African retailer Steinhoff on Tuesday reported a 1.2 billion euro (£1.07 billion) loss for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.27 billion.
The U.S. internet advertising industry is projected to hit $160 billion by 2023 from $107 billion last year, led by fast-growing categories like mobile video with Google and Facebook firmly controlling the market.
The fashion retail sector is already reeling from the impact of the shift online and Brexit, so a new PwC report showing that all consumers, but especially the young, will cut their fashion spend is a fresh blow.
Troubled South African retailer Steinhoff said on Wednesday it had raised 4.8 billion rand ($332 million) from the sale of its 26 percent stake in KAP Industrial to pay off debt and shore up its finances.
The suspended former chief financial officer of Steinhoff is helping authorities with investigations into $7 billion-plus (5.3 billion pounds) accounting fraud at the South African retailer, he said on Thursday.
South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.
Good news for failed footwear retailer Treds. Just a few weeks after it went into administration, the company has been bought out by retailer New Gray Ltd which said it would keep all of the 21 stores open