Story of the Week
Origin Merchant Partners (“Origin”), a leading independent investment bank, announced that it has entered into a strategic acquisition of Consensus, a U.S.-based consumer-focused investment banking firm with offices in Boston and New York. The combination creates a leading North American independent advisory platform purpose-built for founder-led, family-owned, and PE-backed consumer and retail brands navigating cross-border sales, capital raises, and strategic transitions in the middle market. The acquisition brings together Consensus’s consumer and retail expertise with Origin’s broad North American platform, creating Consensus Consumer, a dedicated consumer-focused division of Origin Merchant Partners. The transaction adds 20 seasoned professionals to Origin’s team—including 8 senior professionals and 12 senior industry advisors—led by Consensus founder Michael A. O’Hara, a 30-year veteran of the American consumer sector. Mr. O’Hara takes on the role of Chair, Origin U.S., positioning him to drive the expansion of Origin’s U.S. and consumer practices while leveraging the well-established Consensus brand that has earned deep trust across the industry. Consensus brings over two decades of experience advising leading U.S. and global consumer brands on mergers & acquisitions, restructurings, capital solutions, and strategic alternatives. Its deep relationships in branded consumer, retail, apparel & footwear, beauty, health & wellness, luxury goods, and active lifestyle sectors materially strengthen Origin’s existing consumer practice and broaden its U.S. coverage.
Apparel & Footwear
Retailer Reformation closes flat in NYSE debut
Women’s clothing retailer Reformation began trading on the New York Stock Exchange on Thursday, with the stock ending the day essentially unchanged after pricing its IPO at $15. The company, which is trading under the ticker symbol “REF,” is offering 14,062,500 shares, putting its IPO raise at $210.9 million. Reformation joins just a handful of consumer and retail companies that have gone public this year amid a slump in IPOs since the 2021 boom. CEO Hali Borenstein said Reformation’s focus in its next phase of growth is to increase its distribution with more stores, accelerate its e-commerce business, invest in category diversification and expand overseas.
Crocs tops $1B in quarterly revenue for the first time
The Crocs brand topped $1 billion in quarterly revenue for the first time, growing over 4% year on year, the company reported July 30. The brand’s direct-to-consumer revenue rose 13% to $559 million while wholesale fell 5%. North America revenue edged up slightly to $459 million, while international surged 8%. It was just a 0.4% bump, but the Crocs brand’s return to growth in North America snaps a losing streak of five straight quarters of declines.
Sporting Goods & Leisure
Nike Partners with Rush Soccer
Rush Soccer announced a new global partnership with Nike. Through the partnership, Nike and Rush Soccer will collaborate to support player development, club growth, coaching education, and youth participation initiatives throughout Rush’s global network. Nike served as Rush Soccer’s first major footwear and apparel partner during the organization’s early years. Founded in 1997 in Colorado, Rush Soccer claims to be the world’s “largest youth soccer organization,” supporting over 60,000 players across 40 countries.
Adidas Shares Plunge Record 19% as World Cup Bump Falls Short
Adidas shares plunged a record 19% after the company reported quarterly profit below expectations, even as it lifted its full-year sales outlook on stronger demand for retro apparel and a World Cup boost. The sportswear maker said operating profit rose 5% to 574 million euros in the April-to-June period, but came in below analyst estimates as heavier marketing spending tied to the tournament weighed on margins. Revenue climbed 14% to 6.74 billion euros, supported by double-digit growth in most regions, though Europe remained under pressure from discounting.
Nexus Outdoors Acquires Blackfin Rods
Nexus Outdoors has acquired Blackfin Rods, the Hobe Sound, Florida-based manufacturer of American-made saltwater and freshwater fishing rods. The deal expands Nexus Outdoors’ portfolio of outdoor brands and gives the company a foothold in a category where domestic manufacturing is increasingly rare, with Blackfin set to continue operating from its existing Hobe Sound facility. Nexus said it plans to invest fresh capital in product development, brand marketing, and production capabilities, while preserving the craftsmanship and U.S.-made identity that helped build Blackfin’s reputation among anglers.
