Apparel & Footwear

Gap Inc. braces for as much as $300M in tariff-related costs

Tariffs could add $250 million to $300 million to Gap Inc.’s gross incremental cost this year, ultimately siphoning $100 million to $150 million from fiscal year operating income after mitigation efforts, the company warned. The levies threaten the momentum at the retailer, whose Old Navy and namesake brands posted further year-on-year sales and market share gains in Q1. Old Navy net sales rose 3% to $2 billion, with comps up 3%. Gap net sales rose 5% to $724 million, with comps up 5%. Results were mixed at the others. The company said it is encouraged by Banana Republic’s performance, where net sales fell 3% to $428 million and comps were flat. But Athleta’s recovery is dragging, as net sales fell 6% to $308 million and comps plunged 8%.

Vans revenue tumbles more than 20% during transformation plans

VF’s revenue fell 5% year over year in the fourth quarter of its 2025 fiscal year to $2.1 billion, according to a recent earnings presentation. The decline was driven by Vans, which recorded a 22% drop in revenue. VF CEO Bracken Darrell said that excluding the skatewear brand, the company’s total revenue would have been up year over year. The North Face and Timberland saw revenue grow by 2% and 10%, respectively, while Dickies fell 14%. The decline in Vans sales was due to challenging traffic in the global DTC channel, and it comes amid a “deliberate rationalization” of channel distribution to strengthen the brand’s foundation, per the company. VF added that sales from new Vans products grew, which more than offset declines of some of its “icons” products.

Urban Outfitters reports record Q1 net income

As it works to minimize the impact of changing tariff rates, Urban Outfitters Inc. reported first-quarter net sales across its portfolio rose 10.7% year over year to $1.3 billion, according to a recent press release. The company’s net income jumped 75%, reaching a “record” $108.3 million, and comparable retail segment net sales jumped 4.8%. The company (which operates Urban Outfitters, Nuuly, Anthropologie and Free People) saw total inventory increase by $84.8 million, or 14.6%. The retailer opened a total of 13 new stores during the quarter, nine of which were under the Free People banner. Chief Financial Officer Melanie Marein-Efron noted that “the uncertainty around tariffs means we are likely to bring in fall product a bit earlier,” and inventory growth in Q2 could exceed sales growth, according to a May 21st earnings call.

Athletic & Sporting Goods

Strava Hits $2B Valuation, Acquires The Breakaway

Strava keeps growing.  The social-oriented activity tracking platform secured fresh funding led by Sequoia Capital, valuing the company at $2.2B, including debt.  It also announced a suite of new features and acquisition of cycling app The Breakaway. Breakaway. Ubiquitous among endurance sport athletes, Strava counts 150M global users. Tracking ~50 activity types, it’s been broadening its appeal while sweetening its subscription with premium features.  Investing in AI, its latest suite features upgraded route planning and tools to catch scoreboard cheats. Buying into training, it also acquired run training app Runna in April.

Nike Brand Re-Engages with Amazon to Sell Direct to Customers

Nike, Inc. CEO Elliott Hill continues to disassemble the remaining policies related to a focus on DTC First as it works to re-engage with former retail customers and partners.  In a rumored move, but few saw it come so quickly, the company will re-introduce sales of Nike brand products on Amazon as early as next week. According to reports from Inc. and USA Today, a process was in place from 2017 until November 2019, starting as a small pilot program. The shift also appears to be part of an effort to rein in third-party sellers who have continued to sell certain key products on Amazon.  Nike now expects to forge ahead with more control over its brand. Amazon has already informed sellers offering specific Nike-branded products on Amazon’s Marketplace that they must discontinue the practice.

GT Golf Announces Acquisition of the Clicgear Golf Pushcart Brand

GT Golf Supply Co., the largest wholesale golf accessories distributor in the United States, announced it has acquired global rights to the Clicgear brand and all associated intellectual property from Clicgear Industrial Design Ltd. Clicgear is the leading brand in the golf pushcart market, having established a legacy of innovation and excellence that continues to shape the industry.  This strategic acquisition marks a new chapter for GT Golf, further strengthening its position in the golf industry. GT Golf has been the exclusive U.S. and Mexico distributor of Clicgear products since 2016. This latest expansion of GT Golf’s portfolio will accelerate innovation and growth for one of the most respected names in golf pushcart technology and design.

