Story of the Week
Trump signs U.S.-India trade deal
U.S. President Donald Trump’s announcement on Feb 2nd that he has agreed to a trade deal with India comes hot on the heels of Europe’s own trade agreement with New Delhi, signaling Washington is not willing to be outdone by its global competitors. The U.S. deal comes after global trading partners like the European Union and India, along with China and Canada, have signed their own trade pacts since the new year, leaving the U.S. — which has been trigger-happy in imposing punitive tariffs on trading partners — looking ostracized. Analysts had said those deals, particularly the EU-India pact, could “light a fire” under the U.S. to get its stalled trade agreement with India done and dusted, but it has come sooner than most expected.
Apparel & Footwear
Boot Barn Raises Yearly Guidance After Strong Q3
Boot Barn raised guidance for the year after beating expectations in the third quarter, as the Western craze shows no sign of slowing down. In the third quarter of fiscal 2026, the Irvine, CA-based footwear company saw net sales increase 16 percent to $705.6 million from $608.2 million in the prior-year period. Net income in Q3 was $85.8 million, or $2.79 per diluted share, compared to $75.1 million, or 2.43 cents per diluted share, in the prior-year period. These results were above the guidance Boot Barn laid out last quarter, which called for net sales in Q3 between $688 million and $700 million, representing growth between 13 percent and 15 percent over the prior-year period. Analysts were calling for earnings between $694.1 million and $706 million in Q3, with earnings per diluted share between $2.53 and $2.79, according to Yahoo Finance.
Under Armour Beats Projections in Q3 Despite Continuing Weakness in North America
Despite ongoing headwinds, particularly in its home market of North America, Under Armour exceeded analysts’ expectations in the third quarter and raised its fiscal-year profit guidance. The Baltimore-based sports brand reported adjusted diluted earnings per share of 9 cents, surpassing analyst expectations of a 2-cent loss. It also reported an operating loss of $150 million. Excluding litigation reserve expense and transformation and restructuring charges, adjusted operating income was $26 million. Sales fell 5 percent to $1.33 billion, slightly above analyst projections of $1.31 billion.
Designer Brands confirms layoffs
Designer Brands, owner of Designer Shoe Warehouse, confirmed it conducted layoffs last week. The company did not comment on the number of employees or the number of departments affected. Designer Brands also did not comment on whether employees were offered severance or other benefits, but did state that the company’s priority “is to support affected associates with the resources they need during this transition. We took actions to simplify our organizational structure, reduce complexity, and improve speed and accountability,” a company spokesperson said in a statement to Retail Dive.
Athletic & Sporting Goods
Apollo takes minority stake in GoodLife at $1.46bn valuation
Apollo Global Management has agreed to acquire a minority stake in The GoodLife Group, valuing Canada’s largest fitness club operator at about $1.46bn and marking the company’s first outside equity investment. Founded in 1979, GoodLife operates more than 400 clubs across Canada under brands including GoodLife Fitness, Fit4Less, GYMVMT, and Éconofitness. Founder David Patchell-Evans will remain chairman and retain an ownership stake following the transaction. Apollo is making the investment through its hybrid strategy, which deploys both debt and equity capital. The firm said the funding will support GoodLife’s long-term growth strategy and reinforce its market leadership.
KKR to Buy Arctos in $1.4 Billion Deal That Stretches Beyond Sports
KKR has agreed to buy Arctos Partners in a deal initially valued at $1.4 billion in cash and equity, which will give the firm a larger foothold in sports, private markets, and secondaries, all growth areas for private equity of late. The deal includes $300 million in cash and $900 million of equity to existing Arctos shareholders. The remaining $200 million is equity that will be distributed to Arctos employees at a later date. Arctos third parties, such as early investor Goldman Sachs Petershill, are exiting as part of the deal. KKR Solutions will house Arctos’ sports team assets, a lengthy list that includes equity in the Golden State Warriors, Los Angeles Dodgers, and Buffalo Bills, plus its private markets business and other future endeavors.
Cosmetics & Pharmacy
Cosnova acquires Niche Beauty Lab
The Cosnova Group, based in the Taunus region of Germany, has acquired Spanish skincare manufacturer Niche Beauty Lab, thereby expanding its portfolio, which has previously focused heavily on decorative cosmetics. With this acquisition, the family-owned company aims to enter the fast-growing, research-driven skincare segment, which is set to play a greater strategic role. “We have been writing a success story with our essence and Catrice brands for more than two decades,” said Javier González, President and co-founder of Cosnova. “In Niche Beauty Lab, we have found a partner that is an ideal fit for our orientation.”
