Story of the Week
U.S. economy grows by 4.3% in third quarter, much more than expected, delayed report shows
The U.S. economy grew at a much faster-than-expected pace in the third quarter, boosted by strong consumer spending, according to a delayed report released on Dec 23. U.S. gross domestic product, a sum of all goods and services produced in the sprawling U.S. economy, expanded by 4.3% in the July-September period, the Commerce Department said in its initial reading of third-quarter growth. Economists polled by Dow Jones expect a 3.2% gain. Consumer spending expanded by 3.5% in the third quarter after rising 2.5% in the second quarter. Increases in exports and government spending also boosted growth, while a smaller dip in private fixed investment helped as well.
Apparel & Footwear
Crown Brands Group Acquires Iconic Intimates Brand Hanky Panky
Crown Brands Group, a newly formed brand management firm, announced the acquisition of Hanky Panky, the 48-year-old iconic intimate apparel brand known for pioneering the World’s Most Comfortable Thong. Crown has acquired Hanky Panky in partnership with Rafar Group, the parent company of Gelmart International. Under the partnership, Rafar Group will serve as the core operating partner, leveraging over 70 years of experience in the intimate apparel industry to oversee product design, development, e-commerce operations, and distribution. The partners will collaborate on marketing strategy and execution, allowing Crown to focus on brand strategy and global licensing while utilizing Rafar’s best-in-class capabilities to drive operational and product excellence.
Lululemon founder launches proxy fight to overhaul board
The heat is on at Lululemon Athletica. Chip Wilson, founder of the athletic-activewear brand and one of its biggest shareholders, is launching a proxy fight as he looks to overhaul the board. At the same time, Lululemon is searching for a new chief executive to replace Calvin McDonald, who will step down as CEO and board member on January 31. McDonald has led the company since 2018. On December 29, Wilson nominated three independent director candidates for election to the company’s board at its 2026 annual meeting of shareholders. The nominees include Marc Maurer, former co-chief of Lululemon rival On Holding AG; Laura Gentile, former ESPN chief marketing officer and founder of espnW; and Eric Hirshberg, former CEO of Activision CEO.
Athletic & Sporting Goods
Bain Capital to Acquire South Korean Activewear Brand
Bain Capital has agreed to purchase the South Korean activewear company Echo Marketing, the parent company of athleisure brand Andar, for roughly $344 million. The Boston-based private equity fund plans to initially purchase a 43.6 percent stake in Echo Marketing through a special purpose company (SPC) from its founder and another shareholder for 216.6 billion won ($150.14 million), Echo Marketing said in a regulatory filing on Friday, January 2. Bain is also making a tender offer for the remaining roughly 56.4 percent stake in Echo Marketing, the Korean company reported, at the same price of 16,000 won per share, with the complete transaction valued at around $344 million. Echo Marketing holds a 57 percent stake in Andar, a popular South Korean activewear brand it acquired in 2021. The brand is also sold in Japan, Australia and Singapore.
Youth Sports Tech Company Upper Hand Acquired by H3 Partners
Upper Hand, a software provider serving youth sports facilities and training centers, announced that it has been acquired by H3 Partners, a software-focused search fund backed by a consortium of family office investors. The acquisition installs new executive leadership with direct experience in the sports and fitness software space. Brad Wills, co-founder of H3 Partners, assumes the role of chief executive officer. Brad Greene, also a co-founder of the firm, becomes chief operating officer. Wills previously held senior leadership roles at Mindbody and Active Network, where he led large-scale growth initiatives across global markets. Greene brings deep experience in commerce and payments from his leadership roles at HubSpot and Mindbody, where he helped launch and grow integrated payments solutions now used by thousands of small businesses worldwide.
Cosmetics & Pharmacy
Anastasia Beverly Hills Owner Injects $225 Million Into Brand
Founder and CEO Anastasia Soare has invested $225 million of her own money into Anastasia Beverly Hills following the exit of private equity firm TPG from a significant portion of its stake in the company earlier this month. The recapitalization transaction provides the brand with “greater financial flexibility” in an “uncertain market environment,” according to a statement from Soare in the release announcing her investment. The investment also significantly reduces the company’s debt, according to the release. Anastasia Beverly Hills was downgraded by Standard & Poor Global Ratings to a “D” in August due to a missed payment. Earlier this month, Bloomberg reported that TPG had taken a loss on a $600 million investment in the brand as part of a debt-restructuring deal, reducing its stake from 38 percent to 6 percent.
