--- title: Traub Weekly Consumer News // February 7, 2023 description: Here's our weekly roundup of recent consumer and retail news. This week, Google unveils its ChatGPT rival, Adidas, Forever 21 & Meta target Gen Z, and more.  image: https://www.retaildive.com/imgproxy/fDZ5jlWmnUC5L0jHIELoYZlQdWnVUtWuaMmsZ11ogA0/g:ce/rs:fill:1200:675:1/bG9jYWw6Ly8vZGl2ZWltYWdlL01TX1JFVEFJTF9DT1JFLTRfUElMRV83LjIyLmpwZw.jpg --- [![logo-vert-traub (2)](https://blog.traub.io/hs-fs/hubfs/TRAUB_September2019/Image/logo-vert-traub%20(2).png?width=456&height=312&name=logo-vert-traub%20(2).png "logo-vert-traub (2)")](http://traub.io/) - [Who We Are](https://www.traub.io/who-we-are/) - [What We Do](https://www.traub.io/what-we-do/) - [Meet Our Team](https://www.traub.io/our-team/) - [See Our Work](https://www.traub.io/case-studies/) - [Read Our Content](https://www.traub.io/read-our-content/) - [Traub Capital](https://www.traub-capital.com/) # Weekly Consumer News Update // February 7, 2023 By [TRAUB](https://blog.traub.io/blog/author/traub) On February 07, 2023 [![Share on facebook](https://cdn2.hubspot.net/hub/3275719/hubfs/hs_marketplace_assets/modules/Social_Sharing/81/facebook-color.png?width=24&name=facebook-color.png)](http://www.facebook.com/share.php?u=https://blog.traub.io/blog/weekly-news-2023-02-07&utm_medium=social&utm_source=facebook) [![Share on linkedin](https://cdn2.hubspot.net/hub/3275719/hubfs/hs_marketplace_assets/modules/Social_Sharing/81/linkedin-color.png?width=24&name=linkedin-color.png)](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.traub.io/blog/weekly-news-2023-02-07&utm_medium=social&utm_source=linkedin) [![Share on twitter](https://cdn2.hubspot.net/hub/3275719/hubfs/hs_marketplace_assets/modules/Social_Sharing/81/twitter-color.png?width=24&name=twitter-color.png)](https://twitter.com/intent/tweet?original_referer=https://blog.traub.io/blog/weekly-news-2023-02-07&utm_medium=social&utm_source=twitter&url=https://blog.traub.io/blog/weekly-news-2023-02-07&utm_medium=social&utm_source=twitter&source=tweetbutton&text=) Here's our weekly roundup of recent consumer and retail news. This week, Google unveils its ChatGPT rival, Adidas, Forever 21 & Meta target Gen Z, and more.  ---  **M&A and INVESTMENTS** - **Ariana Grande** to Buy Beauty Brand Assets for $15 Million [BoF](https://www.businessoffashion.com/news/beauty/ariana-grande-to-buy-beauty-brand-assets-for-15-million/) - **Thrive Capital** believed to be leading new multibillion-dollar investment in Stripe [TechCrunch](https://techcrunch.com/2023/01/31/thrive-capital-believed-to-be-leading-potential-new-investment-in-fintech-stripe-report-says/) - Triple Whale raises $25M for its Shopify data platform [TechCrunch](https://techcrunch.com/2023/02/02/triple-whale-raises-25m-for-its-shopify-data-platform/) - Ryan Cohen Takes Stake in Nordstrom [WSJ](https://www.wsj.com/articles/ryan-cohen-takes-stake-in-nordstrom-11675382489) - Google invests $300mn in artificial intelligence start-up Anthropic [Financial Times](https://www.ft.com/content/583ead66-467c-4bd5-84d0-ed5df7b5bf9c) - Public Storage Bids for Rival in Unsolicited $11 Billion Offer [WSJ](https://www.wsj.com/articles/public-storage-makes-11-billion-unsolicited-offer-for-life-storage-11675635919?mod=business_lead_pos13) - Etc Venues bought by US rival to tap into remote working shift [Financial Times](http://ft.com/content/de738ae3-1e77-4328-844a-33dd3638da5b) - Restaurant chain Cava confidentially files for U.S. IPO [Reuters](http://reuters.com/markets/deals/restaurant-chain-cava-confidentially-filed-go-public-us-ipo-2023-02-06/) - Rothschild Family Bids $1.6 Billion to Take Namesake Bank Private [WSJ](https://www.wsj.com/livecoverage/stock-market-news-today-02-06-2023/card/rothschild-family-bids-1-6-billion-to-take-namesake-bank-private-ZY9A8n90hTUYv52GpLXJ) - Vox Media Is Raising $100 Million From Penske Media [NYT](https://www.nytimes.com/2023/02/06/business/vox-penske-media.html) - **CVS** Nearing **$10.5 Billion** Deal for Primary-Care Provider Oak Street Health [WSJ](https://www.wsj.com/articles/cvs-nearing-10-5-billion-deal-for-primary-care-provider-oak-street-health-11675727217?cx_testId=3&cx_testVariant=cx_167&cx_artPos=5&mod=WTRN#cxrecs_s)   ## **INDUSTRY NEWS** Nike