RoundTable Healthcare Partners Invests in Colorescience, a Premium Skincare and Sun Protection Brand
RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, announced a partnership and investment in Colorescience, Inc. Terms of the transaction were not disclosed. Founded on a science-first approach to skincare and sun protection, Colorescience is best known for its mineral-based, clinically validated products that deliver broad-spectrum protection with cosmetically elegant finishes. The Company has built deep credibility among many dermatologists, plastic surgeons, aestheticians, and medical spas by combining rigorous clinical performance with products designed for daily use.
Marubeni acquires Japanese skincare and cosmetics brand ETVOS
Marubeni Corporation has acquired a 100% stake in Japanese skincare and cosmetics brand ETVOS. Under the acquisition, Marubeni takes full ownership of ETVOS, a well-established Japan-based skincare and cosmetics brand. Marubeni plans to use ETVOS as a foundational asset to develop and expand a broader Beauty & Health business platform in Japan, leveraging the brand’s positioning and expertise within the local market. The deal supports Marubeni’s strategy to strengthen its presence in consumer-focused growth sectors by leveraging trusted domestic brands to build scale, drive innovation, and create long-term value in Japan’s beauty and health market.
Edgewell Sells Feminine Care Business to Essity for $340m
Edgewell Personal Care has completed the sale of its Feminine Care business to Swedish health and hygiene group Essity in a $340 million transaction. Following the sale, Edgewell plans to use the net proceeds primarily to strengthen its balance sheet and pay down its U.S. revolving credit facility, while continuing to invest in the long-term growth of its core categories. The divestment is part of Edgewell’s broader portfolio transformation, sharpening its focus on shave, sun, and skin care, and grooming brands. The company will work with Essity under a transition services agreement covering areas such as IT, operations, quality assurance, and supply chain for at least one year to ensure continuity for employees, customers, and consumers. Pro forma financial information reflecting the business as a discontinued operation will be disclosed in upcoming regulatory filings and earnings updates.
Discounters & Department Stores
Target, Walmart usher in new CEOs
Target and Walmart — two of the most prominent retailers in the U.S. — have new CEOs. Target’s former COO, Michael Fiddelke, has officially taken over the top spot from longtime CEO Brian Cornell, all while the Minnesota-based retailer has faced pressure to speak about U.S. government immigration activities in the state. “Stepping into this role is both humbling and deeply personal,” Fiddelke said in a company message. “And while we have real work to do, we are clear on who we are, our unique place in retail and in the hearts of our guests.” At Walmart Inc., former President and CEO of Walmart’s U.S. business, John Furner, has taken the reins from Doug McMillon.
Costco posts strong January as digital comps jump
Costco Wholesale Corp. came out of the gate strong for the new year with healthy sales gains. The membership warehouse giant said that its net sales rose 9.3% $21.33 billion for the four weeks ended Feb 1, 2026. Total company comparable sales for the period increased 7.1%. Comp sales rose 5.8% in the U.S. and 11.4% in Canada. Other international comp sales rose 9.5%. Digitally-enabled comps surged 34.4%. Total company comparable sales excluding the impacts from changes in gasoline prices and foreign exchange rose 6.4%, and were up 6.8% in the U.S. Costco noted that Lunar and Chinese New Years will occur on Feb 17, nineteen days later this year. The shift negatively impacted January.
Emerging Consumer Companies
Marzetti to purchase Bachan’s barbecue sauce for $400 million
The Marzetti Company has entered into a definitive agreement to acquire Bachan’s Inc., the fast-growing Japanese barbecue sauce brand known for its delicious, authentic, clean-label products. The transaction reinforces the company’s expanding position in the sauce category and is expected to provide additional opportunities for growth through its retail and food service distribution network, the capabilities of its supply chain and brand support from its marketing capabilities and culinary expertise. Marzetti is known for salad and slaw dressings, as well as vegetable, fruit and chocolate dips.
