Weekly News Update // October 18, 2022

Here's TRAUB's weekly roundup of recent consumer and retail news. This week, Meta debuts a new VR headset, Delta and Starbucks link loyalty programs, Mr. Porter launches exclusive menswear, and more.

 M&A and INVESTMENTS

• Lego Owner to Acquire Education-Technology Firm Brainpop for $875 million WSJ
• Walgreens To Buy The Rest of CareCentrix Home Care for $392 Million Forbes
• Folx Health Closes $30 Million Series B Fund Led by 7wireVentures WWD
  
• Sneaker Reseller GOAT Group Acquires Streetwear Marketplace Grailed Yahoo
• Kroger To Acquire Rival Grocery Company Albertsons for $24.6 Billion CNBC
• Credo Beauty Acquires Follain WWD
• Kanye West To Acquire Conservative Social Media Platform Parler CNN
• Lanvin Group Lowers Valuation to $1Billion Ahead of December IPO WWD
• SoftBank Sells THG Stake to Online Retailer’s Founder, Qatar After Share Drop Bloomberg

INDUSTRY NEWS

Meta CEO Mark Zuckerberg debuts Meta Quest Pro VR headset that will cost $1,500

CEO Mark Zuckerberg said on Tuesday that his company’s newest virtual reality headset, dubbed the Meta Quest Pro, will cost $1,500 and start shipping on Oct. 25. CNBC

Farfetch Expands on Fashion Concierge Service

Farfetch is making it easier to go exotic. The luxury fashion platform has expanded its Fashion Concierge service, helping the company’s best shoppers acquire the rare, the unique and the “incredibly hard to find” with the click of a button. WWD

Hollister Lets Teens Send Their Online Carts to Parents for Checkout

Hollister Co., the Abercrombie & Fitch Co. retailer popular among teens, is rolling out a new system, Share2Pay that lets shoppers pass their carts to someone else for payment.  WSJ

Delta and Starbucks link their loyalty programs in a bid for repeat customers

Delta Air Lines and Starbucks are linking their loyalty programs, marking the latest move by the companies to expand the appeal of their rewards programs and boost sales. Members of Delta’s SkyMiles loyalty program can earn one mile for each $1 spent at Starbucks after connecting the accounts. CNBC

Major League Baseball strikes sponsorship deal with CBD maker Charlotte’s Web

Major League Baseball is getting into the CBD game. The league is teaming up with Charlotte’s Web Holdings Inc., a maker of CBD products, in an exclusive multi-year partnership. The deal marks the first time one of the four major U.S. professional sports leagues has formed a sponsorship agreement with a CBD company. CNBC

U.S Retail Sales unchanged in September; consumers showing resilience

Total U.S. retail sales were unchanged in September compared to the month prior, according to the Commerce Department. Core retail sales excluding autos, gas, building materials and food services were up 0.4 percent. Reuters

Wayfair, Rite Aid ink deal for Google Cloud technology

Wayfair and Rite Aid are now enlisting Google Cloud technology that will help them streamline their backend operations. Retail Brew

Tom Brady and Kim Clijsters are Major League Pickleball's newest team owners

Seven-time Super Bowl champion Tom Brady and International Tennis Hall of Famer Kim Clijsters are the latest high-profile athletes to join the pickleball craze. America's fastest-growing sport has attracted other high-profile owners, including NBA champions LeBron James, Draymond Green and Kevin Love. CNBC

Macy’s National Rollout of Toys ‘R’ Us Hits Herald Square

With a wide array of big brands like Lego, Barbie and Fisher-Price, and stuffed animals, STEM educational toys, games, magic tricks and even Geoffrey the Giraffe, Toys “R” Us launched inside Macy’s Herald Square , trumpeting the resuscitation of the toy retailer in America via its partnership with Macy’s. WWD

Short-video company Triller launches metaverse platform

Triller said its new platform Metaverz provides virtual spaces where users can gather to watch live music and sporting events, such as Bare Knuckle Fighting Championship or the Triller Fight Club, and interact with artists and other fans. Reuters

CVS drops prices on its tampons and will pay the ‘pink tax’

CVS will reduce prices on its store-branded menstrual products nationwide and pay the sales taxes on those products in a dozen states. CNN

America’s Red-Hot Warehouse Market Shows Signs of Cooling

A pandemic-driven boom in warehousing demand is showing signs of slowing, as companies grow more cautious about leasing in an uncertain economy and look to pare back the big inventory stockpiles that have swamped storage space this year. WSJ

How Major Food Group Is Going Private in NYC and Creating a Carbone NFT Too

Major Food Group is launching invitation-only sales of founding memberships for its first New York City private club this week, along with an NFT that’s tied to Carbone’s 10th anniversary in 2023. Robb Report

London’s Luxury Brands Suffer Tax-Free Shopping ‘Hammer Blow’

London’s luxury emporiums were up in arms after new Chancellor of the Exchequer Jeremy Hunt scrapped his predecessor’s decision to let foreign visitors claim back value-added tax. BoF

Shein Launches ‘Shein Exchange’ Resale Program

The online-only (and app-supported) peer-to-peer resale program facilitates the sale and purchase of secondhand Shein products. The pilot program is available in the U.S. to start as part of the company’s broader circularity commitments. WWD

Mr Porter Sends a Love Letter to the U.S. With a New American-centric Collection of Exclusive Capsules
The “Mr Porter in America” campaign, debuting on Wednesday, is made up of 40 U.S. brands that have created 600 pieces of ready-to-wear, footwear, accessories and jewelry from well-known favorites including Tom Ford, Rick Owens, Thom Browne, Rhude, Sid Mashburn, and more. WWD

COMINGS & GOINGS

• Yoox Net-a-porter CEO Geoffroy Lefebvre Exits Group; Alison Loehnis to Succeed Ad Interim WWD
• Rachel Shechtman Named First Entrepreneur in Residence at The Brooklyn Museum WWD
• David Yurman Names Longtime Employee Lee Tucker New Chief Merchant WWD
• Bonobos Names John Hutchison CEO WWD
  
• Qurate Names Linda Aiello Chief People Officer WWD
  
• Ayr Wellness Hires Neiman Marcus and LVMH Vet as President Retail Touch Points
• REI Names Mary-Farrell Tarbox New Head of Retail Yahoo
• Beyond Meat COO Doug Ramsey Leaves Company Following Arrest USA Today
• Julie Walsh Named Macy’s SVP Beauty, Center Core WWD
• Nordstrom CFO Anne Bramman To Step Down By End of Year Reuters

GOOD READS

• Does Kering’s US-Centric Strategy Still Make Sense? BoF
• Why Is Everyone Talking About Men's Wear? Sourcing Journal
• The Billionaire Behind New York’s Most Luxe Hotel Curbed