Sues Lululemon Over Alleged Patent Infringements The activewear giant opened legal proceedings alleging that the Canadian sportswear brand’s Blissfeel, Chargfeel Low, Chargfeel Mid and Strongfeel sneakers infringe patents related to textile and other design elements of its footwear. [BoF](https://www.businessoffashion.com/news/retail/nike-sues-lululemon-over-alleged-patent-infringements/)   Netflix is putting an end to password sharing by the end of March To ensure memberships aren't shared outside a single household, Netflix will require users to note their primary location using their TV. [Fortune](https://fortune.com/2023/01/25/netflix-password-sharing-end-date/)   Robots could surpass workers at Amazon by 2030 “We are just at the dawn of the robotics age. And I would say artificial intelligence and battery technology are all a part of that movement as well,” Cathie Wood said. [CNBC](https://www.cnbc.com/2023/02/01/cathie-wood-amazon-may-have-more-robots-than-humans-by-2030.html)   Fanatics to Start Livestreaming Service for Collectibles Fanatics Inc. is starting a livestreaming commerce service for collectibles as looks to expand its memorabilia empire. The company has brought on former Snap Inc. executive Nick Bell to lead the new division, called Fanatics Live. [Bloomberg](https://www.bloomberg.com/news/articles/2023-02-02/fanatics-to-start-livestreaming-service-for-collectibles)   OpenAI to Offer ChatGPT Subscription Plan for $20 a Month ChatGPT allows users to type questions to the bot and receive written responses powered by artificial intelligence. The company plans to continue offering a free version of the chatbot. [WSJ](https://www.wsj.com/articles/openai-to-offer-chatgpt-monthly-subscription-plan-11675284555?mod=business_featst_pos3)   Adidas wants to become the sportswear brand of choice for Gen Z shoppers as it launches a collection aimed at taking on Nike This is the first time Adidas has launched a new label in 50 years, names new ambassador. [Business Insider](https://www.businessinsider.com/adidas-launches-new-gen-z-collection-takes-aim-at-nike-2023-2)   How Tom Brady's robust trademark and brand strategy that spans cookbooks to skincare is setting him up for life after the NFL Tom Brady is retiring from the NFL "for good," the seven-time Super Bowl champion announced — and his myriad trademark applications point to the business interests he could pursue in his post-football career. [Business Insider](https://www.businessinsider.com/tom-brady-trademark-applications-hint-at-post-nfl-plans-2022-8)   How Amazon’s Bricks-and-Mortar Dreams Hit a Wall Amazon once had audacious plans for remaking physical retail, including a secret effort to take on Target. Now it’s closing stores and pausing the opening of ones that have already been completed. [The Information](https://www.theinformation.com/articles/how-amazons-bricks-and-mortar-dreams-hit-a-wall?utm_campaign=Most+Popular+Stories&utm_content=129&utm_medium=email&utm_source=cio&utm_term=31)   ![Boxes of several varieties of Magic Spoon cereal lay around a bowl of the multicolored Fruity variety.](https://www.retaildive.com/imgproxy/fDZ5jlWmnUC5L0jHIELoYZlQdWnVUtWuaMmsZ11ogA0/g:ce/rs:fill:1200:675:1/bG9jYWw6Ly8vZGl2ZWltYWdlL01TX1JFVEFJTF9DT1JFLTRfUElMRV83LjIyLmpwZw.jpg) Magic Spoon expands retail launch to 6,800 stores Magic Spoon first became available at retail last summer, when it launched at Target. The brand will now be available at more Target stores, as well as Walmart, Kroger and Albertsons stores. [RetailDive](https://www.retaildive.com/news/magic-spoon-retail-expansion-6800-stores/641742/)   Breakfast has never been so expensive Americans aren’t just chasing scarce eggs — and paying more for them — they’re snapping up egg-laying chickens. Meanwhile, Florida's expecting its smallest citrus crop in 90 years, pushing the price of juice up 20% higher than in 2016, and further squeezing our wallets.