Apparel & Footwear

Rent the Runway co-founder Jennifer Hyman steps down as CEO

Former Nordstrom chief merchant Teri Bariquit will take over as interim CEO at Rent the Runway on May 15th, when co-founder Jennifer Hyman will step down as CEO. Hyman co-founded Rent the Runway with Jennifer Fleiss in 2009, disrupting fashion retail by providing access to garments without the need to own them. The company was in the black last year but has struggled to be profitable since it launched. Hyman will also step down as president and from the board, but plans to stay on as adviser until January to help with the transition.

On maintains momentum with record Q1 sales

Athleticwear brand On posted record Q1 net sales of 831.9 million Swiss francs (about $1.06 billion at press time), up 14.5% year over year. This is the first time the company has topped 800 million Swiss francs in quarterly net sales, per a May 12 release. Net sales in the Americas grew approximately 3% for the quarter, while Asia-Pacific soared just over 44%. Europe, the Middle East, and Africa increased by about 23%. DTC net sales were up 16.4%, with wholesale up 13.3%. Meanwhile, gross profit margin reached a record 64.2%, setting what outgoing CEO Martin Hoffmann told analysts was a new baseline for the year “despite the increasing headwind from higher U.S. tariffs.” Net income rose by 82.2%, with a net income margin of 12.4%.

Birkenstock Shares Slip in Pre-market Trading After Second Quarter Miss

Shares of Birkenstock slipped in pre-market trading after the clog brand posted second-quarter earnings that reflected, in part, the impact of the war in the Middle East. The shares at one point were down 6.3 percent to $35.60 in pre-market trading. “Our business proved very resilient in the fiscal second quarter. Despite the ongoing instability in the Middle East, persistent inflationary pressures, U.S. tariff policy evolving unfavorably for us, and continued [foreign exchange] headwinds, we delivered constant currency revenue growth of over 14 percent,” Birkenstock’s CEO Oliver Reichert said. “This performance was well within our near-term and long-term target of 13 to 15 percent.”

Athletic & Sporting Goods

Equestrian retailer Dover Saddlery warns of more than 100 potential layoffs

Dover Saddlery told state officials it may shed more than 100 jobs and potentially shut down operations unless it is sold or secures new funding.  In a WARN notice, the Littleton-based equestrian retailer said it could lay off 112 employees at its 525 Great Road facility between July 7 and July 10.  “Whether the layoffs or closures occur will depend in part on our success in obtaining funding or selling our business,” the company wrote.  It remains unclear how staff at its 37 stores nationwide might be affected.  Founded in 1975 in Wellesley by members of the United States Equestrian Team, Jim and David Powers, Dover Saddlery has grown into a national retailer selling over 10,000 products of riding apparel, equestrian wear, bridles, saddles, and more online and through its free-standing retail stores.

Sports Facilities Companies continues expansion, acquires Power Wellness

The Sports Facilities Companies, which manages the nation’s largest network of sports and recreation facilities, on Wednesday announced the acquisition of fitness center management company Power Wellness.  Lombard, Ill.-based Power Wellness manages 26 facilities in 13 states and will operate as Power Wellness by The Sports Facilities Companies. Ken Gorman will remain president and CEO of that division.  Clearwater, Fla.-based SFC manages more than 140 venues and recently expanded into ice rink and golf course management through RCI and Spirit Golf Management, respectively.

Life Time Expands Running Portfolio with Acquisition of the Phoenix 10K

Life Time, the nation’s premier healthy lifestyle brand, today announced it has acquired the Phoenix 10K, one of Arizona’s longest‑running road races. As the race enters its 51st year, the transition marks a meaningful passing of the baton from renowned founder, Dr. Art Mollen, to Life Time—positioning the iconic event for continued growth for generations to come.  Founded in 1976, the Phoenix 10K has been a cornerstone of the local running community for more than five decades. Built by Dr. Mollen into a beloved annual tradition, the event has welcomed generations of runners to Phoenix streets and neighborhoods. As ownership transitions to Life Time, Dr. Mollen will remain actively involved as founder and ambassador—continuing to champion the values, community pride, and traditions that have defined the race since its inception.  Life Time empowers people to live healthy, happy lives through more than 190 athletic country clubs across the U.S. and Canada.

