Companies

Sainsbury's to Cut 3,000 Jobs and Close Cafés

January 24, 2025

Sainsbury's to Cut 3,000 Jobs and Close Cafés

Sainsbury's announced plans to cut 3,000 jobs, shut down its remaining 61 cafés, and eliminate patisserie, pizza, and hot food counters. The move is part of a broader effort to simplify operations, tackle rising costs, and adapt to a "challenging cost environment." The retailer is also reducing senior management roles by 20% as it faces increased employer National Insurance contributions introduced in the latest Budget. While Sainsbury's expects to report over £1bn in annual profits, the company warns of tough decisions ahead.

Stellantis Plans Over $5bn Investment in the US

January 22, 2025

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Stellantis Plans Over $5bn Investment in the US

Stellantis, the automaker behind brands like Chrysler and Jeep, announced plans to invest over $5 billion in US operations, targeting manufacturing facilities in Illinois, Michigan, Ohio, and Indiana. This decision follows a meeting between Stellantis chair John Elkann and US President-elect Donald Trump.

Lacoste Plans Aggressive US Expansion to Boost Global Sales by 25%

January 22, 2025

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Lacoste Plans Aggressive US Expansion to Boost Global Sales by 25%

French sportswear brand Lacoste aims to double its US sales to $800 million as part of a strategy to grow annual revenue to €4 billion by 2030. CEO Thierry Guibert announced plans to open flagship stores in cities like New York and expand into major US retail chains. The brand is leveraging the resurgence of tennis and golf, industries where it has strong brand credibility. Lacoste also plans to diversify into hospitality with concepts like a "Hotel Lacoste" focusing on sports and wellbeing.

Netflix to Raise Prices as Subscriber Numbers Surge

January 22, 2025

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Netflix to Raise Prices as Subscriber Numbers Surge

Netflix is set to increase subscription prices in the US, Canada, Argentina, and Portugal after reporting a surge of nearly 19 million new subscribers in the final months of 2024. The price hike is aimed at supporting further investment in content, which has been bolstered by hits like the second series of Squid Game and live sports events. Netflix closed 2024 with over 300 million subscribers globally, doubling its net profit to $1.8 billion in the last quarter.

Wayfair to Exit Germany as Focus Shifts to Physical Retail and Core Markets

January 22, 2025

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Wayfair to Exit Germany as Focus Shifts to Physical Retail and Core Markets

Wayfair, the online home goods retailer, announced plans to exit the German market and cut 730 jobs, or about 3% of its global workforce. This decision is part of its strategy to refocus resources on physical retail expansion and more profitable international markets like the UK and Canada. The company cited challenges in scaling its German operations, including weak macroeconomic conditions and limited brand awareness.

Tesla Rival Polestar Plans European Production to Counter Tariffs and Shipping Costs

January 22, 2025

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Tesla Rival Polestar Plans European Production to Counter Tariffs and Shipping Costs

Polestar, a Swedish electric car brand backed by Chinese investors, plans to manufacture its Polestar 7 model in Europe to reduce shipping expenses and avoid EU tariffs on Chinese-made EVs. The move comes amid declining sales and challenges in the U.S. market due to upcoming restrictions on Chinese-controlled automakers. Polestar aims to broaden its global footprint, streamline costs, and achieve financial independence by 2027.

Rheinmetall and Leonardo Secure Approval for €23bn Defense Joint Venture in Italy

January 20, 2025

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Rheinmetall and Leonardo Secure Approval for €23bn Defense Joint Venture in Italy

The Federal Cartel Office has approved a joint venture between Germany's Rheinmetall and Italy's Leonardo, paving the way for the companies to collaborate on the production of infantry fighting vehicles, battle tanks, and special vehicles. The joint venture, Leonardo Rheinmetall Military Vehicles (LRMV), headquartered in Rome, aims to secure a €23 billion contract with the Italian army, fulfilling requirements neither company could meet alone.

Santander Weighs UK Exit Over High Street Banking Woes

January 20, 2025

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Santander Weighs UK Exit Over High Street Banking Woes

Spanish banking giant Santander is reviewing its UK operations and exploring a potential exit due to frustrations over high costs, lower returns, and regulatory hurdles. While no final decision has been made, the move signals growing concerns about the UK's banking environment. Santander may retain its corporate and investment banking operations in London if it exits the retail and commercial market.

Sainsbury's to Cut 3,000 Jobs and Close Cafés

Stellantis Plans Over $5bn Investment in the US

Lacoste Plans Aggressive US Expansion to Boost Global Sales by 25%

Netflix to Raise Prices as Subscriber Numbers Surge

Wayfair to Exit Germany as Focus Shifts to Physical Retail and Core Markets

Tesla Rival Polestar Plans European Production to Counter Tariffs and Shipping Costs

Rheinmetall and Leonardo Secure Approval for €23bn Defense Joint Venture in Italy

Santander Weighs UK Exit Over High Street Banking Woes

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