[Linkedin News](https://www.linkedin.com/news/story/breakfast-has-never-been-so-expensive-5116825/)   Without the Shop tab, brands rethink Instagram strategies Instagram is relegating the Shop tab in favour of a renewed focus on content creation on the homepage. What does it mean for fashion and beauty brands? [Vogue Business](https://www.voguebusiness.com/companies/without-the-shop-tab-brands-rethink-instagram-strategies)   Ugg product strategy and Hoka popularity are fueling Deckers’ DTC sales Deckers posted record growth and big gains in DTC sales, thanks to skyrocketing sales of Hoka running shoes and the continued popularity of sheepskin boot brand Ugg. [ModernRetail](https://www.modernretail.co/marketing/ugg-product-strategy-and-hoka-popularity-are-fueling-deckers-dtc-sales/)   Subway to Add Thousands of Restaurants Outside the U.S. CEO John Chidsey looks abroad for growth as sandwich chain seeks to boost sales. [WSJ](https://www.wsj.com/articles/subway-to-add-thousands-of-restaurants-outside-the-u-s-11675338019?mod=business_lead_pos12)   TikTok is driving an offline lift in sales for some brands While TikTok ads and posts are typically known for driving online traffic for brands either to their Amazon storefronts or DTC sites, some brands are observing an increase in their offline sales through these videos. [ModernRetail](https://www.modernretail.co/marketing/tiktok-is-driving-an-offline-lift-in-sales-for-some-brands/)   Beyond Meat Hires Marketing Executive, Revamps Retail Strategy Akerho Oghoghomeh joins the plant-based meat company from Red Bull as Beyond looks to turn around its business. [WSJ](https://www.wsj.com/articles/beyond-meat-hires-marketing-executive-revamps-retail-strategy-11675379688?mod=business_featst_pos2)   Apple CEO Tim Cook says artificial intelligence 'is a major focus of ours' The 62-year-old Cook added that the tech giant sees "enormous potential" for AI to impact "virtually everything we do." [Seeking Alpha](https://seekingalpha.com/news/3932023-apple-ceo-tim-cook-says-artificial-intelligence-is-a-major-focus-of-ours?lctg=63bf272446673054eb02c1ad&mailingid=30466279&messageid=wall_street_breakfast&serial=30466279.3343432&userid=57948931&utm_campaign=WSB%202_6_23&utm_medium=email&utm_source=seeking_alpha&utm_term=wall_street_breakfast)   Amid food inflation, more shoppers turn to dollar stores for groceries Discount dollar stores are becoming a key destination for affordable essentials, including perishable and nonperishable goods. [CNBC](https://www.cnbc.com/2023/02/05/amid-food-inflation-more-shoppers-turn-to-dollar-stores-for-groceries.html)   ![](https://s.yimg.com/ny/api/res/1.2/.B7jarCCGkhH9wV61Rnkow--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://media.zenfs.com/en/techcrunch_350/5967d4ad6258e77d800045b5bc074104) Roblox to host a free virtual Super Bowl concert Hip-hop artist Saweetie is performing exclusively in Roblox for the NFL’s Super Bowl LVII pregame on February 10, the National Football League announced today. [TechCrunch](https://techcrunch.com/2023/02/02/roblox-free-virtual-super-bowl-concert-saweetie/)   Retail layoffs in January spiked 3,225% year over year Amid fears of an upcoming recession, retailers cut 13,000 jobs last month, a 3,225% increase year over year, according to a report from Challenger. [RetailDive](https://www.retaildive.com/news/retail-layoffs-spiked-3225-percent-january/641935/)   Nestle to hike food prices further in 2023 The increases will not be as steep as they were in 2022, but "we have some catching up to do over the full year." [Reuters](https://www.reuters.com/business/retail-consumer/nestle-hike-food-prices-further-2023-ceo-says-2023-02-04/)   AMC Will Charge More for the Best Seats in Its Movie Theaters The world’s largest theater chain is experimenting with a tiered-pricing structure based on seat location called Sightline. [Bloomberg](https://www.bloomberg.com/news/articles/2023-02-06/amc-is-charging-more-for-the-best-seats-in-its-movie-theaters?srnd=industries-consumer&leadSource=uverify%20wall)   Dell to Cut About 6,650 Jobs, Battered by Plunging PC Sales The reduction amounts to about 5% of Dell’s global workforce. [Bloomberg](https://www.bloomberg.com/news/articles/2023-02-06/dell-dell-lays-off-about-6-650-employees-in-latest-tech-cuts?leadSource=uverify%20wall)   The Vitamin Shoppe Rolling Out Franchises The health and wellness retailer is eager to expand its already-extensive brick-and-mortar footprint. [WWD](https://wwd.com/business-news/retail/the-vitamin-shoppe-retail-expanson-franchise-1235508804/)   Google unveils its