Cosmetics & Pharmacy

Boots Appoints New CEO Amid IPO Speculation

British pharmacy chain Boots has chosen outgoing Currys chief executive Alex Baldock to lead ​the business as it prepares for a ‌potential London stock market listing.  Baldock, who oversaw a turnaround at the electrical goods retailer during ​an eight-year tenure, is expected to take ​the helm at Boots later in 2026, ⁠with an announcement likely in the spring.  Private equity firm Sycamore ​Partners took Boots’ parent Walgreens Boots Alliance private last year ‌in ⁠a deal valued at about $10 billion, after which Boots became a standalone entity. Boots operates more than 1,800 stores across ​Britain, ⁠offering pharmacy services, health products and beauty brands including Soap & Glory. It is also a major provider ⁠of ​National Health Service-funded pharmacy services.

Emami acquires majority stake in SkinKraft and Vedix parent IncNut

Indian conglomerate Emami has agreed to acquire a 60% stake in IncNut Digital, the parent company of personalized beauty and wellness brands SkinKraft and Vedix, for INR321 crore (approximately $38 million). The acquisition gives Emami majority control of the India-based direct-to-consumer beauty company, with plans to acquire the remaining 40% stake in two additional tranches over the next four-and-a-half years based on future performance metrics. SkinKraft and Vedix offer dermatology-led skincare and Ayurveda-based haircare and wellness products, respectively. IncNut reported FY25 net sales of INR175.1 crore and generates most of its business through digital-first channels. Emami said the acquisition strengthens its presence in the fast-growing personalized beauty and personal care category, complementing existing brands including The Man Company and Brillare.

Kenvue reports Q1 sales and profit growth as Kimberly-Clark deal progresses

Kenvue has reported first-quarter 2026 sales and earnings growth, supported by improved execution, innovation, and margin expansion across its health and beauty portfolio. Kenvue reported a 4.5% increase in net sales for Q1 2026, with organic sales rising 0.7% and diluted earnings per share increasing 47% to $0.25. Adjusted diluted EPS rose 33% to $0.32. The company said improvements in gross profit and operating margins were driven by supply chain optimization initiatives, productivity gains, and cost reduction programs. Skin Health and Beauty delivered the strongest performance, with net sales increasing 8.4% and organic sales up 5%, supported by innovations such as the Neutrogena Sun Care expansion in EMEA and the launch of OGX Pro Growth. Kenvue also confirmed progress on its planned acquisition by Kimberly-Clark, which is expected to close in the second half of 2026 pending regulatory approvals.

Estée Lauder agrees to $210 million settlement over China grey-market sales lawsuit

Estée Lauder has agreed to pay $210 million to settle a shareholder lawsuit accusing the beauty giant of misleading investors about its reliance on grey-market sales practices in China. The proposed all-cash settlement was filed in Manhattan federal court and relates to allegations that Estée Lauder concealed its dependence on “daigou” sales in China’s Hainan province during and after the Covid-19 pandemic. Daigou refers to a grey-market system in which resellers purchase luxury products duty-free and resell them at discounted prices to mainland consumers. Shareholders claimed the company failed to disclose the financial impact of a January 2022 Chinese crackdown on the practice until November 2023, when Estée Lauder’s shares fell 19%, wiping around $8.7 billion from its market value. The company denied wrongdoing as part of the agreement and said insurance would cover part of the settlement costs.

Discounters & Department Stores

Walmart to lay off or relocate 1,000 tech, product workers

As part of a broader organizational restructure, Walmart is laying off or relocating about 1,000 employees across its global technology and product teams, according to a source familiar with the situation. Impacted staff are being asked to relocate to the retailer’s Bentonville, Arkansas, or Northern California offices, per the source. Some positions are being updated to reflect how work is being done, and some teams are being combined where it makes sense, according to an internal memo to employees from CTO/CDO Suresh Kumar and EVP of AI Acceleration Daniel Danker.

Dillard’s Posts Strong First-quarter Earnings

Dillard’s is back in growth mode. The Little Rock, Ark.-based department store chain reported that net income for the first quarter ended May 2nd jumped 53 percent to $250.6 million ($16.04 a share), up from $163.8 million ($10.39 a share) in the prior year. Included in the most recent results is a pre-tax gain on litigation settlement, net of legal fees, of $104.1 million related to the company’s favorable settlement of a long-standing lawsuit involving payment card interchange fees. Without these gains, net income was up around 4 percent. Total sales for the period rose 3.4 percent to $1.52 billion from $1.47 billion. Comparable-store sales increased 3 percent.

Emerging Consumer Companies

Ruka Secures $4.5 Million to Scale Lab-Grown Hair Fibre Technology

Ruka, the biotech beauty start-up, has closed a $4.5 million funding round co-led by Freedom Trail Capital and Henkel Ventures. The investment will help grow the brand’s retail footprint, bolster production, and support its 2026 expansion into the US. The round saw participation from Big Issue Invest, Backed VC, and several strategic angel investors, including Olympic athlete Dina Asher-Smith, supply chain specialist Knut Alicke, and M&A expert Sophia Dennis. Founded by Tendai Moyo and Ugo Agbai during the 2020 lockdown, Ruka has positioned itself at the intersection of material science and the textured hair market. The brand offers a broad portfolio spanning human hair extensions, wigs, styling products, hair perfumes, and tools.

