Apparel & Footwear

Gymshark founder wants to buy back a portion of General Atlantic’s stake

The founder of Gymshark is in talks to buy back a portion of the 21% stake he sold to private equity in 2020. Ben Francis, who has built the business into a high-profile billion-pound international sportswear brand with a flagship store on London’s Regent Street, wants to regain more control from US private equity firm General Atlantic. Currently, Francis, who maintains a 70% stake and is worth an estimated £726 million, is reportedly holding talks with General Atlantic about the potential valuation and size of the stake he wants to buy back, but he isn’t looking to acquire the entire 21% stake.

Fleek raises $25m to build the AI infrastructure behind global secondhand fashion

Fleek, a London startup building the software plumbing behind the global secondhand clothing trade, has raised $25m in Series B funding to scale the AI it uses to sort, grade and price used garments. The round takes the company’s total funding to $45m. It was led by Burda Principal Investments, an early backer of Vinted and a lead investor in that company’s Series C. eBay, FJ Labs and H14 also took part, alongside existing investors including Andreessen Horowitz, HV Capital and Y Combinator.

Sporting Goods & Leisure

Versant agrees to buy golf simulator company Full Swing for $530 million

Versant Media Group, the owner of cable networks including CNBC, MS NOW and the Golf Channel, has agreed to acquire golf simulation company Full Swing from private equity firm Bruin Capital for about $530 million in cash.  The deal follows a template CEO Mark Lazarus has outlined to investors since Versant began trading as a public company in January following its spinout from Comcast.  Versant has been investing in nontraditional media businesses that broaden the scope of the brands it already owns. Earlier this year, the company acquired StockStory, an AI-powered tech platform that provides financial analysis, market insights, and stock recommendations, for CNBC.  The company’s golf business already owns digital media platform GolfPass and tee-time reservation company GolfNow.

Safilo Completes Acquisition of Spy+ and Serengeti

Safilo Group, the parent of Smith, has closed on its acquisition of the Spy+ and Serengeti eyewear brands from Bollé Brands for $24.6 million. Together, Spy+ and Serengeti reportedly generated sales of approximately $39 million in 2025. The acquisition was financed through the Italian eyewear company’s available financial resources.  The closing follows the signing of an initial purchase agreement on May 11.  The transaction, which covers selected Spy+ and Serengeti assets in Europe and 100 percent of the shares of two dedicated legal entities operating in the United States and Canada, “represents a further step in Safilo’s strategy focused on the selective acquisition of brands capable of strengthening the Group’s positioning in attractive and high-growth segments, enhancing its portfolio of home brands, which includes Smith, Carrera, Polaroid and Blenders,” according to Safilo.

Interactive Strength Signs Definitive Agreement to Acquire STEPR

Interactive Strength Inc., owner of the Wattbike, CLMBR, FORME, and Ergatta connected fitness brands, today announced it has signed a definitive agreement to acquire STEPR, Inc., a category leader in connected stair climbing for home and commercial training.  STEPR is a hardware-first fitness company that has built the leading position in connected stair climbing, profitably and bootstrapped with only the founders’ capital. It sells both direct to consumers and through major national retail partners, including Dick’s Sporting Goods, Rogue Fitness, Johnson Fitness and Scheels, and its machines are used by everyday consumers, elite athletes and commercial facilities. STEPR is growing quickly and is expected to generate more than $15 million in revenue in 2026, with immediate earnings accretion to Interactive Strength after closing.

Cosmetics & Pharmacy

Belle Brands Acquires Versed To Expand Beauty Platform

Windsong Global-backed Belle Brands has acquired mass-market clean skincare and makeup brand Versed, adding it to a growing portfolio that includes JVN Hair, Pipette and KVD Beauty as it tests whether a different kind of beauty holding company can succeed where earlier ones have struggled. Terms of the deal weren’t disclosed. Formed in 2024 after Windsong Global acquired JVN Hair and Pipette, Belle Brands takes over established beauty brands it aims to strengthen through operational improvements, renewed investment and marketing focus.

Country Life Acquires Leading Aromatherapy Brand Aura Cacia

Country Life has acquired Aura Cacia, the leading aromatherapy and natural air care brand, from Frontier Co-op as it assembles a portfolio of beauty and wellness brands rooted in the natural channel with ambitions to expand beyond it. Terms of the deal weren’t disclosed. Aura Cacia joins a Country Life portfolio that includes the namesake vitamin brand, protein brand Biochem and personal care brand Desert Essence. Aura Cacia was founded in 1982 by aromatherapy enthusiasts and acquired in 1993 by Frontier Co-op.