Cosmetics & Pharmacy
TSG Acquires Buzzy Body Care Brand Saltair
Private equity firm TSG Consumer has acquired a majority stake in Saltair from Prelude Growth Partners-backed beauty incubator The Center, marking another high-profile exit for one of beauty’s most notable brand builders. Financial terms of the transaction were not disclosed. The acquisition comes as Saltair is enjoying a period of rapid growth. Launched in 2022 by The Center in partnership with British model Iskra Lawrence, the affordable body care brand is expected to generate roughly $150 million in sales this year while producing an earnings before interest, taxes, depreciation and amortization (EBITDA) margin of approximately 30%.
Bain Capital to acquire Vitabiotics in global expansion push
Bain Capital has agreed to acquire UK vitamin and supplements manufacturer Vitabiotics, in a deal that is reportedly worth around £900m. The transaction covers Vitabiotics’ UK operations and the wider VB Group, including Meyer Organics in India and operations in Africa, including VB Egypt and is set to accelerate the company’s international expansion across key vitamins, minerals and supplements markets. Vitabiotics has grown into one of the UK’s best-known independent supplement businesses, with brands including Pregnacare, Perfectil, Wellman, Wellwoman, Osteocare and the Ultra range.
Johnson & Johnson agrees to pay $5.5B to settle talc lawsuits
Johnson & Johnson (J&J) on July 27 said it reached a settlement that it would pay an estimated $5.5 billion to settle tens of thousands of lawsuits alleging its baby powder and talc products cause ovarian cancer, which could end years of litigation on the subject. The company said the proposed settlement would cover about 76,000 claims, including those that have been consolidated in federal court in New Jersey and related cases in state court, to cover nearly all the outstanding claims against J&J.
LVMH growth buoyed by Dior and Sephora in second quarter of 2026
LVMH’s revenue hit €38.6bn in the first half of 2026, with growth accelerating in the second quarter, up 3% on an organic basis, and 4% when excluding the impact of the Middle East conflict. LVMH’s growth in the second quarter of the year was buoyed by the success of the Christian Dior fashion house under new creative director Jonathan Anderson. In addition to Dior’s contribution, which marked a return to organic growth for LVMH’s fashion business, the performance was also driven by strong growth at retailer Sephora.
Discounters & Department Stores
Harvey Nichols Seeks $79 Million from Investors for Restructuring
Harvey Nichols is asking potential buyers to commit 60 million pounds, or about $79 million USD, to support a restructuring plan that is meant to keep the luxury department store chain viable. The funds would help finance store renovations, international expansion, and upgrades to its online platform as the company pursues a sale process that has drawn interest from Next, Frasers Group, TG Jones, and other prospective bidders.
Nordstrom Rack Opening 20 Stores Later this Year
Nordstrom Rack is continuing to build out its off-price format, with 20 new store openings across 15 states scheduled between Aug. 20 and Nov. 5. The rollout follows four earlier openings this year and signals that Nordstrom is still leaning into off-price as a key part of its broader retail strategy.
Emerging Consumer Companies
The Farmer Companies, premium snack platform, raises $17 million, brings on new CEO
The Farmer Companies announced the appointment of Randy Johnson as Chief Executive Officer, succeeding founder Adam Farmer, who will remain active as Chairman. Johnson joins the company following this month’s closing of a $17 million Series A financing led by Raff Ventures, alongside AJAX Capital Partners, as The Farmer Companies accelerates its strategy to build North America’s leading cheese snacking business through its ownership of WHISPS® and exclusive licensing partnership with Cabot Creamery®. Founded in 2021, The Farmer Companies acquires, builds, and grows iconic consumer brands with a focus on premium snacking. The company is currently investing in its vision to become North America’s leading premium cheese snacking company through a portfolio of owned and licensed brands, including WHISPS Cheese Crisps and Cabot Creamery Popcorn.
Throne Science, maker of smart toilet sensor, announces $10 Million Series A
Throne Science, the company behind the smart toilet sensor tracking gut health, hydration, and urinary function, announced the closing of a $10 million Series A funding round, led by Will Ventures with participation from Emerson Collective, Workshop, LEAD VC, Salt VC, Accomplice, Moxxie, Ventures Together, Symphony, Felix Capital, Cosmic Venture Partners, Offscript, V1.VC, and Morrison Seger. Throne was founded in 2023 and launched to consumers in March of 2026. The device attaches to any standard toilet and uses computer vision and AI to track bathroom habits, provide personalized health insights, and establish patterns around gut health and hydration over time. Focused on a streamlined user experience, data privacy, and unparalleled health analysis, Throne is establishing itself as the premier gut-health wearable for both everyday users and the 25–45 million Americans living with conditions like IBS.
