Apparel & Footwear

Victoria’s Secret shares spike 40% after big earnings beat, raised sales outlook

Victoria’s Secret raised its full-year guidance after blowing past earnings estimates in its fiscal first quarter, citing lower tariff costs and more customers willing to spend full price on its products. Shares of Victoria’s Secret closed 47% higher. CEO Hillary Super added the company grew sales with “significantly” fewer promotions and gained market share during the quarter, particularly with shoppers ages 18 to 24. During the first quarter, some retailers saw strong growth that they attributed partially to higher tax refunds. While Victoria’s Secret finance chief Scott Sekella said some customers used that extra stimulus to go shopping at its stores, it was a “normal amount,” and trends have remained consistent so far this quarter, even with tax refunds having dried up for many people.

SanMar to Acquire Bella+Canvas

SanMar Corp. reached an agreement to acquire Bella+Canvas, a supplier of fashion-forward blank t-shirts and other apparel based in Los Angeles. Founded in 1992, Bella+Canvas has become known in the industry for its fashion-driven blanks, including t-shirts and hoodies. Bella+Canvas’ dye-and-cut operations are in Los Angeles. It also has two distribution facilities in Nevada and Maryland. SanMar, headquartered in Issaquah, WA, is reportedly the largest wholesale supplier of promotional apparel, bags and caps in the United States. According to the announcement, Bella+Canvas will be “maintaining the creative autonomy and clear point of view that have always defined the brand.”

Sporting Goods & Leisure

Private equity-backed golf operator expands in Texas with College Station acquisition

One of the largest owner-operators of upscale private golf and country clubs across the country continues to have its eyes on Texas.  Concert Golf Partners—based in Orlando, Florida and backed by private investment firm Bain Capital—announced the acquisition of Pebble Creek Country Club in College Station, its third private club in the Lone Star State. Concert Golf was tapped by then-owner Triumph Golf as Pebble Creek’s new successor to the private course.  Concert Golf focuses on acquiring clubs debt-free and investing its own capital for significant renovations. Concert Golf is backed by Bain Capital’s private Equity and real estate platforms.

Stephen Curry signs $400M deal with China’s Li-Ning

Golden State Warriors star Stephen Curry has signed a 10-year, $400 million endorsement contract with Chinese sports apparel company Li-Ning, industry sources told ESPN’s Shams Charania, ending a drawn-out recruitment process following Curry’s departure from Under Armour in November.  Curry announced the end of his sneaker free agency with a landmark deal at Li-Ning that expands his Curry Brand venture globally. The agreement will include basketball products, athleisure lifestyle wear, the ability for Curry to sign athletes under his brand, and a full golf line.  Li-Ning and several other Chinese companies have been identified by the U.S. government and human rights groups as using forced labor to produce their goods. Li-Ning merchandise was banned in the United States in 2022.

Cosmetics & Pharmacy

Bridgepoint Group to Acquire Obagi Medical

UK investment firm Bridgepoint announced an agreement to acquire Obagi Medical from Waldencast for $460 million. With the purchase, Bridgepoint is moving further into the clinical skincare space, one of beauty’s most desirable and fastest-growing sectors. In 2023, Bridgepoint bought dermal filler and medical device maker Laboratoires Vivacy, and added dermatologist-backed line Roc to its portfolio in 2024. In conjunction with the Obagi purchase, Waldencast co-founders Michel Brousset and Hind Sebti will leave the conglomerate to lead Obaji and form a new strategic commercial partnership with another Bridgepoint portfolio company, dermal filler label Laboratoires Vivacy.

California Naturals Raises Series B To Expand Distribution And Categories

California Naturals, started in 2023 with a lineup of haircare and body care products, has closed a series B funding round led by Align Ventures, backer of Starface and Olipop, with participation from L Catterton, Midnight Venture Partners and Elizabeth Street Ventures along with Able Partners. Terms of the Series B raise weren’t disclosed, but California Naturals has reportedly raised $40 million over three funding rounds. Today, California Naturals is available in more than 15,000 retail doors, including Walmart, CVS, Sprouts, Target and Ulta Beauty. Since entering Ulta in 2025, the brand has exceeded its internal forecast by 67%. California Naturals also claims the No. 1 and No. 2 shampoo spots at Sprouts.

