Story of the Week
It’s official: Shein has acquired Everlane
Shein has acquired Everlane, after buzz about a deal had swirled for days following an initial report. The move represents the direct-to-consumer brand’s next phase, enabling global expansion and new capabilities and opportunities, said Everlane CEO Alfred Chang. Everlane, which touts its supply chain transparency, will continue to run as an independent brand, “staying true to our longstanding brand values, sustainability commitments, and exceptional quality,” Chang said. These are unlikely partners, given the criticism Shein has faced over its social and environmental impacts, though the Chinese fast-fashion giant has established sustainability programs of its own. But there are upsides for both. Taking over Everlane helps Shein expand beyond the fast-fashion arena and its value proposition, according to GlobalData Managing Director Neil Saunders. “Everlane is not revolutionary for Shein, but it does support a narrative of having a more balanced portfolio that can be sold to potential investors during any future IPO,” Saunders said. Shein’s investment provides Everlane with financial stability at a time when its debt has grown to untenable levels, Saunders also said.
Apparel & Footwear
Authentic Brands Group expects IPO in next 12 months as new CEO steps in
The founder of Authentic Brands Group, the management firm behind dozens of retail and media names including Reebok, Champion and Brooks Brothers, said he expects to take the company public in the next 12 months as he announced a former Wynn Resorts CEO will be its next chief executive. Jamie Salter said Authentic’s president, Matt Maddox, who joined the firm as president in January 2025 after a 20-year career at Wynn, will take over as CEO so Salter can transition to executive chairman. When asked if this means the company is headed for an initial public offering, Salter said he expects the company to go public “sometime in the next 12 months.”
Lululemon settles proxy battle with founder Chip Wilson, agrees to two board nominees
Lululemon entered into an agreement with founder Chip Wilson that ended a messy proxy contest the founder started late last year as its largest individual shareholder. Under the terms of the deal, Luluelmon has agreed to appoint two of Wilson’s nominees – former On co-CEO Marc Maurer and former ESPN Chief Marketing Officer Laura Gentile – and an additional director with “product and brand expertise in apparel” by October. In exchange, Wilson agreed not to bad mouth the company for about a year and a half, among other provisions. “We are pleased to reach this agreement with Chip Wilson, which allows lululemon to focus on continuing to strengthen its performance,” said Marti Morfitt, Lululemon’s executive chair.
Brunt Workwear explores full sale or stake sale at over $1 billion
Brunt Workwear, a work boot and apparel brand, is exploring options including a full sale or a strategic investment that could value the private company at over $1 billion, according to sources familiar with the matter. The company is working with an investment bank on the process, which is attracting interest from both companies and private equity firms. Brunt could also pursue an initial public offering at a later stage, the sources said. The workwear sector has attracted deal interest as legacy workwear brands appeal increasingly to mainstream consumers, beyond their original blue-collar customers.
Gap shares tumble 14% as retailer cuts sales guidance after disappointing Old Navy performance
Sales at Gap’s largest brand Old Navy fell short of expectations during its fiscal first quarter, leading the retailer to cut its sales guidance. During the quarter, Old Navy’s comparable sales grew 1%, while analysts expected them to grow 3%. As a result, Gap cut its sales outlook and is now expecting companywide sales to grow between 1% and 2%, down from a prior range of between 2% and 3%. Gap’s stock dropped more than 14% in extended trading following the results. In an interview with CNBC, CEO Richard Dickson attributed the sluggish sales to a spring and summer assortment that failed to land with shoppers – not a larger macroeconomic issue. While Old Navy caters to lower- to middle-income shoppers, who have felt economic shocks like soaring gas prices more acutely than higher-income cohorts, those customers are still shopping — just in different categories. Dickson said sales of Old Navy’s dresses and swimming shorts were particularly weak, while active, denim and kids categories were strong.
