Story of the Week
Olaplex (partially backed by Advent since 2019) to be acquired by Henkel in $1.4 billion deal
German consumer brand Henkel announced it has agreed to acquire all of the shares of the prestige haircare brand Olaplex for $1.4 billion. The company said the deal, at an offer price of $2.06 per share, was unanimously approved by Olaplex’s board of directors and marks an “important milestone” in Henkel’s business strategy. “The planned acquisition of OLAPLEX is fully in line with Henkel’s strategy to expand its portfolio through compelling, value-adding M&A activities,” Henkel CEO Carsten Knobel said in a statement. “This transaction allows us to expand our presence in premium hair care. The brand creates compelling opportunities for future growth and innovation.” Olaplex has been backed by the private equity firm Advent since 2019. At the beginning of March, Henkel also announced the acquisition of Not Your Mother’s Haircare.
Apparel & Footwear
Dick’s Sporting Goods Has Kicked Off Layoffs at Foot Locker
Dick’s Sporting Goods, on March 23rd, began a series of layoffs at its Foot Locker operation, sources said. The layoffs weren’t unexpected — it was just a question of when. Matt Powell, consultant at Spurwink River, told Footwear News: “In most mergers and acquisitions, there are redundancies, especially back of house in departments like HR and sourcing. I had been expecting some reductions,” he said, adding that he’s heard the integration of Foot Locker by Dick’s Sporting Goods has “gone better than expected.”
Oxford Industries Slips Into Red as Saks Bankruptcy, Macro Issues Hit Bottom Line
It turned out to be a rough end to the year for Oxford Industries in 2025. The Atlanta-based owner of Tommy Bahama and Lilly Pulitzer reported a loss of $9.7 million, or 48 cents a share, in the fourth quarter, down from a profit of $20.3 million, or $1.14 a share, in the prior year. Sales dipped 4 percent to $374.5 million from $390.5 million. Sales at Tommy Bahama were down 4 percent to $229.2 million, Lilly Pulitzer posted a 1 percent dip in sales to $73.5 million, and Johnny Was, the newest addition to the Oxford stable, fell 20 percent to $37.9 million. Only the company’s emerging brands division, which includes Southern Tide, Duck Head, and the Beaufort Bonnet Co., posted positive sales in the period, rising 7 percent to $34 million.
H&M Sales Slip in Q1 as Store Closures Weigh and CEO Touts Long-term Repositioning
Swedish fast-fashion giant H&M Group reported a slight slip in first-quarter sales as it navigates a period of structural change, with store closures and revamps weighing on growth. Sales for the three months to February 28th fell 1 percent in local currencies, reflecting a smaller store footprint following a wave of closures over the past year. At the end of the quarter, the group operated 163 fewer stores than a year earlier, or roughly 4 percent fewer, driven in part by the decision to shutter all physical locations of its Monki brand.
GLP-1 users are changing apparel trends
The rising usage of GLP-1 weight-loss drugs is having a substantial impact on apparel industry trends as shoppers change sizes and lifestyle habits, according to a Circana report. With 23% of all U.S. households using GLP-1 medications as of September — up 4 percentage points from the prior year — 80% anticipate needing new clothing due to changes in size, and 55% have already purchased new clothing or footwear primarily for that reason. Apparel purchases were already being affected, Circana found. Sales of larger bras slowed while mid- to small-size bra sales increased, an early indication of a potentially major shift.
Athletic & Sporting Goods
On CEO’s planned hiatus comes as a surprise
Less than a year after taking sole leadership of On, Martin Hoffmann is stepping down as CEO, effective May 1. The company described his departure as voluntary and planned. Co-founders David Allemann and Caspar Coppetti take the reins from him as co-CEOs and co-chairs of the board. Co-founder Olivier Bernhard will remain an executive member of the board. Scott Maguire, appointed chief innovation officer in April, is being promoted to president and chief operating officer. As previously announced, Frank Sluis will be chief financial officer, a role Hoffmann held for 13 years, even after he became co-CEO five years ago.
Ruger Launches Dedicated Shareholder Website Ahead of Berretta Proxy Fight
Sturm, Ruger & Company Inc. has launched a dedicated shareholder website ahead of its 2026 annual meeting of shareholders as it faces a proxy fight from competitor Beretta Holding S.A. Ruger, in a statement, said the website, ruger.com/proxy2026, “provides shareholders with detailed information on the recently refreshed Ruger Board, which includes five new directors who have joined over the past year. The website also includes information on the company’s capital stewardship, shareholder returns, performance, and strategic direction, along with copies of meeting-related communications from Ruger and other important details regarding the Annual Meeting. Luxembourg-based Beretta has accumulated a 9.95 percent stake in Ruger since last September, becoming its largest shareholder.