GroundForce Capital Announces Growth Investment in Epicutis
GroundForce Capital announced a growth investment in Epicutis, a science-backed, IP-driven skincare brand built around patented, biotechnology-derived actives. The investment supports Epicutis’s next phase of growth across the professional dermocosmetics channel, where the Company has built a fast-growing footprint among medspas, dermatology practices and luxury spas. Founded out of more than 20 years of bioscience research affiliated with Princeton University, Epicutis has built its reputation within the professional channel, where practitioner trust has underpinned its growth, and has attracted growing recognition within the beauty industry along the way.
Food & Beverage
Nestlé to sell half of waters business in $3.4B deal
Nestlé has sold half its waters business to private equity firm Platinum Equity in a $3.4 billion deal that creates a new premium beverage business called Peranel. Peranel is a 50:50 joint venture between Nestlé and Platinum Equity and includes more than 30 brands including S.Pellegrino, Source Perrier and Essentia as well as Nestlé Pure Life and other local water brands. The deal will make Peranel a fully independent company headquartered in Paris with “full flexibility to invest in brands and pursue growth opportunities,” Nestlé said in a statement.
Jack Daniel’s Maker Brown-Forman rejects Sazerac approach
Closely held liquor giant Brown-Forman, the subject of multiple takeover efforts in recent months, has rebuffed an approach from Buffalo Trace owner Sazerac, arguing that the $15 billion bid does not align with its “vision for Brown-Forman’s future.” Sazerac had made an initial approach in May, which Brown-Forman responded to on July 26. Sazerac offered $32 per share for both the voting Class A shares, largely held by the Brown family, and the nonvoting Class B shares. Sazerac also offered the Brown family the option to roll their equity into Sazerac, giving them a degree of control and influence over the pro-forma company, and offered the family proportional board representation at Sazerac.
Smash Foods raises $18m from L Catterton
Smash Foods has received an $18 million investment from L Catterton. The company will use what it is calling a growth funding round to support expanded retail distribution that includes growing from 6,000 doors to 10,000 doors nationwide, driving strategic hiring and increasing brand-building efforts. Smash Foods said the investment comprises a mix of primary growth, which will be used to fund continued expansion, along with a secondary investment to provide liquidity to early shareholders.
Grocery & Restaurants
Jersey Mike’s raises $1B in a landmark IPO
Sub-specialist Jersey Mike’s priced a landmark initial public offering to raise $1 billion, officially joining the ranks of public companies less than two years after it was sold to the private-equity firm Blackstone. With shares well oversubscribed earlier in the week, the Tinton Falls, New Jersey-based chain priced its shares at $23, raising slightly over $1 billion. The price gives the company a valuation of $7.3 billion. Jersey Mike’s was scheduled to begin trading on the New York Stock Exchange Thursday morning using the ticker symbol JMKE. The IPO comes about a year and a half after the 70-year-old chain was acquired by private-equity firm Blackstone in January 2025 for the purchase price of $6.3 billion. Founder Peter Cancro, who at age 17 bought a tiny sub shop with a loan from his high school football coach, grew the chain and was its only CEO before the sale to Blackstone. Cancro is still involved as a significant shareholder and the master franchise operator in the United Kingdom and Ireland, where he sees room for 300 units to start.
Starbucks stock soars as company’s sales accelerate
Starbucks stock soared in after-hours trading on Wednesday after the coffee-shop giant reported its fourth-straight quarter of flat or positive same-store sales and raised its guidance for the rest of the year. The Seattle-based company said that its same-store sales rose 7.9% in the U.S. last quarter, the company’s fiscal third period. Customers visited the chain’s shops more often and spent more when they did. Transactions rose 4.2% in the period while average ticket rose 3.6%. Starbucks also raised its guidance for sales this fiscal year, saying that its fiscal fourth quarter same-store sales should increase 6.5% or more. That will lead to full-year results of 6% domestically. Globally, the company expects same-store sales to be near 6% for the full year.
