LUXURY GOODS

LVMH to buy Off-White stake

French luxury conglomerate LVMH Moet Hennessy Louis Vuitton SE yesterday said that it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house. LVMH is to take a 60 percent stake in Off-White for an undisclosed sum, a statement said. Abloh is to retain 40 percent and remain creative director for the men’s collections of LVMH’s Louis Vuitton fashion house.

TECHNOLOGY

IBM sales beat estimates

IBM Corp on Monday reported second-quarter revenue that beat analysts’ estimates, as a recovery in client spending powered strong growth in its cloud and consulting businesses. Sales at IBM’s cloud business rose 13 percent to US$7 billion. The company’s net income fell to US$1.33 billion, or US$1.47 per share, in the quarter that ended on June 30, from US$1.36 billion, or US$1.52 per share, a year earlier. Total revenue rose 3 percent to US$18.75 billion, it said.

AUTOMAKERS

Tesla China registrations up

Tesla Inc saw registrations of its Chinese-made vehicles climb again last month as quarter-end promotions helped offset a string of negative press around customer complaints and quality concerns. Registrations of Model 3 sedans and Model Y sports utility vehicles made at Tesla’s Shanghai factory totaled 28,508 units last month, a 29 percent increase from May and more than double the figure in April, data from China Automotive Information Net showed. Model 3 registrations rebounded to 16,995, while Model Y registrations hit 11,513, a 10 percent drop from May.

AVIATION

Qatar eyes cargo planes

Qatar Airways CEO Akbar al-Baker said he is ready to order wide-body freighter planes from Airbus SE or Boeing Co within a month or two if a new model is made available. The Persian Gulf carrier could place a “large customer order” for an A350 freighter planned by European manufacturer Airbus or a new 777F from its US rival before the end of the third quarter, al-Baker told the FlightPlan III Webinar. Al-Baker has lobbied for the aircraft before, but neither plane maker has committed to making a freighter version of the passenger jumbo jets.

DELIVERY

Swiggy closes funding round

Food delivery start-up Swiggy yesterday announced that it closed a US$1.25 billion funding round led by Softbank Vision Fund 2 and Prosus, just days ahead of rival Zomato Ltd’s listing. New investors include Qatar Investment Authority, Falcon Edge Capital and Goldman Sachs, while existing backers Accel Partners and Wellington Management also participated, Swiggy said in a statement. The fundraising was heavily oversubscribed due to strong interest from investors, it said, without providing details or its market value.

SEMICONDUCTORS

GlobalFoundries IPO on

GlobalFoundries Inc, a chipmaker owned by an investment arm of the Abu Dhabi government, is sticking with its plan for an initial public offering (IPO) next year, CEO Tom Caulfield said. Reports that GlobalFoundries is the subject of a takeover bid by Intel Corp are speculation, he said. “There’s nothing there in that discussion,” Caulfield told Bloomberg Television on Monday. Because the chipmaker is moving toward a share sale, “you can expect a lot of speculation to take place,” he said.

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