Apparel & Footwear

Forever 21 creditors probe IP sale to Authentic Brands Group

A committee of unsecured Forever 21 creditors has objected to a bankruptcy plan by its debtors and is investigating what it describes as a transfer of the fast-fashion brand’s intellectual property assets, according to documents filed last week with the U.S. Bankruptcy Court for the District of Delaware. “The prospects of a going concern sale are grim given that the Debtors appear to have sold their valuable Forever 21 intellectual property assets to a subsidiary of Authentic Brands Group, an affiliate of the Debtors’ majority equity holders, prior to the Petition Date,” the committee wrote in the filing. An Authentic spokesperson confirmed that, at some point after early 2020, Authentic took 100% ownership of Forever 21’s IP, after sharing it for a time with mall REITs Simon Property Group and Brookfield. The current bankruptcy process doesn’t affect the fact that the IP will continue to be solely owned by Authentic, the spokesperson also said.

Frank and Oak accelerates closure of US operations citing tariffs, customs uncertainty

Canadian fashion brand Frank and Oak will shutter its U.S. operations by the end of April, according to an FAQ webpage on its U.S. site. The move – part of the brand’s larger liquidation efforts – was moved up further “due to growing uncertainty around tariffs and customs,” making it more challenging to continue its cross-border operations. The brand — owned by Unified Commerce Group — is also planning the closure of its Canadian stores, with ten of its locations set to shutter in the first week of May as part of “ongoing proceedings under the BIA (Bankruptcy and Insolvency Act),” according to an emailed statement from Unified Commerce Group Chief Brand Officer Elisabeth de Gramont. Frank and Oak currently lists 14 stores on its website.

Athletic & Sporting Goods

Crunch Fitness Secures Strategic Investment From PE Firm Leonard Green

Crunch Fitness has received a strategic investment from Leonard Green & Partners, a private equity firm that has acquired a majority stake in the fitness franchisor from TPG Growth and Crunch’s minority shareholders.  Since TPG’s initial investment in 2019, Crunch has added more than 2.1 million members—a 176% increase—and opened 275 new locations. The brand now boasts over three million members and more than 500 clubs globally.  That growth will soon extend to India, where Crunch Fitness has signed a master franchise agreement that will bring at least 75 gyms to the country in the coming years.

Tampa gym franchisee acquires nine locations, plans major investment

Tampa-based CR Fitness Holdings, the leading franchisee of Crunch Fitness, recently acquired nine 24 Hour Fitness gyms in Florida — primarily in Miami and Orlando. That brings the company’s total to 84 locations across five states.  Members of the acquired gyms will be brought under the Crunch umbrella and have access to 60 Crunch gyms around the state, according to a statement. Crunch Fitness was founded in 1989 and is headquartered in New York City. It has over 400 locations, according to its website. CR Fitness Holdings was founded in 2011 by Vince Julien, Geoff Dyer, Tony Scrimale and Jeff Dotson and has locations in Texas, Florida, Georgia, North Carolina and Tennessee.

Monogram Capital Partners Completes Majority Investment in Vasco, Leading Sports Surfaces Service Platform

Monogram Capital Partners, a Los Angeles-based private equity firm specializing in leading consumer businesses, supply chain and service providers, with the support of Halmos Capital Partners, a Miami-based private equity firm focused on lower middle-market companies (together, the “Sponsors”), have acquired a majority equity stake in Vasco, a proprietary opportunity to partner with a premier full-service sports surfacing provider with market-leading presences in Ohio and Florida.  Vasco was originally founded in 1967 as a commercial paving and asphalt construction company. Matt Savage joined the Company as a sales representative in 2004 and quickly identified tremendous whitespace in the sports surfaces area where there was significant fragmentation and where existing providers lacked the full-scale surfacing and paving capabilities that Vasco had developed since inception.

Cosmetics & Pharmacy

Shiseido Americas announces Interim CEO as Ron Gee resigns

Shiseido Americas has announced the resignation of Ron Gee, President & CEO, Americas Region and Global M&A Lead. The J-beauty giant has named Alberto Noe as Interim CEO, Americas Region in addition to his current role as CEO, EMEA Region. Noe has held his current role since 2024, while Gee stepped up to the position of President & CEO, Shiseido Americas in 2021, after almost a year as Interim CEO following the departure of Marc Rey. Shiseido did not give a reason for Gee’s departure and Gee’s LinkedIn is yet to be updated.

