Traub Weekly News Roundup // November 21, 2023

Here's our weekly roundup of recent consumer and retail news. This week, Crate & Barrel opens new NYC flagship, Kiehl's partners with Instacart, and more. 

WORDS FOR THE WEEK

For more inspiration, visit @dailystoic and @dailyphilosopher on Instagram. 

M&A and INVESTMENTS

• UK's Hammerson in talks to sell stake in Value Retail for $1.23 bln Reuters
• Snickers maker Mars to buy UK chocolatier Hotel Chocolat for $665M Food Dive
• Brown-Forman sells chardonnay maker to Duckhorn for $400M Food Dive
• Karlie Kloss Acquires i-D Magazine From Vice Media WWD
• Outdoor marketplace Out&Back acquires The Locals Sale Modern Retail
• Belmond to Acquire Estate on Lake Como WWD
• Hair Care Label Odele Receives Minority Investment From Stride Consumer Partners BoF
• Kim Kardashian’s Skky Partners Reaches First Deal With Truff Sauce Brand Bloomberg

INDUSTRY NEWS

CPG

How Mini Beauty Became Big Business

Once seen as a last-minute impulse purchase, bite-sized products are becoming a main attraction for prestige brands and retailers looking to widen their customer base. BoF

Shoppers Are Finally Getting a Break on Prices

Walmart and others say price increases are slowing and, in some cases, shoppers are getting better deals on food and clothes than a few months ago. WSJ

Why Uggs are taking over the shoe world

Ugg is now back in the game amid an early-2000s nostalgia resurgence, and — along with Hoka — contributed to record revenue at Deckers for both the second quarter and first half of fiscal year 2024. Modern Retail

Kiehl’s Partners With Instacart For Same-Day Skin and Hair Care Delivery

Customers nationwide can now get Kiehl's products delivered in as fast as an hour by Instacart. Happi

Major Brands Fret as ‘Dupes’ Lure Holiday Shoppers

Growing demand for lookalike products, coupled with a pullback in spending due to inflation, is cutting in to sales of some trendy, big-name products. BoF

The Trouble With America’s Ultra-Processed Diet

Concern is rising about ultra-processed foods in American diets, and their effects on our health. WSJ

RETAIL

Retail Sales Fall for First Time Since March

Consumers cut their spending at stores, dealerships and gas stations last month, tapping the brakes on economic growth ahead of the holiday shopping season. WSJ

After 30 Years, Crate & Barrel Finds New NYC Home

The home decor and furnishings giant opened its doors Thursday to a sprawling 23,000-square-meter space in a Flatiron location that once housed a Gilded Age-era department store. WWD

Amazon to sell Hyundai vehicles online starting in 2024

Customers will be able to shop for, equip and buy a car at Amazon.com and schedule delivery through a local Hyundai dealer. Reuters

Gap Is Righting the Ship With Old Navy

Old Navy’s unexpectedly fast recovery bodes well for the company’s turnaround effort. WSJ

T.J. Maxx is no longer just a secret dumping ground for brands

TJX stores are known for their treasure-hunt experience because of the variety of items they carry from about 21,000 vendors. Business Insider

Black Friday came early this year, signaling worries about holiday demand

Early Black Friday discounts were far higher this October compared to prior years, signaling retailers are concerned that demand could be tepid during the crucial holiday shopping season. CNBC

MEDIA & TECH

Google, Meta, Snap and TikTok must face teen addiction claims, federal judge rules

Major social media companies must face allegations that their services addicted teen users and caused other mental health harms after a federal judge on Tuesday denied a motion to dismiss the bellwether lawsuit filed by a wave of consumer plaintiffs. CNN

Amazon cuts ‘several hundred’ jobs in Alexa division

The company initiated the largest layoffs in its history, cutting more than 27,000 jobs, and axed many of its more unprofitable initiatives. CNBC

Google Is Rolling Out New Generative-AI Shopping Features for the Holidays

The search and advertising giant on Thursday announced three new tools aimed at assisting online shoppers with their purchases. BoF

RESTAURANTS & HOSPITALITY

F1, the NBA and a Super Bowl: Las Vegas Makes Its Play as America’s Sports Capital

After pulling off Saturday’s Grand Prix, the city that used to be known as a boxing town is expanding into every sport in sight. WSJ

COMINGS & GOINGS

• EY Names Janet Truncale as First Female CEO of Big Four Firm Bloomberg
• Credo Taps Cofounder Annie Jackson As New CEO Happi
• Anheuser-Busch’s U.S. marketing chief Benoit Garbe will step down AdAge
• Mattel hires former Fox and Sony exec Michelle Mendelovitz as head of Mattel Television Studios CNBC
• Columbia Sportswear Hires President, Sorel Brand SGB Media
• Dr. Martens appoints Ije Nwokorie as chief brand officer MarketWatch
• Kohl’s president, COO exits after less than a year Retail Dive
• Sam Altman to lead Microsoft AI team; OpenAI names Emmett Shear interim CEO Washington Post
• Publix names Kevin Murphy as next CEO Grocery Dive
• Kyle Vogt Resigns as CEO of GM’s Driverless-Car Unit Cruise WSJ

GOOD READS 

• The Estée Lauder Family Built a Beauty Empire. A Succession Rift Threatens It WSJ
• It’s Too Easy to Buy Stuff You Don’t Want The Atlantic