Sporting Goods & Leisure
Gravity Haus buys three former LOGE Hotels in Northwest
Gravity Haus acquired three former LOGE Hotels in Washington and Montana, expanding the lifestyle hospitality brand’s presence in outdoor recreation markets. The three hotels are located in Washington and Montana, markets known for year-round outdoor recreation and strong demand for experiential lodging. Gravity Haus plans to rebrand and operate the properties under its lifestyle-focused model, which blends lodging, food and beverage, wellness and programming geared toward active travelers. Gravity Haus has been steadily expanding its portfolio through a mix of acquisitions and new developments, targeting mountain towns and adventure hubs with strong leisure fundamentals.
Fitness Ventures Acquires 22 Crunch Gyms, Becoming System’s Biggest Franchisee
Fitness Ventures has just taken the Crunch Fitness franchisee throne. The group has acquired 22 clubs from Harman Fitness, a Los Angeles-based franchisee, in a deal that vaults Fitness Ventures to the top of the Crunch system in terms of unit count and puts CR Fitness Holdings, another leading franchisee group, in second place. Fitness Ventures’ platform now spans 115 locations across 30 states, with the group on track to top 130 by year’s end. The Harman portfolio covers gyms in California and Texas. The PE-backed Fitness Ventures said more than $50 million will flow into facility upgrades across those two markets in the coming months. All 22 clubs will continue operating under the Crunch banner.
Nike Inc. Inks First Global Gym Partnership with The Yard Gym
Nike Inc. named Australia’s The Yard Gym (TYG) as its first global gym partner. The partnership comes as Nike in April closed Nike Studios, its boutique studio chain operated in partnership with sport lifestyle platform FitLab. Nike Studios, launched in 2023, only had four venues, including three in California in West Hollywood, Santa Monica and Irvine; and one in Texas in Austin. As part of the new partnership, TYG, which operates more than 100 locations across Australia, the U.S., New Zealand and Mexico, becomes an official Global Nike Training Partner. The franchisor has recently begun expanding in the U.S with approximately 40 locations across the country.
Duca Del Cosma acquired by Howsam Capital
Luxury Italian golf fashion brand Duca del Cosma has been acquired by investment firm Howsam Capital following a sale by Chairman Frank van Wezel. Effective immediately, the acquisition sees Howsam Capital, led by Chairman Ryan Howsam, take full ownership of the global brand’s assets across all international markets. Having spearheaded and built the Duca del Cosma brand since 2016, van Wezel will remain a minority shareholder and brand ambassador, and is delighted that the brand he so passionately built up over the last decade will now be taken to the next level under the stewardship of Howsam and his team.
Caesars Entertainment, a Las Vegas Strip icon, is sold for nearly $6 billion
Billionaire hospitality mogul Tilman Fertitta is acquiring Caesars Entertainment for almost $6 billion, a merger that would create one of the largest gaming empires. Caesars became an iconic name after the opening of Caesar’s Palace on the Las Vegas Strip in 1966. But its roots date back to the 1930s in Reno, Nevada. It operates nine hotels on the Strip and owns properties in over a dozen states. Fertitta is the CEO of Fertitta Entertainment, a company that owns Las Vegas’ Golden Nugget and chains like Rainforest Cafe and Morton’s. Fertitta also owns the NBA team Houston Rockets, and he is the largest shareholder in Wynn Resorts as well as in DraftKings, the sports betting company.
Cosmetics & Pharmacy
Estée Lauder ditches Puig deal, lifting shares as turnaround takes priority
U.S. cosmetics maker Estée Lauder and Spanish perfumery Puig ended merger talks that would have created a premium beauty giant better positioned to compete with industry leaders. Estée shares rose over 10% as investors cheered the end of a potential deal that analysts had warned could add integration risk, stretch the company’s balance sheet and distract management from its months-long turnaround plan. The merger talks, disclosed in March, would have formed a $40 billion luxury beauty group bringing together Estée brands such as Tom Ford, Clinique and MAC with Puig’s brands including Carolina Herrera and Charlotte Tilbury, which are popular with TikTok influencers and affluent millennials. Estée shares dropped 10% the day after the companies confirmed the talks.