Beiersdorf confirms FY guidance as Q12025 sales up 3.6 percent to €2.7 billion

Beiersdorf has announced its results for the first quarter of fiscal 2025. The German manufacturer of Nivea said that group sales rose 3.6 percent in organic terms to €2.7 billion. The Consumer Business Segment generated sales of €2.3 billion, up 2.3 percent, driven by a strong performance by its Derma division. Indeed, Nivea put on a modest 2.5 percent, Beiersdorf said, while sales its Eucerin and Aquaphor brands leapt 11.4 percent. La Prairie continued to struggle with a challenging market environment in China and faced persistent headwinds in travel retail, leading to a 17.5 percent sales decline. Vincent Warnery, CEO of Beiersdorf, explains, “In a continuously dynamic market environment, Beiersdorf’s positive performance in the first quarter of 2025 was fully in line with our expectations. It was driven by our ongoing commitment to expanding into white spaces and delivering breakthrough innovations.

Discounters & Department Stores

Sam’s Club to add 15 stores per year in plan to double sales

Sam’s Club plans to open 15 new locations per year “for the foreseeable future” and intends to remodel all of its approximately 600 existing locations, the Walmart-owned club retailer’s top executive said during an investment community meeting. The chain also expects to double its membership, sales and profits over the next eight to 10 years, in part because of strong growth in its e-commerce operations, Sam’s Club CEO Chris Nicholas added. Sam’s Club has “been on a journey to transform our business model, to deliver a retail experience that is free of friction and frustration, one that elevates the member’s life by anticipating what they need and giving them more than they expected. And this starts with investing in our physical footprint,” Nicholas said.

Hudson’s Bay wants to hold auction for its art and ‘historical’ artifacts

Hudson’s Bay Company has sought court approval to conduct a dedicated auction for some of its most valuable art assets. The bankrupt department store retailer, which is North America’s oldest company, said it wants to conduct an “art auction” for the sale of its most “historically” significant art and artifacts. The items include the company’s Royal Charter, which launched Hudson’s Bay as a fur trading company some 355 years ago. Signed by King Charles II in 1670, the document established Hudson’s Bay. It also gave the company extraordinary power over trade and Indigenous relations for decades to come, reported The Canadian Press.

Emerging Consumer Companies

Huug, dryer-safe bra and intimates brand, raises $6 million

Washable and dryer-safe bra and intimate wear brand Huug has secured a $6 million series A led by Kaylim Capital to scale the business, which is on track to reach between $7 million and $8 million in revenues in the next 12 months. Huug launched in 2023 to address the demand for comfortable and washer- and dryer-safe bras. After cofounding functional menswear brand Twillory, Huug cofounder and chief executive officer Eli Blumstein found women were interested in similar products. When it came to entering the womenswear space, Blumstein was particularly inspired by Twillory’s replacement for foam that was used as shoulder pads.

Strava acquires Runna

Runna, the London-based coaching app for runners, has been bought by the exercise tracking platform Strava. The terms of the deal for Runna are undisclosed but it is thought early backers will net a 30-fold return on their investment. Launched by Ben Parker, 29, and Dom Maskell, 30, just over three years ago, Runna now employs close to 150 people and has previously raised £8 million from investors including Jam Jar Investments, the venture capital fund started by the founders of Innocent Drinks. It is the first UK acquisition for Strava, which has 150 million users in 185 countries and was valued at $1.5 billion in a 2020 fundraising round led by Sequoia.

Sandbridge Capital grows stake in Dedcool

Sandbridge Capital has increased its stake in functional fragrance brand Dedcool. The private equity firm is said to have taken on a ‘more significant minority position’, although financial terms of the deal were not disclosed. According to a report published by WWD, quoting industry sources, Dedcool is expected to pull in sales of between $25 million and $30 million this year. Fragrance is currently the fastest growing category in the US beauty market, WWD reveals. Ken Suslow, Founder and Managing Partner at Sandbridge Capital told WWD, “Carina is already well along in building a compellingly special brand – one that innovates its way across fragrance and other CPG categories that have long been starved of modernity and newness – artfully infusing the bespoke creativity that has fast become Dedcool’s much beloved calling card. I could not be more enthused to continue supporting Carina and her stellar Dedcool team…”

Food & Beverage

Chinese tea firm Chagee raises $411 million in US IPO

Chinese tea firm Chagee has raised $411 million by setting the price of its shares at $28 each in its initial public offering in the United States, the company said in a statement on April 16th. Chagee sold about 14.7 million American depository shares at the top of the $26 to $28 per share range flagged to investors when the deal was launched. At that price, Chagee is valued at $5.1 billion, ahead of its Nasdaq debut, according to its regulatory filings. Reuters had earlier reported that Chagee had set the IPO price at $28 per share, citing sources. Chagee launched the deal last week as financial markets grappled with the prospect of a global trade war resulting from U.S. President Donald Trump’s tariffs package.

