Weekly News Wrap: Slow reopening puts off Hong Kong’s retail recovery; JD founder settles U.S. rape civil suit

And Reliance launches its first in-house premium fashion store.

From Bloomberg:

Hong Kong’s retail sales surprisingly contracted in August as Covid restrictions and other global headwinds hobble the city’s attempt at averting recession.

Retail sales value dropped 0.1% in August from a year ago, the Census and Statistics Department said Friday. That was far lower than the median forecast of a 2.7% rise by economists surveyed by Bloomberg, and well below the 4.1% uptick in July.

Sales volume decreased 2.9% from a year ago, compared to economists’ expectations of a 1.3% rise.

Hong Kong’s economy has been battered by three years of isolation under the pandemic, with the city only recently eliminating hotel confinement altogether.

READ MORE: Around 2 in 5 Hong Kong restaurants confident about F&B industry’s future

From Reuters:

Billionaire Richard Liu, founder of one of China's largest e-commerce platforms JD.com, has settled a civil suit brought by former University of Michigan student Liu Jingyao, who had accused him of rape.

The suit was part of a long-running legal battle between Richard Liu and Liu Jingyao, who was a 21-year-old student in 2018 when she said Richard Liu raped her after an evening of dinner and drinks.

A statement from the lawsuit's parties, and provided to Reuters by JD.com, said: "The incident between Ms. Jingyao Liu and Mr. Richard Liu in Minnesota in 2018 resulted in a misunderstanding that has consumed substantial public attention and brought profound suffering to the parties and their families."

It went on to confirm that the case, which last week began jury selection proceedings in a Minnesota court, has been settled, but did not disclose the conditions of the settlement.

JD.com declined to comment further on the case, while lawyers for Richard Liu and Liu Jingyao did not immediately respond to a request for comment.

From Reuters:

Reliance Industries' retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led company continues to grab a bigger slice of India's luxury market.

The new store chain called Azorte, the first of which was launched in Bengaluru, will compete with the likes of Mango and Industria de Diseno Textil SA (Inditex)-owned Zara (ITX.MC), and cater to millennials and Gen Z.

"The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and Gen Z are increasingly demanding the latest of international and contemporary Indian fashion," said Akhilesh Prasad, chief executive officer of the fashion and lifestyle arm of Reliance Retail.

The company plans to have up to 40 stores across 12 cities over the next nine months, he added.

In three years, Azorte will contribute to 15% incremental revenue of Reliance Retail's fashion and lifestyle business, Prasad said at the store launch in Bengaluru.