Apparel & Footwear

Authentic Brands Group names president

Authentic Brands Group named Matt Maddox president to oversee the company’s commercial team and lead global growth of its brands across new verticals and industries, the company announced. Maddox joins the company after more than 20 years in the hospitality and gaming industries. He most recently served as CEO of Las Vegas-based Wynn Resorts, a role he held since 2018. As part of the announcement, Authentic also said Nick Woodhouse will become executive vice chairman. Woodhouse has served as president and chief marketing officer of Authentic for the past 12 years, according to the executive’s LinkedIn profile.

New Balance Sales Reach Record $7.8 Billion in 2024, CEO Joe Preston Says

New Balance president and chief executive officer Joe Preston told an audience at National Retail Federation’s Big Show conference on Jan 13th that the company closed 2024 on a high note. According to Preston, the Boston, Mass.-based athletic company achieved global annual sales of $7.8 billion, a 20 percent increase from the prior year. “This is the fourth consecutive year that we’ve had over 20 percent growth in sales,” Preston told the audience. “Quite frankly, we could be bigger if we wanted to, but we use a selective distribution approach to manage the brand and not oversaturate.” This comes after New Balance hit $6.5 billion in sales in 2023 as the privately held company works its way to a broader goal to become a $10 billion brand in the “next few years.”

Canada’s Aritzia’s Q3 FY25 revenue up 11.5% YoY, profit rises 23.1%

Aritzia recorded net revenue of CAD 728.7 million in the third quarter of fiscal 2025, ended December 1, 2024, an increase of 11.5 per cent year-over-year. The gross profit increased by 23.1 per cent to CAD 333.5 million, compared to CAD 270.9 million in Q3 FY24. The gross profit margin was 45.8 per cent, compared to 41.5 per cent in Q3 2024. “Our strong performance in the third quarter of fiscal 2025 underscores the progress we have made across key areas of our business. We delivered a 12 per cent increase in net revenue compared to the third quarter of Fiscal 2024, as we drove accelerated momentum in e-commerce and executed on our real estate expansion strategy, including the opening of two brand-propelling flagships, one in SoHo and one on Michigan Avenue”, said Jennifer Wong, chief executive officer at Aritzia Inc.

AEO raises financial forecasts for Q4, up from previous guidance

American Eagle Outfitters has raised its fourth-quarter financial forecast after reporting stronger-than-anticipated comparable sales performance. The company in its fourth quarter outlook expects operating profit to be $135 million, up from previous guidance of $125-$130 million. The above forecast is based on a comparable sales increase of 2 per cent, building on 8 per cent growth last year. The retail calendar will have an adverse impact on total revenue, resulting in total revenue down approximately 5 per cent. Trends across American Eagle and Aerie were positive, AEO said in a press release. “As a top destination for holiday shopping, we achieved record sales in December. We came to market with exciting new product assortments and engaging customer experiences, resulting in growth across brands and selling channels,” said Jay Schottenstein, executive chairman of the Board and chief executive officer at AEO. “We also remain focused on driving operational efficiencies, putting us on track to deliver high-teens operating profit growth in 2024.”

 

 

Athletic & Sporting Goods

Barry’s Bootcamp announces new investment as others exit boutique fitness category

As the boutique fitness sector starts to buckle, Barry’s Bootcamp announced new investment from Princeton Equity Group.  This funding round will be focused on investing in client experience and brand positioning in a highly saturated industry. Barry’s offers high-intensity running, lifting and training classes in its trademark red-lit rooms.  Barry’s currently has 89 studios globally that saw more than 7 million visits in 2024.  Princeton is a franchisor and consumer services-focused private equity firm with $1.2 billion in assets under management. It has invested in other wellness brands like spa chain Massage Envy and athletic training facility D1 Training.  The fresh capital for Barry’s adds to a list of private equity investments dating back nearly two decades from firms including LightBay Capital and North Castle Partners.

