Story of the Week
Markets brace for impact after U.S. strikes Iran
Market watchers are bracing for turbulence after the U.S. confirmed it has launched “major combat operations” in Iran, a move investors say could carry far greater market consequences than the recent run of geopolitical flare-ups. U.S. President Donald Trump said the U.S. military has begun “major combat operations” in Iran. Several ministries in the southern part of the Iranian capital, Tehran, were targeted, Reuters quoted an unidentified Iranian official as saying. Markets have been unfazed and accustomed to absorbing recent geopolitical and economic shocks and headlines, including Trump’s announcement of a hike in U.S. tariffs on all imports to 15%, as well as the administration’s capture of former Venezuelan President Nicolás Maduro. “This has definitely bigger ramifications than Venezuela,” said Florian Weidinger, CIO at Santa Lucia Asset Management.
Apparel & Footwear
Merrell and Saucony Continue to Lead Sales Growth at Wolverine Worldwide in Q4
Wolverine Worldwide Inc. finished 2025 on a high note. The Rockford, Mich.-based footwear company said total revenue in the fourth quarter of 2025 was $517.5 million, up 4.6 percent from $494.7 million the same time last year. Net earnings in the quarter were $32.5 million, up 36.6 percent from $23.8 million the same time last year. Diluted earnings per share in Q4 were 38 cents, up from 28 cents in the prior year’s period. On an adjusted basis, diluted earnings per share in Q4 were 45 cents.
Mark Worden has left his position as president and chief executive of Shoe Carnival, effective February 24th. He also resigned from the company’s board. Shoe Carnival’s vice chairman of the board, Cliff Sifford, has been named interim president and CEO, according to a company press release. The company is seeking a permanent successor. The company did not immediately respond to questions regarding Worden’s sudden exit but did state that his departure was not due to a disagreement with the company on any matter relating to its operations, policies, or practices, according to a filing with the U.S. Securities and Exchange Commission.
Aritzia has acquired the Fred Segal brand and leased its flagship destination in Los Angeles, the company said in a February 26th press release shared with Retail Dive. As part of the effort, Aritzia will restore the flagship store on Melrose Avenue, including revitalizing the ivy on the facade. The location will “evolve into an entirely new, experiential destination,” per the release. The acquisition is a step in Aritzia’s long-term strategy to grow in the U.S.
Athletic & Sporting Goods
Escape Fitness USA Is Acquired by the Tambornino Family of Brands
Curt and Tammy Tambornino have acquired Escape Fitness USA, strengthening their portfolio of fitness and performance brands, including DYNAMIC Fitness & Strength, DYNAMIC Fabrication and Finishing, and Exerfly. The acquisition brings together Escape Fitness USA’s 25 years of sales, marketing, and product leadership—supported by multiple patented innovations—with the Tamborninos’ 35+ years of U.S.-based steel fabrication and operational expertise. Founded in 1998, Escape Fitness has become a prominent global player in functional training, serving commercial fitness facilities, performance centers, and training spaces for many leading brands worldwide. The Tamborninos’ family of brands is a leading supplier of U.S.-manufactured strength equipment with a strong presence in performance and education markets.
Prep Network Acquires Coast 2 Coast Preps
Prep Network, a leading youth sports platform focused on live events, subscription content, and collegiate athlete recruitment, today announced the acquisition of Coast 2 Coast Preps, a national leader in middle school basketball events and coverage. The acquisition expands Prep Network’s growing basketball platform and creates a pathway for young athletes focused on access, competition and exposure to seamlessly continue their athletic journey from the middle school level into the high school ranks with Prep Hoops, Prep Network’s existing basketball content, rankings, and events brand. Headquartered in Plymouth, Minnesota, Prep Network publishes over 4,000 articles each month and hosts more than 450 premier events annually across the United States.
Cosmetics & Pharmacy
The brand Starface, best known for its star-shaped pimple patches, quietly closed a substantial minority round ($105 million) with the funds Astō and Align Ventures. Astō, which launched last year, has already built a reputation for operational expertise and big exits with food brands Skinnypop and Good Culture. Align has invested in beauty-adjacent lines Coterie and Touchland. People with knowledge of Starface’s business said that co-founders Julie Schott and Brian Bordainick remain in control. It’s a huge round for Starface — which had only raised under $20 million to date — that reflects the size of its ambitions. The brand has been profitable for four years (Starface was founded in 2019) and hit $110 million in revenue last year; insiders close to the company expect that figure to be closer to $150 million for 2026. That’s certainly a lot of product, especially when Starface’s hero Hydro-stars sell for $10.99. But like any independent brand, there is still more room for growth. Starface still has plenty of digital runway, which is a bit of a surprise given how online the brand can feel.
