Story of the Week
Mytheresa Finalizes Yoox Net-a-porter Acquisition, Will Begin Trading as ‘LUXE’ on May 1
Mytheresa has finalized its deal to acquire Yoox Net-a-porter, creating an online mega-group with the aim of becoming a 4-billion-euro business. On Apr 24, Mytheresa confirmed that it purchased 100 percent of YNAP from Richemont through the subsidiary Richemont Italia Holding, following approvals from all the relevant regulatory authorities. As YNAP’s sole shareholder, Mytheresa plans to consolidate the company under the MYT Netherlands Parent B.V. umbrella. As reported, the new parent company will be renamed LuxExperience B.V.. It will continue to be listed on the New York Stock Exchange with the trade name “LuxExperience,” and a new ticker symbol “LUXE” effective May 1.
Apparel & Footwear
Xcel Brands, an industry-leading media and consumer products company specializing in building influencer-driven brands through live streaming and social commerce, is thrilled to announce a strategic partnership and a $9 million strategic investment from United Trademark Group (UTG), a global leader in brand development and licensing. UTG specializes in mergers, acquisitions, brand strategy, and digital innovation, partnering with top-tier companies worldwide to maximize brand value and unlock new growth opportunities. They empower brands and merchants by providing infrastructure and operational expertise—across design, manufacturing, distribution, and retail.
Skechers Reports Record Q1 Sales But Withdraws 2025 Guidance Due to ‘Macroeconomic Uncertainty’
As economic uncertainty spurred by Trump’s tariffs takes hold across the footwear industry, Skechers USA Inc. started off fiscal 2025 with record sales, but it’s retracting its yearly guidance. The Manhattan Beach, Calif.-based footwear company reported net sales in the first quarter of fiscal 2025 of $2.41 billion, a 7.1 percent increase from $2.25 billion the same time last year. But while sales were high, net earnings dipped in Q1 to $202.4 million and diluted earnings per share were $1.34, a 2.0 percent decline compared with prior year net earnings of $206.6 million and diluted earnings per share of $1.33 in Q1 2024. These results are in line with Skechers’ guidance for the first quarter. The company said in February that it expected to achieve net sales between $2.40 and $2.43 billion and diluted earnings per share between $1.10 and $1.15 in the period. As for analysts’ expectations, however, Skechers missed its revenue consensus target of $2.43 billion.
Athletic & Sporting Goods
Nike sued over closure of crypto business
Nike was sued by purchasers of Nike-themed non-fungible tokens (NFTs) and other cryptocurrency assets who said they suffered significant losses when the athletic wear company abruptly closed the business that created those assets. In a proposed class action filed in Brooklyn, New York federal court, purchasers led by Australian resident Jagdeep Cheema said the sudden closure in December of Nike’s RTFKT unit caused demand for their NFTs to dry up. They said they would never have bought the NFTs at the prices they did, or at all, had they known the tokens were unregistered securities, and that Nike would “cause the rug to be pulled out from under them.”
Argo president and investment group acquires Arctic Cat from Textron
Arctic Cat Vice President and current Argo President Brad Darling, along with an investment group that owns a significant stake in Argo/Ontario Gear & Drive Corporation, has purchased the snowmobile company Arctic Cat from Textron. A press release from Argo reported that Darling will lead both companies, which will be technically owned and operated separately. Terms of Arctic Cat’s purchase by this group from Textron have yet to be disclosed, but this is big news for both the snow market and the off-road powersports market. More details will be released later on the purchase and Arctic Cat’s 2026 product line.
Argand Partners To Buy Capezio Ballet Makers
Argand Partners, a middle-market private equity firm based in New York and with offices in the San Francisco Bay Area and Miami, announced the acquisition of Capezio Ballet Makers. The terms of the deal were undisclosed. Launched in 1887, Capezio is an iconic global brand in the dancewear sector. The company designs and manufactures premium, highly technical footwear, apparel, and accessories that support dancers and athletes of all ages in practicing, competing, and performing. Based in Totowa, NJ, the company has been owned by the Terlizzi and Giacoio family for nearly 140 years. Under Argand’s ownership, a number of key family members, including the CEO, will remain invested alongside Argand.