TikTok-favorite 4AM lands $4 million seed round and Target Rollout as it reinvents facial wipes

TikTok darling 4AM has secured a $4 million seed round as it makes the jump from clicks to bricks with a rollout at Target. The oversubscribed round was led by CAVU Consumer Partners, the venture capital firm with Nécessaire, Topicals, OSEA, Hims & Hers, Thrive Market, Beekeeper’s Naturals, Vital Proteins and Poppi in its portfolio, with participation from B4 Capital, Type Capital and a host of angel investors, including Violet Grey founder Cassandra Grey, Starface co-founder Brian Bordainick, Remedy Science founder Muneeb Shah, Étoile founder Michelle Hu, Kerativ founder Joyce Park and “Hot Smart Rich” podcast host Maggie Sellers Reum.

Roxberry, modern kids’ soda brand, raises investment round

Roxberry, the first modern soda made just for kids, is proud to announce the closing of a major funding round, marking a significant milestone as the brand accelerates national expansion and continues to reinvent the beverage landscape for kids and families. The raise comes on the heels of a breakout retail run, with Roxberry now available in more than 2,200 Walmart stores nationwide and a recent launch in Texas’ top retailer, H-E-B. In just four months, the brand has quickly captured the attention of both retailers and consumers, emerging as a standout in arguably the hottest segment in all of CPG.

Food & Beverage

Suja Life taps into sizzling demand for health and wellness with IPO

Suja Life is going public as the cold-pressed juice pioneer looks to tap into robust consumer demand for convenient health and wellness offerings. Pursuing the public market felt like a natural next step for Suja, which makes Slice Soda, Vive Organic, and its namesake brand, executives said prior to the debut. The company plans to reinvest the nearly $200 million it raised from last week’s IPO into expanding production, CEO Maria Stipp told Food Dive. “Our consistency of delivery, quarter to quarter and year over year, has proven to all of us that it is time for an IPO,” Stripp said. “We spent the last decade building a very differentiated business here.”

Ingredion makes $3.7B offer to buy ingredients rival Tate & Lyle

Ingredients supplier Tate & Lyle is considering a takeover bid of 2.7 billion pounds, or $3.7 billion, from larger rival Ingredion, the British company confirmed on May 14. The offer is for up to 615 pence per share, a 64% premium on the company’s closing share price on May 13. Under U.K. law, Ingredion has until June 11 to make a formal offer or walk away, Tate & Lyle said in a statement. The latest proposal follows “a number of earlier approaches from Ingredion” to acquire the company, Tate & Lyle said. There is no certainty that a deal will be made, according to the statement.

Egg giant Cal-Maine diversifies business with purchase of Van’s waffles

On May 12th, Cal-Maine Foods said it would purchase Van’s Foods waffles and other assets from Sara Lee Frozen Bakery for an undisclosed amount, expanding its reach beyond eggs. Sara Lee Frozen is owned by the private equity firm Kohlberg. Cal-Maine, the largest egg company in the U.S., said the purchase is aimed at helping diversify its business and grow in prepared foods sold at retail. The addition of Van’s is expected to increase Cal-Maine’s prepared foods annual sales by approximately 10% and volume by about 6%. Cal-Maine posted net sales of $4.3 billion in its 2025 fiscal year.

Grocery & Restaurants

Dunkin’ owner Inspire Brands files documents for an IPO

Inspire Brands, which has been speculated as a likely restaurant industry IPO almost from the day it was created nearly a decade ago, on Friday said it has confidentially filed documents to do just that. In the process, the Atlanta-based company will potentially give investors another shot at Dunkin’, the fifth largest restaurant chain in the U.S., along with several other well-established restaurant chains, including Sonic, Arby’s, Buffalo Wild Wings, Jimmy John’s and Baskin-Robbins. It also potentially sets up another big industry IPO, as the sandwich chain Jersey Mike’s has also confidentially filed for an offering. The Roark Capital-owned Inspire was founded in 2018 when Arby’s acquired the chicken wing chain Buffalo Wild Wings. The company then went on a big acquisition spree, acquiring Sonic for $2.3 billion and folding in another Roark-owned concept in Jimmy Johns. It made one of the restaurant industry’s largest deals in history with the $11.3 billion acquisition of Dunkin’. Today, Inspire’s concepts generate $33 billion in system sales from more than 33,000 global locations, according to the company. The biggest of the brands is Dunkin’, which generated $15.5 billion in global system sales last year from more than 14,000 locations.