iFIT Inc. Enters Connected Pilates with Acquisition of Reform RX

iFIT Inc., a global leader in connected fitness equipment and innovation, announced the acquisition of Reform RX, a premier Pilates reformer company, marking a strategic expansion into the fast-growing Pilates market. The move reinforces iFIT’s commitment to offering a holistic, full-spectrum fitness experience for both commercial and at-home users.  Reform RX, known for its high-quality connected Pilates reformers and expert-led content, caters to a diverse clientele ranging across boutique fitness studios and wellness centers across the UK and U.S. With this acquisition, iFIT will integrate Pilates reformers into its lineup of products — offering customers a seamless way to diversify their fitness routines.  The integration will also include plans to enhance iFIT’s platform with Pilates-based programming, led by certified instructors and designed to complement users’ broader wellness goals.

Picklr, the world’s largest pickleball franchise, to open 20 clubs in Japan

The world’s largest pickleball franchise is coming to Japan.  The Picklr, a network of indoor pickleball clubs, will open 20 new locations in the Japanese market over the next five years, the company said. The expansion will take place through a strategic partnership with Nippon Pickleball Holdings, Japan’s leading pickleball company.  Pickleball saw a 223% jump in participation over a three-year span, according to the Sports and Fitness Industry Association, making it the “fastest-growing” sport for several years running.  There are more than 20 million pickleball players in the U.S., according to the SFIA.  The Picklr currently operates 40 locations in the United States and Canada. It expects that number to grow to 80 clubs by the end of the year. Barragan said in total, the company has sold more than 500 franchises in the U.S., Canada and Japan that are slated to open over the next 5 years.

Cosmetics & Pharmacy

CVS Set to Acquire 64 Rite Aid Stores, Expanding Personal Care Footprint in U.S. Northwest

CVS Pharmacy has announced its intention to acquire the prescription files of 625 Rite Aid pharmacies and assume operations of 64 physical store locations across Idaho, Oregon, and Washington. The deal, part of Rite Aid’s bankruptcy proceedings, is awaiting court and regulatory approval. In a bankruptcy court-approved bidding process, CVS secured a winning bid to expand its retail and pharmacy presence in 15 states. While the prescription file acquisition supports CVS’s pharmacy dominance, the 64 store takeovers will further embed its front-of-store business, including its personal care and beauty assortment, into the U.S. Northwest—markets where CVS has had limited visibility compared to competitors.

Bath & Body Works Taps Former Nike Exec Daniel Heaf as CEO to Lead Next Growth Phase

Bath & Body Works has named Daniel Heaf as its new Chief Executive Officer, effective immediately. Known for his transformative leadership at Nike and Burberry, Heaf will now steer the personal care and fragrance giant through its next stage of growth, following the departure of Gina Boswell. Heaf’s appointment follows a strategic search by Bath & Body Works’ board, which lauded his track record of scaling global brands through innovation in retail, product, and marketing. As Chief Strategy and Transformation Officer at Nike, Heaf delivered significant gains by refocusing investment in product and brand. Earlier, he helped drive digital transformation at Burberry.

Stirling Square Exits Verescence in €490 Million Deal with Movendo Capital and Draycott

Stirling Square Capital Partners has sold Verescence, the historic French manufacturer of glass bottles for the perfume and cosmetics industry, to Movendo Capital and Draycott. Stirling Square, which first acquired Verescence in 2019 through its fourth fund, announced the sale following a period of significant investment — over €100 million — aimed at expanding the company’s production capacity and automation. The deal reportedly values Verescence at approximately €490 million, including debt, according to sources cited by Bloomberg. Founded in 1896, Verescence is a key supplier to luxury beauty and fragrance giants such as Hermès, LVMH, and L’Oréal. The company employs around 2,500 people and operates seven factories across France, Spain, North America, and South Korea. Stirling Square currently manages over €3 billion in assets, focusing on businesses valued between €100 million and €500 million.

Discounters & Department Stores

Hudson’s Bay to lay off more than 9K employees by mid-June

Hudson’s Bay has recently managed to sell its intellectual property to retailer Canadian Tire, which also bid on several of its leases, for $21 million. Then, about two dozen store leases went to a commercial real estate developer for an undisclosed amount. But as it shutters its entire fleet, more than 9,000 of its employees will be out of work by June 15, according to court documents. The iconic Canadian department store, which also ran Saks Fifth Avenue and Saks Off 5th in the country, filed for the equivalent of bankruptcy in March. At that point, Hudson’s Bay employed about 9,364 people across 96 stores, four distribution centers, and its headquarters, with seven employees living in the U.S.