Reebok’s US operations acquired by Galaxy Universal

Reebok Design Group and U.S. operations for the athletics company have been acquired by Galaxy Universal as of last week, Ivy Solari, vice president of digital commerce at Reebok, told an audience at National Retail Federation’s Big Show conference. Sparc Group, which operated Reebok, recently divested the athletics company as it joined J.C. Penney in a joint venture dubbed Catalyst Brands.  Reebok’s brick-and-mortar presence currently focuses on outlets, but under new ownership Solari said the company is, “looking forward to opening some more full-price or experiential stores.”  Galaxy Universal is a marketing, design, sales, sourcing and manufacturing company that specializes in athletic, health and outdoor categories, among others. Its owned companies include And1, Gaiam and Tony Hawk, while the company is a licensee of the Justice and London Fog brands.

Shaun White’s Snow League secures US$15m in funding round led by Left Lane Capital

The Snow League, a new winter sports league spearheaded by snowboarding legend Shaun White, has secured US$15 million in a funding round led by Left Lane Capital, among other investors.  Funding round also includes existing investors Will Ventures, Ares Management, David Blitzer’s Bolt Ventures, and Ryan Sports Ventures.  Launched in June and set to debut this coming March in Aspen, Colorado, The Snow League is exclusively dedicated to snowboarding and freeskiing halfpipe competition. Its inaugural season will feature four events and 36 elite male and female athletes, visiting resorts within and outside the US.  Having secured live coverage on NBC Sports and Peacock as part of a multi-year deal announced in November, the organizers of the competition say the latest investment will ‘accelerate the league’s expansion, enhance fan engagement, and set a new standard for athlete development and live entertainment in winter sports.’

KT Tape Acquired by Consumer Healthcare Investment Platform

Bridges Consumer Healthcare, LLC, a consumer healthcare platform comprised of nine over-the-counter (OTC) personal care brands, including ThermaCare and Absorbine Jr., has acquired KT Tape, the kinesiology tape brand designed to “provide drug-free pain relief and support for muscles, tendons and ligaments.”  Founded in 2008, KT Tape was acquired by Palladin Consumer Retail Partners, previously known as Palladin Capital Group, in 2014.  Bridges was founded in 2020 by a team of industry executives and Charlesbank Capital Partners to build a consumer healthcare platform.

Cosmetics & Pharmacy

Groupe Rocher doubles down on beauty through Petit Bateau and Stanhome divestment

Groupe Rocher has revealed plans to divest its children’s clothing brand Petit Bateau and home care business Stanhome. The move would streamline the French skin care, cosmetics and perfume company’s brand portfolio to be entirely beauty-focused. Skin care brands Arbonne, Yves Rocher, Sabon, Dr Pierre Ricaud and Kiotis, as well as fragrance business ID Parfums, are owned by Groupe Rocher. “Over the past 18 months, we have successfully completed the first decisive step: straightening out our finances and transforming our business models to step up our performance,” said Groupe Rocher CEO Jean-David Schwartz. “Today, we have the financial resources to instill fresh momentum, by focusing our investment on developing the potential in our care, beauty and wellbeing products.” Last year Groupe Rocher entered into talks with Arcade Beauty to offload its perfume factory in Ploërmel, France.

Sephora taps Lacoste exec as new President of Europe and Middle East

Catherine Spindler has been named President of Sephora Europe and the Middle East, effective 27 January. Spindler will join the LVMH-owned beauty retailer’s Global Leadership Team and report into Guillaume Motte, President and CEO of Sephora. She succeeds Sylvie Moreau, who has held the role since September 2021. Spindler joins Sephora from Lacoste, where she has worked as Deputy CEO since September 2022. Prior to this, she was the luxury sports fashion brand’s Chief Brand Officer, working across studio, products, brand, the customer experience and licences. During her career, Spindler has also held leadership positions at Vente-Privée Group, including VP of Group Customer Experience and Managing Director for France. She also managed Yves Rocher’s expansion into Asia during her tenure with Rocher Group, and has been an Advisory Board Member for social media company Meta.

Auréa Group Invests in Zenagen and ACT/IV Haircare

Auréa Group has invested in Zenagen and ACT/IV haircare brands to boost its portfolio. This follows the Group’s acquisition of The Body Shop last year. Zenagen and ACT/IV are held by Nutraceutical Research Innovations, a U.S.-based holding company. Founded in 2008, Zenagen is a professional haircare brand offering plant-based products that address hair thinning. Auréa hopes to strengthen Zenagen’s presence in the professional market while expanding into DTC platforms such as Amazon. Transaction details were not disclosed.