Cosmetics & Pharmacy
Oh My Cream acquires Atelier Nubio to strengthen wellness portfolio
French beauty retailer Oh My Cream has acquired Atelier Nubio, a natural supplements and collagen broth brand based in Paris. The Paris commercial court approved the deal following Atelier Nubio’s receivership earlier this year. Financial details of the transaction were not disclosed. Atelier Nubio was founded in 2014 and initially gained recognition for its juice cleanses. It transitioned to nutritional supplements and ingestible beauty products in 2019, with a focus on French-grown botanicals. The brand now offers around 15 products, including its top-selling liquid supplement and a collagen-rich broth. It is currently stocked in about 30 points of sale across pharmacies, concept stores, and spas in France.
Revolution Beauty CEO Lauren Brindley to Depart for Ulta Beauty Role
Revolution Beauty Group has announced that CEO Lauren Brindley will step down on May 31st, 2025, to join Ulta Beauty as Chief Merchandising and Digital Officer. Brindley, who joined Revolution Beauty in 2023, will take up a senior executive position at Ulta Beauty, the leading US beauty retailer. Colin Henry, currently a Non-Executive Director at Revolution Beauty, will assume the role of interim CEO. Henry brings over three decades of retail and consumer goods experience, including roles at Nike, Ralph Lauren, and M&S. The company has begun a formal search for a permanent successor, with Brindley supporting the leadership transition ahead of her departure.
Supergoop founder steps away from company
Supergoop founder Holly Thaggard has stepped back from “all day-to-day governance” at the brand. Thaggard launched the suncare brand in 2005 after a friend was diagnosed with skin cancer at age 29. The brand wanted to produce products that felt good to wear to help make wearing sunscreen a daily habit. “I started Supergoop! with a super dream: to stop a cancer epidemic by creating a sunscreen so clean, so efficacious, and so FUN that everyone, everywhere, would want to wear SPF every single day,” Thaggard said in a LinkedIn post last week. In 2021, investment firm Blackstone said that funds managed by Blackstone Growth agreed to acquire a majority stake in Supergoop for an undisclosed amount. As part of that deal, Thaggard, then-CEO Amanda Baldwin, and senior leadership would retain “significant” equity ownership in the business. The investment was intended to help Supergoop launch new products and expand internationally.
L’Oréal-backed Chinese Fund Invests in Foundation Brand First Cover
Cathay Consumer Co-Creation Fund, a Chinese investment vehicle co-established by L’Oréal, Kering, Cathay Capital, and Pernod Ricard, has made its first color cosmetics investment with First Cover, a brand focused on foundation products. Billed as the maker of China’s first functional foundation brand, the Shanghai-based company was founded by Wang Yuying in late 2024. Known for its “shapewear” foundation — adopting the idea of the body-sculpting garment for the face — the brand’s bestseller is the 199 renminbi, or $27.21, Cozy Lifting Foundation that comes in two shades. By working with Vitalab, the Italian active ingredients supplier, the foundation incorporates plant-based extracts typically found in skin care, such as acemella oleracea and avena sativa.
Discounters & Department Stores
Saks Global Cuts 550 Workers in Latest Consolidation Effort
Saks Global, which operates both Saks Fifth Avenue and Neiman Marcus, is laying off hundreds of workers this week to consolidate operations as the retailers come together, WWD has learned. Approximately 550 workers are being terminated, or 3 percent of Saks Global’s total workforce, including those employed at Saks Fifth Avenue and Neiman Marcus stores and in other areas. These staff cuts at Saks Global focus on reducing duplicative and overlapping roles that emerged as a result of the $2.7 billion acquisition of the Neiman Marcus Group in December. The cuts are designed to lower costs, retain the best talent, and enable the teams to work more efficiently going forward.
