Roundup of top economy stories
DUBAI, United Arab Emirates — An Abu Dhabi-based investment firm linked to a top security official in the United Arab Emirates said Thursday it has invested $25 million in Savage X Fenty, the lingerie company co-founded by megastar and business mogul Rihanna.
Savage X Fenty also raised new investment from the Abu Dhabi Growth Fund, owned by the Abu Dhabi government.
It comes as Rihanna’s lingerie brand this week reportedly secured $125 million in a third round of capital raised as it opens its first retail store in Las Vegas. The brand plans to open other brick-and-mortar locations in malls in Los Angeles, Philadelphia, Washington D.C. and Houston. It will showcase its range of sizes on mannequins showcasing different body types. The brand’s ethos celebrates inclusivity, similar to Rihanna’s makeup line that launched with a range of 40 shades of foundation for various skin colors.
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Lowe’s is teaming up with Petco to offer pet departments within its stores, betting that customers want cans of dog food along with their cans of paint.
The first Lowe’s with a Petco is expected to open in February in Alamo Ranch, Texas. Fourteen additional Lowe’s locations in Texas, North Carolina and South Carolina will get Petco centers by the end of March, the company said.
The Petco mini stores will offer food as well as pet services, including vaccination clinics. Mobile grooming services will also be offered.
The is the first storewithin-a-store pairing for both Lowe’s and San Diego-based Petco. Petco operates more than 1,500 stores in the U.S., Mexico and Puerto Rico. Lowe’s has 2,200 stores in the U.S. and Canada.
Mooresville, North Carolina-based Lowe’s noted that more than 11 million new pets entered U.S. homes since the start of the COVID pandemic. The company said it makes sense to serve both.
••• WASHINGTON — Marlboro-maker Altria said Thursday that its heat-not-burn cigarette, iQOS, probably won’t be back in U.S. stores for at least a year, while sales of its traditional cigarettes continued to slide.
The Richmond, Virginia-based company updated investors on iQOS after being forced to pull it from the U.S. market late last year due to a patent dispute. The product, marketed as a less-harmful alternative to combustible cigarettes, is a tiny share of Altria’s revenue but key to its 10-year plan to switch its business away from traditional tobacco products.
Despite the setback, Altria reported better-than-expected quarterly earnings and an upbeat outlook for the coming year. The company posted adjusted earnings of $1.09 per share for the fourth quarter, on revenue of $5.09 billion, surpassing Wall Street forecasts.
Most the company’s revenue gains came from price hikes on Marlboro, Parliament and other cigarette brands. Actual packs sold continued to slide during the period, declining 6% in terms of shipment volumes. The company said it expects full-year 2022 earnings in the range of $4.79 to $4.93 per share.