SLG Brands sells Colab and Johnny’s Chop Shop to Thriving Brands

SLG Brands has sold haircare brands Colab and Johnny’s Chop Shop to Thriving Brands. Dry Shampoo brand Colab and barber shop-inspired men’s grooming range Johnny’s Chop Shop will join US-based Thriving Brands’ portfolio of beauty brands, which includes Right Guard deodorants. The deal will leave UK-based beauty brand owner SLG Brands focused on its core licensing business and unlocking capital for future growth initiatives.

Wrinkles Schminkles Acquired by Avenir Collective

Avenir Collective has bought Wrinkles Schminkles in an eight-figure deal after its founder Gabrielle Requena scaled the business across three countries. Gabrielle Requena, a former management consultant who also spent time at eBay, launched Wrinkles Schminkles in 2014 after noticing a gap in the market for a functional product to target lines and ageing. In 2018, Requena appeared on Shark Tank, the reality television series where entrepreneurs pitch their products or companies to a panel of wealthy investors, seeking $300,000 for a 17 per cent stake in her business but failed to win over the judges.

Coty exits Gucci license early to raise cash for turnaround

Coty said on July 7 that it had agreed to return the Gucci Beauty license to Kering for about $400 million, ending the agreement about a ​year early as the U.S. cosmetics group raises cash to cut debt and ‌invest in core brands. The New York-based company will use most of the proceeds to pay down debt, with some capital earmarked for investment in key brands including BOSS and Marc Jacobs. Shares of Coty were little changed in after-hours trading but ​have lost more than 80% of their value since the start of 2024 ⁠as the company struggles with weak demand and competition in mass-market beauty during a leadership ​transition.

Discounters & Department Stores

Walmart is lowering prices on thousands of items, including beef, soda and household goods

Walmart is lowering prices on thousands of products, including beef, Coca-Cola and laundry detergent, saying the cuts are aimed at reducing the costs of seasonal summer items. The largest U.S. retailer said the price cuts will be available in its stores and in Sam’s Club locations, on Walmart.com, SamsClub.com, and through the Walmart and Sam’s Club apps. The reductions apply to groceries and other household items, such as grills, sunscreen and lawn mowers.

Target grows marketplace with Forever 21, Clarks brand additions

Target has expanded its third-party marketplace, Target Plus, with the addition of Forever 21, Clarks, JanSport and more. The retailer’s invite-only marketplace growth also includes new beauty offerings from LovelySkin, as well as home and entertainment merchandise from Serta, JLab and Hisense. Using the channel to grow its assortment more quickly, Target expanded its Korean beauty marketplace offerings after noticing the category was gaining momentum online and with customers, Chief Digital and Revenue Officer Sarah Travis said in a company announcement. Target Plus brands now account for over half of its total K-beauty assortment.

Emerging Consumer Companies

Golf shoe brand Alma Mater raises capital

Alma Mater Footwear, the Los Angeles-based golf shoe startup, reported it closed on an unspecified round of funding from a diverse group of current and former professional athletes across major leagues. Investors include professional golfers Taylor Montgomery and Natasha Oon; NFL players Jordan Poyer and Levi Wallace; the NHL’s Joe Pavelski and Tyler Seguin; TV host and gold medalist Victoria Arlen; MLB pro athletes Kevin Millar, Jackie Bradley Jr., Jed Lowrie, and Chris Young; and NBA player and announcer Mike Smith.

Apothékary Raises $16M to Scale Herbal Tincture Brand

Apothékary, the herbal tincture brand positioning its products as replacements for daily habits like caffeine and alcohol, has raised $16 million – $10 million in venture capital and $6 million in debt financing. Investors include Shiseido (through its venture arm LIFT), NextLevel Management, RSF Social Finance, and roughly 50 angel investors. Total funding to date is approximately $32 million. Founded in 2020 by Shizu Okusa, a former Goldman Sachs trader, Apothékary sells supplements addressing energy, digestion, sleep, and stress.

Handspring raises $19 million to bring high-quality mental health care to children and families

Handspring, a virtual mental health clinic providing evidence-based care to youth, young adults, and their families, announced $19 million in Series B financing. The round was led by RPS Ventures, with participation from new investor Angelini Ventures and continued backing from returning investors Cobalt Ventures, NextView Ventures, nvp capital, Hyde Park Angels (HPA), Cornucopian Capital, and others. The financing brings Handspring’s total capital raised to $37 million and underscores deepening payer conviction in the company’s clinically rigorous and cost-effective model of care.