Hudson’s Bay accused of illegally ending workers’ commissions
Canada’s largest union is accusing Hudson’s Bay Company of violating the rights of its workers as it winds down operations. Unifor, which represents 595 Hudson’s Bay employees at stores in Windsor, Kitchener, and Toronto’s Sherway Gardens, as well as workers at the company’s e-commerce warehouse, said that the bankrupt department store retailer informed its workers that commission-based pay will be eliminated as of Apr 20 for members working in cosmetics departments. It will also be eliminated for those who earn commission on big-ticket items such as appliances. These workers will be shifted to a base salary only, with Hudson’s Bay citing reduced product inventory and sales as the reason for the decision. Unifor has filed a grievance against the move, claiming it violates workers’ legally binding collective agreement rights. The union says it is calling on Hudson’s Bay to honor all aspects of its collective agreements, including severance and commissions, ensure full transparency with workers, and immediately reverse its decision to eliminate commissions.
Emerging Consumer Companies
Nourish raises $70 million for AI-powered nutrition care
Nourish, a leading provider of nutrition counseling, announced a $70 million Series B funding round, bringing total funding to $115 million. The round was led by J.P. Morgan Private Capital’s Growth Equity Partners, with participation from Thrive Capital, Index Ventures, Y Combinator, Maverick Ventures, BoxGroup, Atomico, G Squared, and Pinegrove. The funding will accelerate product development, expand Nourish’s Registered Dietitian (RD) network, and deepen strategic partnerships across the healthcare ecosystem. Nourish will also continue to grow its team across all functions. Nourish was founded just over three years ago by three close friends who experienced firsthand the power of food as medicine by working with an RD to address their own chronic conditions. The company connects patients, dietitians, and insurance payers through a fully-integrated virtual care platform, making it easy to access high-quality, insurance-covered dietitian care for every major nutrition-related condition.
Khloud, Khloe Kardashian-backed food brand, raises $12 million
Khloe Kardashian has formally launched her new food company, Khloud, and its first product, a protein popcorn, set to hit Target starting April 29. The company recently raised a $12 million round with participation from K5 Global, Serena Ventures, William Morris Endeavor (WME), and Shrug Capital. Khloud says its popcorn is crafted from whole-grain corn and that its “Khoud Dust,” a milk protein and seasoning blend sprinkled on it, gives each serving seven grams of protein. In addition to Target, the product will be sold on its website.
Kollegio, college planning platform, raises $2.8 million
Kollegio, the AI-driven Edtech platform for higher education access, announced the completion of a $2.8 million seed round led by Reach Capital, with participation from JFFVentures, ECMC Group, and Tuesday Capital. Kollegio’s AI-driven platform personalizes the college planning process, acting as a virtual counselor—thus, making higher education accessible to all. The latest funding will help Kollegio establish partnerships with higher education institutions across the world as the company rapidly approaches 1 million students on the platform. “Kollegio is tackling a major gap in the college admissions process by leveraging AI to make high-quality guidance more accessible,” said James Kim, Partner at Reach Capital and a former Yale admissions officer.
Food & Beverage
FDA seeks to phase out synthetic food dyes
The US Food and Drug Administration, part of the US Department of Health and Human Services, intends to phase out all petroleum-based synthetic dyes from the nation’s food supply and plans to work with food and beverage companies to do so. The FDA will establish a national standard and timeline for the food industry to transition from petrochemical-based dyes to natural alternatives. The agency has begun the process to revoke authorization for two synthetic food colorings: Citrus Red No. 2 and Orange B. The goal is to eliminate the six remaining synthetic dyes from the food supply by the end of 2026. Five of the dyes are Green No. 3, Red No. 40, Yellow No. 5 and No. 6, and Blue No. 1 and No. 2. An FDA law on the other dye, Red No. 3, was issued in January, mandating that the synthetic dye be out of foods and beverages in the United States by 2027.