Function Acquires SuppCo to Bring Trust and Clarity to Supplements

Function announced it has acquired SuppCo, the independent trust layer helping people understand and organize what they put in their bodies, starting with their supplement routine. Function started by democratizing access to an extensive lab testing baseline and recently expanded this approach to MRI and CT, with the goal of helping millions of people take ownership of their health. The combination with SuppCo closes an important loop between observation and action: Function was built to give people a continuous window into their health. With SuppCo, people can better understand not only what is happening inside their body, but which inputs may be helping or harming it.

Discounters & Department Stores

Macy’s posts strongest Q1 growth in four years, raises guidance despite consumer worries

Macy’s posted its strongest fiscal first-quarter comparable sales performance in four years, as the legacy department store’s turnaround continues to show progress. Led by the 200 so-called reimagined stores Macy’s has upgraded, comparable sales grew 3% overall during the quarter and 1.6% at its namesake banner. At Bloomingdale’s, comparable sales grew 10.2%, helped by an array of buzzy brands, a “fun factor” unique in the luxury landscape and the recent bankruptcy of rival Saks Fifth Avenue. Macy’s is about two years into a three-year turnaround that has included closing underperforming stores at dead malls across the country and reinvesting in the ones it decided to keep open.

Emerging Consumer Companies

Peloton acquired Pilates-focused startup Skōp

Peloton Interactive Inc. acquired Skōp, a Pilates-focused startup that brings new expertise and technology to the fitness platform as it looks to expand its offerings and attract new users amid a broader turnaround effort. “Pilates is a category ripe for the same kind of experiential reinvention we brought to cardio,” Peloton Chief Executive Officer Peter Stern said in a press release. “Skōp adds differentiated technology and specialized knowledge to our R&D team so we can continue to empower people to live fit, strong, long and happy.” The New York-based maker of treadmills and exercise bikes said the deal will serve as “a central plank” in the expansion of its strength-training category and said it’s committed to “developing the world’s best wellness experiences.”

Ryl Tea raises $20 million to accelerate growth

The Ryl Company, parent company of fast-growing iced tea brand, Ryl Tea, announced the close of a Series C growth equity round of $20 million, led by Purchase Capital through its Ryl Growth Partners SPV. The investment will support the company’s next phase of growth, including continued retail and Direct Store Delivery (DSD) expansion, the build-out of its innovation pipeline, and team investments across operations, sales, and brand. The Ryl Company is a modern beverage company headquartered in Morristown, New Jersey, and the maker of Ryl Tea — a zero-sugar, functional ready-to-drink iced tea built for today’s consumer.

Board raises $20 million Series A to build the future of face-to-face gaming and creation

Board, the world’s first face-to-face game console, announced it has raised $20 million to accelerate the company’s expansion from a gaming console to the development of its creator platform, including the upcoming launch of Board Studio. The $20 million Series A round was led by Union Square Ventures, representing the first investment by General Partner Michael Mignano since he joined the firm. Mignano will join the company’s board of directors.

Khloud Protein Popcorn Raises $15M

Khloud, the protein snack brand founded by Khloé Kardashian, has closed a $15 million round led by K5 Global, with participation from Serena Ventures, WME, Shrug Capital, and Springdale Ventures. The brand launched in April 2025 with a protein popcorn product, expanded into protein chips, and has already secured distribution at Target, Walmart, and Starbucks, three of the four most strategically valuable shelves in American CPG. A $15M Series A in the celebrity CPG space in 2026 is not a vanity round. It signals that Khloud has cleared the velocity bar at one or more major retailers and that the investors believe the brand can compound across categories without leaning entirely on Khloé Kardashian’s personal media flywheel.

