Paris-based luxury conglomerate LVMH Moët Hennessy Louis Vuitton has hired Apple executive Ian Rogers as its new chief digital officer. Rogers' unusual career path includes an early gig teaching the Beastie Boys about the Internet and a later stint as CEO of a firm that helped high-profile musicians sell their work online. Many luxury brands have held back on e-commerce, and about 40% still don't sell online at all, according to Bain & Co.
Walmart has begun offering same-day grocery delivery in Seattle with no subscription requirement. Walmart's orders will be filled by employees but delivered by DoorDash and come with a minimum order requirement of $30.
So-called v-commerce is beginning to get a foothold among some retailers, taking advantage of virtual-reality technology and headsets. The first major name to tap VR is Tommy Hilfiger, offering its store visitors headsets to take a virtual trip to the brand's fall fashion show in New York. "These days, you can't just wait for people to come into the store and try on your jackets. You have to provide entertainment," Tommy Hilfiger chief Daniel Grieder said.
A growing number of consumers in Toledo, Ohio, are heading online to grocery shop through third-party services such as Instacart, Shipt and AmazonFresh, as well as retailer-run e-commerce programs like Kroger's click-and-collect offering. The trend reflects what is happening nationwide as online food, beverage and alcohol spending gets set to grow from $20 billion this year to $66 billion in 2022, according to data from the Commerce Department and Kantar Retail.
Former Federal Reserve Chairman Ben Bernanke announced he will join Pacific Investment Management, which is not regulated by the central bank. "I am delighted to work together with PIMCO's strong team of investment professionals and contribute to its investment process," Bernanke said. This month, Bernanke announced he was named a senior adviser to Citadel.
Janet Yellen, head of the Federal Reserve, says she has no reservations about raising the threshold for designation as a systemically important financial institution beyond the Dodd-Frank Act's mandate of $50 billion. Yellen says she "would be open to a modest increase in the threshold." However, it is important that the Fed keep discretionary power to designate a bank as systemically important, Yellen says.
Securities and Exchange Commission Chairman Jay Clayton and Labor Secretary R. Alexander Acosta told lawmakers that they will cooperate on drafting a fiduciary rule for investment advice. Clayton said he wants to regulate investment advice in "a way that is coordinated so that our Main Street investors have access to investment advice and access to investment products."
The Securities and Exchange Commission has backed a proposal to require top executives to return performance-based bonuses and other incentives if financial results are restated because of errors. The clawback rule is subject to public comment and a second vote before taking effect. The plan aims to implement the Dodd-Frank Act's "objective to recover funds that should not have been paid out in the first place," SEC member Kara Stein said.
General Electric said that as part of its return to industrial roots, it wants to sell GE Asset Management, which had $115 billion of assets under management at the end of the second quarter. GE CEO Jeff Immelt said the company has received "significant interest" from potential buyers. "As we continue to transform GE to focus on our industrial core, now is the right time to explore such a sale," he said.
The US Justice Department has adopted rules that encourage prosecutors to reach beyond companies and go after executives. "Corporations can only commit crimes through flesh-and-blood people," Deputy Attorney General Sally Yates said. "It's only fair that the people who are responsible for committing those crimes be held accountable."