Commercial Bakeries acquires cookie maker Hollandia
Commercial Bakeries Corp. has collectively acquired Hollandia Bakeries Ltd. and The Good Food Company Inc., a maker of seasonal, soft-baked, and everyday cookies. Financial terms of the transaction weren’t disclosed. Based in Toronto, Commercial Bakeries produces private label packaged cookies and crackers, focusing on premium, specialty, better-for-you, seasonal, and limited-time products. The company, owned by Newtown, Pa.-based private equity firm Graham Partners, mainly serves the retail, co-manufacturing, and bakery ingredient channels, partnering with grocery chains and brands across North America and internationally.
Meat giant JBS gets SEC approval to list shares in US
JBS received approval from the U.S. Securities and Exchange Commission on Apr 22 to list its shares on the New York Stock Exchange despite objections from environmental and congressional lawmakers. The SEC granted the world’s largest meat company a declaration of effectiveness, meaning it had no objections to Brazil-based JBS’ proposal for a U.S. listing. Shareholders will vote on the proposal at a May 23 meeting. JBS CEO Gilberto Tomazoni said in a statement that the listing would boost market valuation, plus “attract new investors and further strengthen our position as a global food industry leader.”
Grocery & Restaurants
Jack in the Box plans 150 to 200 closures and sale of Del Taco brand
Jack in the Box Inc. unveiled a “Jack on Track” program Wednesday to close as many as 200 units, seek a buyer for its Del Taco brand and sell owned real estate at as many as 170 locations to franchisees. The San Diego, Calif.-based company said the moves would “improve long-term financial performance across its restaurant system, strengthen its balance sheet and demonstrate its commitment to running an asset-light business model.” Lance Tucker, Jack in the Box CEO, said the company had engaged BofA Securities to assist in the process of “exploring strategic alternatives for the Del Taco brand, including a possible divestiture of the business.” Jack in the Box completed the acquisition of Del Taco Restaurants Inc. for about $585 million in March 2022.
Chinese tea chain Chagee prepares for its U.S. debut
Chagee Holdings Limited began trading on the Nasdaq public market about a week ago, opening at $33.75 per share and jumping above $41 before settling into its current range of $32 to $33. The Shanghai, China-based company, founded in 2017, specializes in healthy, freshly made tea beverages and is a bit of a global powerhouse, with more than 6,440 locations in China, as well as markets like Singapore, Thailand, and Malaysia. The company ended 2024 with approximately $1.7 billion in sales, according to its SEC filing. With its foray onto Wall Street, Chagee now has its sights set on the United States market, among others, with a continued focus on its mostly franchised model. “Today’s listing marks both our entry into the capital markets and significant progress toward our vision of serving superior tea to every corner of the world,” chief financial officer Hongfei Huang said in a statement last week.
Home & Road
Flexsteel pessimistic about economic outlook despite solid Q3 growth
Furniture manufacturer and importer Flexsteel logged its sixth consecutive quarter of sales growth, but tariffs, inflation and consumer sentiment have the potential to stifle that momentum. Net sales for the quarter, ended March 31, climbed 6.4% to $114 million compared with the prior year quarter. Growth drivers were broad-based, according to President and CEO Derek Schmidt. The company executed growth in its core markets through new product sales and expanded share with strategic accounts while also benefitting from new and expanded market initiatives. Flexsteel’s adjusted operating margin of 7.3% in the quarter represents its eighth consecutive quarter of year-over-year improvement and our second-highest quarterly adjusted operating margin over the past seven years. The company reported operating cash flow of $12.3 million in the quarter and bolstered its ending cash position to $22.6 million. It exited the quarter with no line of credit borrowings.