Gymshark appoints chief commercial officer
Gymshark promoted Carly Natalizia to chief commercial officer. She held the role of chief digital officer at the U.K.-based gymwear brand since February 2024. In her new role, Natalizia will oversee Gymshark’s goal to become a fully omnichannel business, including introducing new products and scaling new business channels. She will also continue to lead the ongoing optimization of Gymshark’s digital process. Natalizia joined Gymshark as VP of Marketing, International, in June 2022, and was the company’s Global Marketing director from January 2023 until February 2024.
Sparxell raises US$5m pre-Series A to scale plant-based colour technology
Cambridge-based deeptech start-up Sparxell has raised $5m in Pre-Series A funding to scale its bioinspired, plant-based color technology, which aims to replace toxic synthetic colorants. The funding round was led by SWEN Capital Partners’ Blue Ocean 2 fund, with participation from Alpha Star Capital and Cambridge Enterprise. The investment will support Sparxell’s transition from pilot projects to commercial-scale manufacturing, with ton-scale production facilities expected to be operational in 2026. Sparxell’s patented technology uses cellulose derived from wood pulp to create structural color by reflecting specific wavelengths of light, mimicking the natural mechanisms seen in butterfly wings.
Food & Beverage
Hain Celestial sells North American snacks business for $115M
Hain Celestial is selling its North American snacks business, which includes Garden Veggie Snacks, Terra chips, and Garden of Eatin’, to Canadian snacks manufacturer Snackruptors for $115 million. The deal, set to close by the end of the month, will leave Hain with a simplified North American portfolio focused on core categories and markets with stronger margins and cash flow to help drive growth. Hain will retain Celestial Seasonings teas, Greek Gods yogurt, Spectrum Organic culinary oils, and Earth’s Best Organic baby and kids foods.
Good Culture cottage cheese receives $55M from equity investor
A month after selling a majority stake in its business, cottage cheese maker Good Culture is receiving additional cash to further fund its growth ambitions with a $55 million investment from Semcap Food & Nutrition. The investment firm first partnered with Good Culture in 2021, as the food maker sought to disrupt the cottage cheese category by prioritizing simple ingredients and a nutrient-rich profile. “Since our first meeting with [Good Culture Co-Founder and CEO Jesse Merrill] and his team, we’ve been energized by their ambition to reinvent a dormant category and conviction that cottage cheese could be reimagined for today’s consumer,” John Haugen, managing partner of Semcap Food & Nutrition, said in a statement.
Grocery & Restaurants
Bob Evans Restaurants acquired by 4X4 Capital
Family dining chain Bob Evans Restaurants has been sold by Golden Gate Capital to 4X4 Capital for an undisclosed amount, the companies announced on Thursday. The 400-unit chain changed hands after nine years under Golden Gate Capital ownership, with the goal of “maximizing its long-term growth potential.” Under the new ownership, CEO Mickey Mills and her team will continue in their leadership roles, while 4×4 cofounder and partner Gustavo Assumpção will take on the role of executive board chair.
Chipotle Stock Sinks as Restaurant Chain Reports Falling Traffic
Chipotle Mexican Grill on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations, although traffic to its restaurants fell for the fourth straight quarter. For 2026, the company is projecting flat same-store sales growth, signaling that the burrito chain’s woes are not expected to disappear quickly. Chipotle ended a bumpy 2025 with a full-year same-store sales decline of 1.7%, marking the first annual decline since 2016. However, executives said the outlook is “conservative,” citing unpredictable consumer trends. Last year, the company cut its full-year forecast for same-store sales three times as dining habits shifted from quarter to quarter.
Yum Brands Posts Mixed Quarter, Taco Bell Shines
Yum Brands on Wednesday reported mixed quarterly results, despite strong demand for Taco Bell. Net revenue rose 6% to $2.51 billion. Yum’s global same-store sales increased 3%, fueled by strong performance at Taco Bell and in KFC’s international markets. Taco Bell’s same-store sales spiked 7% in the quarter, topping Wall Street expectations of 5.6% growth. The Mexican-inspired chain is the gem of Yum’s portfolio, regularly outperforming the broader fast-food industry, thanks to a mix of value offerings and buzzy menu items. The chain is stealing market share from competitors, and consumers aged 18 to 24 years old are flocking to its restaurants, Yum CEO Chris Turner said on the company’s conference call.