Calypso Lemonades parent company acquires plant-based beverage startup

KJ Holding Corp., owners of Calypso Lemonades, has acquired plant-based beverage startup Mela Water. Financial terms of the acquisition were not disclosed. “We are thrilled to welcome Mela to the beverage platform we have built behind Calypso,” said David Klavsons, chief executive officer of Calypso. “Mela is a great brand with strong consumer appeal that is delivering outstanding growth. Mela’s exceptional taste, unique flavors, tropical vibe, and functional hydration make it a strong complement to our Calypso brand. We believe our national and international DSD network coupled with our commercial and supply chain capabilities will significantly accelerate Mela’s growth. Mela Water, launched in 2021 by founder Dominic Purpura, is offered in varieties including original watermelon, watermelon and passionfruit, watermelon and pineapple and watermelon and ginger.

Gellert Global acquires specialty cheese manufacturer

The Gellert Global Group, which owns specialty cheese subsidiary Atalanta Corp., has acquired Wisconsin-based Heartisan Foods, a manufacturer and distributor of branded and private label specialty and flavored cheese products, from Ronin Equity Partners and Landon Capital Partners. Financial terms of the acquisition were not disclosed. Heartisan was formed under Ronin Equity Partners and Landon Capital Partners in June 2021 after the companies acquired and integrated Red Apple Cheese, Barron County Cheese and Cheese Brothers — all manufacturers of specialty cheese. Heartisan also owns Naturally Good Kosher cheese.

Molson Coors CEO to retire after 6 years at the helm

Molson Coors CEO Gavin Hattersley announced he will retire by the end of 2025 after six years leading the company. The beverage giant’s board is searching for its next CEO with the help of a third-party firm. Hattersley, who originally hails from South Africa, has worked in the beer industry for 28 years, first joining the former Miller Coors in 2002. His tenure leading Molson Coors has coincided with changes in the beer category, as many younger consumers are leaving the category for other beverages. In a statement posted to LinkedIn, Hattersley said during his tenure the company “strengthened our supply chain and invested in our breweries, and through it all, we’ve built a stronger business.”

Grocery & Restaurants

Albertsons takes a hit on outlook, but outgoing CEO says ‘Our mojo is back’

Strong digital and pharmacy growth helped to boost identical sales for Albertsons in the fourth quarter, but the grocery retailer’s stock dipped on Tuesday, following a reduction in its earnings estimate for the rest of 2025. The Boise, Idaho-based retailer kicked off its earnings call with a message from outgoing CEO Vivek Sankaran, who gave a rosy outlook for the grocery chain. “Within a few months since the termination of the merger, our mojo is back. We are executing once again like we used to …” Sankaran said. Stock still dropped by more than 7% by mid-morning, though, due largely to the projections that Albertsons anticipates earnings per share to hover between $2.03 to $2.16 per share for the year ending Feb. 28. That’s lower than analyst consensus earnings estimates of $2.21 per share.

Home & Road

Lowe’s Bets on Pro Market in Billion-Dollar ADG Acquisition

Lowe’s is ramping up its professional contractor business in a bid to claw some market share away from competitor Home Depot. The home improvement retailer is acquiring Artisan Design Group for $1.33 billion in cash, Lowe’s said Monday. ADG helps contractors design, deliver, and install interior finishes, such as flooring, cabinets and countertops. It is currently owned by private-equity firm Sterling Group. In fiscal 2024, the company made about $1.8 billion in revenue. “With more than 18 million homes needed in the United States by 2033, we expect new-home construction will be a major driver of Pro planned spend for the next decade,” said Lowe’s CEO Marvin Ellison in a press release. “The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion.” The transaction is expected to close in the second quarter of 2025.

What’s next for Broyhill brand? Gordon Brothers shares plans

When Gordon Brothers bought Big Lots out of bankruptcy earlier this year, it — along with Tiger Capital Group and Hilco Global — acquired the rights to Broyhill in the process. And after it sold the Big Lots trademark to Variety Wholesalers, the three firms retained possession of the legacy furniture brand’s intellectual assets in a joint venture. Gordon Brothers’ brands division will manage Broyhill, making it asset-light, with plans to bring it back to the marketplace in the spring of 2026. “We will manage the brand. We love the brand. We love the heritage,” Carolyn D’Angelo, senior managing director and head of brand operations for Gordon Brothers, told Furniture Today. “We know the brand has meaning in the market.”

