Story of the Week

Report: Anta makes offer to buy stake in Puma

Anta Sports Products has “offered to buy 29%” of Puma from the Pinault family, according to sources cited by Wu & Crowley of Reuters. Anta “made the offer a few weeks ago” and sources noted the company has “secured financing for the acquisition should a deal go ahead.” However, one source said that the situation had “stalled.” Another source mentioned that Artemis “had been expecting any offer for its Puma stake to exceed” $46.55 a share. LSEG data showed that Puma shares “rose as much as 9% after the Reuters report,” hitting their highest level since May 2025 to trade at $28.62. Wu & Crowley noted Puma’s market capitalization was $3.85B at Wednesday’s close, “down around 50% from the same date last year as the brand faced a steep decline in sales.” New Puma CEO Arthur Hoeld “set out his turnaround strategy in October after sneaker releases like the Speedcat failed to generate the hype executives hoped for,” while sales have “fallen as shoppers opted for rivals such as Adidas, On and Hoka”.

Apparel & Footwear

L.L. Bean names company veteran next CEO

L.L. Bean has tapped company veteran Greg Elder as its next president and chief executive officer, the outdoor retailer said on Jan 8th. He joined L.L.Bean in 2007. Before that, Elder held leadership roles at Eddie Bauer and Dayton Hudson Corporation (now Target). He replaces Stephen Smith, who is leaving after 10 years. Elder will ease into the role in Q1, and Smith will stay on the board as an adviser through March. The two have worked closely together during Smith’s tenure, with Elder in various leadership roles, including vice president of stores, vice president of retail, and, most recently, chief retailer officer. This hire follows an extensive internal and external search to replace Smith, the company said.

Centric Brands acquires Fownes Brothers cold-weather assets

Centric Brands, a leading lifestyle brand collective, announced that it has acquired select assets of Fownes Brothers & Co., including operations, assets, and intellectual property pertaining to the design, development, sourcing, production, sales, and distribution of existing product lines in the cold-weather accessories category. Fownes Brothers, first established in 1777 as a premier leather glove manufacturer in Worcester, England, and family-owned by Tom Gluckman and the Gluckman Family, is a premier importer and distributor of licensed and private label cold-weather accessories with a reputation for craftsmanship, technical expertise, and deep retail partnerships.

Athletic & Sporting Goods

Nike sells RTFKT: Digital products subsidiary quietly offloaded in December

Nike has sold one of its subsidiaries, but it’s not the one on the minds of some analysts and industry watchers.  The company last month quietly sold RTFKT, pronounced “Artifact.” The sale came roughly a year after Nike shuttered the subsidiary.  The move happened as second-year CEO Elliott Hill continues to refocus the company on sports and rebuilding partnerships with wholesale partners like Dick’s Sporting Goods and Foot Locker.  It also comes as speculation persists about the future of Nike’s Converse brand, which in December reported a 30% drop in quarterly sales, leading a BNP Paribas investment analyst to wonder whether Nike will sell the brand.  RTFKT was acquired by Nike in 2021 under then-CEO John Donahoe, who was more focused on direct and digital sales.

Alo Taps Former Dior, Miu Miu Executive as International CEO

Alo is committing to its global expansion by appointing former Dior and Miu Miu executive Benedetta Petruzzo as international chief executive officer. Effective Saturday, Petruzzo will join the company in the newly created role, while the brand’s cofounders, Danny Harris and Marco DeGeorge, will remain co-CEOs. Petruzzo joins the Los Angeles-based wellness brand with a proven track record in the luxury industry. Most recently, she was managing director at Christian Dior Couture, which she joined after serving as CEO at Miu Miu during a period of significant growth.

GT Golf Supply Acquires Jack Jolly & Son, Cementing Strategic Footprint in Northeast Market

GT Golf Supply (“GT”), a leading national distributor of golf accessories and facility supplies, announced the acquisition of Jack Jolly & Son, Inc. (“Jack Jolly”), a historic regional distributor based in Cinnaminson, New Jersey. The transaction strengthens GT’s presence in the Northeast and creates a dedicated distribution hub that complements the company’s existing business.  For over 50 years, Jack Jolly & Son has been a trusted name in the golf industry, known for reliable service and “Green Grass” relationships across the mid-Atlantic and Northeast. The acquisition enables GT to immediately strengthen its presence in this high-demand, densely populated region.