 

Discounters & Department Stores

Walmart unveils new logo in first ‘brand refresh’ in nearly 2 decades

Walmart is refreshing its logo for the first time in nearly two decades, highlighting its evolution while also serving as a nod to its past, the big-box retailer announced.  The word mark on the redesigned logo was inspired by founder Sam Walton’s classic trucker hat and features a typeface in bold and a darker blue, the company said. The logo also retains the iconic yellow spark, which received its own subtle refresh.  Walmart plans to roll out the refresh across its website, app and in stores beginning in January 2025 and continuing throughout the year.  The last time Walmart redesigned its logo was in 2008, when the company dropped the star used to hyphenate “Wal-Mart,” and made it one word. It also incorporated the yellow spark.

Kohl’s will close 27 stores by April. Macy’s is closing more.

Two of America’s largest department stores announced plans in the past week to shutter locations across the country. The result for consumers: Some communities will be losing both Kohl’s and Macy’s stores soon.  Kohl’s and Macy’s said in their respective Jan. 9 releases that they singled out underperforming stores. For Denver-area residents that means three fewer department stores: two Macy’s and one Kohl’s store. In California, San Diego and Sacramento will lose a store from each chain.

Target announces better-than-expected holiday sales, but investors wary of no profit update

Investors haven’t warmed up to Target’s solid holiday sales in 2025. The big box retailer announced total sales increased 2.8% year over year in November and December, with same- store sales jumping 2%. Record-high sales on Black Friday and Cyber Monday helped reverse the recent trend of lagging same-store sales growth. According to the release, discretionary spending saw an acceleration compared to the previous quarter. Digital sales also grew 9% year over year in November and December, reflecting a “more than 30% growth in same-day delivery” from its membership model, Target Circle 360. CEO Brian Cornell said the team delivered “better-than-expected holiday-season performance” and made “Target a destination for consumers.”

 

 

Emerging Consumer Companies

Refunds platform, Reshop, appoints Anthony Eisen as Chief Executive Officer and announces $17 million fundraise

Reshop, the platform redefining refunds for consumers and merchants, announced the appointment of Anthony Eisen as Chief Executive Officer. Anthony has been a part of Reshop since inception, serving as Chairman of the Board and a founding investor at Reshop. In addition, Reshop announced a $17 million fundraise, with leading investments from Matrix Partners, Sound Ventures (venture-capital firm co-founded by Ashton Kutcher and Guy Oseary), Woodson Capital, and Touch Ventures. Launched in 2024, Reshop is focused on making refunds faster and more rewarding for both shoppers and merchants. By providing shoppers with immediate access to their money, Reshop helps increase satisfaction and drive more sales for retailers.

Leap raises $20 million investment, names Karen Katz to board

Leap has announced a $20 million infusion from Tribeca Venture Partners and DNX Ventures, along with existing investors. Leap said the additional funding will “enable us to accelerate our growth and enhance our operations and technology as we continue to onboard premium brands and strengthen our fleet across markets.” The company operates more than 100 stores in 12 markets for brands including Grown Brilliance, Ring Concierge, Godiva and Malbon Golf. At the same time, Leap has added former Neiman Marcus CEO Karen Katz to its board of directors. Katz spent 33 years at the Neiman Marcus Group, including eight years as CEO. During her tenure, she is credited with growing the company’s digital presence and helping to launch its omnichannel strategy, while also leading the acquisition of German e-tailer Mytheresa.

 

 

Food & Beverage

FDA bans red dye No. 3 over link to cancer in rats

The FDA is banning Red No. 3, an artificial coloring popular in candy, cereal, cakes and other foods that has been linked in high doses to cancer in rats. The decision gives food manufacturers until Jan 15, 2027, to reformulate products that include the synthetic dye. The decision to ban Red No. 3 in food and beverages comes more than 30 years after the FDA restricted its use in cosmetics and externally applied drugs in 1990. The Center for Science in the Public Interest and 23 other organizations and scientists petitioned the agency to ban the coloring in food in 2022.

