Traub Weekly News Roundup // July 25, 2023

Here's our weekly roundup of recent consumer and retail news. This week, TikTok plans to launch US marketplace, Wayfair introduces AI remodeling tool, and more. 

WORDS FOR THE WEEK

M&A and INVESTMENTS

• Kim Kardashian’s Skims has raised $270 million in a Series C funding round that values it at $4 billion BoF
• FullBeautyBrands Acquires Cuup, a Digitally Native and Size-inclusive Intimates Brand WWD
• Keurig Dr Pepper invests $300 million to acquire a 33% stake in La Colombe Coffee Roasters Food Business News
• BodyArmor Founder, Impact Capital, Acquires Majority Stake in Nobull SGB Media

INDUSTRY NEWS

CPG

WHO decision on aspartame could hurt diet soda sales or lead to new drink formulas

The World Health Organization reaffirmed its recommended intake of aspartame Thursday, but the agency’s classification of the sweetener as a possible carcinogen could still scare away diet soda drinkers and lead to new beverage formulas. CNBC

Daily Harvest launches in retail with Kroger partnership

Over the next few weeks select Daily Harvest products will hit the freezer shelves of various Kroger-owned locations, including, Dillons, Ralphs and Harris Teeter, among others; By August 13, the company’s products will be available in over 1,100 locations. Modern Retail

Party is over for Champagne as sales drop after two record years

Champagne sales and exports are expected to fall this year, pressured by inflation and a return to a more normal rhythm after record sales in the past two years due to the lifting of pandemic-related curbs. Reuters

Walmart Declares Open Season On Back-To-School With Bold Pricing Move

By revealing its plans to offer this year’s assortment of school supplies at last year’s prices, Walmart is doing what it does best — asserting its authority on price. Forbes

Juul Has a New High-Tech Vape and Hopes the FDA Won’t Ban It

Juul said the application for its new device avoids the technical issues that last year led the FDA to order Juul’s existing products off the market, a ruling that threw the company into limbo and pushed it to the brink of bankruptcy. WSJ

Barbie to Generate $14 Billion Into the Doll Industry

Barbiecore has gone over and beyond as brands such as Gap, Zara, Superga and Fossil have introduced looks in tune with the trend. WWD

Lowe’s expands shop-in-shop partnership with Petco to 300 stores

In a program expansion, Lowe’s is growing its Petco shop-in-shop partnership from 15 stores to nearly 300 locations by the end of the year. Retail Dive

Why Keurig and Nespresso are leaning into at-home iced coffee

As iced coffee becomes as mainstream as its hot counterpart, coffee brands are changing up their product and marketing strategies. Both Nespresso and Keurig launched new iced formulas of their single-serve products this year. Modern Retail

Supermarkets Are Losing This Food Fight

Costco, Walmart, Aldi and Amazon are all chipping away at the supermarket’s once-dominant position selling Americans their food. WSJ

RETAIL

Barbie is all the buzz this summer — and retailers hope it will make cautious consumers spend

Retailers and brands are trying to cash in on the Barbie buzz, as higher grocery prices and a shift toward services hurt sales of discretionary merchandise. CNBC

Sur La Table expands national footprint, private label offering

Three years after surviving a pandemic-era bankruptcy, the kitchenware and culinary experiential retailer is back in growth mode on multiple fronts. Retail Dive

Macy’s Unveils Its New Private Brand

The retailer expects that introducing the in-house designed "On 34th" women's collection in August while overhauling existing private brands will help spark its women's fashion business. WWD

Diddy Launches an Online Marketplace for Black-Owned Brands

The rapper-mogul invested $20 million into the platform, which launched with 70 brands. Robb Report

Fashion Retailer H&M to Launch in Brazil

This expansion follows H&M’s successful presence in various Latin American countries, including Mexico, Peru, Chile, and Colombia. Reuters

Where US Consumers Are Shopping and What They’re Buying

Luxury spending may be flagging, and Miami has lost some of its pandemic-era heat. But there are plenty of opportunities for fashion brands if they know where to look. BoF

Celebrity-backed retail brands are choosing malls for brick-and-mortar expansion: JLL

The acceleration of e-commerce coupled with altered shopping behavior as a result of the pandemic helped fuel growth for these brands. Retail Dive

TECH

Netflix Reports Growth Amid the Backdrop of Two Strikes

The streaming company’s performance has been helped by its crackdown on password sharing and a relatively new advertising tier introduced last year. NYT

Amazon to launch pay-by-palm technology at all Whole Foods stores by year-end

Amazon One lets users enter and pay for items in stores by swiping their hand over a kiosk. CNBC

Why Elon Musk Bid Twitter Goodbye

Rebranding the social network as X marks the billionaire’s latest gamble to reinvent the company, after buying it last year for $44 billion. NYT

TikTok’s Next Plan for U.S. Dominance: Selling Made-in-China Goods

TikTok wants to replicate the success of other popular China-founded shopping platforms Shein and Temu. WSJ

Wayfair’s AI tool can redraw your living room and sell you furniture

The home decoration company’s new Decorify AI remodeling tool is clumsy but could be effective for visualization while remodeling. The Verge

RESTAURANTS & HOSPITALITY

Chipotle signs first-ever franchise partner to open locations in the Middle East

Chipotle announced Tuesday it has signed an agreement with Kuwait-based Alshaya Group, its first-ever franchise partner, to open locations in the Middle East next year. CNBC

COMINGS & GOINGS

• Savannah Sachs Departs Tula WWD
  
• Brooklinen’s co-founder Rich Fulop has stepped down as CEO Modern Retail
• Jim Beam owner names former Kraft, P&G executive as CEO Food Dive
• AG Denim Brand Names Glenn McMahon as Its First CEO WWD
• Gap Inc. Names Chris Blakeslee as President and CEO of Athleta Seeking Alpha

GOOD READS

• It’s Taylor Swift’s Economy, and We’re All Living in It WSJ
  
• Why Walmart is trouncing Amazon in the grocery wars The Economist