Authentic Brands Group Expands Eddie Bauer Partnership with Outdoor 5

Authentic Brands Group (Authentic), owner of Eddie Bauer, has expanded its partnership with longtime licensee Eddie Bauer Outdoor 5, LLC (Oved) to manage the retailer’s e-commerce and wholesale operations, as well as design and product development in North America, focusing on digital growth, while Catalyst Brands will continue to operate Eddie Bauer’s retail and outlet stores across North America.  The decision creates a “unified strategy under Authentic’s ownership for the Eddie Bauer brand, leveraging Oved’s strengths in wholesale and e-commerce operations alongside Catalyst’s retail expertise.”

Cosmetics & Pharmacy

Estée Lauder shops legacy brands as beauty portfolio gets a reset

Estée Lauder is seeking buyers for three of its brands: Too Faced, Smashbox, and Dr. Jart, according to Business of Fashion. The three brands are being marketed as a package deal valued in the low nine figures. A sale would simplify the beauty conglomerate’s portfolio and free up resources for its core brands—or for strategic acquisitions. Estée Lauder’s portfolio refresh reflects the fast-changing nature of the beauty industry: All three brands it’s looking to offload were once hot, but sales have slowed as consumer tastes and needs shifted.

L Catterton Forms Strategic Partnership With C-beauty Group Mao Geping

L Catterton, the LVMH Moët Hennessy Louis Vuitton-backed private equity firm, has signed a strategic cooperation framework with Mao Geping, the Chinese beauty label. According to a filing by Mao Geping on the Hong Kong Stock Exchange, the partnership was formed with L Catterton’s Asia branch and will support the Chinese beauty group’s overseas expansion into high-end retail channels. In addition, both parties will establish an equity investment fund to focus on acquisitions and strategic investments in the global high-end beauty sector. “At the same time, both parties will also cooperate in further capital structure optimization, talent recruitment, and governance,” the filing added.

Cult nail brand Chillhouse acquired by Kiss Beauty Group to fuel growth

Cult US nail brand Chillhouse has been acquired by Kiss Beauty Group. The brand owner, which specialises in nails and lashes and owns imPress and Falscara, will help Chillhouse “accelerate the brand’s next phase of expansion across digital and retail channels”. Chillhouse started in New York City, US, in 2017 as a nail studio and self-care destination. Founded by Cyndi Ramirez, who serves as CEO, the company expanded into at-home nails with a collection called Chill Tips in 2020. “From day one, Chillhouse has championed creative expression, modern rituals, and a community that feels truly seen,” said Ramirez. “Our vision has always extended beyond trends – we have been building toward a generational brand in nail care and beauty…”

Coty sells remaining Wella stake to KKR

Coty has sold its remaining 25.8 percent stake in professional haircare company Wella to KKR-managed investment vehicles, completing its full exit from the business. Under the terms of the transaction, Coty will receive US$750 million in upfront cash consideration, alongside an entitlement to 45 percent of any proceeds from a future sale or initial public offering of Wella, after KKR’s preferred return has been met. The divestment concludes a multi-year process that began in 2020, during which Coty progressively reduced its ownership in Wella as part of a broader effort to simplify its portfolio and operations. Coty indicated that, based on Wella’s recent performance and current market valuations, the transaction could ultimately deliver total gross proceeds close to the carrying value of its original investment.

Discounters & Department Stores

Macy’s targets another 14 stores for closure

Macy’s is closing 14 stores this year as part of the downsizing plan announced two years ago, a key component of the turnaround led by Macy’s Inc. CEO Tony Spring. The ongoing review of the store fleet entails “careful decisions about where and how we invest, including closing underproductive stores and streamlining operations,” Spring said in a memo to employees that has been made public. “These targeted changes allow us to focus where it will have the greatest impact – reimagining our best stores, enhancing customer service, expanding our luxury business, and advancing our supply chain capabilities,” he said.

S&P Global Ratings downgrades Saks Global on missed interest payment

On Jan 7th, S&P Global Ratings downgraded Saks Global because the luxury department store conglomerate defaulted on a debt payment due Dec 30. Its issuer credit rating on Saks Global is now “selective default,” down from CCC. The analysts don’t expect the company to make the payment within its 30-day grace period due to liquidity issues, according to their note. The payment due was approximately $100 million, according to Debtwire and other sources. Saks Global didn’t immediately respond to a request for comment.

Emerging Consumer Companies

Social fitness app Strava files for IPO

Strava has confidentially filed for an initial public offering and tapped Goldman Sachs to lead the process, it’s been reported. Sources say the popular social fitness app could go public as soon as this spring. CEO Michael Martin has been vocal about the idea of an IPO to help Strava pursue acquisitions. The Information first reported the news, citing sources who also said that Strava grew revenue by more than 50% last year and reached profitability. The social fitness app, a favorite among runners and cyclists, has been meeting with prospective investors and could debut as soon as this spring, the sources said.