ChatGPT rival Google on Monday unveiled a new chatbot tool dubbed “Bard” in an apparent bid to compete with the viral success of ChatGPT. [CNN](https://www.cnn.com/2023/02/06/tech/google-bard-chatgpt-rival/index.html)   Paramount Reveals Plan to Remake Showtime in the Image of ‘Yellowstone’ Premium cable network overhauls slate around franchises after merger with streamer Paramount+. [WSJ](https://www.wsj.com/articles/paramount-showtime-dexter-billions-yellowstone-11675659107?cx_testId=3&cx_testVariant=cx_178&cx_artPos=3&mod=WTRN#cxrecs_s)   Forever 21 is banking on brick-and-mortar and TikTok to fuel its comeback Forever 21 closed more than 200 stores after being acquired out of bankruptcy in 2020 by Authentic Brands Group, Simon Property Group and Brookfield Property Group. [Glossy](https://www.glossy.co/fashion/forever-21-is-banking-on-brick-and-mortar-and-tiktok-to-fuel-its-comeback/)   Meta to Revamp Horizon Metaverse App, Plans to Open for Teen Use as Soon as March The new strategy will revitalize the app, open up Horizon to teens aged 13 to 17. [WSJ](https://www.wsj.com/articles/meta-to-revamp-horizon-metaverse-app-plans-to-open-for-teen-use-as-soon-as-march-11675749223)   COMINGS & GOINGS - **Tiffany & Co.** Creative Director Departs Jeweler [WWD](https://wwd.com/fashion-news/fashion-scoops/tiffany-amp-co-creative-director-jeweler-1235506278/) - **Diesel** back in flux as CEO Eraldo Poletto exits [Vogue Business](https://www.voguebusiness.com/companies/diesel-back-in-flux-as-ceo-eraldo-poletto-exits) - Lanvin Group CFO Shang Koo Steps Down [WWD](https://wwd.com/business-news/human-resources/lanvin-cfo-shang-koo-steps-down-1235506798/) - Dollar General CFO to retire [RetailDive](https://www.retaildive.com/news/dollar-general-chief-financial-officer-john-garratt-to-retire/641592/) - Coatue General Partner David Cahn Departs for Sequoia Capital [The Information](https://www.theinformation.com/briefings/coatue-coo-david-cahn-departs-for-sequoia-capital?_cio_id=91f70230b62fb7a158&utm_campaign=%5BTI-AM%5D+The+Informat&utm_content=1003167&utm_medium=email&utm_source=cio&utm_term=1000293) - Kohl’s Names Tom Kingsbury Chief Executive Officer [WWD](https://wwd.com/business-news/retail/kohls-tom-kingsbury-new-ceo-1235507445/) - **Kering** Appoints Estée Lauder Veteran as Head of Beauty Division [WWD](https://wwd.com/business-news/human-resources/kering-appoints-estee-lauder-veteran-raffaella-cornaggia-ceo-beauty-division-1235507579/) - Mike Brewer Joins Crate & Barrel Holdings, Inc. as Chief Operating Officer [PR Newswire](https://www.prnewswire.com/news-releases/mike-brewer-joins-crate--barrel-holdings-inc-as-chief-operating-officer-301734554.html) - Endeavor Names Maura McGreevy as Chief Communications Officer [WWD](https://wwd.com/fashion-news/fashion-scoops/endeavor-taps-maura-mcgreevy-as-chief-communications-officer-1235509658/) - Stripe CFO Dhivya Suryadevara to step down [Axios](https://www.axios.com/2023/02/03/stripe-cfo-suryadevara-step-down) - Carlyle Picks Goldman Veteran Harvey Schwartz as Next CEO[Bloomberg](https://www.bloomberg.com/news/articles/2023-02-05/carlyle-picks-goldman-veteran-harvey-schwartz-as-its-next-ceo?fromMostRead=true) **GOOD READS** - How to Recession-Proof Independent Retail [BoF](https://www.businessoffashion.com/articles/retail/multibrand-retail-recession-stores/) - Why your last text message is probably from a brand [RetailBrew](https://www.marketingbrew.com/stories/2023/01/26/why-your-last-text-message-is-probably-from-a-brand?cid=30423903.160696&mid=e183fe4871484fb95d54c5b936067b52&utm_campaign=rtb&utm_medium=newsletter&utm_source=morning_brew)   **INSPIRATION** ![IMG_2826](https://blog.traub.io/hs-fs/hubfs/IMG_2826.jpg?width=320&height=393&name=IMG_2826.jpg)     ### Subscribe Here! 477 Madison Avenue, 18th Floor New York, NY 10022 (646) 723-2990 [info@traub.io](mailto:info@traub.io) ![TRAUB](https://blog.traub.io/hubfs/TRAUB_September2019/Image/traub-logo.png) - [Who We Are](http://traub.io/who-we-are/) - [What We Do](http://traub.io/what-we-do/) - [Meet Our Team](http://traub.io/our-team/) - [See Our Work](http://traub.io/case-studies/) - [Read Our Content](http://traub.io/read-our-content/) - [Traub Capital](https://www.traub-capital.com/) Traub © 2023