Violette_FR Lands $5M From Existing Investors In Tough Makeup Funding Market

Violette_FR, founded in 2021 by makeup artist and Estée Lauder’s former global beauty director Violette Serrathas, raised $5 million from a tight circle of existing backers, demonstrating their conviction that the brand could be an eventual winner when appetite for deals in the category picks up. Priced predominantly from $23 to $68, the brand is available at Sephora, Liberty, Le Bon Marché, Mecca and Oh My Cream. A filing with the United States Securities and Exchange Commission indicates the full offering was sold to three investors. Board directors listed in the filing include Anu Duggal, founding partner at Female Founders Fund, Oliver Nordlinger, co-founder and partner at Monogram Capital Partners, Brian Thorne, partner at Silas Capital, and David Olsen, managing director at Highlander Partners and CEO of RMS Beauty.

Food & Beverage

Total Beverage Solution Acquires Apéritif Brand Mommenpop

Total Beverage Solution (TBS) has acquired Mommenpop, a highly acclaimed California citrus apéritif brand, bolstering its growing wine, beer, and spirits portfolio. Founded in Napa Valley in 2021 by winemaker Samantha Sheehan, Mommenpop produces vibrant apéritifs hand-crafted from organic California citrus, real wine, and whole botanicals with zero added sugar, artificial dyes, or preservatives. The strategic partnership with TBS follows a breakout year for Mommenpop, which solidified its position as a major force in the growing low-ABV beverage segment. Mommenpop’s growth has been pioneered by its ready-to-serve Blood Orange Spritz, a rich and full-bodied apéritif made with juicy Moro blood oranges and warming spices.

Trek One Capital Completes Acquisitions of No Cow and Good Karma Foods

Trek One Capital is expanding its holdings in plant-based CPG with a pair of acquisitions: flax milk brand Good Karma Foods and protein bar maker No Cow. The transaction brings both brands under Houston-based Trek One Capital’s growing umbrella, which also includes premium chocolate brand Alter Eco Foods. Best known for its non-dairy flax-based milk products, Good Karma has previously raised capital from firms including Valor Siren Ventures and 2x Consumer Products Growth Partners. No Cow, founded in 2015, offers plant-based, low sugar, dairy-free nutrition bars with 20 grams of protein each.

Lactalis acquires UK active nutrition brand Protein Works

The Lactalis Group has acquired UK-based active nutrition brand Protein Works, which offers a range of protein-based products across Europe. The dairy giant says it will accelerate Protein Works in the UK and global markets by combining the brand’s know-how, digital capabilities, and brand equity with Lactalis’ expertise in dairy proteins, nutrition, and large-scale operations. Protein Works’ products include shakes, meal replacements, wellness supplements, and snacks. According to Lactalis, the company has built a strong direct-to-consumer model with locally manufactured products.

Grocery & Restaurants

McDonald’s unveils growth strategy to win over diners as competition grows

McDonald’s last week unveiled its latest global growth strategy to help the fast-food giant become customers’ first choice as it faces new rivals and consumer spending stretched by high gas prices. A new restaurant design, better-tasting food and drinks, consumer-led innovation and improved customer service are the four cornerstones of the new plan, which the company calls “McDonald’s > NEXT.” The growth plan comes as restaurants compete for a smaller pool of customers, and a new crop of chains threaten McDonald’s sales. So far, McDonald’s, the largest U.S. restaurant chain by revenue, has managed to hold onto its dominant spot, with four straight quarters of same-store sales growth. To become diners’ first option, McDonald’s plans to focus on menu innovation that elevates taste and quality, like improvements to its McCrispy chicken line. The chain also wants to “co-create” with customers by listening more closely to what consumers want and how they interact with brands. The new restaurant design will give McDonald’s a recognizable look, but it should also ease employee headaches and improve kitchen operations. More broadly, the chain also said it wants to “redefine hospitality” by improving customer service and training employees to interact more with diners.

