Weekly News Update // November 15, 2022

Here's our weekly roundup of recent consumer and retail news. This week, Nike launches a virtual platform, DoorDash partners with Sephora, Amazon announces layoffs , and more.

 M&A and INVESTMENTS

• Peloton Founders Raise $25M for D2C Rug Venture Ernesta PYMNTS
• Keurig Dr Pepper Invests $50M in Non-Alcohol Beer Company, Athletic Brewing Co. NYT
• Augustinus Bader Closes Funding Round of $25 Million WWD
• Binance Walks Away From Deal to Rescue FTX WSJ
• Heyday Acquires Cult-Favorite Digitally-Native Beauty Brand ZitSticka PR Newswire
• Ordergroove Raises $100M To Bring Subscriptions To Consumer Packaged Goods Crunchbase
• Adidas Seeks Cash From Rare Bond After Yeezy Split, New CEO Bloomberg
• Estée Lauder to Buy Tom Ford in $2.8 Billion Deal BoF
• Bain Will Buy Japanese Apparel Maker Mash Holdings for $1.44 Billion Reuters

INDUSTRY NEWS

Netflix Explores Investing in Sports Leagues, Bidding on Streaming Rights

Netflix Inc. is warming up to the idea of offering live sports on its platform—as long as it can do so without breaking the bank. WSJ

AMC Partners With Zoom to Bring Meetings to a Theater Near You

Zoom Rooms at AMC aims to offer a movie theater experience, complete with snacks and refreshments, to go along with your meetings. CNET

Meta cuts 11,000 jobs as it sinks more money into the metaverse

The mass layoffs, one of the biggest this year and the first in Meta's 18-year history, follow thousands of job cuts at other tech companies including Twitter, Microsoft, and Snap. Reuters

Retailers in the US Push Big Holiday Discounts to Ease Inventory Avalanche

American retailers are sitting on so much inventory that brands — particularly for apparel and housewares — have resorted to listing their goods on resale websites, hosting sample sales, giving stuff to employees, offering deep discounts and even throwing goods away. BoF

DoorDash and Sephora Partner for On-Demand Delivery Across North America

New partnership offers fast and convenient delivery of Sephora's expansive selection of beauty products within an hour from over 500 stores across the U.S. PR Newswire

Dior Conjures a Gingerbread Christmas Fantasy at Harrods

Dior is making history at Harrods with its largest holiday takeover ever, which sees Monsieur Dior and his atelier come alive in a gingerbread world. WWD

12 digital natives that have learned to love old-fashioned retail

These e-retailers promised to disrupt conventional retail practices. Now, in a quest for growth, profits and maybe survival, they’re embracing them. RetailDive

WeWork exits 40 U.S. locations after tepid forecast, shares slump

The NY-based company had enjoyed a pandemic-driven shift to flexible work outside traditional offices, but this year's surge in inflation is starting to weigh on business spending. Reuters

Target Rolls Out New Store Format Tailored for Online Shopping

Target is rolling out a new format of stores in a bid to lean into its same-day delivery and curbside pickup offerings. Barron's

Retailers Turning to Specific-Day Delivery Over Speediest Shipping

Retailers this holiday season are focusing on delivering packages to customers on specific dates, rather than competing on speed of delivery. WSJ

Gap Partners With Amazon on Distribution Deal

Gap Inc., in a potential boon to its distribution, is partnering up with Amazon Fashion in the U.S. and Canada to offer thousands of Gap brand products. WWD

Crocs Launches Fuzz-lined Vision of Virtual Holiday Shopping

Footwear brand Crocs is flying high in the real world and now it’s ready to take on the holidays in the virtual one, with an immersive new shopping experience launching Wednesday until Dec. 31. WWD

Juul Secures Financing to Avoid Bankruptcy, Plans to Cut 30% of Jobs

Juul Labs Inc. has secured a cash infusion from some of its early investors to stave off bankruptcy and plans to lay off about a third of its global staff. WSJ

E-Commerce Giant Alibaba Reports Weak Singles Day Sales Growth

Alibaba didn’t disclose exact sales figures for the first time since it started its signature event, saying the results were in line with last year’s turnout,  a fresh sign of depressed consumer sentiment under the country’s stringent Covid-19 policy. WSJ

Timex Becomes Official Timekeeper of The Metaverse With “Race Against TimeX” Created in Fortnite

Timex launches a unique and interactive experience that will have players ready to “Race Against TimeX” in Fortnite, one of the most popular video games in the world. Metaverse Insider

Black Friday Deals Arrived Early for Many Shoppers This Year

Apparel retailers bring back discounts, pushing prices lower than last year. WSJ

Nike Unveils Web3 Marketplace

The world’s largest sportswear company will release its own goods on the .Swoosh platform, and users will be able to collect and show off their items on it. Bloomberg

Amazon Plans to Lay Off 10,000 People Starting This Week

Amazon.com Inc is planning to lay off about 10,000 people in corporate and technology jobs starting as soon as this week. BoF

American Express and TikTok Team Up to Launch the Shop Small Accelerator

To further support small businesses during the holiday shopping season, American Express has announced a partnership with TikTok to launch the #ShopSmall Accelerator. WWD

How retailers are connecting the metaverse to the real world and revenue

Brands are diving into virtual environments to connect with young consumers. But are these digital spaces just billboards for brands, or can they have tangible benefits? Retail Dive

Mike Tyson and Evander Holyfield to launch ‘Holy Ears’ cannabis-infused edibles

Boxing legends and former rivals Mike Tyson and Evander Holyfield are teaming up to launch a line of cannabis-infused edibles called “Holy Ears.” CNBC

COMINGS & GOINGS

• Formula 1 Hires Former Universal & Studiocanal Executive As Head of Original Content Yahoo
• Mattel’s Richard Dickson Elected to Gap Board WWD
  
• True Religion Names Tina Blake SVP of Women’s, Brand Image WWD
• TikTok Hires Former NBA CMO as Its New Marketing Chief WSJ
• Shiseido’s Masahiko Uotani Looks Toward Retirement WWD
• Twitter Chief Information Security Officer Lea Kissner Departs TechCrunch
• Keurig Dr Pepper CEO Resigns After Violating Company’s Code of Conduct CNBC
• Kith's Ronnie Fieg Named Creative Director of New York Knicks WWD
• Bed Bath & Beyond Taps Turnaround-Expert McKinsey Vet as CMO Sourcing Journal
• Gucci Recruits Communications Director From Louis Vuitton WWD
• Nike’s Chief DEI Officer Exits, Third in Two Years SGB Media
• Isabel Ge Mahe Joins Lululemon Board of Directors Business Wire

GOOD READS

• How Candles Explain What’s Happening in the Beauty Industry BoF
  
• Lululemon didn’t change activewear, it changed apparel Retail Dive

INSPIRATION