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The store, designed by Danish architect Bjarke Ingels, is a tenth of the size of the group’s flagship one on Boulevard Haussmann, which draws 60,000 to 80,000 visitors a day, half of them foreign tourists, notably Chinese. Houze sees the Champs Elysees store as a complement to the headquarters, whose revenue rose 2 percent to 2 billion euros ($2.3 billion) last year. The new store hopes to draw 10,000-15,000 visitors per day. Founded in the late 1800s, Galeries Lafayette has 61 stores in France and abroad. It opened a second store in Shanghai last weekend and has plans to open 10 more across China in the coming three to four years, Houze said.
LONDON (Reuters) - Thomas Cook announced a review of its money division on Tuesday, in its latest step to streamline operations and focus on its core holiday business after a rough 2018 prompted profit warnings, The firm has put its airline business up for sale and closed stores this year, after a heatwave in northern Europe last summer deterred holidaymakers from booking last-minute deals, leading to two profit warnings and logo cufflinks speculation among investors that it might need to raise funds, “The review of Thomas Cook Money will now consider how we focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering,” chief executive Peter Fankhauser said in a statement..
The company said it was considering proposals to align its money unit more closely with the tour operating business. Thomas Cook, the world’s oldest tour operator, launched the first precursor to travelers checks in 1874, and more than three million customers use the firm for travel insurance and foreign exchange. As part of the shake-up, UK Chief of Retail and Money Anth Mooney will leave the business, having launched new pre-paid travel cards and holiday insurance products in his two years at Thomas Cook.
(Reuters) - Citigroup Inc said on Tuesday it is developing a consumer-payments platform, in a move to enter the rapidly growing digital payments industry, Citi's new service will offer merchants a range logo cufflinks of consumer payment options to collect money, including from credit cards and e-wallets, the company said, This will expand its product portfolios within its mainstay business-to-business (B2B) payment offerings, [reut.rs/2CAEJXO], The digital payment industry has been growing rapidly as more and more consumers make purchases online and use digital checkout services such as e-wallets or cash on delivery, The ease of transferring money has also made traditional payment methods such as checks redundant, forcing many banks and their merchant customers to quickly shift to digital payment technology or fall behind..
“We want to extend our leadership beyond the B2B payment space by developing capabilities to enable institutions to collect from consumers in a globally consistent and seamless fashion,” Naveed Sultan, global head of Citi’s Treasury and Trade Solutions, said. Citi’s move is the latest foray by a major U.S. financial institution after U.S. fintech group Fidelity National Information Services Inc (FIS) agreed to buy payment processor Worldpay for $34.83 billion, marking the biggest acquisition in the digital payments industry.
(Reuters) - U.S, auto sales are expected to drop about 2.1 percent in March from a year earlier, partly due to bad weather, mixed economic data and lower tax refunds, according to industry consultants J.D, Power and LMC Automotive, The consultancies expect total U.S, vehicle sales of about 1.56 million units in March, Retail sales are expected to touch 1,195,000 units logo cufflinks in March, a 3.4 percent decline from a year earlier, the consultancies said on Tuesday, The first-quarter sales are off to its slowest start since 2013, according to the industry consultants, who estimate retail sales in the quarter to be about 2.94 million vehicles - a decline of 4.9 percent compared to the same period a year ago..
“This is the first time in six years that Q1 sales will fall short of 3 million units. While the volume story could be better, there is remarkable growth in transaction prices, with records being set monthly,” Thomas King, senior vice-president of the data and analytics division at J.D. Power, said. However, average transaction price is on pace to reach $33,319, the highest ever for the first quarter and an increase of over $1,000 compared to the same period a year ago. LMC Automotive also forecast total light-vehicle sales of 16.9 million units this year, a 2.2 percent fall from 2018.
BEIJING (Reuters) - China’s civil aviation regulator has stopped taking applications for Boeing’s 737 Max 8 airworthiness certification since March 21, an official at the regulator’s news department said on Tuesday, China was the first to ground the newest version of Boeing’s workhorse 737 model earlier this month following a deadly Ethiopian Airlines crash, prompting a series of regulatory actions by other logo cufflinks governments worldwide, The official did not provide any other details..