Good Culture sells controlling interest to L Catterton

Good Culture, the clean-label cultured dairy brand credited with revolutionizing cottage cheese for the modern age, announced that L Catterton, a leading global consumer-focused investment firm, has entered into a definitive agreement to make a majority investment in the company. The investment marks a pivotal milestone for Good Culture following years of rapid growth and positions the brand for accelerated expansion nationwide. Over the past three years, Good Culture sales have increased nearly four times, while helping reignite a cottage cheese category that grew nearly 60% over the same period.

Food & Beverage

AB InBev buys back $3B stake in US metal container plants

AB InBev is buying back a minority stake in its U.S. metal container plants for about $3 billion, the company said on Jan 6. The Bud Light maker is reacquiring the 49.9% stake from a group of institutional investors led by Apollo Global Management at roughly the same price the company sold it for in 2020. The deal is expected to close in the first quarter. The metal container plant operations include seven facilities across six states. AB InBev said the facilities are “a strategic component of our business, ensuring quality, cost efficiency, speed of innovation and supply security” for its brands.

Food makers cut prices to reignite growth

After years of price increases, shoppers may see signs of relief at the grocery store as food giants look to reignite growth. Cheerios and Nature Valley bar maker General Mills said last month it cut prices on nearly two-thirds of its grocery products in North America, resulting in higher product volume. PepsiCo also plans to lower prices this year on some of its food products to improve affordability. Consumer inflation concerns have weighed heavily on product volumes in recent quarters. PepsiCo noted in October that snack volumes in North America dipped 4%, while beverage volumes slumped 3%. Other food manufacturers, such as Conagra Brands, Kraft Heinz, and J.M. Smucker, posted declines in volumes.

Coca-Cola begins corporate restructuring with 75 layoffs

Coca-Cola is planning layoffs in 2026 as part of a restructuring initiative, beginning with 75 workers at its corporate headquarters. The initial layoffs will take effect around Feb. 28, the company said in a WARN notice filed last week. Coca-Cola expects further workforce cuts to occur in phases. It didn’t specify how many jobs would be affected. Outgoing CEO James Quincey hinted at a restructuring plan during an October earnings call. He said Coca-Cola needed to do more to drive revenue growth despite its leading position in the marketplace.

Grocery & Restaurants

Jollibee plans US IPO as it prepares global division spinoff

Filippino quick-service company Jollibee Foods Corp. confirmed in a filing with the Philippine Stock Exchange that the company is preparing to spin off its international division. The global division will operate as a separate company with plans to eventually debut on the U.S. stock exchange, while the rest of the company will remain listed on the Philippine Stock Exchange. The news of a future initial public offering for Jollibee was announced on Jan. 6 less than a year after the debut of the company’s U.S. franchise program last March. The first franchised Jollibee opened in Queens, New York last August, with more in the pipeline. Jollibee made its US debut in Daly City, California over 25 years ago, bringing its menu of sweet spaghetti, fried chicken, and hand pies over to the North American market in 1998. Since then, the company has grown to 75 units according to Technomic data from 2024, and is now the fourth-largest international chain in the U.S. The company also saw 16% sales growth and 7% unit growth in 2024, Technomic data shows.

Sprinkles has closed all its locations

Sprinkles Cupcakes, which was founded by Candace Nelson in 2005, closed all its company-owned locations on Dec. 31. Nelson, who sold the company in 2012 to private equity firm KarpReilly, announced the news in an Instagram post. “Even though I sold the company over a decade ago, I still have such a personal connection to it, and this isn’t how I thought the story would go. I thought Sprinkles would keep growing and be around forever,” she said. “I thought it was going to be my legacy.” Following the creation of Sprinkles, Nelson was dubbed the Queen of Cupcakes on the Food Network show Cupcake Wars, where she was a judge. She has also appeared as a guest “shark” on the reality TV show Shark Tank, was in the Netflix series “Sugar Rush,” and is the author of “Sweet Success: A Simple Recipe to Turn your Passion into Profit.” Sprinkles ended 2024 with $44.5 million in sales, marking a 3% year-over-year increase, according to Technomic data. There were 24 brick-and-mortar locations at the end of that year. Sprinkles launched a franchising program in 2023, with plans to grow to more than 100 domestic franchise locations and 100 international locations.