EdVisorly raises $13.3 million Series A to modernize college admissions and enrollment

EdVisorly, an AI-powered enrollment technology company serving higher education institutions, announced it has raised $13.3 million in Series A funding to accelerate product development, expand customer support, and help colleges and universities modernize admissions and enrollment operations. The funding round was led by Breachway Capital, with participation from U.S. News & World Report, Lumina Foundation, Strada Education Foundation, Motley Fool Ventures, Juvo Ventures, Zeal Capital Partners, and other investors. EdVisorly plans to use the new capital to enhance its EddyAI platform, strengthen engineering and product development, and expand its implementation and partner success teams as demand for AI-driven enrollment technology continues to grow.

Food & Beverage

Acon Investments acquires controlling stake in YumEarth

Acon Investments, LLC has acquired a controlling stake in Stamford-based YumEarth. Financial terms of the acquisition were not disclosed. YumEarth was founded in 2007 by Rob Wunder and Sergio Bicas to offer perceived as clean candy that is marketed toward families and children. YumEarth manufactures chewy and gummy candy, lollipops, fruit snacks and sour candy among other products that are sold in such retailers as Target, Whole Foods, Walmart, Kroger and Sprouts.

Energy drink and supplements company Nutrabolt picks banks for US IPO

Nutrabolt, an ‌energy drink and supplements company, has picked investment banks to lead an initial public offering that could raise up to $1 billion. Based in Austin, Texas, the company behind energy ​drink C4 and nutrition brand Bloom is working with banks including JPMorgan, Goldman Sachs ​and Bank of America. Founded in 2002, Nutrabolt sells energy drinks, protein powders, recovery ​drink mixes and sports nutrition products under the C4, XTEND and Cellucor brands. In 2022, Keurig Dr Pepper took a 30% stake in Nutrabolt, giving the company a $2.88 billion equity ​valuation, as part of ​a long-term sales and ⁠distribution agreement. The beverage giant made an $863 million cash investment, about a four-times revenue multiple based on 2023 net sales.

Carlsberg, Sapporo to team up in SE Asia and UK

Carlsberg and Japan’s Sapporo Holdings have announced plans to work together in Southeast Asia and the UK. Japan’s Sapporo is to invest around $643m in cash for a 25% stake in a new venture in Southeast Asia and Hong Kong. Carlsberg will have the remaining 75% share and “full operational control in the markets”. Alongside the venture, Sapporo will give Carlsberg long-term licenses to produce and distribute Sapporo Premium Beer in the UK and Myanmar. The venture builds on the companies’ existing deal under which Carlsberg has distributed Sapporo Premium Beer in Hong Kong, Singapore and Malaysia since 2024.

Grocery & Restaurants

Jersey Mike’s files for IPO

Sandwich chain Jersey Mike’s filed for an initial public offering last Thursday, reporting that its same-store sales cumulatively climbed 50% from 2020 through 2025. Jersey Mike’s plans to trade on the New York Stock Exchange under the ticker “JMKE.” The company reported net income of $55 million on total revenue of $724 million last year, up from net income of $5 million on revenue of $653 million in 2024, according to the regulatory filing. Last year, Jersey Mike’s annual system sales, which includes both company-owned and franchised locations, reached $4.3 billion, up 13% from the previous year.

Cotton Patch Cafe acquired by Local Favorite Restaurants

Cotton Patch Cafe did not have to go far to find its new owner. The Southlake, Texas-based, 46-unit casual-dining chain has been acquired by Local Favorite Restaurants, a multiconcept operator located about 30 minutes away in Dallas. The seller is Altamont Capital Partners, the Bay Area private-equity firm that acquired Cotton Patch in 2015. Cotton Patch will join Local Favorite’s family of nine brands and 50 locations across Texas, including El Fenix Mexican Restaurant, Snuffer’s Restaurant & Bar, Meso Maya, Taqueria La Ventana, Wok Star Chinese, Twisted Root Burger Company, Campuzano Mexican Food, and Village Burger Bar.