Scotts cuts Hawthorne Collective loose as it pivots away from cannabis

The Scotts Miracle-Gro Company made it official. The gardening behemoth has officially transferred its wholly-owned subsidiary, The Hawthorne Collective, Inc., to an independent strategic partner.  Scotts established its hydroponic business, Hawthorne Gardening, to enter the cannabis space. In the beginning, it looked like a stellar plan, as the industry was rapidly growing and competing to see who could build the largest grow facilities. However, the bottom fell out as the commodity price for cannabis dropped below or at least close to what it cost to produce cannabis. Large multi-state operators began to scale back on the huge cultivation facilities and sales began to drop at Hawthorne Gardening.  According to the company statement, Scotts Miracle-Gro transferred The Hawthorne Collective to a strategic partner in exchange for an interest-bearing promissory note. Scotts said it retains an option to buy back The Hawthorne Collective or its assets should cannabis legalization and other measures to positively impact the industry be approved at the federal level.

Jewelry & Luxury

Moncler trumps Q1 revenue expectations on solid Asia demand, DTC strength

Italian luxury outerwear maker Moncler reported a stronger-than-expected rise in first-quarter revenue on Apr 16th, driven by robust DTC sales and resilient demand from Asia. The company posted revenue of €829 million ($944 million) for the quarter ended March, surpassing analysts’ expectations of €817 million. Growth held steady even after excluding currency effects, with revenues up 1% at both constant and current exchange rates.

Brunello Cucinelli Posts Growth in Q1, Cites Solid Upward Trend in April

Even in an economic downturn, Brunello Cucinelli seems to stay in style. In its first-quarter results, the Solomeo, Italy-based company showed that sales momentum shows no signs of slowing down, as its key markets posted healthy growth despite the consumer spending slowdown across the globe. This trend continued and was evidenced by a “highly successful order intake” for its fall 2025 collections and an “upward trend” overall into the first half of April, the firm said. In the first quarter of 2025, revenues rose 10.5 percent to 341.5 million euros compared to 309.1 million euros reported a year ago. The strong performance was driven by growth in its primary geographic areas: the Americas were up 10.3 percent, Europe rose 10.1 percent and Asia-led gains, rising 11.3 percent.

LVMH Shares Slip 7.8% After Q1 Sales Miss

Shares in LVMH Moët Hennessy Louis Vuitton closed down 7.8 percent on April 15th on the Paris bourse as investors reacted to disappointing first-quarter results. The French group fell short of consensus estimates by 4 percent and reported a 2 percent dip in revenues to 20.31 billion euros, a 3 percent decline stripping out the impact of currency. By division, organic revenues fell 9 percent in wines and spirits, 5 percent in fashion and leather goods, 1 percent in selective retailing and 1 percent in perfumes and cosmetics. Sales were flat at the watches and jewelry unit, as reported.

French luxury brand Hermes’ revenue grows 9% YoY in Q1 2025

French luxury brand Hermes’ consolidated revenue reached €4.1 billion (~$4.37 billion) in the first quarter (Q1) of 2025, an increase of 9 per cent year-over-year (YoY) at current exchange rates and 7 per cent YoY at constant exchange rates. Despite ongoing economic, geopolitical, and monetary uncertainties, Hermes remains confident in its medium-term outlook and has reaffirmed its ambitious goal for revenue growth at constant exchange rates. Entering 2025 with assurance, the group credits its highly integrated artisanal model, balanced distribution network, creative collections, and strong client loyalty as key strengths, added the release.

Office & Leisure

Berlin Gardens acquires Windward Design Group

Berlin Gardens has acquired Windward Design Group, a Pennsylvania-based outdoor furniture manufacturer, in a move that the company says broadens its product line and market reach.  Windward, located in Punxsutawney, Pa., is known for its aluminum and polymer outdoor furniture, including dining, deep seating and in-water lounge options. The company will continue to operate under its existing name, with no immediate changes for employees, customers or partners.  Founded in 1988, Berlin Gardens is headquartered in Millersburg, Ohio, and specializes in high-quality outdoor furniture made from poly lumber and stainless-steel hardware. The company also produces outdoor structures such as pavilions and pergolas, and recently added outdoor cabinets to its portfolio.

