Weekly Consumer News Update // April 25, 2023

Here's our weekly roundup of recent consumer and retail news. This week, Tiffany & Co unveils new flagship, Whole Foods, Disney and Lyft announce more layoffs, and more. 

 M&A and INVESTMENTS

• Vince Cuts Deal With Authentic Brands Group WWD
  
• Walmart Sells Plus-Size Fashion Brand Eloquii BoF
• Yahoo acquires social sports betting app Wagr TechCrunch

INDUSTRY NEWS

RETAIL

Gap Teams With Mattel for Series of Product Collabs

The first will be an apparel collection for Barbie that will drop right before the film of the same name opens in late May. WWD

Rite Aid Seeks Direction as Pressure Mounts

Cash-strapped drugstore chain is looking for a permanent leader amid declining demand and looming legal challenges. WSJ

Ikea to invest over $2.2 billion in new U.S. store models, pickup locations

The Swedish home and furniture company’s investment will go toward omnichannel growth, including new stores, pickup locations, sustainability efforts and other developments. CNBC

Bed Bath & Beyond plans to liquidate all inventory and go out of business

The company’s 360 Bed Bath & Beyond locations, along with its 120 buybuy BABY stores, will remain open for now, as will websites. The company secured a $240 million loan to help fund its operations during bankruptcy. CNN

‘More Than a Flagship’: Tiffany Unveils Fifth Avenue Revamp

It won’t be just a jewellery store, but a “cultural phenomenon showcasing incredible architecture, as well as cutting-edge art and design”, says Tiffany president and CEO Anthony Ledru. Vogue

How A.I.-powered robots are changing retail

Outfitted with cameras and sensors, autonomous inventory robots that can verify price signs and look for out-of-stock items are being deployed at big box stores like BJ’s Wholesale and Walmart-owned Sam’s Club. CNBC

Sephora launches national take-back program Beauty (Re)purposed

As of May, more than 600 Sephora stores across the U.S. and Canada will now take back packaging from any brand and recycle it through the company’s partner, non-profit Pact. Glossy

Ōura Secures First Nationwide Retail Partnership

The wellness tracking ring will now be available at about 850 Best Buy locations. WWD

Disney begins second, larger round of layoffs, bringing total to 4,000 jobs cut

Disney plans to reduce its workforce by 7,000 jobs as part of a larger reorganization that will see the company cut $5.5 billion in costs. CNBC

TECH

Netflix is winding down its DVD business after 25 years

“On September 29th, 2023, we will send out the last red envelope,” the company tweeted Tuesday. CNN

Meta lays off tech teams, battering employee morale

Meta Platforms Inc (META.O) on Wednesday carried out another round of job cuts, this time hitting engineers and adjacent tech teams. Reuters

Mattel to launch peer-to-peer marketplace for digital collectibles

The update will allow owners of virtual collectibles to display, trade and sell their assets. Retail Dive

Lyft to Cut at Least 1,200 Jobs in New Round of Layoffs to Reduce Costs

Latest reductions could affect 30% of company’s over 4,000 employees. WSJ

BuzzFeed News, Which Dragged Media Into the Digital Age, Shuts Down

A quirky upstart that became a Pulitzer Prize-winning operation fell prey to the punishing economics of digital publishing. NYT

Yelp rolls out AI-powered search updates and the ability to add videos to reviews

The review platform Yelp is getting its "most significant update in recent years" featuring some of today's trendiest technologies. TechCrunch

FOOD & BEV

From Twinkies to Doritos, Snacks Get Tiny

Trix, Ding Dongs, too, hunt for a fresh angle by shrinking. ‘It’s like eating a can of crumbs.’ WSJ

No More Begging for Treats. Dogs Now Have Restaurants.

From special menus for canine companions to food trucks and even tasting menus, some restaurateurs are pulling out all the stops for pets. NYT

Whole Foods Plans Corporate Job Cuts, Shuffles Structure

Grocer will consolidate operating regions; it isn’t eliminating positions in stores or distribution centers. WSJ

Coca-Cola Rises After Consumers Pay More for Sodas, Juices and Energy Drinks

Soft-drink titan raises prices without scaring off customers. Bloomberg

AMC set to expand its branded popcorn sales to 2,600 Walmart stores

"In the early weeks, our popcorn has been selling briskly... I expect we will sell millions of units annually at Walmart alone," the CEO tweeted Sunday. MarketWatch

Sweetgreen Launches $10-a-Month Loyalty Program

Sweetgreen is launching a paid loyalty program that will give fans discounts and access to salad-themed merchandise. Bloomberg

McDonald’s Restaurant Revamp Is Paying Off

McDonald’s said that restaurant staffing levels are improving, and that the chain is continuing to draw business from rival fast-food restaurants despite raising menu prices. WSJ

SPORTS

WWE taps Fanatics to sell merchandise at live events like WrestleMania, SummerSlam

Fanatics, which has partnerships with more than 900 sports properties globally, also operates WWE’s ecommerce platform. CNBC

COMINGS & GOINGS

• Kim Kardashian's SKKY Partners hires Wall Street talent to bulk up buyout firm Crains
• Vuori names 4 C-suite executives Retail Dive
• The Body Shop CEO to exit Retail Dive
• SVB Financial Group CEO Greg Becker and CFO Daniel Beck have resigned CNN
• Levi Strauss Names Snap’s Kenny Mitchell Chief Marketing Officer Yahoo
• Farfetch taps former TikTok executive to be chief marketing officer Retail Dive
• JCPenney Names New Chief Customer Officer Retail Touchpoints
• Anheuser-Busch Puts Two Executives on Leave After Uproar Over Transgender Influencer on Bud Light Cans WSJ
• John Galantic Steps Down as President and Chief Operating Officer of Chanel Inc. WWD
• Estée Lauder’s Vice Chairman Sara Moss to Retire WWD
• Tucker Carlson and Don Lemon were unexpectedly fired from Fox and CNN, respectively Forbes

GOOD READS

• The World’s Richest Person Auditions His Five Children to Run LVMH, the Luxury Empire WSJ
• How good is secondhand apparel for the planet, really? Retail Dive

INSPIRATION