Home & Road
Tariff cut on Indian goods offers cost relief to U.S. rug importers
President Donald Trump said that he plans to lower tariffs on goods from India to 18%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil, according to the Associated Press. The move comes after months of President Trump pressing India to cut its reliance on cheap Russian crude. India has taken advantage of reduced Russian oil prices as much of the world has sought to isolate Moscow for its February 2022 invasion of Ukraine. President Trump said that India would also start to reduce its import taxes on U.S. goods to zero and buy $500 billion worth of American products. The changes are effective without delay, although the terms of the deal have not yet been released. Few industries have felt the impact of the 50% tariffs on Indian goods more acutely than rugs. For decades, India has been one of America’s primary sources for handwoven rugs, prized for their craftsmanship and design heritage. Rugmakers were relieved to hear the news.
La-Z-Boy completes sale of Kincaid Upholstery; operations to continue in N.C.
Officials from La-Z-Boy Inc. have confirmed that KMC Furniture LLC has purchased Kincaid Upholstery, located in Taylorsville, N.C. The sale is complete as of Jan. 30.
In a statement provided to Furniture Today, a La-Z-Boy company spokesperson noted that the sale aligns with statements from La-Z-Boy’s November earnings release. “The furniture industry has experienced tremendous change and challenge in recent years, and we’ve remained agile while continuing to strengthen our execution,” said the spokesperson. “As announced last November, La-Z-Boy Inc. is sharpening its focus on our strengths as a vertically integrated, branded retailer and on our core La-Z-Boy Inc. businesses to position the company for continued profitable growth into the future.”
Jewelry & Luxury
Jimmy Choo’s Growth in Casual Shoes and Accessories Helps Boost Sales in Q3
Jimmy Choo’s focus on expanding its casual shoe offering as well as its accessories assortment helped the luxury brand exceed expectations in the third quarter of fiscal 2026. John Idol, chairman and chief executive officer of Jimmy Choo parent company Capri Holdings, told analysts on its earnings call on February 3rd that he is “excited about the growth” seen at the shoe and accessories brand this quarter. “We continue to believe that [Jimmy Choo] will be an $800 million business for us over the next few years,” Idol said on the call. “And we’re excited about the fact that we think the accessories part of that business is a very big opportunity for us, and [excited about] the response that we’re getting from not only the consumers but from our wholesale partners around the globe.”
Ralph Lauren Breezes Past Q3 Estimates as AUR Jumps 18%
Ralph Lauren Corp. is still successfully pushing higher. The company, which, under president and chief executive officer Patrice Louvet, has been steadily elevating the brand, blew past fiscal third-quarter earnings projections and raised its outlook for the year — although Wall Street still wanted a little more. Net income rose 21.6 percent to $361.6 million, with adjusted earnings per share rising to $6.22 — 42 cents ahead of the $5.81 analysts projected, according to Yahoo Finance. Adjusted operating margins rose 220 basis points to 20.9 percent of sales. And net sales rose 12 percent to $2.4 billion, which translated into a 10 percent gain in constant currencies.
Tapestry shares jump on strong Q2 beat as Coach drives growth
Tapestry Inc shares rose 3.6% in February 5th morning trading after the luxury fashion company reported a stronger-than-expected second-quarter performance, driven by demand for its Coach brand. Tapestry posted revenue of $2.5 billion for Q2 fiscal 2026, up 14% from a year earlier and above analysts’ consensus of $2.29 billion. Adjusted earnings per share climbed 34% to $2.69, exceeding the Street estimate of $2.19. Gross margin improved to 75.5%, a 110 basis point increase from the prior year. Coach revenue rose 25% to $2.14 billion, boosted by North America sales up 27% and double-digit growth in Greater China and Europe.
World’s largest jeweler Pandora jumps as CEO says firm wants to pivot from silver
Pandora, the world’s largest jeweler by volume, rose on Jan 5th after the company addressed investor concerns about its reliance on silver. Copenhagen-listed shares jumped as much as 7% after it guided for largely flat organic growth in 2026 alongside its quarterly earnings report, and said it would introduce platinum-plated jewelry after the price of silver had more than doubled over the past year. Shares were last seen trading 4.9% higher. “If you look at our volatility of silver, one of the things that we have to [do] for the company is to decouple that from the silver trading,” CEO Berta de Pablos-Barbier told CNBC’s “Squawk Box Europe.”