Home & Road

Bassett cites retail momentum in Q2 as adjusted profit improves

Bassett Furniture Industries reported slightly lower fiscal second-quarter sales but improved adjusted operating performance, as the company pointed to stronger retail demand late in the quarter and continued progress on cost reductions. For the quarter ended May 30, consolidated revenue slipped 0.7% to $83.8 million from $84.3 million a year earlier. Operating income totaled $2.2 million, or 2.7% of sales, compared with $2.5 million, or 3% of sales, in the prior-year period. The year-ago quarter included a $700,000 insurance recovery tied to a 2024 cyber incident. Excluding that gain, Bassett said adjusted operating income improved to 2.7% of sales from 2.1% a year earlier. Diluted earnings per share increased to 24 cents from 22 cents in the prior-year quarter, while the company generated $7.4 million in cash from operating activities.

Former Sleep Number CEO files late bid challenge in Chapter 11 case

Former Sleep Number CEO Shelly Ibach and an unidentified investment group have secured an opportunity to submit a competing bid for the bankrupt mattress manufacturer after reaching an agreement with the company’s creditors that avoids delaying next week’s court-supervised auction. The agreement, announced Thursday following a recess in U.S. Bankruptcy Court, gives the Ibach-led group until 4 p.m. eastern time Sunday, July 12, to submit a qualified bid under the court-approved bidding procedures, creating a last-minute opportunity to challenge Sleep Country Canada‘s $415 million stalking horse offer. As part of the agreement, the investment group must wire a deposit equal to approximately 10% of its proposed purchase price by Friday‘s wire deadline, demonstrating it has the financial backing to participate in the sale process. If the group fails to submit a qualified bid that satisfies the court-approved bidding procedures, it will not be permitted to participate in Monday’s auction.

Furniture orders edge higher as confidence, housing send mixed signals

The home furnishings industry continued to navigate an uneven business environment in April, with new orders improving from a year ago but declining sequentially as manufacturers balanced cautious demand against a mixed economic backdrop. According to the latest Furniture Insights report from Smith Leonard, April new orders fell 4% from March but increased 3% compared with April 2025. Year to date, new orders remain even with last year, underscoring a market that has struggled to establish sustained momentum through the first four months of 2026. Shipments followed a similar pattern, dropping 6% from March while remaining flat year over year. Through April, shipments were down 1% compared with the same period in 2025. Meanwhile, backlogs slipped 1% from March and were unchanged from a year earlier, suggesting manufacturers are continuing to work through existing order pipelines without seeing significant buildup in future business.

Jewelry & Luxury

June Jewelry Sales Accelerate, Supported by Higher Average Values

Retail jewelery sales increased 18% year-over-year in June, according to newly released statistics from Edge Retail Academy. The results were even better than May, when sales rose 12%, and provided a strong finish to the first half of 2026. A key difference between May and June was unit performance, the report said. After overall unit sales declined 9% in May, unit sales across all product categories were flat year-over-year in June, while average retail sale values increased 18%. That combination allowed retailers to maintain strong sales growth without being weighed down by broad declines in unit volume. Diamond jewelry had a particularly strong month. Edge reported that diamond gross sales increased 15% year-over-year, while average retail sale values rose 16%. Unit sales were down just 1%, which Edge described as stronger than May’s performance.

Valentino to Sell Bonds to Repay Bank Debt

Valentino is set to sell bonds to replace its bank debt, following other luxury companies that have turned to institutional investors for financing. The Italian fashion house’s board approved the €450 million ($512 million) note sale in late June, according to a corporate filing. The senior secured bonds are expected to be issued by August, the filing said. The funding represents a step forward for the fashion house, which last year required a capital injection from shareholders and struck a deal with lender banks to refinance its liabilities. Valentino isn’t the only fashion house to have recently tapped the private bond market. Prada completed a private sale of €300 million of 10-year bonds earlier in 2026.

Chanel Buys Historic French Shirtmaker Charvet

Chanel revealed on July 2 that it has acquired full ownership of Charvet, cementing a relationship that stretches back to founder Gabrielle “Coco” Chanel. Financial terms of the deal were not disclosed. Chanel has also acquired Charvet’s six-floor building on Place Vendôme, bolstering its historic presence on the 18th-century square, considered the epicenter of Paris industry. Founded in 1838, Charvet is France’s oldest shirtmaker and has dressed luminaries including Marcel Proust, Winston Churchill, John F. Kennedy, Yves Saint Laurent, Karl Lagerfeld and Sofia Coppola.

Luxury Clients Want Meaning More Than Status

The era of buying luxury purely for status and visibility is giving way to something more personal, centred on identity, connection and self-expression. While emotion sits at the heart of brand desire across both the US and China, its expression diverges sharply between markets, according to BoF Insights and McKinsey’s report ‘Face to Face With Luxury Clients.’ Emotional connection is the top driver of desirability in both the US and China. Clients are increasingly drawn to brands that feel personally meaningful and reflect their identity. In the US, clients are gravitating towards challenger brands over heritage houses, with 68 percent saying challenger luxury brands best represent their identity. In China, quality and craftsmanship play a key role in triggering full-price purchasing. Around 45 percent say they are willing to pay full-price for quality.