Qdoba completes $435 million whole business securitization

Qdoba has closed a $435 million whole business securitization that was secured to fund the chain’s continued expansion. It follows a $527 million continuation fund raised in 2025 by Butterfly Equity, which acquired the Mexican fast-casual chain in 2022. It also builds on Qdoba’s inaugural $305 million securitization fund in late 2023 from Butterfly. Qdoba is targeting approximately 2,000 restaurants, with more than 650 new restaurant commitments currently signed. In 2025, its domestic system finished with 827 units and $1.3 billion in sales, according to Technomic, marking a 6.4% and 8% year-over-year increase. These numbers outpaced the rest of the fast-casual Mexican category, including Chipotle, which grew sales by 5.5% last year. The additional liquidity will support continued investment in growth initiatives, including restaurant remodels, digital makelines, and other technology initiatives.

Home & Road

La-Z-Boy completes sale of American Drew, Kincaid case goods lines

La-Z-Boy has completed the sale of its American Drew and Kincaid wholesale case goods businesses to Banner House, formerly Magnussen Home Furnishings, the company announced yesterday afternoon. The sale follows La-Z-Boy‘s previously announced plans to exit the businesses as part of a broader portfolio optimization effort aimed at sharpening its focus on its core, vertically integrated North American upholstery operations. Terms of the transaction were not disclosed. In announcing the transaction, La-Z-Boy said the move supports its Century Vision growth strategy while allowing the company to continue offering case goods products through its retail network that includes La-Z-Boy stores, Comfort Studios and Branded Spaces, which will continue to offer case goods to consumers. The company added that the transition is expected to enhance future product offerings by expanding sourcing opportunities and improving operational efficiency.

Somnigroup’s $2.5B acquisition of Leggett clears U.S. antitrust review

Somnigroup International‘s proposed $2.5 billion acquisition of Leggett & Platt has cleared a regulatory milestone as the required federal antitrust waiting period expiring without a challenge. Somnigroup disclosed in an SEC filing today that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired June 3. The expiration means U.S. antitrust regulators did not move to block the deal, a step forward in the acquisition process. Leggett & Platt filed a similar disclosure with the SEC confirming the same HSR expiration. Somnigroup, the Dallas-based parent of Houston-based Mattress Firm and Tempur Sealy, announced the acquisition agreement with Leggett & Platt in April. Under the terms of the deal, Leggett & Platt would become a wholly owned subsidiary of Somnigroup. The companies expect the transaction to close by year-end 2026, though several conditions remain. Leggett & Platt shareholders must still vote to approve the deal. Regulatory clearances are still pending in Canada, the European Union, the United Kingdom, South Korea and Austria. The proposed combination would bring together Somnigroup’s manufacturing and retail business with Leggett & Platt’s extensive manufacturing and components operations, which supply the bedding and home furnishings industries with innersprings, foam, adjustable bed bases and other hardware.

Jewelry & Luxury

Inside Daniel Lalonde’s Plan to Grow Vita and Drive High-end Homeware

When seasoned luxury executive Daniel Lalonde left Flos B&B Italia Group to become chief executive officer of Vita last year, he took on an extensive portfolio of heritage brands and centuries of design history. Vita is part of Finland’s Fiskars Group and includes some of the oldest names in tableware and design: Royal Copenhagen, founded in 1775 under the patronage of Queen Juliane Marie; Georg Jensen, established in Copenhagen in 1904 by Georg Jensen, a former goldsmith’s apprentice and sculptor; Iittala, which began as a glass factory in 1881; Rörstrand, a tableware brand founded in the Swedish castle of Rörstrand in Stockholm in 1726; Wedgwood, founded in Burslem, England, in 1759 (which is also home to Royal Albert), and Waterford, launched by the Penrose family in Ireland in 1783. On a global basis, Lalonde said the storytelling around these brands has been relatively undertold. At the heart of Lalonde’s strategy is stronger storytelling, attracting younger consumers through creativity, innovation, launches and cutting-edge collaborations, and expanding both Vita’s market share and the category overall. Vita is a leader in high-end homeware, boasting about 15 to 18 percent of the overall high-end homeware market, which Lalonde said is worth an estimated 6 billion euros. That market includes tableware, home decor, cutlery and glassware.