Healthy Extracts Acquires Sommer Ray’s Imaraïs Beauty In $20M Deal
Healthy Extracts has acquired Sommer Ray’s Imaraïs Beauty in a transaction valued at approximately $20 million, underscoring deal momentum in supplements and the acquisition appeal of influencer-led wellness brands. The acquisition is structured with equity consideration, cash and Healthy Extracts common stock. Prior to its sale, five-year-old Imaraïs, co-founded by supplement industry veteran Aaron Hefter, had raised only about $400,000. Established originally in Toronto, Imaraïs Beauty is already leveraging Henderson, Nev.-based Healthy Extracts’ manufacturing capabilities to support a nationwide rollout to more than 4,400 CVS Pharmacy locations in June. The brand will bring five of its seven ingestible wellness products – Glow, Nourish, Youth, DePuff and Sutra – to the drugstore chain’s “Trending Supplements” endcap. In the United States, Imaraïs is carried at Ulta Beauty, Target, Nordstrom and Sprouts Farmers Market.
10Beauty Secures $23.5M Funding for Robotic Manicures
10Beauty, the Boston-based robotics company, launched in 2013, just raised $23.5 million in new funding, led by Story Ventures, bringing its total amount of funding to date to about $70 million. Investors in previous rounds include Victoria Beckham and Imaginary Ventures, among others. During the fall, the company debuted its five-step manicure machine at Ulta Beauty in Boston and is now preparing to expand to Chicago. The company has agreements in place for its first 850 machines across major launch partners and channels including beauty retail, department stores, hospitality, fitness, nail salons and hair salons, with partners such as Ulta Beauty and Nordstrom, it said.
3B International Announces Strategic Partnership with SBJ Capital to Accelerate Growth
3B International, a global fragrance developer and brand creator, is pleased to announce a strategic investment from SBJ Capital, a private investment firm based in the San Francisco Bay Area. This partnership will support 3B’s continued growth while continuing the Company’s heritage of product development and longstanding brand and retailer partnerships. For over three decades, 3B has provided innovative third-party licensed, control label, and private label fragrance products to its brand and retail partners. The Company has grown significantly over the last several years and chose to partner with SBJ to help support the Company’s next phase of expansion.
Church & Dwight Announces Miss Mouth’s Messy Eater® Brand Acquisition
Church & Dwight Co., Inc. has signed and closed a definitive agreement to acquire the fast-growing Miss Mouth’s Messy Eater brand for approximately $325 million. The brand has gained a rapid following among customers in need of fast-acting, non-toxic, on-the-spot stain removal across multiple surfaces. The transaction closed on May 28th. Miss Mouth’s net sales and EBITDA for the twelve months through December 31, 2025, were approximately $80 million and $28 million. “Strong online sales have catapulted the brand, becoming the #1 stain remover brand on Amazon. Customer loyalty and repeat usage have fueled rapid growth for the brand. The strength of the brand in ecommerce has now expanded to multiple US retailers in the first half of 2026,” said Rick Dierker, Church & Dwight’s Chief Executive Officer.
Discounters & Department Stores
Kohl’s stock spikes 20% as slumping retailer says sales trends are improving
Kohl’s said its net sales decreased 1.7% and its comparable sales slid 1.1% in its fiscal first quarter as it aims to turn around its business and regain market share. In the prior quarter, Kohl’s reported that comparable sales dropped 2.8% from the previous year. CEO Michael Bender said the retailer saw “meaningful improvement” in its Kohl’s card customer as well as its proprietary brand. Because the company’s main audience is lower- and middle-income shoppers, Bender said pressures like high gas prices and sustained inflation are affecting Kohl’s strategy. Kohl’s has been struggling with declining sales, coupled with macroeconomic pressures, leading the stock to dive over 35% this year.
Dollar Tree raises annual profit forecast on steady demand, shares jump
Dollar Tree raised its annual profit forecast, buoyed by resilient demand for affordable essentials from budget‑conscious consumers and efforts to offset higher costs. The company has been improving its product selection to attract value-focused shoppers already grappling with higher living costs. Dollar Tree has also moved away from its historic $1 model to a “multi‑price” strategy, with items priced at $1.25, $3, $5 and higher. This, along with easing freight expenses, has helped it counter higher tariffs and supply chain costs. For the first quarter, gross margins increased 120 basis points, helping the company post a 1 percent rise in net income and record per-share profit of $1.74 that beat market estimates of $1.54, according to data compiled by LSEG.