Technology & Internet

Apple sues OpenAI alleging trade secret theft

Apple on Friday sued OpenAI in federal court in Northern California, alleging trade secret theft, saying that the artificial intelligence lab took the iPhone maker’s intellectual property in order to develop its own consumer hardware. “This much is clear, however: at every level, from members of its Technical Staff to its Chief Hardware Officer, and in coordination with business partners, OpenAI has been stealing Apple’s trade secrets and confidential information,” the company said in a legal filing. It’s a shocking reversal for the two companies, which entered into a high-profile partnership in 2024, when ChatGPT was integrated into the iPhone’s operating system. OpenAI CEO Sam Altman visited Apple’s headquarters for the announcement. But relations between the two companies have chilled since OpenAI announced plans to enter the hardware industry last year, when it bought former Apple designer Jony Ive’s startup, called IO Products, for $6.4 billion.

Apple veteran takes on Meta with $1 billion smart-glasses maker

A Chinese smart-glasses maker founded by an Apple veteran has become a unicorn after a funding round with investors including Meituan and Tencent. Even Realities Technology raised $150 million in the pre-Series B round, giving it a valuation of $1 billion. The company’s founder and CEO Will Wang, who worked at Apple from 2016 to 2018 and was involved in the development and mass production of Apple Watch and iPhone, is eyeing the AI wearable market dominated by Meta Platforms. The company will use the funds to develop its next-generation smart glasses platform, deepen AI integration, scale up global operations and accelerate product innovation.

Amazon raising $25B in bond sale, won’t issue more debt in 2026

Amazon plans to raise at least $25 billion through an eight-part bond sale, as it looks to continue its massive artificial intelligence buildout, sources told CNBC. The company has also shared with its underwriters that it won’t issue any more debt this year, according to people familiar with the matter. The debt sale comes after Amazon raised roughly $54 billion in bonds earlier this year in the U.S. and Europe, followed by a $10 billion bond raise in Canada in June. Amazon also raised $15 billion from a U.S. bond offering in November. Tech companies have turned to the capital markets to help fund their aggressive spending plans on AI infrastructure.

Finance & Economy

IMF lowers 2026 global growth forecast to 3%, sees rebound in 2027

The International Monetary Fund inched its 2026 global growth forecast lower again to a sluggish 3.0%, warning of ongoing risks linked to the war in the Middle East, trade ​fragmentation and potential corrections in market expectations for AI.  The global lender said the world economy had dodged a sharper downturn, with demand for AI and other technologies helping to offset a sharp ‌drop in energy supplies as a result of the war. Growth should rebound to 3.4% in 2027, but that is still below the average of 3.5% seen in 2024 and 2025. In April, the IMF had forecast 3.1% growth.  The inflation outlook was less rosy. The IMF raised its 2026 headline inflation forecast by 0.3 percentage points to 4.7% from April, and said it should drop to 3.9% next year.

US trade deficit surges amid artificial intelligence spending boom

The United States trade deficit has jumped to $77.6bn in May on rising imports, driven by goods that include pharmaceuticals, mobile phones and semiconductors.  Imports ticked up 3.3 percent from April to $395.3bn while exports fell 3.2 percent to $317.7bn, according to a report released by the US Department of Commerce’s Bureau of Economic Analysis and the Census Bureau.  Overall, the trade gap grew by 42.2 percent from the previous month to $77.6bn, marking the biggest jump in a year.  The surge came amid a boom in artificial intelligence spending across the economy. Notably, semiconductor imports jumped by $1.2bn.  In the oil and gas sector, petroleum imports jumped to their highest level on record despite the US-Israel war on Iran. Imports of crude oil increased by $1.5bn.

June home sales disappoint as prices reach an all-time high

High mortgage rates coupled with record-high prices are causing homebuyers to pull back.  Sales of previously owned homes in June dropped 2.4% from May to 4.09 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts were predicting a slight gain month over month.  June sales were, however, 2.8% higher than the same month a year prior.  With the market still lean, prices continue to rise. The median price of an existing home sold in June was $440,600, an increase of 1.8% from the year before and the highest on record. June is usually the strongest month for both sales and prices.