Without a permanent chief, Kohl’s leans on old turnaround plans

With an interim chief executive at the helm — after recently appointed CEO Ashley Buchanan was fired in early May over conflicts of interest — Kohl’s reported that Q1 net sales fell 4.1%, with comps down 3.9%. Results beat expectations as Kohl’s beefed up its bottom line in the period. Gross margin expanded by 37 basis points to 39.9%. Net loss shrank by 44.4% to $15 million. Inventory was up 1.7% compared to a year ago in part because the retailer pulled forward receipts to avoid tariffs, Chief Financial Officer Jill Timm told analysts on May 29th.

Walmart cuts 1,500 jobs in US retail, global tech teams

Walmart is streamlining its global tech and Walmart U.S. operations, according to an internal memo from Global CTO and Chief Development Officer Suresh Kumar and Walmart U.S. President and CEO John Furner, which the retailer shared with Retail Dive. A source familiar with the effort said the restructuring affects around 1,500 employees. In the memo, Kumar and Furner said they are “working closely with affected associates on their next steps, including other opportunities within Walmart where applicable.” Cuts to U.S. retail are mostly in the end-to-end operations teams, as well as the Walmart Connect marketing organization.

Emerging Consumer Companies

Final Boss Sour, gaming-themed snack brand, raises $4 million

Final Boss Sour, a gaming-themed snack brand known for its healthier sour alternatives, has announced the successful completion of a $4 million Seed 2 funding round. The investment, which includes participation from returning investors GFR Fund and Uncommon Denominator, as well as new backers such as Melitas Ventures and DMG Ventures, is intended to drive product innovation, expand distribution and enhance content partnerships. Final Boss Sour specializes in creating better-for-you sour snacks made from real fruit and natural ingredients. The brand focuses on delivering a unique, gamified snacking experience, where each product features escalating levels of sourness and character-based challenges. This approach not only appeals to health-conscious consumers but also taps into the nostalgia of gaming culture, making it a distinctive player in the snack food market.

Monarch, a San Francisco-based personal finance startup, raises $75 million

Monarch, a San Francisco-based personal finance startup, has raised $75 million in a funding round aimed at accelerating subscriber growth. The company saw a surge in users last year when budgeting tool Mint was shut down by Intuit. The funding values Monarch at $850 million, according to co-founder Val Agostino. Monarch, founded in 2018, relies on paying subscribers, allowing the company to avoid focusing on advertising from credit-card issuers or selling users’ data. Agostino, who was an early product manager at Mint, emphasized the ease of onboarding accounts and expense tracking with Monarch compared to rival tools.

Food & Beverage

Kraft Heinz confirms $3B investment in US manufacturing

Kraft Heinz will spend $3 billion on its U.S. manufacturing facilities, the company confirmed to Food Dive, the largest investment in its plants in decades. Pedro Navio, president of Kraft Heinz’s North America operations, told Reuters last week that planned investments could add 3,500 employees to the Lunchables producer’s workforce. Part of Kraft Heinz’s investment includes a $400 million distribution center in DeKalb, Illinois, that is set to create 60 jobs, a transaction that was first announced in 2023. Reuters was first to report the manufacturing investment. Kraft Heinz confirmed the news, but declined to provide further details to Food Dive.

Johnnie Walker owner Diageo teases selloffs amid tariff impact

Guinness and Johnnie Walker owner Diageo is weighing potential large selloffs as it expects tariffs to spark a $150 million loss. Diageo CFO Nick Jhangiani said on the company’s earnings call May 19th that the Guinness owner is planning “substantial changes” to its portfolio that would be “beyond the usual smaller brand disposals” the company has done over the past three years. In January, Diageo denied reports that it intends to sell Guinness or its stake in Moët Hennessy, the luxury spirits division of LVMH. Close to half of Diageo’s net sales in the U.S. are derived from imported spirits produced in Mexico and Canada, with the “vast majority” coming from tequila.

B&G Foods sells off Sclafani, Don Pepino brands

B&G Foods Inc. has sold its Sclafani and Don Pepino canned tomato and sauce brands to Violet Foods LLC, a newly formed company of Amphora Equity Partners LLC, a private investment firm specializing in the packaged food and beverage sector. Financial terms of the transaction, announced May 27, weren’t disclosed. Sclafani products include crushed tomatoes, tomato puree, and whole peeled tomatoes, while Don Pepino’s product roster includes spaghetti and pizza sauce as well as crushed tomatoes under the Fattoria Fresca brand. The sale also includes the manufacturing facility in Williamstown, NJ, where the products are produced, according to Parsippany-based B&G. B&G acquired the Sclafani, Don Pepino, and Violet brands in November 2010 via its purchase of the Violet Packing LLC fresh-packed tomato products business from LaSalle Capital.

