Weekly News Update // November 8, 2022

Here's Traub's weekly roundup of recent consumer and retail news. This week, consumer brands pause Twitter ads, tech starts a wave of layoffs, Showfields debuts in Brooklyn, and more.

 M&A and INVESTMENTS

• Kering in Talks to Acquire Tom Ford BoF
• Project44 Raises $80M To Tackle The Supply Chain Crunchbase News
• Jay-Z and Jeff Bezos Look to Buy NFL's Washington Commanders Together CNN
• Lowe’s Sells Canadian Business to Sycamore Partners for $400M Yahoo Finance
• Dick’s Sporting Goods Creates $50M Venture Fund for Sports Startups Retail Dive
• Peace Out Skincare Gains $20 Million Investment WWD
• Eurazeo Sells Majority Stake in Nest to North Castle Partners, Valuing Nest at $200M WWD
• Accessories Rental Platform Vivrelle Raises $35 Million BoF
• Walgreens-Backed VillageMD to Buy Parent of CityMD in $9 Billion Deal Bloomberg
• Penguin, Simon & Schuster Merger Blocked Over Impact on Authors Reuters

INDUSTRY NEWS

Roblox Partners With Parsons on Metaverse Curriculum, Trend Report

Roblox and Parsons School of Design's new partnership brings a new metaverse elective course — and new research explaining why such classes are necessary. WWD

Starbucks U.S. sales climb as customers spend more on pricey drinks

Starbucks reported quarterly earnings and revenue that topped analysts’ estimates, fueled by U.S. customers spending more on iced coffee drinks and Pumpkin Spice Lattes. CNBC

Coca-Cola Offers Voluntary Buyouts to Some North America Staff

Coca-Cola Co. is offering voluntary buyouts to some of its staff in North America, joining the ranks of companies paring personnel costs in a cooling economy. Bloomberg

General Mills, Audi and Pfizer Join Growing List of Companies Pausing Twitter Ads

There's a growing list of brands that have temporarily paused their Twitter advertising in the wake of the takeover of the company by Elon Musk. WSJ

BigCommerce Adds Social Commerce Integration with Snapchat

SaaS ecommerce platform BigCommerce has teamed up with Snap, Inc. to allow merchants to directly to sync product catalogs and create ad campaigns. Retail TouchPoints

Louis Vuitton Teams Up With Lego on Holiday Window Displays

The French luxury brand has teamed with master Lego builders to create the festive scenes that were unveiled on Oct. 29 and will remain on display until Jan. 1. WWD

Why customers may be turning away from clothing rental subscriptions like Rent the Runway

Subscription service companies like Rent the Runway may have a harder time resonating with consumers as more shoppers adjust their budgets amid high inflation. Modern Retail

Aldi and Walmart are turning back the clock on inflation for Thanksgiving

Aldi’s “Thanksgiving Price Rewind” promotion promises to match the chain’s prices from 2019 on items such as appetizers, beverages, desserts and sides. Retail Wire

Netflix launches ‘Basic with Ads’ — its much anticipated commercial-supported plan

The streaming leader launched “Basic with Ads,” the platform’s much anticipated ad-supported subscription plan, costing $6.99 a month in the US. CNN

What Has Pickleball Become?

America’s hottest sport was all fun and games until celebrities got involved. The Atlantic

US Holiday Sales to Slow as Inflation Tests Consumer Resilience

The National Retail Federation (NRF) forecast holiday sales, including e-commerce, to rise at a slower pace this year, between 6 percent and 8 percent to between $942.6 billion and $960.4 billion during November and December. BoF

Crumbs Bakeshop Announces Relaunch With Nationwide Delivery

Rather than finding a new brick and mortar home, CRUMBS cupcakes—and their new cookie jar line—will be available via nationwide shipping through the company's website. Forbes

Retailers have a new holiday headache — people are spending their money on travel

Retailers have a new threat this holiday season: wanderlust. Americans are returning to the skies, filling hotels, swarming theme parks — and they’re showing a willingness to spend more of their money on trips. CNBC

What the wave of tech layoffs tell us about the economy

Job cuts and pauses on hiring are beginning to flow across the tech sector, which boasts some of the most valuable companies in the world. That’s bad news for the economy as a whole. CNN

House of Showfields Brings its Experiential Retail Brand to Brooklyn

SHOWFIELDS, the lifestyle retailer known for its experiential approach, has introduced a new retail concept in Brooklyn’s Williamsburg neighborhood that illustrates the company’s interpretation of the idea of home. Retail TouchPoints

Is it time to shut down the free returns party?

Retailers are shortening their returns windows and even charging return fees to mitigate rising costs. Retail Wire

Airbnb changes price display on app after customer complaints

The vacation rental company will make changes in the way it displays prices on its platform after it faced customer complaints. Reuters

Hublot’s 90,000 Seat Virtual Soccer Stadium Is the Biggest Venue in the Metaverse

Ahead of the World Cup, Hublot, who has served as an official partner and timekeeper for the sport since 2006, has launched a one-of-a-kind experience for sports and watch fans alike: the “Hublot Loves Football Metaverse Stadium.” Yahoo

Fast-Fashion Upstarts Are Using Shein’s Own Strategies Against It

The breakneck supply chain pioneered by Shein is allowing a new swathe of brands to make the most of operating in the colossal retailer’s slipstream. Bloomberg

COMINGS & GOINGS

• Karen Katz Steps Down as Intermix Interim CEO WWD
  
• Bath & Body Works Appoints Gina Boswell CEO WWD
  
• Chamberlain Coffee Names Red Bull Alum as CMO Modern Retail
• Bed Bath & Beyond Chief Customer and Technology Officer Resigns CNBC
• Cotopaxi Brings General Mills Exec On Board as Chief Brand Officer WWD
• Rothy’s Taps Old Navy CMO For Chief Marketer Role Retail Dive
• Kohl's CEO Michelle Gass Named Levi Strauss President, Future CEO WWD
• Adidas Appoints Ex-Puma Chief Gulden as New CEO From January BoF

GOOD READS

• What Happens When Everything Becomes TikTok The Atlantic