The five most important retail tech news stories of the week
It’s Friday, the week is nearly done, so let’s kick back and reflect on another eventful week for the retail technology space. Here's your briefing on the most important and interesting stories from the past five days.
1. Alibaba Group gets a piece of Farfetch
Chinese e-commerce giant Alibaba Group has confirmed media reports about a tie up with online luxury fashion platform Farfetch.
Both it and Swiss group Richemont will invest $600 million ($300 million each) in Farfetch and $250 million each for a 25% stake in a newly formed Farfetch China joint venture.
2. Humans rule as Walmart bins Bossa Nova Robotics
Walmart has cut ties with Bossa Nova Robotics, which produces shelf-scanning inventory robots.
The retailer has come up with other simple and cost-effective ways to manage the products on its shelves with its human workers. Around 500 robots were in Walmart’s more than 4,700 stores when the contract ended.
3. Primark rules out online option as coronavirus hits hard
Primark has no plans to venture online despite the latest round of coronavirus related closures in markets such as the UK, Spain and Ireland costing it about £375 million of lost sales.
4. Ocado snaps up robotics firms Kindred Systems and Haddington Dynamics
Ocado has purchased two North American robotics firms, Kindred Systems and Haddington Dynamics, as it looks to boost its grocery picking and packing capabilities.
5. Asda appoints Anna Barsby as Chief Digital and Technology Officer
Asda has hired former Morrisons Chief Technology Officer Anna Barsby as interim Chief Digital and Technology Officer, following the grocery giant’s sale by Walmart to the Issa brothers.