Grocery & Restaurants

McDonald’s will shutter its CosMc’s concept

McDonald’s has announced that it will discontinue its CosMc’s locations in late June on a rolling basis. The CosMc’s Club loyalty program, mobile app, and web ordering services will be discontinued on June 23. The company is encouraging customers with any earned points and rewards to redeem them prior to this date, as they will be forfeited afterwards, according to terms and conditions. The CosMc’s concept was launched by McDonald’s in late 2023 and has since grown to five locations — one outside of Chicago and four in Texas. McDonald’s said in January that it will open two CosMc’s locations in 2025 — both in Texas — and close three existing locations. The company’s initial plan was to get to 10 locations to test consumer preferences for specialty beverages offered by CosMc’s. Now, the company is looking to incorporate learnings from the concept into its core business.

Home & Road

Williams-Sonoma Acquires Dormify IP Out of Bankruptcy

Williams-Sonoma has acquired the intellectual property of Dormify, the online retailer and content resource for college students and young adults that filed for Chapter 11 bankruptcy protection in November of 2024. Williams-Sonoma indicated it plans to relaunch Dormify in 2026. Dormify previously worked on back-to-college initiatives with The Container Store. The acquisition, Williams-Sonoma stated, reinforces the company’s ongoing commitment to long-term growth by pursuing targeted opportunities that capture market share and unlock white space across key demographic and lifestyle segments. “The acquisition of Dormify’s intellectual property aligns with our strategy to build and acquire brands that meet customers at every stage of life across various aesthetics,” said Laura Alber, Williams-Sonoma president and CEO. “We look forward to integrating our operational excellence, in-house design capabilities, digital expertise, and world-class customer service into Dormify to accelerate the brand’s growth and scale its reach.”

Glassware company acquires mini fridge business

JoyJolt, a glassware and kitchenware provider, has acquired Cooluli, a company that makes mini portable fridges, from Lisse Inc. for an undisclosed sum. The acquisition expands JoyJolt‘s portfolio to small appliances and JoyJolt’s parent company, MM Products, into lifestyle-oriented product categories, the company said in a release. JoyJolt is a family-owned, Brooklyn-based company founded in 2014 whose motto is to find joy in the everyday. Its product categories include coffee & tea, barware, hydration, licensed glassware and kitchenware such as glass storage containers, stainless-steel mixing bowls and bamboo cutting boards, among other products. Cooluli is a fellow Brooklyn-based company founded in 2016 “to fill the need for high-end, portable cooling systems,” according to the company’s website. Its fridges come in a range of sizes and stylish colors and includes beauty fridge, which costs $179.99 and is promoted as a means for keeping serums, creams and sheet masks cool.

Jewelry & Luxury

Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment

Movado Group’s sales declined in its first quarter as it faced a tough retail landscape and the impact of tariffs. “In the first quarter, we navigated a challenging retail environment with discipline and focus, continuing to invest in our iconic brands while driving operational efficiency,” CEO Efraim Grinbergs said in a statement. During the company’s earnings call on the morning of May 30th, Grinberg provided insight into how the company’s brands are performing, the effect of tariffs on its business, and what younger shoppers are buying.

Canada Goose Expects Only ‘Minimal Impact’ From Tariffs — and Stock Jumps

Canada Goose is not particularly concerned about tariffs — and Wall Street responded, driving the company’s stock up on May 21 after it reported strong fourth-quarter and year-end results. The stock traded up 19.6 percent to close at $10.67 on the New York Stock Exchange. The Canadian outerwear brand said net income attributable to shareholders in the fourth quarter ended March 30 soared to $27.1 million, or 28 cents a share, from $5 million, or 5 cents a share, in the prior-year period. Sales rose 7 percent to $384.6 million from $358 million the year before. All figures are in Canadian dollars.

Chanel Revenues, Profits Fall in 2024 as China Slowdown Bites

The Chanel juggernaut came to a halt last year, as revenues fell for the first time since the coronavirus pandemic and operating profits plummeted 30 percent amid a sharp slowdown in luxury spending in mainland China. The French fashion house reported on May 20th that revenues totaled $18.7 billion in 2024, down 4.3 percent at comparable rates, as growth in Japan and South Korea failed to offset the impact of macroeconomic and geopolitical volatility elsewhere. Operating profit fell to $4.5 billion from $6.4 billion the previous year as Chanel continued to invest heavily in its store network and supply chain.

