Jain, who has overseen Wal-Mart’s India unit since 2007, has left his position. Neither Wal-Mart nor Jain has made any public statement on his departure. Wal-Mart has named Ramnik Narsey as interim head of its Indian operations. Narsey, former chairman and CEO of Woolworth’s India, joined Wal-Mart in May.
"We remain optimistic about our business in India and look forward to our future in India under Ramnik’s leadership," Scott Price, president and CEO for Wal-Mart Asia, said in an official statement.
Wal-Mart has been running stores in India since 2009 and works with local joint venture partner Bharti Enterprises.
Closing arguments in Macy’s-JC Penney suit set for Aug. 1
New York – Closing arguments for the lawsuit Macy’s filed against JC Penney and Martha Stewart Living Omnimedia last year are scheduled to commence Aug. 1, according to a report in Reuters. The suit claims a December 2011 agreement to create Martha Stewart boutiques in JC Penney stores violated Macy’s exclusive right to sell Martha Stewart Living products.
Since April 2012, an injunction has blocked JC Penney from selling any Martha Stewart-branded items, although it has been allowed to sell existing inventory of Martha Stewart merchandise branded under the JCP Everyday banner. Depending on how this lawsuit is resolved, JC Penney may be allowed to sell Martha Stewart Living merchandise or may have to pay damages to Macy’s.
Starbucks raises some prices
Seattle – Starbucks has enacted small increases in the prices of less than one-third of its beverages in select markets. The increases, which average about 1%, affect smaller sizes of brewed coffee, tea, latte and espresso drinks. Larger venti- and grande-sized drinks will not have their prices changed.
Although the price of coffee beans has actually significantly gone down, Starbucks has cited increases in other costs, such as labor and real estate. This is the first widespread price increase at Starbucks in about 18 months. As a result, the cost of a tall coffee beverage in markets where prices have increased will go up by about 10 cents.