Live news: Saudi telecoms group STC acquires 9.9% stake in Spain’s Telefónica
![Live news: Saudi telecoms group STC acquires 9.9% stake in Spain’s Telefónica Live news: Saudi telecoms group STC acquires 9.9% stake in Spain’s Telefónica](https://www.ft.com/__origami/service/image/v2/images/raw/https://d1e00ek4ebabms.cloudfront.net/production/422067e6-5529-438f-beea-44e8a717fc32.jpg?source=next-opengraph&fit=scale-down&width=900)
Struggling Chilean retail group Falabella announced the resignation of CEO Gaston Bottazzini on Tuesday, after posting its fourth consecutive net loss in August.
Bottazzini, appointed in 2018, had led a push to expand Falabella’s online footprint, including an $800mn investment in its ecommerce business. The efforts have yet to pay off, with the company suffering from a slowdown in consumer spending in Chile. The country has struggled to revive its economy following a period of unrest in 2019 and the Covid-19 pandemic.
“I’m sure that during the next few years, we will start to reap the rewards of the efforts made during this challenging digitisation process,” Bottazzini said.
https://www.ft.com/content/5b1e9325-86be-4faf-8f2f-3f142a8f472a Live news: Saudi telecoms group STC acquires 9.9% stake in Spain’s Telefónica