Blue Point-Backed Local Crafts Acquires Jimmy Beans Wool, Weaving a Stronger Future for Crafters

Blue Point Capital Partners, together with its portfolio company Local Crafts Group (formerly Premier Needle Arts), is excited to announce the acquisition of Jimmy Beans Wool, a leading retailer and distributor of high-quality yarn, knitting patterns, crochet tools and accessories. Jimmy Beans will join Local Crafts’ brands — including Berroco Yarn, Knit Picks, Crochet.com, Connecting Threads and Superior Threads — offering quality boutique yarn lines, crafting products and patterns to consumers. Founded in 2002 by Laura and Doug Zander, Jimmy Beans Wool was built from their passion for fiber arts and knitting.  Jimmy Beans Wool, based in Reno, NV., is a retailer and distributor of yarn, patterns, tools and accessories dedicated to the knitting and crochet markets. In addition to its retail and distribution facility in Reno, the business has a production facility in Fort Worth, TX.

Technology & Internet

Google hit with second antitrust blow, adding to concerns about ads

Google’s antitrust woes are continuing to mount, just as the company tries to brace for a future dominated by artificial intelligence. On Thursday, a federal judge ruled that Google held illegal monopolies in online advertising markets due to its position between ad buyers and sellers. The ruling, which followed a September trial in Alexandria, Virginia, represents a second major antitrust blow for Google in under a year. In August, a judge determined the company has held a monopoly in its core market of internet search, the most-significant antitrust ruling in the tech industry since the case against Microsoft more than 20 years ago. Google is in a particularly precarious spot as it tries to simultaneously defend its primary business in court while fending off an onslaught of new competition due to the emergence of generative AI, most notably OpenAI’s ChatGPT, which offers users alternative ways to search for information.

Etsy touts ‘shopping domestically’ as Trump tariffs mean price hikes

Etsy is trying to make it easier for shoppers to purchase products from local merchants and avoid the extra cost of imports as President Donald Trump’s sweeping tariffs raise concerns about soaring prices. In a post to Etsy’s website on Thursday, CEO Josh Silverman said the company is “surfacing new ways for buyers to discover businesses in their countries” via shopping pages and by featuring local sellers on its website and app. “While we continue to nurture and enable cross-border trade on Etsy, we understand that people are increasingly interested in shopping domestically,” Silverman said. Etsy operates an online marketplace that connects buyers and sellers with mostly artisanal and handcrafted goods. By highlighting local sellers, Etsy could relieve some shoppers from having to pay higher prices induced by President Trump’s widespread tariffs on trade partners.

Finance & Economy

Retail sales surge 1.4% in March, most since January 2023, as consumers ‘front-loading’ tariffs offers boost

Retail sales rose 1.4% in March, matching forecasts and serving as the best reading in over two years in the latest sign of the US economy’s resilience before this month’s sweeping reciprocal tariff announcements. Headline retail sales rose 1.4% in March, matching economists’ expectations and well above the 0.2% increase seen in February, according to Census Bureau data. This was the best monthly increase since January 2023. The control group in the Apr 16 release, which excludes several volatile categories and factors into the gross domestic product (GDP) reading for the quarter, rose 0.4%. Economists had expected a 0.6% increase. The metric’s February rise was revised higher to 1.3% from a prior reading of 1%. March sales, excluding auto and gas, rose 0.8%, above consensus estimates for a 0.6% increase. Sales for autos alone rose 5.3% in March.

US jobless benefit claims fell last week as labor market remains strong

U.S. applications for jobless benefits fell again last week as the labor market continues to hold up despite fears of a tariff-induced recession. Jobless claim applications fell by 9,000 to 215,000 for the week ending April 12th, the Labor Department said. That’s well below the 225,000 new applications analysts forecast. Weekly applications for jobless benefits are considered a proxy for layoffs, and have mostly stayed between 200,000 and 250,000 for the past few years. The four-week average of applications, which can soften some of the week-to-week swings, fell by 2,500 to 220,750. The total number of Americans receiving unemployment benefits for the week of April 5 jumped by 41,000 to 1.89 million.

Gold hits new high following Fed chair’s stark tariffs warning

Gold hit a new high on April 16th after Federal Reserve chair Jerome Powell warned about the impact of tariffs. Goldman Sachs last week raised its 2025 gold price forecast by $400 to $3,700. Gold has surged this year as investors seek safe havens amid tariff-induced uncertainty. Spot prices hit another record high of $3,357.40 per troy ounce on Apr 16th before falling back after Federal Reserve chair Jerome Powell said President Donald Trump’s tariffs were “significantly larger” than expected. He warned that the policies could lead to weaker economic growth and higher inflation.