Coty names Interim CEO after Sue Nabi exit
Coty has named an Interim CEO following Sue Nabi’s exit from the business in December, after five years with the Kylie Cosmetics owner. Nabi is succeeded by Markus Strobel, who became Interim CEO on 1 January 2026, as well as Executive Chairman of the board — replacing Peter Harf, who has retired after 30 years. Nabi has led Coty since July 2020 as the company’s first female and transgender CEO, succeeding Harf, who remained Chair. During this time, Nabi oversaw the launch of several hero fragrances, including Burberry Goddess.
Better Being Co. Sold to Global Investors
On Dec. 16, Utah-based Better Being Co. announced it has been acquired by a syndicate of global investors led by Snapdragon Capital Partners, with a financing solution provided and managed by Strategic Value Partners (SVP). Better Being manufactures and distributes numerous dietary supplements and personal care products, including Solaray, Zhou Nutrition, KAL, Dynamic Health, Zand, NutraBiogenesis, Heritage Store, and Lifeflo. As part of the transaction, HGGC sold its remaining stake in Better Being, exiting its investment after eight years. A committed financial reserve has been agreed to between management, investors, and lenders to provide additional capital for near-term acquisitions that will expand the brand portfolio and global consumer reach, the company said.
Discounters & Department Stores
Saks Global CEO Marc Metrick exits
Saks Global CEO Marc Metrick is stepping down from the top position to pursue new opportunities, according to a press release on January 2nd. Metrick is succeeded by Richard Baker, who will also continue to serve as executive chairman. In his new role as chief executive officer, Baker will work to “advance Saks Global’s transformation while delivering exceptional products, elevated experiences and highly personalized service,” per the release. “I look forward to continuing to work with our highly experienced management team, valued partners, and other stakeholders to secure a strong and stable future for our company,” Baker said in a statement.
Deal to sell 120 J.C. Penney stores for $950M falls through
A deal to sell a portfolio of more than 100 J.C. Penney stores to a private equity firm is off, according to a regulatory filing from the trust tasked with selling the property. In July, Onyx Partners and Copper Property CTL Pass-Through Trust announced that Onyx would acquire 119 stores for $947 million. The closing was expected in September, but was delayed several times. The trust, established during Penney’s 2020 bankruptcy, was set up to manage the leases for 160 stores and six distribution centers, with the ultimate goal of selling the real estate to third-party buyers as soon as possible.
Emerging Consumer Companies
Jamie Genevieve’s Vieve raises £9m to scale
Vieve, founded by Scottish make-up artist Jamie Genevieve, has secured £9 million in new investment to accelerate its next phase of growth, as it looks to expand internationally and deepen its retail and professional footprint. The funding round is led by consumer brand specialist Piper, which has invested £7 million, with existing backers Venrex, Pembroke VCT, and Active Partners also participating. Together, the investors are backing a brand that has combined professional artistry with an unusually engaged community since its launch in 2020.
Laird Superfood grows health and wellness portfolio with $39 million acquisition
Laird Superfoods is doubling down on its presence in health and wellness with the purchase of Navitas nutritional powders, berries, seeds and other products for $38.5 million in cash. The acquisition is expected to close in the first quarter of 2026. The transaction expands Laird’s portfolio to include Navitas’ organic acai powder, hemp bites and cacao sweet nibs, among other products. Laird, best known for its creamers, coffees and snacks, is funding the acquisition through the sale of $50 million of Series A convertible preferred stock to affiliates of private equity firm Nexus Capital Management.
Food & Beverage
Brothers International Food Holdings acquires Food Partners
Brothers International Food Holdings, a subsidiary of Benford Capital Partners, has acquired Food Partners, a supplier of citrus, juice, and fruit ingredients. Financial terms of the acquisition were not disclosed. Brothers International Food Holdings and Food Partners will operate under their respective names and maintain current operations in Rochester and Winter Haven, Fla. Following the acquisition, Travis Betters, founder and chief executive officer of Brothers International, will oversee the combined businesses. Webb Tanner, founder and CEO of Food Partners, will continue in his current role and remain a minority owner of the company.