COSMAX Acquires 51% Stake in Italy’s Keminova to Establish First European Production Base
COSMAX has signed a Share Purchase Agreement to acquire a 51% stake in Italian cosmetics ODM Keminova, marking the company’s first production base in Europe. Headquartered in South Korea, COSMAX is expanding its global footprint by entering the European manufacturing market through Keminova, based in Brescia, Italy’s “Beauty Valley,” a key cosmetics hub near Milan. Founded in 1985, Keminova generated approximately €10.5 million in sales last year and has an annual production capacity of around 20 million skincare units. The acquisition extends COSMAX’s production network—previously concentrated in Korea, China, and the U.S.—into Europe, strengthening its ability to respond to global K-beauty demand.
Charlotte Tilbury CEO Demetra Pinsent to Step Down After 14 Years
Charlotte Tilbury chief executive Demetra Pinsent is exiting the beauty brand after 14 years at the helm. Pinsent, who has led Charlotte Tilbury since its launch in 2012, announced her departure internally, with her final day set for February 26, 2026. A company spokesperson confirmed she is leaving to “pursue new opportunities.” No successor has yet been named. Founder Charlotte Tilbury will continue to lead the brand creatively and commercially in her roles as president, chairman, and chief creative officer.
Persán Agrees Sale of Mibelle Biochemistry to Solabia Group
Persán has signed an agreement to sell its Mibelle Biochemistry division to the Solabia Group, a global biotechnology specialist in active ingredients for the health and beauty sectors. The transaction will see Mibelle Biochemistry, known for its Swiss-made natural and bio-based cosmetic and nutraceutical actives, join Paris-headquartered Solabia, which operates 11 manufacturing sites and eight R&D laboratories worldwide and employs more than 900 people. The acquisition strengthens Solabia’s leadership in natural active ingredients by combining complementary technologies and expanding its innovation capabilities.
Discounters & Department Stores
TJX Is Going After Brands More Aggressively Than Ever
The TJX Companies continued to roll over retail last year, with net profits of $5.5 billion, revenues topping $60 billion, and comparable store sales up 5 percent. While the off-price giant forecast that momentum would slow to comp growth of 2 percent to 3 percent this year, Ernie Herrman, president and chief executive officer, said he was confident TJX would continue to grow its global market share “well into the future.” The off-pricer buys its inventory from full-price retailers that have excess inventory and directly from vendors, creating an ever-changing treasure-hunt experience in the company’s 5,214 stores.
Dillard’s Posts ‘Respectable’ Performance in Fiscal Year
Respectable. That’s how William Dillard 2nd characterized his company’s performance in fiscal year 2025. On February 24th, the Little Rock, Ark.-based department store reported that net income dipped slightly on sales that were unchanged from the prior year for the 52 weeks ended Jan. 31. Net income fell 3.9 percent to $570.2 million, or $36.42 a share, from $593.5 million, or $36.82 per share, for the 52 weeks ended February 1st, 2025. Included in net income for fiscal 2025 was a pretax gain of $20.4 million primarily related to the sale of five properties and federal and state income tax benefits of $35 million due to a special dividend of $30 a share that was paid to the Dillard’s Inc. Investment and Employee Stock Ownership Plan during the year, the company said.
Emerging Consumer Companies
Warby Parker posts its first annual net income
Warby Parker recorded its first full-year net income on February 26, reporting a 2025 net income of $1.6 million from a net loss of $20.4 million the year prior. Net revenue for the year grew 13% year over year to $871.9 million, but gross margin fell 130 basis points to 54% due in part to tariffs and higher shipping costs. These factors were partially offset by selective price increases, the company said. For Q4, Warby Parker reported net revenue grew 11.2% year over year to $212 million, while gross margin contracted 170 basis points to 52.4%.
Archer Meat Snacks secures nearly $100 Million credit facility from J.P. Morgan
Archer Meat Snacks, one of the fastest-growing meat snack brands in the U.S., announced that it has secured a roughly $100 million aggregate credit facility from JPMorgan Chase. The financing will provide additional capacity to support Archer’s rapid growth and expanding national footprint. Founded in 2011 and available in over 30,000 retail locations nationwide, today Archer is a leading better-for-you jerky brand. Amid accelerating growth and rising brand visibility, over the past twelve months, Archer completed a major rebrand, launched a national marketing campaign, and secured a multi-year sponsorship of the Los Angeles Dodgers.