Natco Home acquires Orian Rugs brand
Natco Home, a domestic manufacturer of flooring and home décor, has acquired the Orian Rug brand and certain intellectual property rights from parent company SP Orian, LLC. Terms of the transaction were not disclosed. Michael Litner, president of Natco Home, said that Natco and Orian are the only two remaining domestic rug manufacturers in the U.S. Founded in 1917 in Rhode Island, the Natco Home Group is operating under the fourth generation of family leadership. It emphasizes pairing strength with domestic capabilities and footprint, augmenting that with strong overseas partners. Natco Home has domestic operations in both Dalton, Ga., and Sanford, Maine, with a distribution footprint spread throughout North America. Established in 1979, Orian Rugs, a division of SP Orian, is an American manufacturer of decorative area and scatter rugs. Orian currently operates a 730,000-square-foot facility in Anderson, S.C..
Jewelry & Luxury
France’s Kering reports 14% drop in Q1 revenue amid Gucci’s struggles
French luxury group Kering reported revenue of €3.9 billion (~$4.25 billion) in the first quarter of 2025, reflecting a 14 per cent decline on a reported and comparable basis. The group’s flagship brand, Gucci, saw a revenue decrease of 24 per cent as reported, and a 25 per cent drop on a comparable basis, reaching €1.6 billion. The wholesale revenue of the group was down 33 per cent on a comparable basis. Sales from the directly operated retail network fell by 16 per cent on a comparable basis. Trends in Asia-Pacific were down 25 per cent in line with those of the fourth quarter of 2024, while Western Europe saw a decline of 13 per cent, North America declined by 13 per cent, and Japan by 11 per cent, witnessing a sequential deceleration.
Ermenegildo Zegna N.V. announced unaudited revenues of €458.8 million for the first quarter of 2025, -0.9% year-on-year (YoY) and -1.2% organic from €463.2 million in the first quarter of 20242. Ermenegildo “Gildo” Zegna, Chairman and CEO of the Ermenegildo Zegna Group, commented: “Despite the ongoing challenges in our sector, all three of our brands have reported positive performance in the strategic Direct-to-Consumer channel. The ZEGNA brand recorded a +4% increase in revenues, driven by solid DTC performance, which has been particularly outstanding in the Americas and EMEA. Thom Browne results, while supported by a positive retail trend, continued to be impacted by our strategic decision to reduce the exposure to the wholesale channel.”
Charles & Colvard Delisted by Nasdaq
Moissanite company Charles & Colvard is being delisted from Nasdaq, after more than 27 years on the stock exchange. A Charles & Colvard statement issued Apr 22 said that Nasdaq had determined the company was out of compliance with the exchange’s rules because it had not filed its most recent financial report. Charles & Colvard, which has weathered many delisting threats, said it didn’t intend to appeal Nasdaq’s ruling. “This decision was based on a careful review of numerous factors, including the potential for limiting the significant costs associated with remaining listed on Nasdaq and complying with Nasdaq listing standards,” the statement said.
Office & Leisure
Cody Pools Adds Florida Pool Service
Cody Pools, the nation’s #1 builder of premium residential & commercial swimming pools and spas, has expanded their Florida service offerings with their recent acquisition of A-Quality Pool Service, based out of the Tampa Bay/Zephyrhills area. “This acquisition bolsters our ability to serve our Florida customers in new & different ways,” stated Vincent Servantez, President of Cody Pools Florida. A-Quality Pool Service has been serving Florida for over 20 years and their mission is to provide customers with the very best pool repair and maintenance services. Cody Pools has over 400 employees and 15 state-of-the-art design centers serving the San Antonio, Houston, Austin, Tampa/St. Petersburg, Phoenix, and Orlando metropolitan areas between five (5) different brands: Cody Pools, California Pools & Landscape, Platinum Pools, American Pools & Spas & A-Quality Pool Service.