Office & Leisure
OneWater Marine Inc. Announces the Sale of Ocean Bio-Chem Holdings, Inc.
OneWater Marine Inc. announced that it has completed the sale of Ocean Bio-Chem Holdings, Inc. as part of its broader portfolio optimization strategy focused on core assets and long-term value creation. Proceeds from the transaction will be used to reduce debt and further strengthen the balance sheet. OneWater Marine Inc. is one of the largest and fastest-growing premium marine retailers in the United States. OneWater operates a total of 95 retail locations, 6 distribution centers/warehouses and multiple online marketplaces in 18 different states, several of which are in the top twenty states for marine retail expenditures. Ocean Bio-Chem manufactures, markets, and distributes specialty chemical products under Star brite®, Star Tron®, Odor Star®, Performacide®, and other brand names.
Donerail makes $1 billion offer to acquire MarineMax
MarineMax has confirmed that it has received an unsolicited, non-binding indication of interest from The Donerail Group to acquire all outstanding common shares at the proposed price of $1 billion. In a statement, the company said its Board of Directors is reviewing the proposal in consultation with its independent financial and legal advisors and will determine the appropriate course of action in line with its fiduciary duties. Donerail, co-founded by Will Wyatt and Wes Calvert in 2018, currently holds nearly five percent of MarineMax and has been vocal about concerns over the company’s strategy, capital allocation and financial oversight. Headquartered in Clearwater, Florida, MarineMax operates 65 marinas and storage locations, alongside 70 dealerships, offering yachts for sale, as well as marine services through its acquisition of Island Global Yachting (IGY) in 2022.
Technology & Internet
Amazon’s Jassy picks marketplace exec to be his new ‘shadow’ advisor
Amazon CEO Andy Jassy has tapped one of the company’s top marketplace executives to be his new “shadow” advisor, the company announced Wednesday. In a blog post, Amazon said Dharmesh Mehta, vice president of worldwide selling partner services, will become Jassy’s technical advisor in March. Amazon said Amit Agarwal, its senior vice president of international stores, will take on Mehta’s responsibilities as part of an expanded role that will also include its customer trust teams. The role of technical advisor, often referred to internally as a “shadow,” is one of the most sought-after positions in the company. The role involves accompanying Jassy to most of his meetings to learn more about Amazon’s various businesses. Shadow advisors typically go on to assume greater roles inside the company.
Amazon Stock Falls 8% on $200 billion Spending Forecast, Earnings Miss
Amazon shares plunged 8% Friday after the company posted mixed fourth-quarter earnings and boosted its 2026 spending forecast to $200 billion. Amazon said it expects capital expenditures to continue to climb higher this year as it aggressively invests in data centers and other infrastructure to meet a surge in artificial intelligence demand. “With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital,” CEO Andy Jassy said in a statement. During a conference call with investors, Jassy said that spending would “predominantly” go to AWS, where non-AI workloads are “growing at a faster rate than we anticipated.” For the current quarter, Amazon said it expects sales to be between $173.5 billion and $178.5 billion, representing growth of 11% to 15%. The company’s advertising business continues to hum along. Revenue grew 23% year over year to $21.3 billion during the quarter.
Finance & Economy
Layoffs in January were the highest to start a year since 2009, Challenger says
U.S. employers announced 108,435 layoffs for the month, up 118% from the same period a year ago and 205% from December 2025. The total marked the highest for any January since 2009. At the same time, companies announced just 5,306 new hires, the lowest January total since 2009 (when Challenger, Gray & Christmas began tracking such data). Job openings fell sharply in December to 6.54 million, their lowest since September 2020. Available jobs are down by more than 900,000 just since October.
Private payrolls rose by just 22,000 in January, far short of expectations, ADP says
The U.S. labor market barely budged in January, with hiring below even muted expectations, according to a recent report from payroll processing firm ADP. Private companies added just 22,000 positions for the month, and the number would have been negative had it not been for a surge of 74,000 hires in the education and health services category. The total was below the downwardly revised 37,000 increase in December and the Dow Jones consensus forecast of 45,000. The report starts 2026 on much the same note as 2025 ended: a lackluster job market in a low-hire, low-fire environment that will likely do little to quell fears among Federal Reserve policymakers that more support may be needed.