Emerging Consumer Companies
Sleep tech brand SOND raises $7 million
Traditionally, sleep earbuds have been designed to mask outside noise and promote sleep with calming sounds. A Boston-based startup called SOND is introducing a new type of earbuds designed to actively intervene to encourage better sleep. Founded by a pair of MIT grads, one who is Bose’s former Head of Global Sleep, SOND emerged from stealth with $7 million in funding. Together with the funding, the company introduced its debut product: Dreambuds, a closed-loop, in-ear system that captures 12 physiological signals from the wearer, then acts on them in real time to help consumers get better sleep.
Brami protein pasta closes $33 million Series B round
Brami protein pasta is quickly becoming the pasta brand of choice for many American families. It balances a functional element–fortifying real durum wheat semolina with naturally high-protein lupini beans–along with a taste and texture that rivals some of the highest quality boxed pasta brands on shelves. Founder Aaron Gatti announced that Brami has raised a $33 million Series B investment round led by VMG Partners. “It’s been two years of exponential growth and major retail distribution gains,” “There are big supply chain implications when you have this kind of growth across channels.” Launched in 2016, and introducing its pasta line in 2021, San Diego-based Brami is the fastest-growing pasta brand in the US, expecting about 400% year-over-year growth by the end of 2026 and profitable.
Vêtir, the AI-powered luxury wardrobe operating system redefining how high-value consumers get dressed, shop, and manage their wardrobes, today announced the successful first close of its Series A, raising $5.5 million at a $150 million valuation. The round was led by a curated consortium of investors across technology and luxury-adjacent family offices, including Laidlaw & Company, reflecting a long-term approach to building both the brand and the platform. The Series A saw strong participation from strategic partners as Vêtir continues building what it sees as a category-defining AI commerce platform for luxury fashion.
Bella Hadid’s Ôrəbella secures Series A financing, names new CEO
Bella Hadid’s Ôrəbella announced on Thursday the closing of its Series A financing led by Silas Capital, with participation from existing investor Celebrands. Financial terms of the round were not disclosed. Alongside the funding announcement, Ôrəbella also named Anish Agarwal as chief executive officer. Agarwal previously held leadership roles at L’Oréal, Colgate-Palmolive and most recently served as CEO of T3 Micro. Launched in 2024, the celebrity brand has experienced rapid retail expansion, beginning with a nationwide rollout through Ulta Beauty in the United States. The fragrance line has since expanded into Ulta Beauty Middle East, where the company said it currently holds the top fragrance position. Earlier this year, Ôrəbella also entered more than 500 Douglas stores across 20 countries and is continuing to grow its European footprint through a strategic partnership with Selfridges in the United Kingdom.
Food & Beverage
Heartland expands sweetener portfolio with Whole Earth Brands Americas acquisition
Heartland Food Products Group has entered into a definitive agreement to acquire the Americas business of Whole Earth Brands, adding the Equal, Whole Earth, Swerve and Chuker sweetener brands to its growing portfolio of reduced-sugar and better-for-you food and beverage products. The acquisition strengthens Heartland’s position in the global sweetener market and significantly expands its reach across retail, foodservice, e-commerce, beverage, ingredient solutions and B2B channels throughout North and Latin America. The deal brings together several of the category’s best-known brands under one organisation, including Splenda, which Heartland acquired in 2015 and has since expanded into a broader health and wellness platform spanning sweeteners, nutritional beverages, creamers, liquid enhancers, coffee and wellness products.
The Perfect Purée of Napa Valley acquires bitters and syrups maker, Strongwater
The Perfect Purée of Napa Valley, the leading US producer of premium fruit products for culinary and beverage professionals, has announced its acquisition of Strongwater, a Colorado-based maker of award-winning bitters, mixers and whole-plant beverages with global flavors and functional benefits. The move marks a strategic expansion for The Perfect Purée of Napa Valley as the company continues to invest in innovative ingredients and elevated food and beverage experiences for operators, bartenders, chefs and consumers nationwide. Strongwater will continue making its products in Colorado post-acquisition. Founded by former chemist Nick Andresen, Strongwater draws inspiration from his half-Norwegian and half-Korean heritage, blending generations of Scandinavian folk medicine and Asian herbal tonic traditions into a line of craft bitters and functional beverages designed to create memorable drinking experiences.