Jason Kelce Invests in New Jersey Cult-Favorite Hank Sauce, Bringing Flavor to More U.S. Households
Hank Sauce, a New Jersey-based hot sauce maker with Jersey Shore roots, announced a strategic equity investment from former NFL player, podcaster, and investor Jason Kelce. The new investment and partnership with Kelce’s Winnie Capital will accelerate Hank Sauce’s national expansion and increase its visibility and reach in new markets nationwide. Hank Sauce has been delighting taste buds, dinner tables, and recipes since 2011. Born as a college project built around co-founder and chef Brian “Hank” Ruxton’s personal recipe, the sauce was first made in a garage before moving into the brand’s flagship restaurant, where every bottle was handcrafted and hand-bottled for more than six years.
Grocery & Restaurants
Jack in the Box finalizes sale of Del Taco
Jack in the Box has completed its sale of Del Taco Holdings to Yadav Enterprises for approximately $119 million. The sale was first announced in October and is part of Jack in the Box’s “Jack on Track” plan first announced in the spring to strengthen the company’s balance sheet and shift toward an asset-light business model. “Our sale of Del Taco represents meaningful progress in simplifying our business model and reducing our debt. We remain committed to elevating the Jack in the Box brand and improving operational performance to drive sustainable, long-term growth and create value for our shareholders. We appreciate the Yadav team’s partnership during this transition and wish the Del Taco brand well in their next chapter,” Jack in the Box chief executive officer Lance Tucker said in a statement. In connection with the closing, Jack in the Box received approximately $109 million in cash and the remaining $10 million in the form of a 21-day promissory note, accruing interest at an 8% annual rate, fully guaranteed by Anil Yadav, founder and CEO of Yadav. Yadav Enterprises operates more than 300 franchise restaurants nationwide.
The world’s largest chain has made its U.S. debut
The world’s largest restaurant chain now has a presence in the United States. Mixue, a concept that features ice cream, teas, and coffee, opened on Hollywood Boulevard in Los Angeles Dec. 19, adding to its global footprint that includes more than 53,000 stores worldwide. By comparison, Starbucks has about 40,000 stores in 88 markets, while Subway has about 37,000 locations, and KFC has just over 30,000. Most of Mixue’s stores are in its home market of China, but the company also operates approximately 4,700 stores across 13 additional countries including Australia, Japan, South Korea, Thailand, Malaysia, and Singapore. Mixue differentiates itself through its “value-focused” pricing model, with most items available for $1.99 to $4.99. According to the company, Mixue’s prices include $1.19 for its signature ice cream, $1.99 for iced lemonades, $2.99 for lattes, and bubble teas starting at $3.99. In a statement, the company said Mixue is “actively advancing its global strategy. Given the substantial market potential in the United States, the first store serves as a starting point. Moving forward, the company will steadily expand its store footprint, allowing more local consumers to enjoy high-quality, affordable drinks.” The company is planning openings “in the coming days” in New York, followed by an expanded presence “across the Americas.”
Home & Road
America’s Test Kitchen to acquire Food52 assets
America’s Test Kitchen has agreed to acquire certain assets of Food52, Inc., a beleaguered culinary media brand that filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. America’s Test Kitchen is serving as the proposed stalking horse bidder. In connection with the restructuring process, Food52, Inc. has reached an agreement with America’s Test Kitchen to provide the company with new capital in the form of a debtor-in-possession (DIP) financing facility, which it will use to continue operations during the bankruptcy proceedings, pending court approval. As part of the restructuring process, Food52, Inc. will file customary “First Day” motions to allow it to maintain normal business operations.
President Trump delays higher furniture tariffs
President Donald Trump signed a New Year’s Eve proclamation delaying higher tariffs on upholstered furniture, kitchen cabinets and vanities for one year as trade negotiations continue with major partners. The order, signed on Wednesday, keeps in place a 25% tariff imposed in September on those imported goods but postpones steeper increases that were set to take effect Jan. 1. The now-delayed hikes would have raised tariffs to 30% on upholstered furniture and 50% on kitchen cabinets and vanities. The tariffs are part of a broader slate of import taxes President Trump has advanced to address trade imbalances and other economic concerns. The President has said the furniture duties are intended to “bolster American industry and protect national security.”