Gryphon Investors to acquire Spindrift

Gryphon Investors, a San Francisco-based private investment firm, will acquire a majority stake in Spindrift Beverage Co., Inc., a sparkling water maker that formulates its beverages with “real squeezed fruit.” Dave Burwick will lead Spindrift as its new chief executive officer, succeeding Bill Creelman, founder and current CEO of Spindrift. Creelman, who founded Spindrift in 2010, will become chair of Spindrift’s board. Financial terms of the acquisition were not disclosed. However, Creelman and the management team will retain a significant equity stake, according to the company.

Solina acquires Advanced Food Systems

Solina, a France-based company that specializes in savory food solutions, has acquired Somerset, NJ-based Advanced Food Systems, Inc. Advanced Food Systems develops and manufactures customized ingredient systems for meat and poultry products, frozen foods, sauces and marinades among others. Financial terms of the acquisition were not disclosed. Solina is a part of Astorg, an independent private equity firm that is Solina’s majority shareholder. Advanced Food Systems is Solina’s third acquisition in the United States. The acquisition expands Solina’s sites in the United States with locations in California, Illinois, Nevada and New Jersey.

Merger creates Tandem Foods

In a merger announced in April 2024 between TruFood Manufacturing, a US contract manufacturer of Mubadala Capital that specializes in nutrition bars, chocolate and baked granola, and Los Alamitos, Calif.-based Bar Bakers, a manufacturer of nutritional snacks, the companies have officially become Tandem Foods. The merger offers a “premier contract manufacturer specializing in better-for-you snacks.” Investment firm Manna Tree assisted Mubadala Capital, however no other financial terms of the transaction were previously disclosed.

 

 

Grocery & Restaurants

Tucker Farms’ Wonder Franchises acquires Pizza Factory

Tucker’s Farm Corp.’s Wonder Franchises subsidiary has acquired the 110-unit Pizza Factory Inc., the company said Tuesday. New York-based Tucker said Pizza Factory was founded in 1978 by Danny Wheeler and Ron Willey and has about $94 million in systemwide sales and 84 franchisees. Terms of the deal were not disclosed. Adam Lewin, a partner on the private-equity team at Tucker’s Farm and CEO of Wonder Franchises, said in a statement: “We’re extremely excited to be acquiring Pizza Factory and to be partnering with M.J. to take Pizza Factory to the next level. We love the longevity and stability of the system, the passion that M.J. and her team have for their franchisees, and the community-focused culture of the brand.”

Papa Johns CEO embraces a back-to-basics strategy

Papa Johns CEO Todd Penegor — who just completed his first full quarter at the company in December — aims to course correct after the company reported multiple earnings periods in a row of declining sales. On Monday, the Atlanta-based pizza chain reported a continued downward sales trend in its preliminary results for the full year and fourth quarter of 2024, ended Dec. 29, with same-store sales down 4%, driven by lower traffic and ticket, although international same-store sales ticked up 2% for the period. Penegor spoke on Tuesday at the ICR conference in Orlando, Fla. about fixing some of the mistakes the company made under previous leadership, including the move to increase national advertising commitments for franchisees, while simultaneously making the 3% local marketing expenditure commitment optional. This change, in turn, caused local franchise co-ops to disappear. Besides focusing on local marketing strategies, Penegor said that he also wants to “get back to basics,” which for Papa Johns, means focusing more on — as the brand slogan says — “better ingredients, better pizza,” and less on complex menu items that make operations more challenging.

Call Your Mother Deli Receives Strategic Growth Investment

Call Your Mother Deli, known for its authentic and modern take on deli favorites, announced a strategic investment from Invus, through Artal. This partnership positions Call Your Mother to expand its footprint in the broader D.C. and Denver metro areas and sets the stage for future growth, giving bagel connoisseurs a place to indulge in their greatest joy. Founded in 2018 by husband-and-wife team Andrew Dana and Daniela Moreira, Call Your Mother Jew-ish Deli has quickly become a beloved staple in both the DMV and Denver food scenes. The restaurant has earned a reputation for innovative flavor combinations of local ingredients, a vibrant “Boca meets Brooklyn” atmosphere, and a staff that prides itself on creating “GFEs” (Great Freakin’ Experiences) for all guests. The brand has a strong following in its local communities and has received praise from national food critics.