Pelican Intl, Inc. Acquires Sun Dolphin, Evoke, and Outta Site Brands Parent
Pelican Intl, Inc. has acquired The KL Companies, Inc. (KL Outdoor), the parent of the Sun Dolphin, Evoke, and Outta Site outdoor brands, a move said to mark a milestone in the execution of its North America growth plan. This acquisition “brings together complementary brand portfolios, manufacturing capabilities and distribution networks, offering the industry a comprehensive product ecosystem across all price tiers—for retailers and consumers,” said Pelican in a media release. Headquartered in Laval, Québec, Canada, since 1968, Pelican Intl, Inc. is a manufacturer of recreational and performance paddlesports and outdoor equipment formed by the May 2025 merger of the former Pelican International and Confluence businesses. The company’s consumer brands include Pelican, Catch, Wilderness Systems, Perception, Dagger, Sun Dolphin, Evoke, and Outta Site.
Cosmetics & Pharmacy
Herbalife acquires Bioniq in a deal worth up to $150M
London-based personalized supplement startup, Bioniq, which uses blood biomarker data to formulate individual supplement regimens, will be integrated into Herbalife’s 95-market network. The $55M guaranteed price is paid over five years; up to $95M in additional contingent payments takes the total to $150M. Bioniq was founded in London in 2019 by Vadim Fedotov, a former professional basketball player who competed for the German national team before pivoting to management consulting and then entrepreneurship. The company’s core proposition is that generic multivitamins are an inefficient substitute for supplements calibrated to what an individual’s blood actually shows. Its platform ingests blood biomarker results alongside a health questionnaire and generates a personalized daily formula, with over six million biomarker data points collected across five continents underpinning the algorithm. Fedotov will join Herbalife’s leadership team following the close; other key Bioniq staff will also transition.
Bansk Group to Acquire So Good So You, A Category-Leading Wellness Brand
Bansk Group, a consumer-focused private investment firm dedicated to building distinctive consumer brands, announced that it has entered into a definitive agreement to acquire a majority interest in So Good So You, a fast-growing functional wellness brand best known for its category-leading refrigerated wellness shots. So Good So You co-founders, Rita Katona and Eric Hall, will continue as equity holders, will maintain a seat on the board of directors, and are excited to deliver the Company’s next stage of growth. Prelude Growth Partners will exit its minority investment in the Company as part of the transaction. Terms of the transaction were not disclosed. Founded in 2014 with the mission of making wellness simple, accessible, and effective, So Good So You has established itself as a pioneer and the category leader in the rapidly growing wellness shots category.
Discounters & Department Stores
Nordstrom to close 2 full-line stores despite top-line strength last year
Nordstrom is closing two full-line stores this spring, the company confirmed by email on March 25. The anchor at the Galleria Dallas Mall in Texas will close May 16, and the anchor at the Christiana Mall in Delaware will close April 30. The closures come amid the expansion of Nordstrom’s off-price business, with plans to open 23 Rack stores in 2026, after opening 22 last year, a spokesperson said by email. Nordstrom no longer releases earnings reports since going private last year. But on March 25, the department store said 2025 total sales rose 7% year over year to nearly $16 billion, with the highest comps in over a decade.
Dollar General CEO Todd Vasos to step down, again
Dollar General’s CEO, Todd Vasos, will step down from his position effective Jan. 1, 2027, the company said on March 24th. He will be succeeded by JJ Fleeman Jr., who will leave his role as CEO of grocery company Ahold Delhaize USA in June. Fleeman will also join the discount retailer’s board of directors in January. Vasos will serve in a senior adviser role through April 2, 2027, and remain a member of the board following the transition. Vasos has served as Dollar General’s CEO for 10 years across two separate terms; he retired in 2022 but returned less than a year later after his successor was dismissed. Fleeman has about 35 years of grocery retail experience with Ahold Delhaize companies.