Home & Road

Bed Bath & Beyond ‘is not a turnaround story,’ says Lemonis

Bed Bath & Beyond Inc.‘s executive chairman is now also the company’s CEO, he announced in a pair of letters, one issued to shareholders and the other emailed to customers. Marcus Lemonis’ message to shareholders outlines the company’s course to profitability: “One Company, Three Fully Integrated Pillars.” The letter to consumers encourages shoppers to think of the company more expansively: “We don’t just sell towels. We exist to be there for you when life happens at home.” On the business side, the company will chart a course for growth through three key segments: omnichannel retailing, blockchain services and the Beyond Home platforms, plus the Beyond Home operating system, including AI. Bed Bath & Beyond Inc. sees a path toward a base revenue of $1.5 billion for 2026, said Lemonis. (Total revenue in 2024 came in just under $1.4 billion, down from $1.56 billion in 2023.) The pending Kirkland’s acquisition will add approximately $350 million in revenue. In addition, the company will make acquisitions and investments “where we see category gaps,” he said.

Bob’s going public? Retailer takes first steps toward IPO

Top 100 retailer Bob’s Discount Furniture announced it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The company intends to list its common stock on the New York Stock Exchange under the ticker symbol “BOBS.” The Manchester, Conn.-based retailer has been on a growth streak in recent years. In 2025, it surpassed 200 total stores and opened its first showrooms in North Carolina and Vermont. It ranked No. 7 in Furniture Today’s 2024 Top 100 with $2.048 billion in sales across 189 storefronts.

Osprey Still Posting Growth for Parent; Hydro Flask Slips Again in Q3

Helen of Troy, Ltd. reported that its Home & Outdoor segment, which includes Hydro Flask, Osprey and Oxo, posted a small operating loss in the fiscal third quarter ended November 30, after $24.0 million in impairment charges. Sales declined 6.7 percent to $229.6 million, dragged down by a decline at Hydro Flask. Helen of Troy also said it now expects to show a loss for the year due to the promotional climate, consumers trading and the impact of tariffs. Helen of Troy said the decline in the Home & Outdoor segment was due to: continued competition, lower replenishment orders from retail customers, partially due to retailer inventory rebalancing in response to softer demand trends, and a decrease in club channel sales in the insulated beverageware category; a decrease in online channel sales in the home category; and lower closeout channel sales. These factors were partially offset by the benefit of tariff-related price increases, strong demand for travel, technical and lifestyle packs, and higher brick and mortar sales in the home category, primarily due to strong holiday season orders and incremental sales from new product launches in the insulated beverageware category.

Jewelry & Luxury

Kendra Scott taps Athleta vet as CEO

Accessories lifestyle brand Kendra Scott has named Chris Blakeslee its new chief executive officer, effective Jan 5th. Blakeslee previously served as CEO of Athleta from 2023 to 2025. He also has leadership experience at Alo Yoga and Bella+Canvas. Following the leadership transition, Kendra Scott will remain executive chairwoman, chief visionary officer, and majority shareholder. Scott stepped down as CEO in 2021, and longtime brand executive Tom Nolan was appointed to the top post. Nolan left the company last August. Scott cites Blakeslee’s “forward-looking vision” as key to executing the brand’s strategy.

Pandora Shares Fall 13% as It Forecasts Lower-than-expected 2025 Growth

On Jan 9th, Danish jewelry giant Pandora said it expects 6 percent sales growth for 2025, slightly lower than its prior guidance of 7 percent to 8 percent. The company said 2025 earnings before interest and taxes are expected to be around 7.8 billion Danish kroner ($1.22 billion), and the firm expects its EBIT margin to be in line with its guidance of around 24 percent. Markets took a dim view of the announcement, with share prices falling 13 percent on Jan 8th. The company will report its audited full-year 2025 results on Feb 5th.

Charles & Colvard CEO Don O’Connell Is Leaving

Don O’Connell, who has served as Charles & Colvard’s president and CEO since 2020, is leaving the company, according to an 8-K form posted Jan 7th. The filing bluntly called O’Connell’s departure a “termination” but specified it was not for cause, as defined by his employment agreement. In the wake of O’Connell’s departure, current board chair Michael Levin was appointed executive chair and will lead the search for a new CEO. Levin was one of four dissident candidates elected to the Charles & Colvard board last fall following a proxy fight that ended up in court. In the aftermath of that election, longtime board chair Neil Goldman resigned.

Office & Leisure

Heritage Golf acquires Southern Hills Plantation Club

Heritage Golf Group, the fastest-growing owner and operator of golf and country clubs in the United States, has announced the acquisition of Southern Hills Plantation Club in Brooksville, Florida, from managing partner MG Orender.  This marks the fourth and final acquisition in a multi-club agreement, following the additions of The Plantation Golf & Country Club, Country Club of Ocala, and The Palencia Club, which closed in late October. With this transaction, Heritage’s total club count increases to 47 across the US.

