---
title: Weekly News Update // November 8, 2022
description: Here's Traub's weekly roundup of recent consumer and retail news. This week, consumer brands pause Twitter ads, tech's wave of layoffs, Showfields debuts in Brooklyn, and more.
image: https://wwd.com/wp-content/uploads/2022/11/2.jpg?w=1000&h=563&crop=1
---
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# Weekly News Update // November 8, 2022
By [TRAUB](https://blog.traub.io/blog/author/traub) On November 08, 2022
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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](https://www.businessoffashion.com/articles/luxury/kering-to-buy-tom-ford/)
- Project44 Raises $80M To Tackle The Supply Chain[Crunchbase News](https://news.crunchbase.com/transportation/supply-chain-logistics-project44-unicorn/)
- Jay-Z and Jeff Bezos Look to Buy NFL's Washington Commanders Together [CNN](https://www.cnn.com/2022/11/03/entertainment/jay-z-jeff-bezos-commanders/index.html)
- **Lowe’s** Sells Canadian Business to Sycamore Partners for **$400M** [Yahoo Finance](https://ca.finance.yahoo.com/news/lowes-sell-canadian-business-private-equity-firm-205812443.html)
- Dick’s Sporting Goods Creates $50M Venture Fund for Sports Startups [Retail Dive](https://www.retaildive.com/news/dicks-sporting-goods-creates-venture-fund-sports-startups/635797/)
- Peace Out Skincare Gains $20 Million Investment [WWD](https://wwd.com/beauty-industry-news/beauty-features/peace-out-skincare-gains-20-million-investment-1235409806/)
- **Eurazeo** Sells Majority Stake in Nest to North Castle Partners, Valuing Nest at **$200M** [WWD](https://wwd.com/beauty-industry-news/fragrance/eurazeo-sells-majority-stake-nest-north-castle-partners-1235410922/?cx_testId=5&cx_testVariant=cx_1&cx_artPos=2#cxrecs_s)
- Accessories Rental Platform Vivrelle Raises $35 Million [BoF](https://www.businessoffashion.com/news/topics/accessories-rental-platform-vivrelle-raises-35-million/)
- Walgreens-Backed VillageMD to Buy Parent of CityMD in $9 Billion Deal [Bloomberg](https://www.bloomberg.com/news/articles/2022-11-07/walgreens-backed-villagemd-to-acquire-parent-of-citymd?srnd=industries-consumer#xj4y7vzkg)
- Penguin, Simon & Schuster Merger Blocked Over Impact on Authors[Reuters](https://www.reuters.com/legal/us-judge-cites-impact-top-selling-authors-blocking-book-merger-2022-11-07/)
## **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](https://wwd.com/business-news/technology/roblox-partnership-parsons-metaverse-course-trend-report-1235405946/)
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](https://www.cnbc.com/2022/11/03/starbucks-sbux-q4-2022-earnings.html)
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](https://www.bloomberg.com/news/articles/2022-11-03/coca-cola-offers-voluntary-buyouts-to-employees-in-north-america?srnd=industries-consumer)
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](https://www.wsj.com/articles/general-mills-audi-and-pfizer-join-growing-list-of-companies-pausing-twitter-ads-11667507765)
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](https://www.retailtouchpoints.com/topics/digital-commerce/social-commerce/bigcommerce-snap-snapchat-social-commerce-advertising-integration)
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](https://wwd.com/fashion-news/fashion-scoops/louis-vuitton-partners-with-lego-on-holiday-window-displays-1235407417/?cx_testId=5&cx_testVariant=cx_1&cx_artPos=3#cxrecs_s)
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](https://www.modernretail.co/operations/theyre-just-very-discretionary-why-customers-may-be-turning-away-from-clothing-rental-subscriptions-like-rent-the-runway/)
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](https://retailwire.com/discussion/aldi-and-walmart-are-turning-back-the-clock-on-inflation-for-thanksgiving/)
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](https://www.cnn.com/2022/11/03/media/netflix-with-ads-launch/index.html)
What Has Pickleball Become?
America’s hottest sport was all fun and games until celebrities got involved. [The Atlantic](https://www.theatlantic.com/technology/archive/2022/11/pickleball-pro-sport-popularity-growing/672001/)
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](https://www.businessoffashion.com/news/retail/us-holiday-sales-to-slow-as-inflation-tests-consumer-resilience/)
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](https://www.forbes.com/sites/amberlovebond/2022/11/03/crumbs-bakeshop-announces-relaunch-with-nationwide-delivery/?sh=64eb19324416)
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](https://www.cnbc.com/2022/11/04/travel-has-edge-over-shopping-holiday-season-amid-inflation.html)
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](https://www.cnn.com/2022/11/07/investing/premarket-stocks-trading/index.html)
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](https://www.retailtouchpoints.com/topics/market-news/house-of-showfields-brings-its-experiential-retail-brand-to-brooklyn)
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](https://retailwire.com/discussion/is-it-time-to-shut-down-the-free-returns-party/)
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](https://www.reuters.com/technology/airbnb-changes-price-display-app-after-customer-complaints-2022-11-07/)
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](https://www.yahoo.com/lifestyle/hublot-90-000-seat-virtual-000000441.html)
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](https://www.bloomberg.com/news/articles/2022-11-06/fashion-retailer-shein-s-competitors-are-copying-its-super-fast-business-model)
---
COMINGS & GOINGS
- Karen Katz Steps Down as Intermix Interim CEO [WWD](https://wwd.com/business-news/retail/karen-katz-relinquishes-role-as-intermix-interim-ceo-1235406409/)
- Bath & Body Works Appoints Gina Boswell CEO [WWD](https://wwd.com/beauty-industry-news/beauty-features/bath-and-body-works-gina-boswell-ceo-1235406957/)
- Chamberlain Coffee Names Red Bull Alum as CMO [Modern Retail](https://www.modernretail.co/marketing/chamberlain-coffee-names-red-bull-alum-as-cmo/)
- Bed Bath & Beyond Chief Customer and Technology Officer Resigns [CNBC](https://www.cnbc.com/2022/11/02/bed-bath-beyonds-chief-customer-and-technology-officer-resigns.html)
- Cotopaxi Brings General Mills Exec On Board as Chief Brand Officer [WWD](https://wwd.com/business-news/human-resources/cotopaxi-general-mills-chief-brand-officer-brad-hiranaga-1235408218/?cx_testId=5&cx_testVariant=cx_1&cx_artPos=3#cxrecs_s)
- Rothy’s Taps Old Navy CMO For Chief Marketer Role [Retail Dive](https://www.retaildive.com/news/rothys-old-navy-cmo-c-suite/635764/)
- **Kohl's** CEO Michelle Gass Named **Levi Strauss** President, Future CEO [WWD](https://wwd.com/business-news/human-resources/levi-strauss-chip-bergh-ceo-jeans-denim-1235412366/?cx_testId=5&cx_testVariant=cx_1&cx_artPos=3#cxrecs_s)
- Adidas Appoints Ex-Puma Chief Gulden as New CEO From January [BoF](https://www.businessoffashion.com/news/retail/adidas-appoints-ex-puma-chief-gulden-as-new-ceo-from-january/)
**GOOD READS**
- What Happens When Everything Becomes TikTok [The Atlantic](https://www.theatlantic.com/technology/archive/2022/11/tiktok-instagram-video-feeds-ai-algorithm/672002/)
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