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Here's our weekly roundup of recent consumer and retail news. This week, Macy's and Wayfair announce layoffs, Kering acquires Fifth Avenue luxury retail property, and more.
WORDS FOR THE WEEK
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M&A and INVESTMENTS
- Amer Sports targets up to $8.7 billion valuation in U.S. IPO CNBC
- Macy’s Rejects $5.8 Billion Takeover Offer From Investors Axios
- Bridgepoint Is to Acquire RoC Skincare in a ~$500M deal WWD
- JDE Peet’s reaches $260M licensing deal with Caribou Coffee Food Dive
- Apollo Is Among Private Equity Firms Considering National Amusements Buyout Bloomberg
- C4 owner Nutrabolt acquires a minority stake in Bloom Nutrition Modern Retail
- Doherty Enterprises buys 21 Applebee’s restaurants Restaurant Dive
INDUSTRY NEWS
CPG
Burt's Bees, Hidden Valley Ranch launched lip balm inspired by basket of hot chicken wings
Beginning Jan. 17, fans can buy a limited-edition four-pack of Burt's Bees lip balms that feature flavors of Hidden Valley Ranch, Buffalo Sauce, Crunchy Celery and Fresh Carrot. Yahoo
Consumers Start 2024 on Strong Footing After a Jolly Holiday
Americans spent more at stores, auto dealerships and online to close out last year, suggesting consumers can continue to drive economic growth headed into 2024. WSJ
With fatigue setting in, 2024 looks to be a turning point for celebrity brands
Celebrities of all kinds have rushed to launch brands in the past few years. But with the new economic reality setting in, their success rates are increasingly dropping. ModernRetail
RETAIL
Macy’s to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores
The legacy department store is trying to reduce costs and boost slowing sales as Bloomingdale’s CEO Tony Spring prepares to take over the Macy’s CEO role from the outgoing Jeff Gennette. CNBC
Wayfair shares surge after home goods retailer announces 1,650 job cuts, 13% of workforce
Wayfair is laying off 13% of its global workforce, including 19% of its corporate team, as it looks to streamline its business and cut out layers of management. CNBC
Digital Brands Group plots 50 stores
The company said its first location will open by March and plans to use it to offload excess inventory, particularly from its Sundry acquisition. Retail Dive
The buy now, pay later holiday debt hangover has arrived
Buy now, pay later helped fuel record holiday spending online, surging 14% year over year, but now that those bills are coming due, consumers aren’t sure how they’ll pay them. CNBC
Gucci Owner Buys Fifth Avenue Property in New York City for $963 Million
The owner of Gucci and Yves Saint Laurent is acquiring property comprising multi-level luxury retail spaces in New York City’s Fifth Avenue for almost $1 billion, expanding its retail locations in one of the world’s most iconic avenues. WSJ
Gen Z could be a saving grace for malls, reports say
In today’s digital age, where online shopping has become increasingly popular, shopping malls have struggled to maintain their relevance. Retail Boss
MEDIA & TECH
New CNN Boss Shakes Up News Operations, Explores Digital Subscription Model
One combined unit will serve TV, streaming and digital platforms, while a new division will explore growth opportunities. WSJ
Reddit Seeks to Launch IPO in March
It would be the first IPO of a major social media company since Pinterest's, opens new tab debut in 2019, and would come as Reddit and its peers face stiff competition for advertising dollars from the likes of TikTok and Facebook. Reuters
Spotify Dominates Audio Streaming, but Where Are the Profits?
The company has expanded beyond music to stay ahead but has struggled to make money off audio streaming. WSJ
Why Retailers Are Opening Stores In The Metaverse
In recent years, the concept of the metaverse has gained significant attention and hype. From tech companies to marketers, everyone is discussing the potential impact of the metaverse on various industries, including retail. Retail Boss
Amazon confirms more layoffs, impacting its Buy with Prime unit
As Amazon initiates job cuts across its entire business, including its streaming division, the e-commerce giant is now laying off employees within its Buy with Prime segment. TechCrunch
Netflix to stream WWE Raw in $5 billion bet on live events
Netflix took a big step into live events on Tuesday with a more than $5 billion rights deal that would make it the exclusive home of World Wrestling Entertainment's Raw from January 2025. Reuters
TikTok usage is starting to slow — is TikTok Shop to blame?
TikTok may have been the world's top app by downloads and consumer spending in 2023, but it was not the top by actual usage. TechCrunch
RESTAURANTS & HOSPITALITY
Will the Boom in Luxury and Wellness Travel Fizzle?
After the travel frenzy of 2023, all signs point to increasing interest in far-flung destinations, villa rentals, private jet bookings and personal pilgrimages in 2024. NYT
Subway is adding something big to its menu
The permanent sides, called Subway Sidekicks, are addition of three 12-inch snacks consisting of a chocolate chip cookie, a Cinnabon churro and a soft pretzel from Auntie Anne’s, all are foot-long in size (and served hot). CNN
COMINGS & GOINGS
- Gregg Renfrew Returns to Beautycounter as CEO WWD
- Hello Bello names new CEO Retail Dive
- Pottery Barn Brands CEO to retire Retail Dive
- Champion Names Richard McLeod Vice President and Chief Marketing Officer Yahoo
- MAC Cosmetics Names Aïda Moudachirou-Rebois SVP, General Manager WWD
- Gap Inc. appoints Eric Chan as Chief Business and Strategy Officer & Amy Thompson as Chief People Officer Fashion United
- Barstool Sports CEO Erika Ayers Badan Has Resigned The Cut
- Sheryl Sandberg to leave Meta board CNN
- Wendy’s taps PepsiCo exec Kirk Tanner as new CEO CNBC
- Target names Michael Fiddelke chief operating officer Retail Dive
- PepsiCo names Ram Krishnan to head North America beverage operations Food Dive
- Beyond Yoga has tapped former Athleta CEO Nancy Green as new CEO CNBC
- Casper appoints Purple veteran as CEO Retail Dive
- Designer Brands Inc. Appoints Deckers Vet as Brands President and EVP SGB Media
GOOD READS