BARK Announces Receipt of Preliminary Non-Binding Indicative “Take Private” Proposal

BARK, Inc., a leading global omnichannel dog brand with a mission to make all dogs happy, announced that its Board of Directors has received a preliminary non-binding indicative proposal letter (the “Letter”), as noted in a Schedule 13D filing made January 9, 2026, from Great Dane Ventures, LLC, comprised of a group of the Company’s current stockholders, including Matt Meeker, the Company’s Chief Executive Officer and Executive Chairman of the Board, RRE Ventures, Resolute Ventures, Founders Circle Capital and Ironbound Partners Fund.  Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first.

Technology & Internet

Amazon plans first big-box retail store in Chicago suburb

Amazon has submitted plans for a large-format store near Chicago that would be larger than a Walmart Supercenter, marking the latest experiment with physical retail for the tech company. As part of the plans, Amazon has proposed building a one-story, 229,000-square-foot building in Orland Park, Illinois, that would offer a range of products, such as groceries, household essentials and general merchandise, the city said on Saturday. By comparison, Walmart’s U.S. Supercenters typically average 179,000 square feet. The Amazon facility would also include a “limited warehouse component” to support on-site operations and space for delivery drivers to pick up orders, according to planning documents. “We regularly test new experiences designed to make customers’ lives better and easier every day, including physical stores,” an Amazon spokesperson said in a statement. “The site in question is our planned location for a new concept that we think customers will be excited about.” The e-commerce company has been determined to have a bigger presence in brick-and-mortar retail after stealing market share from incumbents.

Meta delays Ray-Ban Display global rollout due to inventory limits

Meta Platforms said Tuesday that it’s delaying the international expansion of its Ray-Ban Display glasses due to inventory constraints and “unprecedented” demand in the U.S. “Since launching last fall, we’ve seen an overwhelming amount of interest, and as a result, product waitlists now extend well into 2026,” Meta wrote in a blog post. Due to “limited” inventory, the company said it will pause plans to launch in the U.K., France, Italy and Canada early this year and concentrate on U.S. orders as it reassesses international availability. Since 2019, Meta has been developing smart glasses with Ray-Ban maker EssilorLuxottica, and renewed a long-term partnership deal in 2024. CEO Mark Zuckerberg unveiled the $799 Meta Ray-Ban Display glasses in September. The product, Meta’s first consumer-ready artificial intelligence glasses, lets users watch videos or respond to messages and is controlled through a wristband with neural technology.

Finance & Economy

U.S. payrolls rose 50,000 in December, less than expected; unemployment rate falls to 4.4%

The U.S. labor market ended 2025 on a soft note, with job creation in December less than expected, according to a January 8th report from the Bureau of Labor Statistics. Nonfarm payrolls rose a seasonally adjusted 50,000 for the month, lower than the downwardly revised 56,000 in November and short of the Dow Jones estimate for 73,000. At the same time, the unemployment rate fell to 4.4%, below the forecast of 4.5%. A more encompassing measure that includes discouraged workers and those holding part-time jobs for economic reasons dropped to 8.4%, down 0.3 percentage points from November. The household survey, used to calculate the unemployment figures, showed an increase of 232,000, while the labor force participation rate edged lower to 62.4%.

Supreme Court holds off on Trump tariff ruling for now

On Jan 8th, the Supreme Court did not rule on the legality of broad tariffs imposed by President Donald Trump, leaving markets still awaiting a decision poised to have far-reaching impacts on trade policy and the U.S. fiscal situation. There had been speculation that the tariff ruling would be issued on Jan 8th, but the Supreme Court released only one opinion that day, and it was unrelated to tariffs. It is unclear when the tariff ruling will be released. When it does come, the decision will address two issues: whether the administration can use provisions under the International Emergency Economic Powers Act to levy the tariffs, and if it isn’t proper, whether the U.S. will have to reimburse those importers who already have paid the duties.

Trade deficit in October hits smallest since 2009 after Trump’s tariff moves

The U.S. trade deficit six months into President Donald Trump’s tariffs tumbled to its lowest level since mid-2009, the Commerce Department reported Jan 8th. With exports rising and imports falling, the trade shortfall was just $29.4 billion for October, down 39% from the prior month. Exports increased 2.6% while imports slipped 3.2%. The total was the lowest since the second quarter of 2009, as the U.S. was just coming out of the financial crisis and the Great Recession.