Article and Klarna partner to let shoppers pay over time
Klarna is partnering with Article, the direct-to-consumer furniture brand, to offer its installment payment plans to Article’s online customers in the U.S. and Canada, the buy now, pay later platform announced Monday. At checkout, Article shoppers can pay for their purchases in four interest-free payments or finance larger orders over time, according to the press release. Home essentials is one of Klarna’s fastest-growing categories in North America, the payments provider said in a press release.
Just Ice Tea raises $9m Series B to support retail expansion and new flavors
Just Ice Tea has raised $9 million in Series B financing to accelerate national retail growth and product innovation, including the launch of Watermelon Lime White Tea and Peach White Tea. Investors in the round include Robert Trone, co-founder of Total Wine & More, Taste Tomorrow Ventures, and senior leadership from Big Geyser of NYC, Polar Strategic Ventures, and several other distributors. Founded in 2022 by Seth Goldman, Barry Nalebuff, and Spike Mendelsohn, the brand produces ready-to-drink organic, Fair Trade teas made with recognizable ingredients and no artificial additives.
Food & Beverage
JM Smucker adds two board members in deal with activist investor
J.M. Smucker is appointing two independent directors to its board as part of an agreement with activist investor Elliott Investment Management. The Uncrustables and Folgers coffee maker said Bruce Chung, the CFO at NRG Energy, and former Snyder’s-Lance CEO David Singer will join the board on April 15th. Elliott said the deal comes following “constructive engagement” with Smucker. Marc Steinberg, a partner at Elliott, added that the new board members “represent critical steps toward ensuring The J.M. Smucker Company reaches its full potential.”
Kim Kardashian becomes co-founder of better-for-you energy drink brand Update
Kim Kardashian is joining clean-energy drink company Update as a co-founder for its relaunch. Update was initially introduced in 2022 by entrepreneur Daniel Solomons as a better-for-you energy drink made with paraxanthine, a derivative of caffeine that can provide a similar boost but without the jitters or crash. The body naturally converts caffeine to paraxanthine, and studies have found the ingredient to be a safer alternative that could enhance sports performance. The brand says Kardashian became a regular customer of Update in 2023, placing large and consistent orders and offering “unsolicited feedback” on flavor, formulation, and packaging.
Nestlé to sell off remainder of ice cream business
Nestlé is offloading the remainder of its ice cream assets as the world’s largest food company takes a larger review of its businesses in an aggressive push to turn around sales. The CPG’s ice cream business outside the U.S. will be sold to Froneri “in a phased way,” Nestlé CEO Philipp Navratil said during a recent earnings call. Froneri, a joint venture created by the Swiss company and PAI Partners, acquired Nestlé’s U.S. ice cream business for $4 billion in 2019. Navratil said its remaining ice cream holdings are “strong but small,” adding that the segment is “a distraction for us” as the company chases larger growth opportunities.
Grocery & Restaurants
Papa Johns is closing hundreds of locations
Papa Johns is the latest pizza chain to close hundreds of locations following a tough quarter as customers pull back on spending. The company revealed during Thursday’s earnings call that approximately 300 underperforming restaurants in North America will close by the end of 2027, with about 200 of them shuttering this year. The affected restaurants are those “not meeting brand expectations or lack a clear path to sustainable financial improvement, as well as locations where we can effectively transfer sales to a nearby restaurant,” said Ravi Thanawala, Papa Johns chief financial officer and president of the chain’s North America operations. A specific list of locations wasn’t announced. Papa Johns had about 3,500 locations at the end of 2025, according to its annual report.
Domino’s defies industry struggles with 3.7% Q4 sales growth
Domino’s Pizza is optimistic about its leadership in the pizza and quick-service categories after posting 3.7% same-store sales growth in the fourth quarter ended Dec. 28, 2025. Russel Weiner, CEO of the Ann Arbor, Mich.-based company, said that even though many other companies have reported spending slowdowns among lower income consumers, Domino’s saw sales growth across all income cohorts last quarter. The company plans to take advantage of some of the sluggishness of the pizza and broader quick-service categories by aggressively taking more market share in the future. “There seems to be a narrative out there that pizza is a challenged and declining category, and that is just not true,” Weiner said. “The pizza category is certainly mature, but do not let the challenges at some of our higher profile competitors drive a false narrative. … When I look at our current market share in comparison to other leaders within QSR who own 40 to 50% of their categories, I believe that Domino’s can double our retail sales from where we are today.”