Home & Road

Bed Bath & Beyond Opening First Co-Branded Container Store in Fort Worth

The first co-branded Container Store and Bed Bath & Beyond location will welcome consumers at a grand opening on Saturday, May 16, in Fort Worth, TX, featuring an assortment designed to make it a destination for products throughout the home. The new store concept combines popular elements of The Container Store’s offering, including organizing solutions, design services and expertise with select Bed Bath & Beyond’s home essentials. The combination provides consumers with a more complete home destination that combines organization, essentials, décor and services in one convenient shopping experience, Bed Bath & Beyond stated. Now, according to the company, consumers familiar with The Container Store’s assortment of storage and related home products will find expanded or new product categories typical of Bed Bath & Beyond stores. So, the combined store includes a broad assortment of products for the kitchen, dining room, bedroom, closet and other home spaces, Bed Bath & Beyond noted. In addition, the store is reintroducing familiar Bed Bath & Beyond features such as the towel wall and curated bed displays.

While Q1 shows declines, Sleep Number says it sees ‘positive metrics’

Conceding a soft start to the year, Sleep Number President and CEO Linda Findley noted that year-over-year demand improved in the quarter ended April 4. “Q1 came in as expected given the soft start to the year, but year-over-year demand improved steadily throughout the quarter, ending with growth in March over last year,” said Findley in the earnings release. “We are confident in the early positive metrics we are seeing from our new product launch and marketing campaigns, and the customer feedback on our new beds is fantastic. We believe this, combined with the full realization of our cost savings actions, puts us in line with the financial indications we highlighted in the previous earnings call.” She added that with the additional short-term liquidity provided by Sleep Number’s lender group, the company is focused on securing a long-term capital solution and is in the process of evaluating a range of strategic and financing options.

Ace Hardware Posts Q1 Sales, Earnings Rise as Dealers See Average Ticket Gain

The first quarter was more profitable for Ace Hardware Corp. year over year as comparable and total sales also made gains. The hardware cooperative posted net income of $70.1 million versus $30.3 million in the year-previous quarter. The approximately 4,000 Ace retailers that share daily sales data with the company reported a 4.9% first-quarter year-over year comparable store sales gain in the United States resulting from a 4.2% increase in average ticket and a 0.7% increase in comp transactions. First-quarter consolidated revenue totaled $2.47 billion versus $2.23 billion in the year-prior quarter. Total wholesale revenue in the period was $2.28 billion, up 11.3% year over year in the period, while total retail revenue was $185.8 million up 6.1%. Operating income was $80.1 million versus $39.6 million in the year-earlier quarter.

Growing Drinkware Demand Helps Propel Yeti to Q1 Wall Street Beat

Yeti managed to exceed first-quarter expectations, despite the impact of tariffs on earnings, as the company adjusted its annual financial forecast. Net income was $9.9 million, or 13 cents per diluted share, compared to $16.6 million, or 20 cents per diluted share, in the prior year quarter. Net income per diluted share in the current quarter included an unfavorable net impact from incremental tariff costs of about nine cents. Adjusted for one-time events, net income was $19.8 million, or 26 cents per diluted share, versus $25.8 million, or 31 cents per diluted share, in the year-before period, Yeti noted. A Zacks Investment Research analyst consensus estimate was for adjusted diluted earnings per share of 17 cents and revenue of $374.36 million. Sales increased 8% to $380.4 million year over year, the company reported, driven by broad-based performance across key product categories and channels. Operating income was $12.4 million versus $21.7 million in the year-earlier period, while adjusted operating income was $26.6 million versus $35.2 million.

Jewelry & Luxury

Former Puma exec Arne Freundt named Bogner CEO

Willy Bogner GmbH has named Arne Freundt as its new chief executive officer, starting on June 1st. The German luxury brand said that Freundt, along with the existing management team, will be responsible for shaping Bogner’s future strategic direction. The brand, owned by the Munich-based Bogner family, sold a 60% majority stake in the company to Katjes International GmbH & Co. in August. The family, which retains a 40% minority interest, continues to be involved in the company’s strategic direction. Former CEO Gerrit Schneider left the company at the end of 2024 after five years, and the position remained vacant as part of the new ownership structure.

