Weekly Consumer News Roundup // April 23, 2024

This week, Target and Prince launch limited-edition pickleball collection, Chipotle's sales outpace those of rivals, and more.

WORDS FOR THE WEEK

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

M&A and INVESTMENTS

• Kroger, Albertsons to sell 166 more stores seeking approval of $25 billion merger Reuters
• FTC sues to block Coach parent Tapestry’s $8.5B acquisition of Capri Holdings CNBC
• JD Sports to buy US rival Hibbett in $1.08 billion sportswear retail deal Reuters
• Glanbia buys Flavor Producers for $300M Food Dive
• Mented Cosmetics Acquired By West Lane Capital Partners Happi
• Essence's parent to buy Refinery29 from Vice Media Axios
• Gregg Renfrew Is Purchasing Beautycounter Out of Foreclosure BoF

CULTURE/GOODREADS

• Generation Z is unprecedentedly rich The Economist
• How Rent the Runway Came Back From the Brink BoF
• Why high prices have failed to curb America's appetite for shopping Business Insider

INDUSTRY NEWS

CPG

Why Sprite is heating up its lifestyle pitch with new Chill soda

Coming on the tails of the brand resurrecting “Obey Your Thirst,” Sprite Chill aims to be a springboard for a bigger platform as Coke ramps up flavor experimentation. Food Dive

Men’s care brands are finding a home on TikTok

TikTok has long been a hub for beauty and fashion content. Now, men’s care brands are finding a home on the platform too. Modern Retail

America’s Cigarette Market Is Up for Grabs

Philip Morris will soon be able to sell its most successful smoke-free product in the U.S., setting up a battle with former parent Altria. WSJ

Boston Beer fuses beer and seltzer flavors in nonalcoholic offering

The maker of Sam Adams is using the new booze-free product as a launchpad for nationwide direct-to-consumer shipping. Food Dive

RETAIL

Target and Prince Launch Limited-edition Pickleball Line

Target has partnered with the tennis brand Prince for a line of Pickleball clothing and accessories under $50. WWD

Wayfair is opening its first-ever physical furniture store

Online furniture and home furnishings seller Wayfair is set to open its first-ever namesake store with on-site restaurant next month. CNN

Express files for bankruptcy as consumers shift to casual fashion

The company, which owns Bonobos and UpWest, will close 95 of its namesake shops and all 10 UpWest stores. Washington Post

Nike and Lululemon Athletica Are Cutting Staff in a Tough Year for Sports Gear

Nike is laying off approximately 740 employees, while Lululemon is trimming a little over 128 jobs as it shutters a distribution center. Barron's

Nordstrom Brothers Pursue Nordstrom Inc. Takeover

The board of the Seattle-based operator of the upscale Nordstrom department stores and the Rack off-price chain said it's evaluating different avenues to increasing shareholder value. WWD

Beauty E-Commerce Is Broken

Once thought of as long-term disruptors who would change the way we shop forever, multi-brand online retailers that sell cosmetics, skincare and fragrance are facing multiple headwinds. BoF

Healthtech brand Oura launches in Target

Oura Ring is launching a new partnership with Target, the next step in the health tech brand’s retail expansion as it seeks to grow sales outside of its website. Modern Retail

Gen Z can now buy (used) Chanel and Louis Vuitton on TikTok Shop

TikTok Shop has raised its price cap to £4,000 to bring secondhand luxury goods from verified sellers to its platform. Vogue Business

Sellers are worried about the ‘Amazon-ification’ of Etsy and are considering other platforms

Etsy has long marketed itself as a go-to destination for handmade and personalized goods. But some sellers say they’ve felt crowded out by accounts selling items in bulk, dropshipping products or offering items at low price points. Modern Retail

MEDIA & TECH

Americans’ New TV Habit: Subscribe. Watch. Cancel. Repeat.

Many more people are jumping from one streaming subscription to another, a behavior that could have big implications for the entertainment industry. NYT

TikTok ban expected to become law, but it's not so simple. What's next?

A bill that could ban TikTok nationwide unless it divests from its China-based parent company, ByteDance, is on the fast track to becoming law. NPR

Musk’s X to Launch Connected TV App in Video Push

Elon Musk’s social platform X is launching a TV app, pushing deeper into video and entertainment content as it takes on the likes of Alphabet Inc.’s YouTube. Yahoo

RESTAURANTS & HOSPITALITY

Chipotle Keeps Raising Prices. Gym Rats and Millennials Are Still Buying Burritos.

The burrito chain outperforms restaurant rivals with customers who tend to have higher incomes and be health conscious. WSJ

Caviar Kaspia Is Opening a Seaside Location in Bodrum

Fashion designer and interiors maven Alexis Mabille is bringing his Riviera touch to the luxury eatery at the Maxx Royal Bodrum Resort, opening mid-May. WWD

COMINGS & GOINGS

• Harvey Nichols Appoints New CEO BoF
  
• Frédéric Malle Steps Down From Namesake Brand BoF
• Entenmann’s parent Grupo Bimbo names Rafael Pamias as new CEO Food Dive
• Cotopaxi Names New CFO/COO as Roles Shift in Top Company Leadership SGB Media
• Disney Technology Chief Departs WSJ
• Microsoft hires former Meta exec to bolster AI supercomputing team The Verge
• LVMH Adds Alexandre and Frédéric Arnault to Board BoF
• CEO Nick Beighton Out at Matches WWD
• Ganni Hires New CEO From Balenciaga BoF