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Weekly News Update // Week of May 27, 2019

By TRAUB

Here's TRAUB's roundup of recent retail news. Knot Standard expands shop in Bloomingdale's, Revolve announced plans to IPO, Europe's first luxury CBD E-commerce site launches and more!


 M&A and INVESTMENTS

  • Alibaba pumps $100 million in Vmate to grow its video app in India Tech Crunch
  • Password manager Dashlane raises $110M in Series D Tech Crunch
  • Alex Apparel bought by Versa Capital WWD
  • Firefly raises $30M to bring more ads to Ubers, Lyfts and taxis Tech Crunch 
  • Authentic Brands to Acquire Sports Illustrated for $110 Million WWD
  • Weights & Biases, a startup building development tools for machine learning, has raised $15 million Tech Crunch 
  • Soona raises $1.2M for quick,affordable content creation Tech Crunch 
  • Watches of Switzerland Valued at 647 Million Pounds on London Stock Exchange WWD
  • Livekick raises $3M to use live for one-on-one training Tech Crunch 
  • Kustomer infused with $40 million in Series D funding WWD

INDUSTRY NEWS 

Revolve

Online Retail Giant Revolve Group's IPO Puts Its Market Value at $1.2 Billion USD
Online fashion retail giant Revolve Group has announced its plans to raise $211.7 million USD in an upcoming initial public offering. The California-based company will be offering 11.76 million shares priced between $16-$18 USD per share, consisting of 2.94 million class A common stock from the company and 8.82 million stocks from its shareholders.Its filing with the Securities and Exchange Commission reported a net income of $5 million in USD in 2017, a $3 million USD increase from the $2 million USD net income in 2016. Over the past 12 months, the company recorded a whopping $523 million USD in sales, with approximately 7.3 million unique visitors per month, who on average spend $304 USD per order.
 HYPEBEAST

 

Knot Standard Expands Shop in Bloomingdale’s Flagship
Knot Standard has upped its visibility at Bloomingdale’s.The men’s custom clothing brand has expanded its footprint at the department store’s 59th Street flagship, adding 20 percent more square footage and installing a Style Wall intended to enhance and personalize the shopping experience. The Style Wall is a voice-activated, life-sized, digital design tool that can bring a customer’s order history, shopping preferences, personal interests and stylist recommendations into the physical space.Knot Standard has used the tool in its showrooms, but this is the first time it is available at Bloomingdale’s. WWD

 

For Secoo And Luisa Via Roma, The Sky Is The Limit
Secoo and Luisa Via Roma recently announced their partnership, and they have big plans for the world of luxury.In the very competitive world of fashion and luxury, joining forces to create empowering synergies is one of the best ways to enjoy continued success.Both Secoo and Luisa Via Roma are key players in the e-commerce business of fashion and luxury, but thus far they have been focused on different markets. Luxury Society


chillery

Europe’s First Luxury CBD E-Commerce Site Launches
The Chillery aims to bring high-quality CBD products, for everything from beauty to sleep to intimacy, to the European market. In the US, retailers are vying to be the next Net-a-Porter or Saks Fifth Avenue of the rapidly growing market for beauty and wellness products made with cannabidiol, commonly known as CBD. European consumers have been slower to embrace the substance. That may be starting to change. This week marks the launch of The Chillery, the first luxury e-commerce site specialising in CBD beauty products. BOF

 

Abercrombie Blames Mall Woes for Slow Sales
Investors punished Abercrombie & Fitch after the apparel chain reported slower sales gains and gave a weak outlook. Executives at the company, which also owns the Hollister surf brand, warned that visits to U.S. malls have been disappointing this spring and the company was anticipating a promotional pricing environment this summer as stores look to move unsold clothes. Shares of the company, which traded above $30 in April, fell 26% to close at $18.39 Wednesday. WSJ 

 

J.Crew to shutter 20 flagship, outlet stores
J.Crew Group reported that total quarter revenue rose 7% to $578.5 million. The company’s Madewell sales rose 15% to $132.9 million while flagship J.Crew fell 4% to $376.1 million, according to a company press release. While Madewell’s growth has slowed, as seen in its same-store sales metric which last year surged 31%, the brand remains the company’s beacon of hope.Executives said they will continue to rationalize its footprint, with plans to close about 20 J.Crew and factory stores.  Retail Dive

 

The long, slow fall of Lord and Taylor

The world of department stores is facing rough seas. One company that has been hit particularly hard is Hudson’s Bay Company, the Canadian owner of retailers including Saks Fifth Avenue that announced plans earlier this month to sell the floundering Lord & Taylor brand. According to HBC, it is actively pursuing a sale or merger, but there has been no indication that another company is interested in buying it. Glossy

 

Lands’ End to take final steps away from Sears
As it exits store-within-a-store locations, the apparel retailer previously announced plans to open 40 to 60 owned stores in the next several years. Lands’ End is approaching its final steps away from Sears stores. In the most recent earning results, Lands’ End reported that it exited 125 Sears locations by the end of the fourth quarter. James Gooch, the company’s COO and CFO, told analysts on a call regarding earnings that Lands’ End remains in just 40 Sears locations. Retail Dive


COMINGS & GOINGS 

  • The L’Oréal Paris chief Pierre-Emmanuel Angeloglou director of strategic missions for Louis Vuitton WWD
  • Coach owner Tapestry has named Tom Glaser COO BOF 
  • Inditex Chairman Pablo Isla Taps Carlos Crespo as Next CEO WWD
  • Altagamma names Matteo Lunelli as Its new president WWD
  • Giuseppe Marretta joins Pringle of Scotland as men’s wear design director WWD
  • Romain Guinier joins The Kooples as CEO BOF
  • Walmart has named Google executive Suresh Kumar as its global Chief Technology Officer and Chief Development Officer WWD
  • British fashion retailer Superdry appointed retail industry veteran Nick Gresham as interim CFO BOF

GOOD READS

  • 3 Ways Millennials And Gen-Z Consumers Are Radically Transforming The Luxury Market Forbes
  • Can J. Crew Find Itself—and Its Customers—Again?  Vanity Fair
  • Impossible Foods’ rising empire of almost-meat Engadget

 

Tags: News

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