Emerging Consumer Companies
Salt and Stone acquired by Advent International
Advent International has acquired Salt & Stone, the premium body care brand that underscores how an evolved direct-to-consumer model spanning retail, Amazon and owned channels can drive significant value. Terms of the deal, slated to close in April, weren’t disclosed. Founded in 2017 with mineral sunscreen by former professional snowboarder Nima Jalali, whose knee injury prompted him to seek better-for-you products, Salt & Stone generates 40% of its sales from DTC, while deodorant accounts for around 40% of its business.
KilgourMD, the dermatologist-founded, science-backed scalp health and hair growth brand, announced the close of its Series A funding round led by Prelude Growth Partners. The round included participation from existing investors Willow Growth, Joyance Partners, and Able Partners for the brand, which was founded in 2023 by Stanford-trained, board-certified dermatologist Dr. James Kilgour. “KilgourMD was born out of seeing firsthand the experience of my mother, as well as countless patients, struggling with hair loss during menopause,” said Dr. James Kilgour. “I developed our clinically-proven scalp serum system to address this unmet need, and today we sell a bottle every 20 seconds. Prelude Growth shares our vision for redefining scalp health, and I’m excited to partner with them as we scale our clinical and product innovation.”
Food & Beverage
Danone Acquires Huel in €1bn Functional Nutrition Deal
Danone has agreed to acquire UK-based nutrition brand Huel in a deal valued at approximately €1 billion. Huel, known for its plant-based meal replacements, powders, and snacks, has grown from a direct-to-consumer startup into a global brand stocked in over 25,000 stores. The company generated revenues of over £250 million with profit margins of around 10%. Backed by investors including Idris Elba, the acquisition will provide Huel with access to Danone’s global infrastructure, distribution, and R&D capabilities, accelerating its expansion. Co-founder Julian Hearn is expected to receive a significant payout from the deal.
Molson Coors buys Monaco Cocktails owner in RTD expansion
Molson Coors has acquired Monaco Cocktails owner Atomic Brands for an undisclosed amount, the brewer announced on March 23rd. The purchase is expected to close “in the coming weeks.” Monaco, which Molson Coors called a pioneer of the RTD category, is sold across the U.S. It has a strong presence in convenience stores, a channel that has been particularly lucrative for RTD beverages. The deal boosts Molson Coors’ “beyond beer” portfolio, a key focal point for the beer giant as beer sales decline and demand for ready-to-drink cocktails continues to soar.
Fireball owner buys canned cocktail brand Dirty Shirley
Spirits giant Sazerac has acquired ready-to-drink cocktail brand Dirty Shirley for an undisclosed amount, the company announced Thursday. The acquisition builds on Sazerac’s growing RTD portfolio, which includes the 2024 acquisition of BuzzBallz. Dirty Shirley, which adds vodka to the classic Shirley Temple, also taps into growing consumer demand for nostalgic flavors, specialty sodas and canned cocktails. While alcohol consumption reached a low in 2025, RTD cocktails have been a bright spot for the category, with many young consumers flocking to the segment for convenience, flavor, and oftentimes high alcohol content. Rival alcohol giants, including Diageo, Brown-Forman, and Boston Beer, have also tapped into the premixed cocktail trend with their own launches.
Grocery & Restaurants
Fast-growing Nothing Bundt Cakes is sold to KKR
Nothing Bundt Cakes, the fast-growing, Dallas-based chain that turned a niche treat in a billion-dollar business, is being sold to the private-equity firm KKR. The Wall Street Journal listed the valuation of the 700-unit chain at $2 billion. The deal represents a rare exit for the private-equity firm Roark Capital, which has been shopping the chain since last year. Roark, which traditionally buys and holds its acquisitions, acquired Nothing Bundt Cakes in 2021. Nothing Bundt Cakes grew to 390 locations when Roark acquired the chain in 2021. The chain is mostly franchised. At the end of 2024 the chain operated 643 locations, up nearly 19% compared with the previous year, meaning the brand has nearly doubled since Roark’s acquisition.
McDonald’s Big Arch provides a modest traffic bump
McDonald’s anticipated Big Arch Burger provided a modest traffic bump in the week following its launch March 3, up 2.2% year-over-year, according to new data from Placer.ai. While this certainly wasn’t as robust of a lift as previous promotions, including the wildly successful The Grinch Meal in December, it reversed the week-prior trend of -0.5%. Also, like most of the industry, McDonald’s also took a major traffic hit — down 5.5% — toward the end of January amid Winter Storm Fern. However, throughout February and prior to the Big Arch launch, McDonald’s traffic was far stronger — up mid-single-digits. In a blog, Placer.ai noted that the limited impact of the Big Arch “suggests consumers may be growing more selective in their spending amid ongoing economic pressure.” That said, while much of the spotlight will be on the “modest, short-lived” traffic increase, the Big Arch isn’t really meant to be a traffic play. That heavy lifting is meant for McDonald’s ongoing value offerings in the form of Extra Value Meals and, soon, McValue 2.0, which will include a $3 price point for select items.
