This private equity giant is sticking with retail
At a time when most private equity firms are growing increasingly cautious about investing in retail, one firm is going against the grain.
Sycamore Partners is raising its biggest-ever fund, which it will use to invest primarily in retail, CNBC reported. The firm is looking to raise between $3 billion and $4 billion, according to the report.
The news comes a month after Sycamore closed on its $6.9 billion acquisition of Staples, which it is splitting into three parts.
In general, private equity firms are shying away from retain investments, the report said.
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Camper, Westfield World Trade Center, New York
Spanish footwear brand Camper stays true to its tradition of creating unique store experiences at each of its locations at its new outpost in Manhattan.
The 650-sq.-ft. store has a minimalist look, and features hardwood oak plank flooring with a satin finish. Oversized photo images provide a bold backdrop for product displays. The store is designed based on the idea of diorama-like exhibits, in which shoes serve as the focal artifacts. Seven-ft.-high “diorama” merchandise display cabinets are installed along three perimeter walls of the space. The cabinets consist of boxes of varying dimensions, designed to showcase either individual pairs of shoes or small collections. The boxes feature LED strips and replaceable photo backgrounds that reflect changing seasons and inspirations for each shoe design.
New York City-based design from Montroy Andersen DeMarco (MADGI) collaborated on the project with Studio Camper, the brand’s in-house store design team.
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Costco ends year on an upbeat note
Costco Wholesale Club reported better-than-expected profit and revenue for its fourth quarter.
Net sales for the 17-week fourth quarter ended Sept. 3 rose 15.8% to $41.36 billion from $35.73 billion in year-ago period, which had 16 weeks. Total same-store sales rose 6.1%, with a 6.5% increase in the U.S. and a 4.9% increase in Canada. International same-store sales rose 5.6%
E-commerce sales in the quarter were up 21%. Membership fees rose 13% to $943 million.
Costco's net income for the quarter was $919 million, or $2.08 per diluted share, compared to $779 million, or $1.77 per diluted share, last year.
Net sales for the 53-week fiscal year rose 8.7% to $126.17 billion. Net income was $2.68 billion, or $6.08 per diluted share, compared to $2.35 billion, or $5.33 per diluted share, last year.
Costco ended its fiscal year with 741 warehouses in operation, including 514 in the United States and Puerto Rico, 97 in Canada, 37 in Mexico, 28 in the United Kingdom, 26 in Japan, 13 in Korea, 13 in Taiwan, nine in Australia, two in Spain, one in France and one in Iceland. The company also operates e-commerce websites in the U.S., Canada, the United Kingdom, Mexico, Korea and Taiwan.