Weekly Consumer News Update // December 6, 2022

Here's our weekly roundup of recent consumer and retail news. This week, Airbnb launches an apartment rental service, Apple and Amazon resume advertising on Twitter, and more. 

 M&A and INVESTMENTS

• L’Oréal Takes Stake in French Biotech Company WWD
• Gordon Brothers Loans Everlane $25 Million WWD
• ResortPass Raises $26 Million Series B for Hotel Amenity Access without a Booking Business Wire
• Kanye West isn’t buying Parler after all TechCrunch
  
• Intermix Owner Sold the Retailer to Regent PE Firm BoF
• Blackstone to sell stake in MGM Grand, Mandalay Bay to VICI Properties for about $1.27 billion Reuters
• Blank Street Coffee Seeks New Funding as It Expands Bloomberg

INDUSTRY NEWS

Why CPG brands are betting on mini versions of household snacks

As the snacking market in the U.S. continues to grow big, CPG brands are looking at a small solution to meet the demand: mini-sized products. Modern Retail

H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits

Swedish fashion giant H&M became the first big European retailer to start laying off staff in response to the cost of living crisis despite a still tight labour market, as it tries to save $190 million a year. Reuters

Target, Starbucks Team Up for Curbside Pickup

Select Target stores are now offering curbside pickup for Starbucks items(opens in new tab) made and sold in that particular in-store Starbucks. Kiplinger

How Gen Z Inspired Grocers To Reinvent Their Social Presence

Grocery retailers and brands have turned to social media platforms to reach these consumers. Forbes

Disney Channel, ESPN Lose 2 Million Subscribers Each

Both Disney Channel and ESPN each lost 2 million subscribers this fiscal year. The subscriber loss reflects the media industry's struggle to retain customers and satisfy consumer needs in the streaming era. CNET

Airbnb Aims to Attract Big Landlords With a Cut of Its Rental Sales

Airbnb Inc. is launching a listing service for rental apartments with some of the biggest landlords and property managers in the country, a bid to expand its business in multifamily buildings where owners often shun short-term rentals. WSJ

Lacoste launches virtual store with NFT-holder perks

Lacoste is one of the retailers and brands who have been recently experimenting with the metaverse to bring in revenue from digital goods and bridge the online world with the real world. Retail Dive

DoorDash lays off 1,250 employees

Delivery service DoorDash is laying off 1,250 corporate workers as part of a continued cost-cutting effort, driven by tapering growth and overhiring. CNBC

JCPenney was once a shopping giant. Can it make a comeback?

A stalwart of twentieth-century retail for middle-class Americans seeking affordable clothing and home furnishings, JCPenney has struggled for more than a decade and fell into bankruptcy shortly after the Covid-19 pandemic in 2020. CNN

Walgreens debuts round-the-clock delivery service

Walgreens is rolling out round-the-clock delivery, enabling shoppers to get items ranging from cough medicine to diapers at any time of the day or night. USA Today

Some Retailers Are Learning to Love Bulked-Up Inventories

As many companies cope with excess goods, others are ordering more and enjoying fully stocked shelves. WSJ

8 Million Laundress Products Recalled Over Bacteria Risk

The luxury laundry brand recalled items sold between January 2021 and September 2022. NYT

Layoffs Begin at CNN Amid Warner Bros. Discovery Cost-Cutting Plan

The cuts are not a surprise, but they do come amid decreasing morale at CNN, which has already seen significant turnover this year since the Discovery merger. Hollywood Reporter

Online Wine Club Winc Files for Bankruptcy a Year After Going Public

The subscription service listed $50.3 million of assets and $36.8 million in liabilities in its bankruptcy petition. Bloomberg

Gigi Hadid’s Cashmere Brand, Guest in Residence, Opens Holiday Pop-ups and Activations

To kick off the holiday shopping season, Gigi Hadid on Tuesday opened the doors to her interactive Feel Shop pop-up in New York City for her cashmere brand Guest in Residence. WWD

CFDA Reveals Upcoming Debut NFT Collection

The Council of Fashion Designers of America unveiled its commemorative collection of  NFTs on Thursday, featuring the work of seven fashion houses and designers, as part of the organization’s broader metaverse initiative in honor of its 60th anniversary. WWD

Retail Employment Dropped in November; Leisure and Hospitality Rose

According to the latest U.S. jobs data, employment in retail fell by 30,000. WSJ

Nike Ends Relationship With Kyrie Irving

Irving’s dismissal comes as sportswear brands are coming under increasing public scrutiny for the actions of their high-profile collaborators. BoF

Apple and Amazon resume advertising on Twitter, reports say

The developments follow Twitter  offering advertisers incentives to increase their spending on the platform, an effort to jump-start its business after Elon Musk's takeover prompted many companies to pull back. Reuters

PepsiCo to Lay Off Hundreds of Workers in Headquarters Roles

PepsiCo I is laying off workers at the headquarters of its North American snacks and beverages divisions, a signal that corporate belt-tightening is extending beyond tech and media. WSJ

The Phenomenon Of MrBeast Burgers At American Dream

MrBeast is the fourth most subscribed personality on the You Tube platform and the highest of any individual on Wikipedia. Forbes

COMINGS & GOINGS

• Sephora Names Sarah Boyd U.K. Managing Director WWD
• Foot Locker CFO Andrew Page to step down Yahoo
• Bret Taylor steps down as co-chair and CEO of Salesforce TechCrunch
  
• L’Oréal USA Appoints Rahquel Purcell First Chief Transformation Officer for North America WWD
• Former Lazada Executive Jessica Liu Joins Shein WWD
• Opendoor CEO Eric Wu steps down, CFO Carrie Wheeler steps in as new chief executive TechCrunch
  
• Urban Outfitters president exits after less than a year Retail Dive
• Kim Kardashian’s Skky Partners Hires Brisske From Permira Bloomberg
• VF Corp CEO Steve Rendle to Retire, Names Benno Dorer as Interim Chief BoF
• Amazon Media Chief Jeff Blackburn Announces Retirement CNBC
• Equinox Taps New Chief Marketing Officer WWD
• Prada to Tap Andrea Guerra as New Group CEO BoF
• Slack CEO to Step Down in January NYT

GOOD READS

• The Future of Fitness Is All About Flexibility WWD
• Pantone’s Color of the Year Was Made for the Metaverse NYT
• Why landing on a gift guide is the best present for brands Marketing Brew

INSPIRATION