Signet Reports First-Quarter Sales Increase, Raises Guidance for Year

Signet Jewelers reported positive results during a tumultuous time for the industry, as the jewelry giant’s same-store sales rose 1.8% in the first quarter. CEO J.K. Symancyk told analysts on an earnings call that Signet has raised its guidance for the rest of the fiscal year, based on momentum going into the second quarter. “We continue to see strength in the higher-end consumer, with some of our best performance at higher-price points,” Symancyk said. “Collections also continue to be an additional growth driver, with Shy continuing to fuel fashion growth, and Neil Lane and Monique Lhuillier driving growth for bridal.” Q1 of Signet’s fiscal year—the 13 weeks ended May 2— included several events with a significant impact on business: Valentine’s Day, the start of the Iran war on Feb. 28, and Mother’s Day shopping. For the quarter, Signet said same-store sales totaled $1.6 billion, up 1.8% year-over-year, with growth in both bridal and fashion categories for its four core brands—Kay, Jared, Zales, and Blue Nile.

Technology & Internet

Amazon’s four-day Prime Day event starts June 23 as shoppers battle inflation

Amazon’s annual Prime Day event is scheduled to last four days — June 23 through June 26 — for a second straight year. Launched in 2015, Prime Day is Amazon’s effort at creating a holiday season-like shopping event in the middle of the year. It’s also served as a way for Amazon to secure new members for its $139-a-year loyalty program, and to promote its own products and services. Jamil Ghani, Amazon’s vice president of Prime, said in an interview that the company opted to keep the extended timeframe after observing Prime members browsing and purchasing items throughout the entire four-day period last year. The company will offer limited-time deals and new discounts each day to entice shoppers to participate in more than one day of the event, Ghani added. Groceries and household essentials will be a “real focus” of this year’s promotions, Ghani said.

SpaceX targets fixed $135 IPO at $1.77 trillion valuation for roadshow, source says

Elon Musk’s SpaceX set a fixed price of $135 per share ahead of officially marketing its initial public offering, according to a filing with the Securities and Exchange Commission on Wednesday. SpaceX said it plans to sell 555.6 million shares, which would amount to a $75 billion fundraise. Musk will own over 82% voting control after the offering, the filing said. At the $135 per share price tag, SpaceX would be valued at $1.77 trillion, which assumes the EchoStar spectrum and Cursor transactions close. The valuation would make SpaceX the seventh-biggest company in the U.S. by market cap, and put it above Tesla, which is valued at about $1.6 trillion. Musk’s company is planning to debut at the Nasdaq on June 12. SpaceX, which will go public under the ticker symbol SPCX, is set to be the biggest IPO ever, more than triple the size of Alibaba, which is the largest U.S. IPO to date.

Finance & Economy

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports

Private hiring expanded at a brisk pace in May, providing further indication of a stable labor market, ADP reported.  The payrolls processing firm said companies added 122,000 workers for the month, up from 105,000 in April and better than the Dow Jones consensus estimate for 110,000. May marked the strongest month since January 2025. April’s total was revised down by 4,000.  Unlike prior months, where job growth was concentrated in healthcare and a few other sectors, gains were more broad-based. Eight of the 10 sectors ADP tracks saw gains, and hiring was evenly distributed across company size and geography.

Mortgage rates are easing slightly, but homebuyers are retreating

Mortgage rates finally eased a bit last week, but it was not enough to light a fire under demand. Total mortgage application volume dropped 2.5% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The week’s results include an additional adjustment for the Memorial Day holiday.  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 6.57% from 6.65%, with points increasing to 0.67 from 0.65, including the origination fee, for loans with a 20% down payment.

U.S. proposes fresh tariffs on 60 economies over forced labor trade practices

The Office of the U.S. Trade Representative has proposed additional tariffs of up to 12.5% on imports from 60 economies over their failure to ban goods made with forced labor, in a sweeping action that would hurt most trading partners, including China, the European Union and Japan.  The determination, made under Section 301 of the Trade Act of 1974, found that all 60 countries have failed to impose or effectively enforce a prohibition on forced labor-related imports, creating what it called an “unlevel playing field” for American workers.  USTR has proposed a 10% duty rate for economies that have adopted a full or partial prohibition on forced labor trade, and 12.5% for all other economies.