Home & Road
Bed Bath & Beyond prioritizes revenue growth as losses narrow in Q4, full year
Revenue is still declining for Bed Bath & Beyond Inc., but at a slower rate, edging the company toward profitability, according to its fourth quarter earnings report. The operator of retailers Bed Bath & Beyond, Overstock, Buybuy BABY and Kirkland’s Home, along with a blockchain asset portfolio, delivered its eighth consecutive quarter of improvement. Revenue for Q4 was $273 million, which represents a 9.8% year-over-year decrease. Excluding its exit from Canada, revenue declined 6.4% year-over-year. For the full year, revenue fell by 25.1%. “We saw the rate of revenue decline compress meaningfully throughout the year,” said Marcus Lemonis, executive chairman and CEO, “positioning us for a return to top-line growth. Our fourth quarter capped a year of measurable financial and operational progress. We built our core retail discipline, improved margins, enhanced marketing efficiency and strengthened our balance sheet,” he said.
Strong fourth quarter caps solid 2025 for Havertys
Top 100 retailer Havertys posted strong numbers in the fourth quarter of 2025, helping it to eclipse FY2024’s sales figures. For the three months ended Dec. 31, 2025, the Atlanta-based retailer reported net sales of $201.9 million, which bested 2024’s $184.4 million by 9.5%, while same-store sales were up 8.2%. Net income for quarter came in at $8.5 million, or 51 cents per diluted share, up 3.66% on $8.2 million, or 49 cents per diluted share a year ago. “Our fourth quarter results were highlighted by our second consecutive quarter of growth in both written and delivered sales and comp-store sales,” said Steven Burdette, president and CEO. For the year, Havertys posted net sales of $759 million, up 5% compared with $722.9 million for the entirety of 2024. Net income dipped slightly, falling to $19.7 million vs. $20 million in 2024, but diluted earnings per share remained flat at $1.19. In this fiscal year, Havertys’ EBITDA rose from $41.7 million in 2024 to $45.5 million in 2025.
Wayfair execs tell shareholders of ambitious growth initiatives, AI plans
Accelerated growth is on the agenda in 2026 at Wayfair after accomplishing its goal of returning to growth in 2025, according to the letter to shareholders delivered by its co-founders. In their letter, CEO and co-Chairman Niraj Shah and co-Chairman Steve Conine, noted that despite a choppy macro environment, the company was able to move last year from a 0% growth rate to its latest 7% mark. “This is just the beginning of what we can accomplish now that Wayfair is returning to full form,” the wrote. “If 2025 was the year we returned to growth, 2026 will be the year of acceleration.” The company’s 2026 growth plan falls into three buckets: improving selection, price, availability and speed; inventing and scaling business initiatives that “meaningfully contribute”; and leveraging technology to support operations, suppliers and customer engagement.
Jewelry & Luxury
The Arnault Family Now Owns More Than Half of LVMH
The Arnault family has crossed the 50 percent ownership threshold of French conglomerate LVMH Moët Hennessy Louis Vuitton. Billionaire Bernard Arnault’s family group has been taking advantage of a market slump to snap up shares in the world’s largest luxury group, which owns more than 75 brands including Louis Vuitton, Dior, Tiffany & Co., Sephora, and Moët & Chandon. The family now holds 50.01 percent of the capital and 65.94 percent of voting rights, according to a source familiar with the matter. At the end of last year, it held 49.77 percent of the capital and 65.89 percent of the voting rights.
SMCP Sales Slip in Q4 as Exit From BHV Weighs on France
French contemporary conglomerate SMCP posted weaker fourth-quarter sales as its exit from BHV, following the department store’s deal with Shein, weighed on performance in its home country. The group’s sales dipped 1.2 percent at constant currency to 322 million euros after shuttering 26 points of sale across its brands — Sandro, Maje, Claudie Pierlot and Fursac — in all department stores owned by BHV parent company Société des Grands Magasins across the country in the three months to December 31st. “It was a partner with whom we had recurring unpaid invoices for several months,” SMCP chief executive officer Isabelle Guichot said in a call with journalists. “And clearly, there were strategic differences regarding the approach and the type of customers those stores wanted to attract.”
