Weekly News Update // Week of July 5, 2021
By TRAUB On July 09, 2021
Here's TRAUB's roundup of recent consumer and retail news. Neiman Marcus denies reports of Bergdorf Goodman sale, Harrods launches rental, Authentic Brands Group files for IPO, and more.
M&A and INVESTMENTS
- Authentic Brands Group File for US IPO BoF
- Zomato targets $1.3 billion IPO at as high as $8.6 billion valuation TechCrunch
- Grab a spoon! Chobani wants to go public in a deal that could be worth $10B Fast Company
- Glossier Raises $80 Million Series E, Valuing Company at $1.8 Billion BoF
- JD.com Invests $300 Million in Chinese Retailer KK Group BoF
- Karat Raises $26M Series A To Build Financial Infrastructure For Creators Crunchbase News
Neiman Marcus Denies Reports Of Bergdorf Goodman Sale
According to press reports, Neiman Marcus has been interviewing bankers for the possible sale of Bergdorf Goodman. Neiman Marcus came out of bankruptcy in September 2020 and is still trying to raise cash. The report by Lisa Fickenscher of the New York Post reports that Ashkenazy Acquisition Corp. is an interested buyer of the property. Ashkenazy is said to be negotiating for Bergdorf Goodman since Barneys, their former tenant at 660 Madison Avenue, liquidated their flagship store in December of 2019. Fickenscher says that talks between Ashkenazy and Neiman have “recently heated up.” It is possible that LVMH, the French luxury conglomerate, may outbid Ashkenazy, since Bernard Arnault is interested in expanding his United States holdings. He recently acquired Tiffany for $15.8 Billion. Forbes
Le Vian Introduces The Newest Gem On Earth As Demand For Colored Gemstone Jewelry Grows
Rare indeed is the discovery of a new gemstone with those special properties that make it suited to jewelry. That’s what happened in 2013 when gem explorer Yianni Melas uncovered an unusual stone that some thought was Chrysoprase and others saw as Opal. Upon submitting samples to the Gemological Institute of America, it was identified as a previously unknown type of blue-green Chalcedony that exhibits unique variations in color and patterns. As discoverer, Melas was given the honor to name his stone and he called it Aquaprase as its color reminded him of the color of the Aegean Sea in his homeland Greece. Forbes
Bloomingdale’s is getting ready to open its first-ever Bloomie’s store. Here’s a look inside
Bloomie’s isn’t just a nickname anymore. The luxury department store chain Bloomingdale’s announced Wednesday that it will use the moniker for a new location, opening in Fairfax, Virginia, on Aug. 26. The word Bloomie’s has for decades been used as a term of endearment by fans of the original Bloomingdale’s. The roughly 22,000-square-foot space will be much smaller than a typical Bloomingdale’s location, which can span upward of 200,000 square feet. The store will serve as a hub for experiences, with a focus on fashion, and feature Colada Shop, a restaurant serving coffee, Caribbean-inspired small bites and cocktails into the evening.
Harrods Launches Rental
The British department store is partnering with My Wardrobe HQ, a luxury rental marketplace, as it bets on the return of in-person events and burgeoning consumer demand for occasionwear. Harrods’ rental edit will sit on My Wardrobe HQ’s website, as well as a pop-up in the department store’s Knightsbridge location. It includes over 1000 statement pieces from the last 12 months by designers including Huishan Zhang, Rotate, Roksanda and Zimmermann, available for customers to rent for four to 14 days or purchase outright. Prices for a four-day rental start at £23 (about $32) for separates, while more unique gowns will cost up to £400. My Wardrobe HQ will manage the program’s logistics and marketing, while Harrods provides the curation and stock. The platform has previously partnered with other luxury department stores Liberty and Harvey Nichols, though co-founder Sacha Newall calls its tie-up with Harrods a “deeper” partnership, owing to the size of inventory on offer. BoF
Dropbox is reimagining the workplace with Dropbox Studios
The pandemic has been a time for a lot of reflection on both a personal and business level. Tech companies in particular are assessing whether they will ever again return to a full time, in-office approach. Some are considering a hybrid approach and some may not go back to a building at all. Amidst all this, Dropbox has decided to reimagine the office with a new concept they are introducing this week called Dropbox Studios. Dropbox CEO and co-founder Drew Houston sees the pandemic as a forcing event, one that pushes companies to rethink work through a distributed lens. He doesn’t think that many businesses will simply go back to the old way of working. As a result, he wanted his company to rethink the office design with one that did away with cube farms with workers spread across a landscape of cubicles. Instead, he wants to create a new approach that takes into account that people don’t necessarily need a permanent space in the building. “We’re soft launching or opening our Dropbox Studios [this] week in the U.S., including the one in San Francisco. And we took the opportunity as part of our focus to reimagine the office into a collaborative space that we call a studio,” Houston told me. TechCrunch
Authentic Brands Group Files For IPO
Authentic Brands Group (ABG), which owns a number of fashion and sports brands, filed for an initial public offering. ABG did not disclose how many shares it planned to sell in the offering or place a valuation on the business. The filing said the company plans to sell $100 million worth of stock but that is a placeholder amount and will likely change. Founded by Jamie Salter in 2010, ABG has grown to a portfolio of more than 30 apparel, celebrity and sports brands that generate more than $14 billion in annual retail sales. ABG’s portfolio of brands include Marilyn Monroe, Elvis Presley, Muhammad Ali, Shaquille O’Neal, Sports Illustrated, Dr. J, Greg Norman, Neil Lane, Thalia, Nautica, Aéropostale, Eddie Bauer, Forever 21, Juicy Couture, Vince Camuto, Herve Leger, Judith Leiber, Barneys New York, Brooks Brothers, Frye, Lucky Brand, Nine West, Jones New York, Frederick’s of Hollywood, Hickey Freeman, Hart Schaffner Marx, Adrienne Vittadini, Bandolino, Spyder, Tretorn, Tapout, Prince, Volcom, Airwalk, Vision Street Wear, Thomasville, Drexel, and Henredon. It recently reached an agreement to acquire Izod.
Urban Outfitters enters men's makeup category in partnership with Hims & Hers
Besides the forthcoming Hims & Hers products, Urban Outfitters already offers similar skin care, wellness and men’s grooming items. But through the Hims & Hers partnership, the retailer is expanding its offerings even further, and pushing into new categories. "Our priority has, and will always be, the consumer," Melissa Baird, chief operating officer of Hims & Hers, said in a statement. "Being able to expand our product reach to consumers through a partnership with such an iconic and inspirational lifestyle brand is incredibly exciting for us."
COMINGS & GOINGS
- Natalie Kingham Steps Down as Global Fashion Director at MatchesFashion BoF