Home & Road
MillerKnoll see sales growth across all segments for Q3
Office furniture supplier MillerKnoll, parent company of Herman Miller, posted increases across the board for its third quarter ended Feb. 28, building on the momentum that it showed in Q2. With net sales up 5.8% year-over-year and an increase in gross margin of 20 basis points, the company saw operating earnings of $44.9 million, compared with an operating loss of $89 million in the third quarter last year. Likewise, net earnings for the company were $23.5 million for the period, up from a loss of $12.7 million last year. By segment, the North America Contract segment saw net sales of $488.6 million, up 4.4% from last year; International Contract net sales were up 7.8% to $156.9 million; and Global Retail posted Q3 net sales of $281.1 million, up 7.1%.
Dallas-area fixture Weir’s Furniture announces plans to close
Top 100 retailer Weir’s Furniture announced that it is closing its retail operations after nearly 80 years and will close once all its merchandise is sold. The retailer’s roots date to 1948 when J. Ray and Bea Weir opened with a single storefront on Knox Street in Dallas. Leaders say the decision was made only after exploring all reasonable alternatives and careful evaluation of its long-term financial position, difficult market conditions and operational challenges. The board of directors determined that the company cannot continue operating sustainably.
Jewelry & Luxury
Movado’s Q4 Sales Rise as Demand Grows
Movado Group posted sales growth in Q4 and for the fiscal year, boosted by strong sales in the United States and growing demand from younger shoppers and women. In the fourth quarter ending January 31, Movado’s net sales rose 6 percent year-over-year (2 percent on a constant dollar basis) to $191.6 million. Movado attributed the rise in part to growth in the U.S. and international wholesale channels as well as its brick-and-mortar and online retail channels. U.S. sales were up 11 percent in Q4 while international sales rose 1 percent (down 6 percent on a constant dollar basis).
The Ruffini family acquires a stake in Da Vittorio
The family-owned investment holding company of the Moncler Group’s owners has acquired a 40% stake in Italy’s largest family-owned fine-dining restaurant group. The Ruffini family, and in particular businessman Remo Ruffini—the majority shareholder and CEO of the luxury fashion group Moncler—are continuing to diversify into the lifestyle and premium dining sectors. Ou(r) Group, the Ruffini family’s investment holding company, has just finalized a partnership under which it will acquire a 40% stake in Da Vittorio. The remaining 60% will remain in the hands of the Cerea family, founders of this prestigious Italian restaurant group.
Fashion e-tailer LuisaViaRoma files for liquidation, employees organize strike
LuisaViaRoma’s attempts at extra-judicial negotiations with financial creditors over the past few months have reached their tipping point. On March 24th, the beleaguered fashion e-tailer filed for a court-mediated procedure called “Concordato Semplificiato” under Italian liquidation law, paperwork reviewed by WWD revealed. The company must provide the Florence Court with a business plan and has requested a 60-day period to file it, subject to the court’s approval. Once submitted, the court must decide whether to ratify the plan and the procedure, thereby resolving the crisis. Otherwise, the company would be placed into judicial liquidation. In August, the company resorted to protective measures filed with a Florence Court and the Italian Chamber of Commerce to ensure business continuity as the e-tailer sought to restructure its debt and operations.
Office & Leisure
Gambly, Unabated Merge to Expand AI, Analytics for Sports Bettors
Gaming technology company Gambly and sports betting analytics platform Unabated have turned a partnership into a full merger. The two companies, which had already been sharing parts of their business, officially announced the formation of Gambly Ventures, Inc. Both platforms, which will continue to exist on their own, will combine Gambly’s AI betslip technology with Unabated’s data capabilities in what the companies hope will appeal to different types of bettors. Gambly Ventures plans to merge resources like comprehensive odds ingestion and mapping, betslip deep linking, and data science, according to the new company.