Home & Road

Wayfair to exit Germany, focus on physical retail

Wayfair is leaving the German market as it looks to focus on other growth initiatives. The online home furnishings giant entered Germany some 15 years, with it serving as the company’s original entry point into Europe, alongside the U.K. But in a letter to employees, Wayfair CEO and co-founder Niraj Shah said that, over the years, its efforts in Germany have lagged behind its success in the U.K. where it has grown market share. “Scaling our market share and improving our unit economics in the German market has proven challenging due to factors such as the weak macroeconomic conditions for our category in Germany, the lower maturity of our offering, our current brand awareness, and our limited scale,” wrote Shah. “In our recent assessment, we concluded that achieving market-leading growth in Germany still remained a long and costly endeavor, and one that is increasingly lagging the potential return we see in other areas.” With the exit, Wayfair plans to cut as many as 730 jobs, or about 3% of its global workforce.

After 53 years of family ownership, Thos. Moser furniture is sold to holding company

Longtime handmade American furniture manufacturer Thos. Moser has been acquired by Chenmark, a holding company based in Maine. Thos. Moser has made high-end heirloom wood furniture in Auburn, Maine, since 1972. Founded by Tom Moser, the company has been owned by the Moser family for its entire existence, until now. “Thos. Moser will continue to build on his design sensibility, artistry, faith in its craftspeople and gratitude for customers who appreciate handmade, sustainably built furniture for everyday living,” said Aaron Moser, chairman of the board at Thos. Moser. “We’re confident that Chenmark shares the vision and values that will keep this legacy alive. This is not simply a business transition; it’s the continuation of a story that started in Maine and will remain deeply rooted here.”

Jewelry & Luxury

Richemont Sales Bounce 10% in Q3, With Strong Gains Worldwide, Except China

Sales at Richemont surged 10 percent to 6.2 billion euros in the three months ending Dec. 31, with double-digit gains in all regions except for China, where demand continues to stagnate. Richemont, parent of brands including Cartier, Van Cleef & Arpels and Vacheron Constantin, described the holiday trading period as “very solid,” trumpeting the numbers as the highest quarterly sales in the company’s history. All categories, with the exception of watches, posted double-digit increases in the crucial third quarter, which takes into account the holiday shopping period.

Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall Short

Signet Jewelers’ holiday performance fell short of expectations, leading the company to lower its guidance for the fourth quarter. The retailer, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, shared details about its preliminary sales for the 10 weeks ending Jan 11th, though it did not provide an exact dollar amounts. “Our holiday results of approximately -2% SSS [same-store sales] reflect peak selling days leading up to Christmas that were below forecast,” said Joan Hilson, chief financial and operating officer. Engagement ring and service sales met expectations and the jeweler did see merchandise average unit retail (AUR) increase in bridal and fashion jewelry.

Secondhand Watch Prices Decline for 11th Quarter in a Row

Prices of secondhand luxury watches decreased in the final quarter of 2024, the 11th straight quarter they have fallen, according to a new report from WatchCharts and Morgan Stanley. Compared with the prior three months, prices fell 1.5% in the fourth quarter, said the report, noting the pre-owned watch market reached a peak in May 2022. The report found the decline in prices was relatively broad-based among brands, with sales of used watches from brands owned by publicly listed companies—such as Richemont, LVMH, and Swatch—underperforming the market as a whole.

Christie’s Names Bonnie Brennan CEO

Auction house Christie’s has appointed Bonnie Brennan its new CEO, effective Feb. 1. She takes over from Guillaume Cerutti, the former French civil servant who’s served as the London-based auctioneer’s chief executive since 2016. Cerutti will continue as Christie’s chairman, a role he has held since January 2024. In addition, Cerutti will oversee artistic and cultural activities for Artémis, the holding company of Christie’s owners François Pinault and François-Henri Pinault, and will become president of the Pinault Collection of art. His successor, Brennan, has nearly three decades of luxury experience and has been with Christie’s since 2012. Like Cerutti, she came to Christie’s after working for its longtime rival Sotheby’s.