Burberry stock drops even as Americas and China demand boost turnaround efforts

Burberry’s full-year results marked a “meaningful inflection point,” the company said on May 14th, as the luxury group reported sales growth boosted by strong demand from its key Americas and China markets. But Burberry stock slipped as a weaker performance in Europe and the Middle East weighed on the group’s ongoing turnaround efforts. Comparable sales grew 2% over the fiscal year, helped by a 10% growth in both the Americas and China in the quarter ended March, Burberry said. That growth offset a miss in European sales, which Burberry pinned on reduced tourist flow to the region due to the conflict in the Middle East. CFO Kate Ferry declined to comment on trading in April and May, given the current macroeconomic situation, in a call with analysts.

Office & Leisure

Hill City 1880 Train acquired by TN based company

The 1880 Train that travels from Hill City to Keystone, South Dakota, has been acquired by a new owner.  World Choice Investments, based in Tennessee, announced the purchase of the train, its first South Dakota-based acquisition. The 1880 Train is the oldest continuously operating standard gauge excursion train in the world, according to a news release. The train has operated since 1957. The announcement comes as the season began for the train on May 9.  “The terms of the purchase are private, but Lawrence said that this is a win-win for World Choice Investments and for guests to this popular South Dakota tourism area, continuing an attraction that has delighted visitors for nearly seven decades,” the news release said.  World Choice Investments is also an operating partner of Dolly Parton’s dinner theaters.

Frog Bikes sold to Mike Ashley’s Frasers Group after entering administration

Mike Ashley’s Frasers Group has bought the children’s bicycle maker Frog Bikes. Frog Bike appointed administrators in February as a precautionary measure as it explored “potential funding and restructuring solutions”.  FRR Advisory, the administrator, had been running a sale process since March, but the brand was unable to secure the financial means to continue manufacturing in the UK.  This is not the first cycling company Mike Ashley’s group has bought. In 2018, it bought Evans Cycles out of administration.  In 2024, Frasers Group bought WiggleCRC after the company filed for insolvency in October 2023.

Technology & Internet

Nintendo shares fall after Switch 2 price rise, weak sales forecast

Nintendo shares plunged after the gaming giant warned that sales of its flagship Switch 2 console would fall this fiscal year and it announced a price hike for the device due to rising memory costs. Last Friday, Nintendo announced price hikes for its Switch 2 console in markets across the world. An unprecedented surge in the price of memory chips, driven by the AI infrastructure boom, has increased the cost of producing the device. Nintendo said that it forecasts 16.5 million unit sales of the Switch 2 in the current fiscal year, which ends in March 2027, down from 19.86 million since its launch last June.

Action camera maker GoPro to review options, including possible sale

Action camera maker GoPro reported that it intends to review a ​range of strategic options that could include ‌a sale of the company or merger, sending its shares up more than 27% in after-hours trading. This comes ​nearly a month after the company ​said it had engaged consulting firm Oliver ⁠Wyman to pursue new market opportunities for ​its technology within the defense and aerospace markets. The ​California-based company said that since then, it has received several unsolicited strategic inquiries, and its board has authorized it to ​engage a financial advisor to support a ​review.

Finance & Economy

Inflation hits 3.8%, outpaces wage growth for first time in 3 years

The era of consumers continuing to spend — even in the face of economic uncertainty and price hikes — may be over. Inflation in April reached 3.8%, according to the Consumer Price Index released by the Bureau of Labor Statistics on May 12. It was the first time in three years that inflation outpaced wage growth, according to Heather Long, chief economist at Navy Federal Credit Union. Price increases were broad-based, led by energy, which rose 3.8% in April after rising 10.9% in March, per the government’s report. Gas prices were up more than 11% in April year-on-year, before seasonal adjustment. The electricity index rose by over 2%. Also up: five of the six top grocery food indexes, rent, airplane tickets, home furnishings, and medical costs.

Bond market believes the Fed is behind the curve on inflation as Warsh takes over

Bond market investors believe the Federal Reserve needs to play catch-up on inflation as its new leader takes over, according to Ed Yardeni, president of Yardeni Research. Wall Street expects the central bank’s Federal Open Market Committee to relinquish its bias toward easing rates at the policy meeting next month, Yardeni said. Bond traders are hoping that is replaced with a slant toward tighter monetary policy, the economist said. Yardeni’s evidence: The 2-year U.S. Treasury yield is above the federal funds rate, or FFR. When this happens, investors are signaling that they do not believe the FFR is high enough to curb inflation, he said. “The market is signaling that the current FFR is too low to curb inflation and may have to be hiked,” Yardeni wrote in a recent note to clients. Yardeni’s comments follow a series of inflation readings this week showing a reacceleration in the wake of the Iran War. That can complicate the outlook for Kevin Warsh, President Donald Trump’s pick to succeed Fed Chair Jerome Powell.