Weekly Consumer News Update // June 6, 2023

Here's our weekly roundup of recent consumer and retail news. This week, Apple releases new VR headset, Bed Bath & Beyond fields interest from multiple buyers amidst bankruptcy, and more. 

WORDS FOR THE WEEK

M&A and INVESTMENTS

• Blackstone Agrees to Sell San Antonio Resort Hotel for $800 Million WSJ
• Selva Ventures Closes $34M Fund To Invest In Early-Stage CPG Brands TechCrunch
• Authentic Brands Group Acquires Hunter Boots WWD
• Millennial cookware company Great Jones acquired by Meyer Fast Company
• Bed Bath & Beyond in Talks to Sell Buybuy Baby to Owner of Janie and Jack WSJ
• PGA Tour agrees to merge with Saudi-backed rival LIV Golf CNBC

INDUSTRY NEWS

CPG

From hot yoga to coffee and bars: Inside Vita Coco’s push to make its coconut water a household staple

The brand is targeting new usage occasions and promoting the versatility of its product to consumers as it lays the groundwork for future growth. Food Dive

YouTuber Emma Chamberlain adds to coffee empire with ready-to-drink line

Chamberlain Coffee announced $7 million in additional funding and an expanded national retail presence in Sprouts and Walmart. This follows the launch last month of its ready-to-drink line of cold brew lattes. TechCrunch

What is driving candy and snack purchases?

candy and snacks are still seen by consumers as affordable, permissible treats to seek out while grocery shopping. SmartBrief

Why the U.S. Remains Far From Recession

The pandemic’s aftereffects fuel economic resilience despite rising interest rates. WSJ

Cronos Exits US Hemp CBD Market, But Doesn't Give Up On Lord Jones Brand Just Yet

Cronos is bringing the Lord Jones brand back to its adult-use roots by launching it in the Canadian market in Q4 and will continue to invest in R&D and product development in Canada to keep building a portfolio of borderless products across categories to equip them for when the U.S. THC market opens. Business Insider

New energy drink startups are hoping to give people a better buzz

While major brands like Red Bull, Monster and Rockstar remain popular, better-for-you variations have inevitably begun to pop up in the energy drink category in recent years. Modern Retail

Companies Push Prices Higher, Protecting Profits but Adding to Inflation

Corporate profits have been bolstered by higher prices even as some of the costs of doing business have fallen in recent months. NYT

RETAIL

Hoka to hit $2B in sales as DTC channel grows

Hoka has quickly grown in popularity with younger shoppers, becoming a key brand in the Deckers portfolio. Increasing global awareness has been important for the Hoka brand, which launched its first global marketing campaign in June of 2022. Retail Dive

EBay Launches Authenticity Guarantee for Streetwear

The authentication service now includes six categories including sneakers, watches, jewelry, handbags and trading cards. WWD

Shopping Events Are Back. Here’s How to Make the Most of Them

As digital advertising costs climb, fashion brands are embracing events like in-store happy hours, trunk shows and parties in various formats to generate brand awareness and drive sales. BoF

Superga Drops Barbie-themed Capsule Collection Ahead of Movie Release

The Italian footwear company tweaked two of its signature sneakers in honor of the much-anticipated “Barbie” film starring Margot Robbie and Ryan Gosling. WWD

Buy Buy Baby may survive Bed Bath & Beyond’s bankruptcy

Bed Bath & Beyond has received interest from two bidders in its Buy Buy Baby business. One unnamed buyer plans to keep about 75 percent of the chain’s stores open should it be successful in acquiring it. The other, Babylist, is also interested but seeking to acquire only the Buy Buy Baby trademark and domain. CNBC

Lululemon Plans 30+ New International Stores with Majority in Fast-Growing China Market

Lululemon is looking to continue strong global growth after a 60% international sales increase boosted the retailer’s revenue growth to 24% in Q1 2023. Retail Touchpoints

Victoria's Secret expands collaboration with Amazon to include fashion products

Following the launch of Victoria’s Secret beauty products in Amazon stores, the retailer will now be expanding its current product assortment to now include fashion items across the Victoria’s Secret and PINK brands, including the best-selling bras, panties, sleep, swim and lounge wear. Seeking Alpha

TECH

Spotify to Cut 200 Jobs as It Reorganizes Podcasting Division

2% of its workforce, as it reorganizes its podcasting division to focus on partnerships with top podcasters. WSJ

Apple Vision Pro is Apple’s new AR headset

After years of delays, Apple is taking its first shot at AR glasses. TechCrunch

HOSPITALITY

Americans cut restaurant visits as prices rise

The price for food away from home rose 8.6 percent in April while food at home increased 7.1 percent, according to the Bureau of Labor Statistics. Visits to restaurants declined 3.5 percent in April compared to last year. CNBC

Airbnb sues New York City over short-term rental restrictions

City councils around the United States are increasingly introducing ordinances to regulate short-term rentals. Reuters

Subway struggles to get big new franchisees to buy its US sandwich shops

Subway is seeking big new franchisees in the United States in a push to revamp its ownership model, but low restaurant profits and outdated stores are making it a tough sell for the global sandwich chain. Reuters

More people are picking up takeout orders themselves to save money and dodge high Uber Eats and DoorDash delivery fees

The pullback on paying food delivery fees, which can potentially push bill totals way up, is happening as away-from-home food prices have surged 8.6% compared to a year ago. Business Insider

COMINGS & GOINGS

• Wolverine Promotes President, Among Executive Shifts WWD
• Nike Appoints Jared Carver as Converse CEO BoF
• TikTok CEO Expands Purview to Include ByteDance’s New App Lemon8 The Information
• Beautycounter CEO exits in leadership shuffle Retail Dive
• Diesel Names New CEO for North America WWD
• Edward Enninful to Step Away as British Vogue’s Editor-in-Chief Next Year BoF
• LVMH Names New Head of Belmond Hospitality Division WWD
• Maison Margiela Has Found Its New CEO WWD