Weekly News Update // October 11, 2022

Here's TRAUB's weekly roundup of recent consumer and retail news. This week, West Elm enters the Metaverse, Amazon freezes hiring, Grubhub and Gopuff team up,  and more.

 M&A and INVESTMENTS

• E-commerce Software Bundler Carbon6 Technologies Raises $66M in Series A TechCrunch
• Golden Goose Acquires Italian Fashion Team, Its Main Sneaker Supplier WWD
• The Rounds Raises $38M Series A for its Sustainable ‘Household Restocking’ Service TechCrunch
• Spotify Acquires Content Moderation Tech Company Kinzen to Address Platform Safety Issues TechCrunch
• Walmart Acquires Automated E-Grocery Firm Alert Innovation Business Wire
• AI-powered Supply Chain Visibility Platform Altana Raises $100M in Series B TechCrunch
  
• In-Game Adveristing Company Bidstack Raises $11M for US Expansion ExchangeWire
• Delta to Invest $60M in Flying-Taxi Maker Joby Aviation Inc. to Offer Rides to Airports WSJ

INDUSTRY NEWS

How Cart.com Cuts Through Multichannel Madness

Short news cycles tend to feed off dramatics. So, even though e-commerce sales have cooled from the peak of the pandemic, Cart.com has maintained its bullish outlook on digital amid the hysterics touted in some headlines. Sourcing Journal

Resale Giant StockX's New Launch Steps on The RealReal’s Toes

StockX isn’t just for sneakerheads anymore. The streetwear-heavy marketplace now offers women’s luxury footwear, including high-hear brands from Amina Muaddi, Hermès, Chanel, and Gucci, to Prada, Versace, Dior, Polo Ralph Lauren and Christian Louboutin. Sourcing Journal

West Elm Creates A Metaverse Experience for Home Design on Roblox

Global design company, West Elm, a member of Williams-Sonoma Inc., the world’s largest digital-first, design-led and sustainable home retailer, announces the launch of its own virtual world, West Elm Home Design, on Roblox, a global platform bringing 52 million daily users together through shared experiences. Business Wire

Peloton is Undergoing Another Round of Layoffs to ‘save’ the company

Peloton announced its fourth round of layoffs this year with about 500 jobs being eliminated, as the troubled exercise company looks to cut costs to improve its bottom line. The company said in a statement that a “key aspect of Peloton’s transformation journey is optimizing efficiencies and implementing cost savings to simplify our business and achieve break-even cash flow by the end of our fiscal year.” CNN

How marketers can connect with Gen Z in emerging virtual worlds

Rather than pushing commerce, metaverse-minded brands can cater to Gen Z’s preference for self-expression and community to foster loyalty. Standing out from the pack is hard in the rush of new entrants, meaning marketers must be deliberate in building virtual worlds tailored to a cohort that’s expressed a clear aversion to ads but who could reward companies that cater to their preferences for online community and self-expression. Marketing Dive

Amazon Freezes Corporate Hiring in Its Retail Business

Amazon is freezing corporate hiring in its retail business for the rest of the year, according to an internal announcement obtained by The New York Times, making it the latest company to pull back amid the economic uncertainty. NY Times

Spirit Halloween opens 1,450 pop-up shops across North America as US consumers prepare to spend a record $10.6 billion on holiday

US consumers are expected to spend a record $10.6 billion on Halloween this year as die-hard Halloween fans are increasingly investing more time and money in the spooky season. The brand has opened 1,450 pop-up stores and expects to hire 35,000 people. Business Insider

Grubhub and Gopuff team up for grocery and alcohol delivery

Grubhub and Gopuff are partnering to provide fast delivery of grocery items, alcohol and essential items. The new partnership will see the Chicago-based food delivery platform tap into Gopuff’s warehouses to deliver a wider selection of convenience items to its customers, while also opening up a new channel for Gopuff to reach more customers. TechCrunch

Cost-of-living driving an era of financially inclusive beauty

The beauty industry will undergo a fundamental shift due to the cost-of-living crisis as consumers demand fairer pricing, greater product efficacy and more open and honest business models, according to a new report by premium beauty and wellness company, Beauty Pie. Fashion United

First Look at Saks Fifth Avenue’s New Men’s Advanced Designer Floor at Flagship

Saks Fifth Avenue has given its seventh floor a facelift. Although it’s still a work in progress, the retailer has revealed a dramatically improved men’s designer ready-to-wear and advanced contemporary presentation at its New York City flagship that boasts 15 new in-store shops and a significantly brighter and more inviting aesthetic. The project is part of a major $250 million renovation of the retailer's Manhattan flagship. WWD

Branded Resale Surpasses 100 Programs and Counting, as of September

By now, more than 100 apparel brands and retailers have launched resale programs. Brands are getting into the space for a number of reasons, including inching closer to sustainability. WWD

You Hated Your Cable Package. Your Streaming Services Are Bringing It Back.

In a crowded marketplace, Amazon, HBO Max and other streamers explore discounted packages and partnerships with rivals. WSJ

What Yeezy Gap's Recent Numbers Say About State of Collab Culture

Co-branded collections have lost their cachet. That’s the conclusion of a recent report by retail intelligence firm Edited, which found that the abundance of these partnerships has diluted their appeal, effectiveness and value both now and in the future. Sourcing Journal

TikTok is planning its own US fulfillment centers, according to job listings

Following live shopping pushes and a Shopify partnership, TikTok is reportedly looking to build out a ‘global fulfillment center’ that provides warehousing and returns The Verge

COMINGS & GOINGS

• Target Names Prat Vemana Chief Digital and Product Officer WWD
• Puig Appoints Eugenia de la Torriente as Chief Communications Officer WWD
• Under Armour Announces David Baxter as President of the Americas, Mehri Shadman as Chief Legal Officer and Corporate Secretary SGB Media
• Chief Technology and Information Officer Edmond Mesrobian To Leave Nordstrom Oct. 14 Retail Dive
• Something Navy Taps Betty Wang as President WWD
• Cece Vu Leaves TikTok, Now Head of Social at Apple Music Instagram
• Lacoste Appoints Catherine Spindler as Deputy Chief Executive Officer WWD
• Thom Browne Named Chairman of the CFDA WWD
• Five9 CEO Rowan Trollope Resigns Barron's

GOOD READS

• What Poshmark’s $1.2 Billion Buyout Says About Fashion Dealmaking WWD
• Maintaining Brand Equity in Challenging Economic Times Forbes
• Emma and Jens Grede: The Power Couple Behind the Kardashian Industrial Complex BoF