×
109
Fashion Jobs
LIMEAPPLE APPAREL
Ecommerce Expert With Digital Marketing Skills
Permanent · CHENNAI
NIKE
sr. HR Operations Specialist
Permanent · Bengaluru
L'OREAL GROUP
Senior Manager - Digital Marketing & D2C, Kerastase
Permanent · Mumbai
NIKE
Senior Dynamic Application Security Tester – Cis, Icc, India
Permanent · Bengaluru
PUMA
Senior Manager - Golf Sales (Cpg-Cobra Puma Golf)
Permanent · Bengaluru
PUMA
Manager - Accounts Payable
Permanent · Bengaluru
PUMA
Senior Manager – Teamsport Sales
Permanent · Bengaluru
NIKE
Lead Technical Product Manager – p&m, Icc, India
Permanent · Bengaluru
PUMA
Manager – Warehouse Operations (Ecommerce)
Permanent · Gurugram
NIKE
Lead Product Manager, India – ed&a Icc
Permanent · Bengaluru
PVH
Manager, Business Solutions
Permanent · Bengaluru
NIKE
Identity And Access Management (Iam) Security Operations Engineer, India – Cis Icc
Permanent · Bengaluru
NIKE
Expert Security Incident Coordinator, India – Cis Icc
Permanent · Bengaluru
PUMA
Assistant Business Manager – Puma.Com
Permanent · Bengaluru
NIKE
Senior Software Engineer Iii – Retail Commerce Passplay, India - Consumer & Marketplace Icc
Permanent · Bengaluru
L'OREAL GROUP
Indirect Sourcing Manager
Permanent · Baddi
NIKE
Sap bi Lead Engineer – Sec Tech, Icc, India
Permanent · Bengaluru
NIYOSSHIC LUXURY CONSULTANCY
Social Media Intern
Internship · MUMBAI
SAAHRA
Graphic Design Summer Internships
Internship · NEW DELHI
HEMMING BEE
Fashion Production Intern
Internship · MUMBAI
HEMMING BEE
Fashion Production Intern
Internship · MUMBAI
BROADCAST THE COMPANY
Business Developement
Internship · MUMBAI
By
Reuters API
Published
Mar 22, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hudson's Bay's Kaufhof on track for another big loss

By
Reuters API
Published
Mar 22, 2018

Hudson’s Bay’s Kaufhof unit is set to report another loss of more than 100 million euros ($123 million) for the fiscal year that ended on Jan. 31, a German magazine reported on Thursday.




Without citing its sources, Manager Magazin reported that Kaufhof was suffering because of rental increases amounting to 50 million euros annually imposed on it by Hudson's Bay, which is also Kaufhof's main landlord. A Kaufhof spokesman declined to comment.

Hudson's Bay is due to report fourth-quarter figures on March 28.

Last month, Reuters reported that Hudson's Bay plans to reject a 3 billion euro bid for Kaufhof from Austrian property and retail group Signa Holding GmbH, according to people familiar with the matter.

Signa tried to buy the business in 2015, but Hudson's Bay, which also owns the Saks Fifth Avenue luxury department store chain, outbid it by paying 2.5 billion euros including debt for Kaufhof as well as its Belgian subsidiary.

Since then, Kaufhof's finances have deteriorated to the point where vendors are finding it more difficult to find trade credit insurance to make shipments.

Hudson's Bay financed the Kaufhof acquisition by using a joint venture that acquired Kaufhof's real estate and became its landlord. The financial engineering backfired as Kaufhof struggled to cope with higher rents that the joint venture imposed as well as declining foot traffic in stores.

As he seeks to trim costs, Kaufhof boss Roland Neuwald wants to strike a new deal with service trade union Verdi by this summer, he said in an interview with Germany's Frankfurter Allgemeine Zeitung published on Thursday.

© Thomson Reuters 2021 All rights reserved.