Church’s Texas Chicken secures funding for ‘next stage of growth’
Church’s Texas Chicken just received a growth equity investment from Golub Capital that will ensure the 74-year-old brand keeps pace with the fast-growing chicken category. The undisclosed investment is aimed at accelerating the company’s “next phase of growth,” including the expansion of its remodel program, which it says has generated sales increases. The funding will also be used to accelerate new company-operated restaurant openings and other initiatives supporting brand and franchisee growth. Church’s currently has more than 1,500 restaurants across the U.S. and more than 25 international markets. Domestically, it finished 2025 with over $861 million in sales and 770 locations. In 2021, the brand was acquired by High Bluff Capital Partners and Future Standard and put into place CEO Roland Gonzalez.
Home & Road
Ethan Allen touts margins, balance sheet in FY2026 earnings
Furniture manufacturer and Top 100 retailer Ethan Allen pointed to strong margins and a robust balance sheet in the face of a challenging operating environment in reporting its fourth quarter and full FY 2026 earnings. “We are pleased to report our fiscal 2026 financial and operating results, which include strong margins and a robust balance sheet despite a challenging operating environment,” said Farooq Kathwari, chairman, president and CEO. “Fiscal 2026 marked a year where we further strengthened many areas of our vertically integrated enterprise, including our talent, product offerings, marketing, technology, retail network, manufacturing, logistics and social responsibility.” For the full year, the Danbury, Conn.-based retailer posted net sales of $579.49 million, down 5.72% from $614.65 million in FY2025. Adjusted net income for the year totaled $41.1 million, or $1.61 per adjusted diluted share, a decline of 21.36% versus adjusted net income of $52.27 million, or $2.04 per adjusted diluted share.
HNI sales more than double in Q2 following Steelcase acquisition
HNI Corp. reported second-quarter net sales of $1.47 billion, up 121% from the comparable period last year, as its acquisition of Steelcase reshaped the company’s workplace furnishings business. Net income totaled $51.1 million for the quarter ended July 4, up from $48.2 million a year earlier. Diluted earnings per share declined 31% to 70 cents from $1.02, reflecting acquisition-related accounting, restructuring expenses and other costs. On an adjusted basis, net income reached $92.6 million. Adjusted diluted earnings increased 14% to $1.27 per share from $1.11 in the prior-year quarter. Steelcase, which HNI acquired in December, contributed $806.9 million to quarterly sales. Excluding the acquisition and other factors, HNI’s organic sales increased 0.1% year over year.
Jewelry & Luxury
Prada Group Focuses on Top Spenders, Creativity
After Prada Group‘s solid first half — which chief executive officer Andrea Guerra described as “fantastic, of constant growth and expansion” — the luxury group is transitioning into “a new cycle.” Guerra told analysts on a conference call Thursday that the foundation for that future lay in “constant solid growth for Prada, a normalized but substantial growth for Miu Miu and a new brand and creative journey through important milestones for Versace.” In organic terms, Prada’s retail sales rose 3.3 percent in the first half to 1.62 billion euros, accelerating to a 6.3 percent gain in the second quarter, supported by broad-based improvements across regions, notably in the Americas, Japan and Asia-Pacific. The performance was underpinned by like-for-like, full-price sales.
Brunello Cucinelli posts stellar first half sales, lifts annual guidance
Brunello Cucinelli on Thursday said revenues rose 9.5% at current exchange rates to €749.4 million for the first half, prompting the Italian luxury house to raise its sales guidance for the year. For the six months ending June 30, Europe sales rose 5.1% at current exchange rates to €255.6 million, outpaced by the Americas which soared 13.6% to €278.7 million, and Asia, which increased 10% to €215.1 million in current exchange rates, with China being one of the main growth drivers of the area, the company added. Japan and South Korea “maintained positive demand dynamics”, while in the Middle East, Cucinelli noted improvements during the second quarter, “thanks to the growing contribution of the local clientele and to the physiological reduction in the incidence of international tourism during the summer season,” it added.
Anglo American CEO Says De Beers Sale Is Almost Done but Won’t Name Buyer
Anglo American is nearing the end of its efforts to sell De Beers, Anglo CEO Duncan Wanblad said in a television interview on Thursday, though he would not name the likely winning bidder. “We’re very much at the final stages of the divestment process of the De Beers business, which of course has been very much complicated by the fact that the diamond markets have been so very much challenging over the last couple of years,” Wanblad told CNBC, following release of Anglo’s first-half financial report. “We are hopeful that we will be able to ink that deal…between now and the end of the year,” Wanblad commented, saying that “very good progress” has been made on the De Beers sale. Pressed on whether the so-called Global Diamond Consortium led by former De Beers CEO Gareth Penny would be De Beers’ new owner, Wanblad replied, “We are not exclusive with anybody at this particular stage. We are in the final rounds of negotiations with our counterparties on this thing.” Bloomberg had reported on Wednesday that Anglo American is in advanced talks to sell its majority stake in De Beers to Penny’s Global Diamond Consortium for $1 billion.