Bain and Bluewater Buy Boathouse Marine Center
A joint venture between Bain Capital and Bluewater Marinas announced its acquisition of Boathouse Marine Center, a drystack facility in Pompano Beach, Fla. Bluewater Marine Center is the second asset for the Bain and Bluewater joint venture, formed in 2024 to acquire and operate storage-centric marina properties along the East Coast. The firms also own Harbor at Lemon Bay, a drystack marina in Englewood, Fla.
PlayVS Acquires Generation Esports, Playfly Esports
North American amateur and scholastic esports platform PlayVS has acquired Generation Esports and Playfly College Esports. Generation Esports is the owner of scholastic esports leagues High School Esports League (HSEL) and Middle School Esports League (MSEL), while Playfly Esports is a division of collegiate sports company Playfly. With these acquisitions, PlayVS adds more levels of scholastic esports and collegiate esports to its suite of offerings in North America. Combined, this new entity covers more than 900 colleges and 5,500+ K-12 schools in North America.
Technology & Internet
Deliveroo soars to three-year high after DoorDash makes takeover bit
Shares of British food delivery firm Deliveroo jumped to their highest level in more than three years on Monday, after the company confirmed it had received a $3.6 billion takeover offer from U.S. firm DoorDash. Deliveroo first made the announcement after European markets closed on Friday. In a follow-up update Monday, it said it was immediately suspending the £100 million ($133.5 million) share buyback program it had announced on March 18. Deliveroo shares were up 17.6% to 172.4 pence at their highest since January 2022 at 11:18 a.m. U.K. time on Monday. Last week’s update revealed Deliveroo’s board received a cash offer from DoorDash on April 5 of 180 pence per Deliveroo share. Deliveroo operates in markets including the U.K., France, Italy, Belgium, Ireland, Singapore and Qatar.
Finance & Economy
US economic output hits 16-month low in April, expectations crater
US economic activity continued to sink this month amid uncertainty around tariff policy. New data from S&P Global released on April 23 showed its flash composite PMI output index, which captures activity in the services and manufacturing sectors, fell to 51.2 in April, hitting its lowest level in 16 months. Manufacturing activity rose to 50.7, up from 50.2 in March, while services activity fell to 51.4 from 54.4. Readings above 50 indicate an expansion in activity in the sector; readings below 50 indicate contraction.
US Treasuries Rally as Worries Over Trump Tariffs and Fed Ease
Long-maturity Treasury yields declined Wednesday as part of a broader rally in dollar-denominated risk assets, after US President Donald Trump said he wasn’t inclined to fire the head of the Federal Reserve and suggested tariffs on Chinese imports could drop. Yields on 30-year bonds — the longest-maturity Treasury security — fell as much as 17 basis points to just under 4.71%, 10-year yields as much as 15 basis points, before paring their declines. Shorter-maturity yields, more closely tied to the interest rate set by the Fed, rose after March new home sales data were stronger than economists estimated, despite higher US mortgage rates. Good demand for the monthly auction of five-year notes helped allay concerns about waning foreign interest in owning US assets.
Jobless Claims Increased in Line With Expectations
Initial Jobless Claims came in at 222K for last week, slightly above estimates but certainly within a range that demonstrates a continued healthy labor market. The previous week’s print of 216K was ratcheted up just slightly on revision. Since the first of March, we’ve not seen new claims go higher than 225K nor lower than 215K. Continuing Claims performed even better in the April 24 release: 1.841 million longer-term jobless claims were nicely lower than the downwardly revised 1.878 million the prior week. In recent weeks, we have been coming up to 1.9 million longer-term claims before backing up the following week. These days, we are not even coming near 1.9 million—more good news for employment.
March home sales drop to their slowest pace since 2009
Higher mortgage rates and concern over the broader economy are making for a weak start to the all-important spring housing market. Sales of previously owned homes in March fell 5.9% from February to 4.02 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. That’s the slowest March sales pace since 2009. Sales were 2.4% lower than in March 2024 and slumped across all regions month-to-month. They fell hardest in the West, the priciest region of the country, down more than 9%.