Office & Leisure

Pet food brand Drools turns unicorn after Nestlé SA picks up minority stake

Swiss packaged foods major Nestlé SA has acquired a minority stake in Indian pet food company Drools Pet Food Pvt. Ltd. for an undisclosed sum, the companies said.  The deal values Drools at more than $1 billion, the Bengaluru-based company claimed in a statement, making it India’s third unicorn of 2025. Drools said it will continue to operate independently after the investment.  This marks Drools’ second major fundraise after L Catterton — the LVMH-backed private equity firm — invested $60 million in June 2023 at a valuation of $600 million.  For Nestlé India—the maker of Maggi and KitKat—the parent company’s move aligns with its strategy to expand into premium categories, analysts said.

Palehorse Capital Acquires HorsePreRace.com to Expand Vetr.com’s Veterinary Retail Network

Palehorse Capital has acquired HorsePrerace.com, a long-standing online retailer specializing in equine health products, as part of its continued investment in digital veterinary commerce. The acquisition will integrate HorsePrerace.com into the growing Vetr.com platform, a centralized network for animal health resources, education, and retail.  HorsePrerace.com has built a trusted reputation in the equine industry by offering a curated selection of performance and wellness products for horses. Now operating under the Vetr.com umbrella, the site will maintain its current offerings while benefiting from expanded infrastructure, operational support, and increased access to additional veterinary tools and information.

Technology & Internet

Best Buy Cuts Profit Outlook Due to Tariffs, Says it Already Hiked Some Prices

Best Buy on Thursday missed quarterly revenue expectations and cut its full-year sales and profit guidance as higher tariffs increase the costs of many consumer electronics that it sells. For its fiscal 2026, the retailer said it now expects $41.1 billion to $41.9 billion of revenue, down from its previous range of $41.4 billion to $42.2 billion. Best Buy already increased prices on some items to blunt the costs from tariffs, with changes taking effect by mid-May, CEO Corie Barry said on a call with reporters. She called price hikes “the very last resort” after the company takes other steps to offset higher expenses. But she declined to specify which items are affected, citing competitive reasons.

OpenAI buys iPhone designer Jony Ive device startup for $6.4 billion

OpenAI said Wednesday that it’s buying Jony Ive’s AI devices startup io for about $6.4 billion in an all-equity deal that pushes the artificial intelligence company firmly into the world of hardware. Ive is taking on “deep creative and design responsibilities across OpenAI and io,” the company said in a statement. OpenAI said io is coming in-house, while Ive and his “creative collective” called LoveFrom will stay independent. In a blog post Wednesday, OpenAI CEO Sam Altman and Ive said that io was founded a year ago by Ive, along with Apple alumni Scott Cannon, Tang Tan and Evans Hankey, who briefly took over Ive’s role at Apple after he departed. “The io team, focused on developing products that inspire, empower and enable, will now merge with OpenAI to work more intimately with the research, engineering and product teams in San Francisco,” the post said. OpenAI said it’s paying $5 billion in the transaction, as it already owns 23% of the company. Altman wrote in a post on X that he believes Ive is “the greatest designer in the world.”

Finance & Economy

Trump says he plans to double steel, aluminum tariffs to 50%

On May 30th, U.S. President Donald Trump said he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. “We are going to be imposing a 25% increase. We’re going to bring it from 25% to 50% – the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,” he said at a rally in Pennsylvania. The doubling of steel and aluminum levies intensifies Trump’s global trade war and came just hours after he accused China of violating an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals.

Dollar Notches Its Longest Monthly Losing Streak Since 2020

A few days of gains for the US dollar this week were not enough to reverse its broader declines, as US trade and policy uncertainty continue to weigh on sentiment. A gauge of dollar strength fell about 0.6% in May, making it the longest monthly losing streak in five years. Investors also became increasingly bearish on the greenback as some turned their focus to a proposed US measure that would hit companies from countries deemed to have “discriminatory” tax policies. “If the bill as presently written takes effect, it would deter foreign investment in US assets at a time when the country faces increasing reliance on foreign capital to finance its ballooning debt,” wrote Elias Haddad, a strategist at Brown Brothers Harriman & Co. in a note. “Clearly, this is not good for the dollar.”