Uniqlo to open in San Francisco
New York — Japanese apparel retailer Uniqlo will open its first store on the West Coast, in a 29,000-sq.-ft. space in San Francisco, this fall, the Wall Street Journal reported.
Uniqlo is also looking for locations in Los Angeles and other California cities, according to the report. To date, the company has opened three U.S. stores, all in New York City.
Facebook to buy Instagram for $1 billion
New York — Facebook will purchase the photo-sharing application Instagram for about $1 billion in cash and stock, company CEO Mark Zuckerberg said Monday. The deal, which is the social-networking company’s largest acquisition to date, is expected to close later this quarter.
Instagram was named iPhone app of the year in 2011.
Facebook will acquire Instagram’s entire team as part of the deal.
“This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users,” Zuckerberg said in a blog post. “We don’t plan on doing many more of these, if any at all.”