Morrisons is eyeing a closer relationship with Amazon and takeaway delivery firms such as Deliveroo and Uber Eats after loosening its agreement with online retailer Ocado (The Telegraph). Morrisons is considering expanding its relationship with Amazon and striking new partnerships with groups such as Uber Eats as it looks to boost its online service after paring back an exclusive delivery deal with Ocado (The Financial Times £). Morrisons is free to deepen it relationship with Amazon after the UK’s fourth-largest supermarket loosened its ties with Ocado, the online delivery service (The Guardian). Morrisons is considering expanding its partnership with Amazon after a relaxation of its deal with Ocado (The Times £).
Morrisons underperformed revenue expectations over the 13 weeks to May 5 due to slower-than-expected sales in its stores amid a “competitive and challenging” market, the supermarket group said on Thursday (The Financial Times £). Morrisons blames ‘political uncertainty’ as slowing sales growth dents turnaround hopes (The Daily Mail).
Edgewell Personal Care, owner of razor brands Wilkinson Sword and Schick, is to buy shaving start-up Harry’s in a $1.37bn deal as competition intensifies in the male grooming sector (The Financial Times £). The owner of Schick and Wilkinson razor brands is buying shaving start-up Harry’s for almost $1.4bn to give it a leg up in the fast-growing men’s grooming market (The Telegraph). The owner of Wilkinson Sword razors and Wet Ones wipes has bought New York-based Harry’s, the shaving startup, for $1.37bn (The Times £). Shaving firm Harry’s, formed just six years ago, has been bought by the owner of Wilkinson Sword for $1.37bn (The BBC).
Betting on the leveraged buyout of a unicorn to save one’s own company is risky. But Edgewell Personal Care may not have a choice, writes The FT’s Lex column. Younger Americans have eschewed buying pricey blades from drug stores, instead preferring hip, direct sellers such as Harry’s and Dollar Shave Club. Edgewell shares have slid 44 per cent in the last two years as its market share in shaving products eroded. (The Financial Times £)
“I’m not 3G’s man”, Kraft Heinz chief executive tells The Financial Times (£). Incoming CEO Miguel Patricio is prepared to stand up for his brands as after years of cost cuts, the food group has turned to a marketing expert to make its brands ‘shine’.