Office & Leisure
TWAI Announces Acquisition of Trecco to Expand Social Discovery and Experience Retailing
TWAI announced the acquisition of Trecco, a community-driven social travel discovery platform that helps travelers uncover authentic experiences through peer-to-peer recommendations, creator advice and short-form video. The acquisition strengthens TWAI’s focus on connecting inspiration, retailing, and booking across its products. It also expands TWAI’s position in tours, activities, and experiences. Trecco helps travelers find and book experiences through creator videos, trip boards, and recommendations. The acquisition aligns with TWAI’s earlier additions to Travello and BackpackerDeals. Together, the group forms a single ecosystem that links social discovery, curated marketplaces, and retail distribution for travelers, operators, and creators.
Boyd Gaming to sell Sam’s Town Shreveport to neighboring Bally’s Corporation
Boyd Gaming Corporation has agreed to sell Sam’s Town Hotel & Casino in Shreveport to Bally’s Corporation, the companies announced. The riverfront property sits directly next to Bally’s Shreveport Casino & Hotel along the Red River, meaning the two side-by-side casinos will operate under the same ownership once the deal closes. Sam’s Town Shreveport features a 29,000-square-foot casino floor with approximately 750 slot machines and 14 table games, a 514-room hotel, multiple dining options, live entertainment space and convention and meeting facilities. The transaction is expected to close in the third quarter of this year, pending customary closing conditions and required regulatory approvals. Financial terms were not disclosed.
Technology & Internet
OpenAI closes $110 billion funding round in largest private financing
OpenAI has closed a $110 billion funding round, a financing that’s more than double the size of its last raise a year ago, which was a record for a private tech company. Amazon invested $50 billion, Nvidia invested $30 billion and SoftBank invested $30 billion in the round, OpenAI said in a release on Friday. The investment boosts OpenAI to a $730 billion pre-money valuation, which marks a big jump from its $500 billion valuation in a secondary financing in October. Other investors are expected to join as the round progresses, OpenAI said. “These partnerships expand our global reach, deepen our infrastructure, and strengthen our balance sheet so we can bring frontier AI to more people, more businesses, and more communities worldwide,” OpenAI said. In addition to its participation in the funding round, Amazon announced a multi-year strategic partnership with OpenAI. The companies will develop customized models that will help power Amazon’s customer-facing applications as part of the agreement, according to a release.
Smartphone market poised for ‘sharpest decline on record’ in 2026
Analysts are forecasting the worst-ever decline in the global smartphone market in 2026, as dwindling memory supplies continue to drive up prices of devices. The worsening memory crisis could see the global PC and smartphone markets shrink by 11% and 13% respectively, according to a report from the International Data Corporation. Meanwhile, Counterpoint Research is projecting a 12% year-on-year fall in global smartphone shipments in 2026 — the “sharpest decline on record,” with smartphone shipments this year expected to fall to their lowest annual volumes since 2013. The warnings come as technology companies looking to cash in on the AI boom through aggressive investments in AI infrastructure are straining memory chip inventories, leaving manufacturers in other memory-intensive sectors, like smartphone and PC producers, scrambling to secure chip supplies.
Finance & Economy
Core wholesale prices rose 0.8% in January, much more than expected
Wholesale prices rose at a faster-than-expected pace in January, countering hopes that inflation was easing, the Bureau of Labor Statistics reported on February 27th. The core producer price index, which excludes volatile food and energy prices, increased a seasonally adjusted 0.8%, more than the 0.6% gain in December and well ahead of the Dow Jones consensus estimate for 0.3%. On an all-items basis, the headline PPI rose 0.5%, also above the forecast for 0.3% and 0.1 percentage point more than the prior month. For the full year, core wholesale prices accelerated 3.6%, while the headline index posted a 2.9% gain. Both figures are well ahead of the Federal Reserve’s 2% inflation goal and suggest that rising prices are still a factor for the U.S. economy.
Fourth-quarter U.S. GDP up just 1.4%, badly missing estimate
U.S. growth slowed more than expected near the end of 2025 as the government shutdown impacted spending and investment, while a key inflation metric showed high prices are still a factor for the economy, according to data released February 27th. Gross domestic product rose at an annualized rate of just 1.4%, according to the Commerce Department, well below the Dow Jones estimate for a 2.5% gain. Consumer spending increased at a slower pace for the period while government spending tumbled sharply in a quarter marked by the record-length shutdown. The department estimated that the shutdown subtracted about 1 percentage point from growth, though it added that the exact impacts “cannot be quantified.” For the full year in 2025, the U.S. economy grew at a 2.2% pace, down from the 2.8% increase in 2024.
