Weekly Consumer News Update // November 29, 2022

Here's our weekly roundup of recent consumer and retail news. This week, Macy's partners with Claire's, Patagonia sues Gap, Black Friday and Cyber Monday sales set records, and more.

 M&A and INVESTMENTS

• WorkJam Secures $50 Million in ‘Series D’ Funding WWD
• Mark Cuban-backed streaming app Fireside acquires Stremium to bring live, interactive shows to your TV TechCrunch
• Frasers Group Acquires Gieves & Hawkes SGB Media
• LVMH acquires jewellery producer Pedemonte Group Vogue Business
• Shell Buys Nature Energy in $2 Billion Push Into Biogas Bloomberg
• Yahoo Takes Minority Stake in Ad Network Taboola NYT

INDUSTRY NEWS

Macy’s establishes mini distribution centers at 35 stores

Macy’s is using space within 35 of its stores to function as mini distribution centers as the retailer positions its e-commerce network to handle an expected influx of shipments ahead of the holidays. Retail Dive 

Retailers’ Holiday Discounts Are Steeper This Year, CFOs Say

Retail finance chiefs are entering the busiest shopping season of the year with declining profit margins as their companies offer more discounts to compete for sales and clear out excess stock. WSJ

BlockFi Files For Bankruptcy As FTX Contagion Spreads

Crypto lender BlockFi is the latest heavily funded company in the cryptocurrency space to file for bankruptcy. Crunchbase

Black Friday Weekend Gives Retailers Hope, No Guarantees on Days Ahead

Traffic and sales were strong on Friday then tapered off by Saturday afternoon, leaving retailers a bit more positive and expecting modest gains for holiday 2022. WWD

Zara Is Taking Over Thrift Stores, Says Report

A report from  Savoo named Zara the most popular secondhand brand, with more than 670,000 listings across the major resale platforms. Other ranked brands by listings volume include Nike, Adidas, H&M, Victoria’s Secret, Asos, Levi’s, Louis Vuitton, Gucci and Chanel. WWD

Toy Makers Are Betting on Last-Minute Holiday Shopping to Save the Year

Too many toys are sitting on shelves as the holiday buying season gets under way. Retailers and toy makers hope discounts will make that mountain go away. WSJ

Disney hiring freeze will stay in place, CEO Bob Iger tells employees

Disney Chief Executive Officer Bob Iger said Monday during his first town hall since returning to the company that he won’t remove its hiring freeze as he reassesses its cost structure. CNBC

How the World Cup Is Putting the Power of A.I. on Display

New artificial intelligence tracking systems aim to make the game fairer--and provide inspiration for entrepreneurs in the audience. Inc. 

Patagonia Sues Gap For Copying Its Signature Snap-T Pullover

Patagonia, Inc. sued Gap, Inc. for allegedly copying its flap pocket and rectangular “P-6” logo, which it has used on its fleece outerwear for more than three decades. SGB Media

Sir Elton John Performs at Saks Fifth Avenue’s Window Unveiling and Light Show

Sir Elton John literally stopped traffic Tuesday night as he performed in the middle of Fifth Avenue in New York — which was closed down between 49th and 50th Streets — for Saks Fifth Avenue’s holiday window unveiling and light show. WWD

Tech companies begin rerouting critical chip supplies to trucks with rail strike looming

Technology companies supplying critical semiconductor chips to the economy have started shifting cargo shipments from railroads to trucks with a national freight rail strike looming. CNBC

Vestiaire Collective Is Banning Fast Fashion From Its Platform

The second-hand online e-tailer,  which claims to have “the best selection of designer clothing on the Internet,” is taking the radical move of banning all fast fashion from its platform. Forbes

Meta Fined $275 Million for Breaking E.U. Data Privacy Law

The penalty, imposed by Irish data regulators, brings European fines against Facebook’s parent company to more than $900 million since last year. NYT

Sony steps into the Metaverse with the 'Mocopi' motion tracking system

Sony has launched Mocopi, consisting of six motion-tracking bands worn on your hands, feet, back and head, with a price of about $358. The aim is to let you track your body to create videos or operate avatars in real time with metaverse apps like VRChat. Engadget

Rule Changes Spur New Wave of Private Equity Ownership in Pro Sports

Following recent rule changes across three of the major North American professional sports leagues, rising valuations and overall strength of the asset class, private equity firms are jumping at the opportunity to hold ownership stakes in everyone’s favorite sports team. Middle Market

Balenciaga suing production company for $25 million over controversial campaign

Luxury fashion house Balenciaga is suing the production company behind its Spring 2023 ad campaign after paperwork about a Supreme Court ruling on child pornography was identified in one of the images. CNN

Walmart overtakes Amazon in shoppers’ search for Black Friday bargains

Searches for Black Friday discounts on Walmart surged 386% year over year, leapfrogging rival retailer Amazon which last year ranked first in Captify’s survey of most searched retailers on Black Friday. CNBC

Macy’s Hosts Tween Retailer Claire’s at 21 Locations in Bid for Younger Customers

The fashion-and-accessories chain opens store-in-stores inside Macy’s locations as both retailers look to diversify beyond struggling malls. WSJ

Cyber Monday sets sales record as shoppers splurge on toys, electronics

Discount-hunting shoppers snapped up more Pokemon cards, TVs and air fryers on Cyber Monday, pushing sales to $11.3 billion, making it the biggest U.S. online shopping day in history, according to data from Adobe Analytics. Reuters

Rolling Stones want to cancel their deal with fast-fashion brand Shein after just 1 week over labor abuse claims

Just a week after announcing their 60th anniversary merchandise deal with fast-fashion giant Shein, the Rolling Stones have demanded that their representatives terminate it immediately. Fortune

Why Retailers Are Trying Extra Hard to Woo Holiday Shoppers

With the arrival of the all-important holiday shopping season, retailers are not just competing with one another to attract customers. They are also competing against the clock. NYT

IKEA ‘Optimistic’ on Lowering Its Prices To Combat Inflation

Ingka Group, the owner of most IKEA furniture stores, is rolling out additional price cuts, its retail manager told Reuters on Monday. This is a reversal from what happened last year when the world’s biggest furniture retailer increased prices to combat inflation. Yahoo

COMINGS & GOINGS

• Sephora Names New CEO: Guillaume Motte WWD
• Alessandro Michele Is Exiting Gucci Vogue
• Sidney Toledano Named Head of the Chambre Syndicale de la Haute Couture Vogue
• Former Luxottica CEO Guerra Rumored to join Prada Reuters
• AMC Networks CEO Christina Spade stepping down CNBC

GOOD READS

• The Risks of Celebrity Marketing BoF
• Why virtual shopping still matters for the holidays Vogue Business

INSPIRATION