International Flavors and Fragrances to sell food ingredients unit in $4.3 billion deal
International Flavors & Fragrances agreed to sell its food ingredients business to CVC Capital Partners in a deal that values the unit at about $4.3 billion, as the flavor maker trims its portfolio to boost profitability. The flavor maker said it will now sharpen its focus on fragrances and health businesses, as consumer spending on health and wellness remains resilient. IFF expects to receive about $3.8 billion upon closing the sale of its food ingredients unit and said the proceeds will be directed toward debt reduction, share buybacks and reinvestments. Packaged food companies, which are major customers of IFF, are also streamlining businesses as shoppers trade down or opt for healthier alternatives. The growing adoption of appetite-suppressing weight-loss drugs is also changing food habits. The IFF deal is expected to close at the end of the second quarter of 2027.
Tyson Foods, Inc. has named Jeff Schomburger as its new president and chief executive officer. He will take over leadership of the company on Oct. 4. Schomburger will succeed Donnie King, who has been president and CEO since 2021. Schomburger has been a member of Tyson Foods’ board of directors since 2016. Prior to that he had worked for Procter & Gamble for 35 years in a variety of leadership positions. He retired from the company as global sales officer in 2019. “The board and I are confident in Jeff Schomburger’s ability to lead Tyson Foods into its next chapter of growth,” said John H. Tyson, chairman of the board of Tyson Foods. “His experience will help us accelerate our strategic priorities and unlock new ways to win with customers and consumers – a key focus of our growth strategy. The board looks forward to working with Jeff to drive sustainable growth, enhance shareholder value, and build on the strong momentum Tyson Foods has established.”
Grocery & Restaurants
Wendy’s taps former Potbelly CEO Bob Wright to lead burger chain
Wendy’s has tapped Bob Wright as its latest chief executive, the company said Wednesday. The announcement comes on the heels of the struggling burger chain reporting its fifth straight quarter of same-store sales declines and rumors of a potential take-private deal led by Nelson Peltz’s Trian Fund Management. Wright previously served as CEO of Potbelly for five years, leading a turnaround of the sandwich chain in the aftermath of pandemic lockdowns. Potbelly went private last year after convenience store owner RaceTrac bought it for $566 million. Wendy’s has not had a permanent chief executive since Kirk Tanner left the company in July to become CEO of Hershey.
Bankruptcy court approves the sale of Fat Brands to multiple buyers
A bankruptcy court on Tuesday approved the sale of Fat Brands in four separate deals valued at nearly $1 billion, largely concluding a complex case marked by disputes, legal challenges and a fight for control that ultimately ousted the company’s founder. Two of Fat Brands’ 15 operating restaurant chains, Hot Dog on a Stick and Elevation Burger, are being sold in cash deals, for $8 million and $2.5 million, respectively. But the rest of the company is going to lenders. Twin Peaks is being sold on its own to an entity known as TWINPKS Bid Co. for $359.5 million in debt that is being converted into equity. The rest of Fat Brands is being sold to another entity comprised of lenders, known as FBG Bid Co., for $595 million. That is also in the form of converted debt. The rest of Fat Brands includes Round Table Pizza, Johnny Rockets, Fazoli’s, Great American Cookies, Marble Slab Creamery, Pretzelmaker, Hurricane Grill and Wings, Buffalo’s Café, Native Grill and Wings, Yalla Mediterranean and Ponderosa & Bonanza. One chain, Smokey Bones, has been shut down.