Technology & Internet
Apple Earnings: 3Q Beat Overshadowed by Weak Forecast, Supply Concerns
Apple reported stronger-than-expected earnings and revenue for the fiscal third quarter, driven by a 22% increase in iPhone sales. Revenue growth in the quarter topped 15% for a third straight period. But the company issued weak guidance for the current period, citing “supply constraints.” Apple is reckoning with a global memory crunch, or what Cook recently called a “hundred-year flood,” and a rush for chip manufacturing capacity that’s already forced the company to lift prices on Macs and iPads. Apple hasn’t said it will raise prices on iPhones, but many analysts are expecting hikes as soon as this year. Meanwhile, Apple is gearing up for a launch of a redesigned Siri using Google technology alongside new iPhone hardware in September, a critical test for the company as investors worry that it’s fallen behind in artificial intelligence.
Amazon Hikes 2026 Capex Forecast to $220 Billion
Amazon reported surging cloud growth during the second quarter, pointing to strong artificial intelligence demand, and the company boosted its capital spending forecast for the year. Amazon said it expects to spend even more on AI, with capital expenditures projected to hit $220 billion this year, CEO Andy Jassy said on a conference call with investors. Jassy said rising memory prices pushed its capex estimate higher. Revenue in Amazon’s cloud segment expanded 37% year over year during the quarter, surpassing Wall Street’s expectations for 31% growth. That marked the unit’s fastest growth since 2021, Jassy said in the earnings release. For the current quarter, Amazon guided for revenue between $197 billion and $202 billion. The company blamed tough comparisons to last year’s third quarter as a result of its decision to shift this year’s Prime Day discount event up to June, instead of its typical July timeframe. Excluding the impact of this year and last year’s Prime Day, third-quarter 2026 growth “would be nearly 400 basis points higher,” Amazon said. Amazon doesn’t disclose Prime Day revenue, but U.S. sales across online retailers grew 9% to $26.4 billion during the weeklong event, according to Adobe. Prime Day helped lift Amazon’s North America revenue 16% year over year to $116.2 billion during the second quarter.
Finance & Economy
U.S. economy slowed to 1.5% growth rate in Q2; June core inflation at 3.3%
Economic growth was weaker than expected in the second quarter though underlying drivers were mostly solid. At the same time, inflation in June held well above the Federal Reserve’s goal and complicated the central bank’s policy path, the Commerce Department reported. Gross domestic product, a broad measure of goods and services, increased just 1.5% for the April-through June period, according to Bureau of Economic Analysis numbers adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for a growth rate of 1.8%, following the 2.1% increase in the first quarter. A separate report showed that the personal consumption expenditures price index, which is the Federal Reserve’s primary forecasting gauge, fell a seasonally adjusted 0.1% for the month, putting the annual inflation rate at 3.7%. The readings were in line with forecasts.
Mortgage rates climb to highest level in a year
Five months into the war in Iran, rising oil prices and stubborn inflation are driving mortgage rates to the highest level in a year. The average 30-year fixed mortgage rate climbed to 6.66% this week, the highest since July of last year, according to Freddie Mac. That’s up from 6.58% last week, marking the biggest one-week jump in mortgage rates in 10 weeks. Just a few months ago, mortgage rates dipped below 6% for the first time in years, fueling hopes that lower borrowing costs would revive the sluggish housing market.
US Stocks Slide After Fed Pause, Escalation in Iran War
U.S. stocks fell sharply after the Federal Reserve held interest rates steady in a 3.5% to 3.75% range, with three policymakers dissenting in favor of a hike. The decision initially lifted stocks and weakened the dollar, but sentiment reversed as investors focused on the prospect of higher rates later this year and the escalating war in Iran. Federal Chair Kevin Warsh said the central bank remained committed to bringing inflation back to its 2% target, reinforcing concerns that borrowing costs could stay elevated. The Dow Jones Industrial Average fell 2.2%, the S&P 500 dropped 1.5%, and the Nasdaq Composite lost 1.7%, leaving it close to correction territory.