Office & Leisure

Nintendo to launch Switch 2 console later this year

Nintendo has finally revealed a successor to its big-selling Switch game console. The Japanese firm said January 16^th that the Switch 2 would launch later this year. Its most obvious upgrade is a bigger screen compared to the original. The company said games from the first Switch would be playable on the new device, but not always fully compatible. Nintendo has sold more than 145 million units of the Switch worldwide and one analyst told Reuters that the Switch 2 would reinvigorate hardware sales for the company.

 

Michaels names interim CEO team

Michaels said on Jan 14th that a three-person team will lead an interim office of the chief executive officer following the previously announced departure of CEO Ashley Buchanan, who left to become the CEO of Kohl’s. They will manage the company’s daily operations as Michaels searches for a permanent replacement. The company’s president, Heather Bennett, along with Chief Merchandising Officer Stacey Shively and Chief Financial Officer Perry Pericleous, make up the interim office. The board noted it is making “great progress” on its CEO search. Shively and Pericleous both have over two decades of retail industry experience but are relatively new to the company, having joined in September and December, respectively. Bennett joined Michaels in 2021.

Guidesly secures $9.5 million Series A investment to fuel its vertical AI and SaaS platform in outdoor recreation

Guidesly, the leading software platform for outdoor recreation guides, today announced the successful close of its $9.5 million Series A funding round. This round was led by Aspen Capital Group, with participation from YETI Capital, HalfCourt Ventures, and Derive Ventures, along with existing investors, including Elysian Park Ventures and Marquee Ventures, marking a pivotal step in Guidesly’s journey. The investment accelerates the expansion of Guidesly’s Vertical AI solutions, seamlessly integrating advanced technology to enhance the thousands of guides currently building their businesses on the Guidesly platform. The round will also grow Guidesly’s consumer marketplace and position Guidesly to scale globally across new outdoor verticals.

Technology & Internet

TikTok restoring U.S. service after Trump provided ‘assurance’

TikTok was available to some U.S. users on Sunday after President-elect Donald Trump said that he would sign an executive order on Monday following his inauguration to delay a federal ban of the app. In a statement on X, the company wrote that it would bring back access to its American users. “In agreement with our service providers, TikTok is in the process of restoring service,” TikTok wrote. “We thank President Trump for providing the necessary clarity and assurance to our service providers that they will face no penalties providing TikTok to over 170 million Americans and allowing over 7 million small businesses to thrive.” “We will work with President Trump on a long-term solution that keeps TikTok in the United States.” This came after Trump wrote on his social media app Truth Social he would “issue an executive order on Monday” to extend the period of time before the ban was set to take place. “I’m asking companies not to let TikTok stay dark!” Trump wrote on Sunday morning. Although TikTok was shut down for American users late Saturday night, and also removed from Apple and Google’s app stores, some were able to log on to the platform on Sunday through their mobile apps and desktops.

Finance & Economy

Core CPI rises less than forecast as inflation pressures ease slightly in December

New data from the Bureau of Labor Statistics out Jan 15th showed that a key inflation metric eased for the first time since July. On a “core” basis, which strips out the more volatile costs of food and gas, the December Consumer Price Index (CPI) climbed 0.2% over the prior month, a deceleration from November’s 0.3% monthly gain. On an annual basis, prices rose 3.2%. Prior to December’s print, core CPI had been stuck at a 3.3% annual gain for the past four months. It was the first time since July that year-over-year core CPI saw a deceleration in price growth.

Mortgage rates top 7%, hitting 7-month high. But relief may be in sight.

Mortgage rates rose this week to the highest level since May 2024 during a volatile period for the bonds that closely track them. The average 30-year mortgage rate jumped to 7.04% through January 15th, up from 6.93% a week earlier, after strong employment data pushed yields higher on the Treasury bonds that are most closely linked to mortgage rates. Average 15-year mortgage rates also rose to 6.27%, from 6.14%, according to Freddie Mac. The latest jump in rates came after December’s jobs report showed that the US added 256,000 jobs that month, far more than expected. The strong hiring data caused traders to reevaluate their expectations for Federal Reserve rate cuts this year and sparked a steep rise in bond yields.