Home & Road
Home Depot says its core shopper is resilient in the face of higher gas prices, sales rise 5%
Home Depot said Tuesday its core homeowner shopper remains resilient in the face of higher gas prices and plummeting consumer confidence, leading the retailer to reaffirm its full-year guidance after beating fiscal first-quarter expectations. “The homeowner in a relative sense is perhaps more protected financially than other customer cohorts and so we continue to see engagement,” finance chief Richard McPhail told CNBC in an interview. Still, amid rising geopolitical tensions, plummeting consumer confidence and a broken housing market, those shoppers are engaged “up to a certain point,” said McPhail. “They continue to tell us that they are going to defer their spend on larger projects,” he said. “That’s consistent with what they’ve told us the last few years.”
Lowe’s CEO Ellison: ‘Total Home’ Execution Fueled Q1 Earnings, Comp Sales Increases
The first quarter brought Lowe’s Cos. a comparable store sales gain and growth in adjusted earnings and revenues that exceeded analyst expectations. Net earnings were $1.63 billion, or $2.90 per diluted share, versus $1.64 billion, or $2.92 per diluted share, in the quarter a year before. During the first quarter, Lowe’s noted that it recognized $96 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials and Artisan Design Group. When adjusted, diluted earnings per share increased 3.8% to $3.03. Lowe’s topped a Zacks Investment Research first quarter analyst consensus estimate on earnings, at $2.96, revenues, at $22.94 billion. Comparable sales for the quarter increased 0.6% year over year, the company noted, driven by strong spring execution, as well as a 15.5% online sales advance, Lowe’s pointed out.
Williams-Sonoma Posts Q1 Gains While Prepping for Dorm Season
Williams-Sonoma beat first-quarter Wall Street estimates as it posted comparable store sales gains across its retail brand portfolio and higher consolidated earnings as it prepares for the back-to-school season, supported by its newly launched Dormify banner. In addition to the financial results, Williams-Sonoma announced it promoted Jennifer Kellor to president of Pottery Barn, noting that her predecessor, Monica Bhargava, was leaving the company. Kellor has served as the president of the Pottery Barn children’s brands since 2016. Net earnings were $231.4 million, or $1.93 per diluted share, versus $231.3 million, or $1.85 per diluted share, in the year-previous quarter. A Zacks Investment Research published analyst consensus estimate put William-Sonoma Q1 earnings at $1.80 per diluted share and revenues at $1.80 billion. Consolidated comparable sales increased 4.8%. Comps gained 1% at Pottery Barn, 8.5% at West Elm, 5% at Williams Sonoma and 4.5% at Pottery Barn Kids and Teens.
Watson’s acquires N.C.-based Viridien, expanding Southern U.S. footprint
Watson’s, a national retailer of home recreational products and furnishings, has acquired Charlotte, N.C.-based Viridien Patio + Fireplace, a Carolinas destination for high-end outdoor furniture, outdoor kitchens, fireplace and hearth products. Terms of the deal were not disclosed. The acquisition of Viridien further strengthens Watson’s Southern U.S. presence, building on its 2024 acquisition of Fort Myers, Fla.-based Recreational Warehouse, as well as expanding its leadership in the outdoor furnishings category overall. The addition of four Carolinas locations — Charlotte, Lake Norman, Raleigh and Greenville — brings Watson’s total store count to 39. Following the acquisition, Watson’s will operate 23 corporate locations and 16 franchise and affiliate locations.
Bed Bath & Beyond begins store conversion blitz with new combo store
The first co-branded The Container Store + Bed Bath & Beyond store, which opened on May 16, is the first of a few hundred retail locations BBB Inc. will roll out under multiple nameplates. The combo retail location debuted in The Container Store’s home market of Texas and is a conversion of The Container Store’s Fort Worth unit at 4601 West Freeway. Over time, Bed Bath & Beyond Inc. plans to operate more than 300 stores across multiple formats, including co-branded stores, neighborhood formats, a Bed Bath & Beyond Seasonal Living format, and buybuy Baby locations. Bed Bath & Beyond announced its deal to acquire The Container Store on April 2, saying at the time it expected to complete the transaction by July. The company’s retail portfolio includes Bed Bath & Beyond, buybuy Baby, Overstock, Kirkland’s and, upon completion of the merger, The Container Store.
