With the UK set to axe the duty-free shopping for tourists regime in December, there are already signs that rival locations will step up their efforts to attract shoppers who might have previously visited Britain.
British e-commerce firm The Hut Group could launch an initial public offering (IPO) as early as this week in a deal that could value the company at up to 4.5 billion pounds ($5.9 billion), sources said.
Japanese clothing chain Uniqlo is likely to report strong same-store sales for June, taking the edge off a profit plunge for owner Fast Retailing due to store closures and weak demand amid the coronavirus pandemic.
Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers.
The parent company of one of China’s largest department store chains said on Tuesday that it has been granted a government licence for duty-free retail, as the government ramped up efforts to spur domestic consumption.
Launched through Amazon.com, the digital storefront offers apparel and accessories from 20 American brands, including many small and medium-sized CFDA member businesses, with more to be added in the future.