Jewelry & Luxury
Kering Takes 20% Stake in Raselli Franco Group
Luxury conglomerate Kering has acquired a 20% stake in Italian jewelry maker Raselli Franco Group, with a plan to take over the latter company by 2032. The initial stake cost 115 million euros (approximately $135 million), Kering said. Founded in 1969, the Valenza-based Raselli Franco Group has been family-owned since its inception, and is known for its skill in sourcing, casting, research and development, and design. Kering CEO Luca de Meo said in a statement: “This acquisition marks a strategic milestone for Kering, embodying our ambition in jewelry.”
Tanishq Opens New Stores in Florida, Virginia
Indian retailer Tanishq has opened two new U.S. locations in Florida and Virginia. It opened a 5,500-square-foot showroom in Tysons Corner, Virginia, on Aug. 8, celebrating its grand opening on Dec. 2. The location was a natural choice for its expansion, said the company, noting the area is at the center of the region’s Indian and South Asian communities, drawing in shoppers from Washington, D.C., Maryland, and Virginia, the metropolitan area also known as the DMV region. The store offers both traditional and contemporary jewelry designs, with everyday jewels as well as pieces for weddings and special occasions.
Office & Leisure
IHRA Takes Ownership of Historic Rockingham Speedway
Rockingham Speedway, which opened in 1965 as North Carolina Motor Speedway, has been purchased by the International Hot Rod Association. The IHRA, based in Fairfield, Ohio, announced the purchase of Rockingham Speedway on New Year’s Eve 2025, just a day after it said it had acquired Heartland Motorsports Park in Topeka, Kansas. The announcement also came less than two months after the NHRA announced it would conduct a 2026 event at Rockingham Dragway, which is located across the street from the 1.017-mile oval that was a long-time home for NASCAR events.
FGN Inc. Announces Agreement in Principle to Acquire the Fiber Gaming Network Platform
FGN Inc. has reached an agreement in principle to acquire the Fiber Gaming Network platform (FiberGamingNetwork.com) from WTFast USA Inc., with closing expected in Q2/2026. The acquisition strengthens FGN’s position in the U.S. esports market by bringing a nationally deployed gaming and simulation platform under direct ownership. Fiber Gaming Network already operates across hundreds of U.S. communities through broadband operator partnerships, creating immediate scale and distribution for FGN’s esports and skills development strategy. This transaction accelerates FGN’s vision to build a national, U.S.-focused esports and simulation gaming network that drives recurring revenue through broadband partnerships, competitive events, and workforce-aligned simulation experiences.
Technology & Internet
China’s BYD overtakes Tesla as world’s top EV seller for first time
Chinese auto giant BYD on Friday dethroned U.S. rival Tesla as the world’s biggest seller of electric vehicles on a calendar-year basis. The milestone caps an extraordinary rise for BYD, a company Tesla CEO Elon Musk once dismissed by laughing at their products during a 2011 Bloomberg interview. In a statement published Thursday, BYD said sales of its battery-powered cars rose nearly 28% to 2.26 million units. Meanwhile, Tesla said Friday it delivered 1.64 million vehicles in 2025, in line with a company-compiled estimate of 1.6 million vehicle deliveries. The annual figure is roughly an 8% drop from 2024, the company’s second straight annual drop.
Finance & Economy
Gas prices fall to four-year lows
Holiday road-trippers are feeling some relief at the pump this year. The average price of unleaded gasoline in the U.S. was below $3 a gallon for most of December — the lowest level since 2021, according to AAA. The association said it’s shaping up to be the cheapest December for drivers filling up their tanks since the pandemic year of 2020. Fuel prices are down about 7% from a month earlier, according to AAA data, and have tumbled roughly 43% from mid-2022 highs near $5 a gallon, which followed runaway inflation in the wake of the pandemic.
Gold Caps Record Year by Nearing $4,500 an Ounce
Of course, gold couldn’t let 2025 end without hitting one more record. The yellow metal broke $4,400 an ounce for the first time on December 23, and on the morning of December 24, it came within a few dollars of $4,500 an ounce, a new benchmark that could set it up to potentially reach $5,000 an ounce. All in all, bullion has risen nearly 70% since January 1, when it began 2025 by trading at $2,623 an ounce. It quickly crossed $3,000 in March and $4,000 in October.