Pro Padel League raises $15 million as investors bet on sport’s U.S. growth
The Pro Padel League has raised $15 million in a new funding round, the league announced on Tuesday, highlighting the growing investment for yet another rising racket sport as it gains traction in the U.S. The new raise follows $10 million in seed funding for the league, received in March 2025. The Series A funding round was led by Charlotte Hornets co-chairman and governor Rick Schnall, with additional investment from venture capital firm Left Lane Capital. The North American league currently has 10 city-based franchises: eight in the U.S., one in Canada and one in Mexico. The league also recently launched a developmental circuit called PPL 2 — aimed at identifying North American talent — and secured new sponsorship deals with watchmaker Frederique Constant as well as sporting goods brand Franklin Sports.
Technology & Internet
Amazon acquires ‘approachable’ humanoid maker Fauna Robotics
Amazon has acquired Fauna Robotics, a startup that builds “approachable” humanoid robots for consumers and businesses, the company confirmed Tuesday. Terms of the deal weren’t disclosed. “We are excited about Fauna’s vision to build capable, safe, and fun robots for everyone,” an Amazon spokesperson told CNBC in a statement. “Together with Amazon’s robotics expertise and decades of experience earning customer trust in the home through our retail and devices businesses, we’re looking forward to inventing new ways to make our customers’ lives better and easier.” Fauna Robotics was founded in 2024 by former Meta and Google engineers. Earlier this year, the New York-based company launched Sprout, a $50,000 bipedal robot that’s 3 feet, 6 inches tall, weighs 50 pounds and is designed to be “approachable and human-friendly,” as well as “genuinely accessible” to software developers.
Jury reaches verdict in blockbuster Meta, YouTube social media trial
A jury in Los Angeles determined on Wednesday that Meta and Google’s YouTube were negligent and failed to warn users of the dangers associated with using their platforms, in a case that could have repercussions across the social media landscape. The personal injury trial commenced in late January in LA Superior Court. A young woman identified as K.G.M., or Kaley, alleged that she became addicted to apps like Instagram and YouTube as a child. Jurors ultimately ruled in favor of the plaintiff, who claimed that Meta and YouTube’s negligence played a “substantial factor” in causing mental health-related harms. It’s one of several trials taking place this year that experts have characterized as the social media industry’s “Big Tobacco” moment, comparing it with the 1990s, when tobacco companies were forced to pay billions of dollars for lying to the public about the safety and potential harms of their products.
Finance & Economy
Higher fuel prices pinch consumer budgets beyond the gas pump
As the U.S.-Iran war enters its fifth week, consumers are facing economic consequences that impact everything from travel planning to mail delivery. Companies and other organizations are increasingly preparing for an environment in which the conflict — and subsequent jolt to crude prices — evolves from an unexpected shock into a long-term challenge. As corporate policies change, Americans will feel it in their wallets beyond the gas pump. Many companies tie these adjustments to surging oil prices, with the blockage of the key Strait of Hormuz passageway depressing supply. Prices on the May contract for Brent — a global benchmark for oil prices — have surged more than 55% in March, on track for their biggest monthly gain on record going back to 1998. U.S. oil prices are up slightly less, logging a 49% increase month to date.
Global forecasting group sees U.S. inflation at 4.2% this year, much higher than Fed estimate
The war in Iran and its impact on the global energy market will keep headline U.S. inflation this year well above the Federal Reserve’s projections, possibly necessitating policy action, according to a key global policy group. In its periodic update on economic conditions, the Organization for Economic Cooperation and Development forecast all-items inflation in the U.S. to be 4.2% in 2026. The forecast is a sharp step up from the prior projection of 2.8%. Moreover, it is much higher than the 2.7% Fed officials estimated when they updated their own forecasts last week. The revision is due to two primary factors: the war in the Middle East and the ongoing impact of U.S. tariffs, which, while lower than prior levels, continue to boost prices around the world.
Recession odds climb on Wall Street as economy shows cracks beneath the surface
Economists have revised their risk assessments of a U.S. contraction amid heightened geopolitical uncertainty and a labor market that has shown strains for the past year. “I’m concerned recession risks are uncomfortably high and on the rise,” said Mark Zandi, chief economist at Moody’s Analytics. “Recession is a real threat here.” Twin concerns about growth and unemployment have triggered talk of stagflation, a characterization that Fed Chair Jerome Powell has rejected. But the threat of a prolonged war, pressure on consumers, and a labor market that, outside of health care, lost hundreds of thousands of jobs last year has kept concerns elevated.