Jewelry & Luxury
Signet Purchases the Clear Cut to Bolster Its Luxury Brand Story
Signet Jewelers announced it is acquiring diamond jewelry brand the Clear Cut, a move intended to accelerate Signet’s brand repositioning and help it attract more luxury consumers. The Clear Cut, cofounded by Olivia Landau and her husband, Kyle Simon, will be integrated into Blue Nile, another diamond specialist owned by Signet, the jewelry giant said. The Clear Cut name will be maintained, though its separate website “eventually will cease to exist,” said Signet. Joan Hilson, Signet’s chief operating and financial officer, tells JCK that the Clear Cut agreement fits into Signet’s Grow Brand Love strategy as well as its long-term focus on diamond growth. Adding the Clear Cut will further Blue Nile’s luxury repositioning, Hilson says.
Luxury Conglomerate Richemont Notched $26 Billion in Revenue Over the Last Year
Richemont has 26 billion reasons to celebrate this summer. The luxury conglomerate, owner of maisons such as Cartier, Piaget and Van Cleef & Arpels, saw its sales increase by 13 percent in Q4, ending off this fiscal year with a bang. In total, Richemont’s revenue shot up by 11 percent to hit around $26 billion (22.4 billion euros) over the last 12 months, the brand announced in a report last week. The company’s jewelry brands, in particular, had a strong showing over the same period. Cartier, Van Cleef & Arpels, Buccellati, and Vhernier saw a combined sales increase of 14 percent, hitting $19.2 billion (16.5 billion euros). And amid soaring gold prices and unfavorable currency movements, Richemont implemented “measured price increases” to weather the changes.
Technology & Internet
Best Buy Stock Climbs 15% on Earnings Beat
Best Buy on Thursday reported fiscal first-quarter results that beat expectations on the top and bottom lines as the electronics retailer tries to break out of a sales slump. The company said revenue climbed slightly, driven by comparable sales growth of 2%. It reaffirmed its full-year guidance of revenue between $41.2 billion and $42.1 billion. It expects comparable sales in the range of a decline of 1% to an increase of 1%. The company said its biggest growth drivers in the quarter were gaming, computing, mobile phones and services, which were partially offset by a decline in sales of appliances. “Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives,” CEO Corie Barry said in a release.
Oura, smart ring maker, files confidentially for IPO
Oura, the maker of the eponymous smart ring that tracks the health and sleep of wearers, has confidentially filed a draft of its IPO prospectus with the Securities and Exchange Commission, the company announced on Thursday. Oura did not specify the timeline for an IPO, saying it would take place after the SEC completes its review process, subject to market and other conditions. Launched in 2015, Oura’s smart ring product has evolved well beyond sleep tracking and now features a variety of features focused on broader health and wellness. In recent years, it has increasingly focused on advancing preventative health through new capabilities, AI, analytics and other features. The company recently reported it is on track to surpass five million paid members this quarter, a fourfold increase over the past two years. That has led to a 4x increase in total revenue over the past two fiscal years, it said.
Finance & Economy
Inflation worries weigh on US consumer confidence in May
U.S. consumer confidence eased in May as worries about inflation linked to the war in Iran intensified and households’ views of the labor market were largely pessimistic, though they anticipated an improvement by the end of this year. The marginal drop in confidence reported by the Conference Board on Tuesday contrasted starkly with the release last week of the University of Michigan’s Surveys of Consumers, which showed consumer sentiment plumbing record lows in May. Still, it was the latest sign of growing dissatisfaction with President Donald Trump’s handling of the economy.
Consumer spending looks strong, but higher inflation is a big reason why
Consumer spending rose in April at a seemingly robust rate, but only because of inflation. Americans aren’t getting much bang for their buck these days with gas prices so high. Personal spending increased 0.5% in April, the government said, but inflation also rose 0.4%. Household spending barely rose if inflation is taken into account. Nor did incomes with inflation. They were unchanged in April, mainly because farmers earned less. Workers with regular jobs did see a small bump up in pay. Consumer spending is the biggest engine of the U.S. economy. Bigger tax refunds have helped to offset the financial bite from higher gas prices, but eventually the refunds will be spent.
