Story of the Week

Hain Celestial to sell international business for $323M

The Hain Celestial Group has agreed to sell its international business to private equity firm Aurelius for roughly $323 million in cash as part of an ongoing strategic review aimed at streamlining the company and cutting debt. Net proceeds are expected to land between $305 million and $310 million and will go toward debt reduction; the package includes Ella’s Kitchen baby and kids foods, Joya and Natumi plant-based beverages, Hartley’s jelly, Linda McCartney Foods, Cully & Sully, Yorkshire Provender and New Covent Garden soups. The remaining North American portfolio will center on Celestial Seasonings teas, The Greek Gods yogurt, Earth’s Best Organics, Spectrum Organic cooking oils, MaraNatha nut butters and Imagine broths, with cost actions expected to generate about $16 million in annualized savings. The divestiture is the second of the year, following the sale of Hain’s North American snacks business to Canada’s Snackruptors for $115 million.

Apparel & Footwear

Authentic Brands Group targets IPO in first half of 2027

Authentic Brands Group, the US brand management group behind Reebok, Ted Baker and Champion, could launch an initial public offering in the first half of 2027, with chief executive Matthew Maddox saying the company is ready to go, its systems and people are in place and its story is crisp. Maddox said Authentic generates about £1.32 billion in EBITDA on roughly £1.62 billion in revenue, an EBITDA margin of about 81%, with international markets accounting for around 35% of revenue and royalties of 6% to 7% collected on merchandise produced by its operating and licensing partners. Organic growth is running at 7% to 8% and reaches 24% including acquisitions, with about £1.47 billion spent on deals over the past 18 months, among them a 51% majority stake in Guess. The group’s portfolio spans more than 50 brands producing £28 billion in annual system-wide retail sales, and it holds intellectual property valued at about £7.35 billion, a figure Maddox wants to double over the next 24 months.

Allbirds’ IP owner snaps up Nasty Gal for $16M

WSG Brands, one of Allbirds’ new owners, has acquired Nasty Gal from U.K. apparel company Debenhams Group, formerly known as Boohoo, for $16 million. Debenhams said the brand’s results were not material to the company and that the sale aligns with its strategy of transitioning to a capital-light, marketplace-led business model. Boohoo had bought Nasty Gal for $20 million in 2017 as the sole bidder at an auction conducted during the brand’s 2016 bankruptcy, and the brand generated 12 million pounds in gross merchandise value last year on 400,000 pounds in adjusted EBITDA. WSG plans to expand its distribution and product categories, adding denim, footwear, jewelry, activewear, swimwear and beauty largely through licensing deals, building on its 2024 purchase of Von Dutch and its Allbirds acquisition earlier this year with Aerosoles owner American Exchange Group.

JD Sports Taps John Mersho, a Member of Shoe Palace Founding Family, as CEO of JD North America

JD Sports Fashion has promoted John Mersho to president and chief executive officer of the JD banner in North America, effective immediately, and named Mike Grimes chief marketing officer for JD Group. Mersho, who had served as chief commercial officer for JD North America since 2025, succeeds John Hall, who is retiring after a four-decade career in retail that included his appointment as CEO of the region in 2023. Mersho is a member of the family that founded Shoe Palace in 1993, a business JD acquired in 2020 and that he led as CEO from 2024.

Cosmetics & Pharmacy

Puig takes full control of ISDIN to strengthen dermocosmetics ambitions

Puig has agreed to acquire Corporación Químico-Farmacéutica Esteve’s 50% stake in Spanish dermatology and skincare company ISDIN, ending a 50-year joint ownership and giving the beauty group full control of the dermocosmetics specialist. Founded through a partnership between the Puig and Esteve families, ISDIN has built an international presence in dermatology and skincare, positioning itself at the intersection of science and beauty. Under the terms of the agreement, Puig will pay EUR 900 million in cash at closing, expected in the first quarter of 2027. A fixed, non-interest-bearing deferred payment of EUR 300 million will become payable in the first quarter of 2029.

Caudalie makes its first acquisition with majority stake in Talm

Caudalie Group, which invested in Talm during the French skincare brand’s 2023 fundraising round, has acquired a majority stake in the company founded by Kenza Keller. The financial terms of the deal were not disclosed. The transaction marks the first acquisition in the history of the group led by Mathilde and Bertrand Thomas. Founded in 2021, Talm initially focused on body care products during pregnancy and postpartum (Talm stands for To All the Mamas). The brand has gradually expanded its offering to include skincare for sensitive skin at all stages of life. Caudalie plans to accelerate Talm’s international expansion and product development by leveraging its pharmacy network, sales force, and global infrastructure.

Nu Skin Closes BeautyBio Three Years After Acquiring It For $75M

Nu Skin Enterprises has wound down BeautyBio, the skincare device and topical products brand it acquired for $75 million in 2023. BeautyBio faced an onslaught of competitors in a beauty device market that’s heating up, particularly as K-Beauty brands like Medicube bring a new generation of devices to American consumers. In the first quarter this year, its sales dropped nearly 67%, making a turnaround a heavy lift for Nu Skin, where BeautyBio’s focus on prestige retail distribution was already a tough fit for a company operating largely through a direct-sales structure.

Discounters & Department Stores

Shoppers Across Income Levels Are Flocking to Dollar Stores

Dollar Tree and Dollar General both posted strong sales growth in their latest quarters, driven largely by consumable goods such as groceries and household staples, as inflation and elevated costs push shoppers across income levels toward value retail. Placer.ai data show Dollar Tree visits rose nearly 5% year over year, ahead of Dollar General’s 1.9% increase. Dollar Tree CEO Michael Creedon said about 60% of the chain’s new shoppers come from high income households, underscoring how broadly the value seeking mindset has spread beyond the chains’ traditional customer base.

Costco Expands Uber Eats Delivery Partnership Nationwide

Costco and Uber expanded their delivery partnership to 47 states, up from 17, making nearly 600 Costco locations available for on-demand and scheduled delivery through Uber Eats. Uber Eats customers will need to verify Costco membership before purchasing, and some members will be eligible for a discount on Uber One, the platform’s paid membership program. The expansion broadens Uber Eats’ customer base while introducing Costco’s bulk shopping model to a wider audience and comes as Uber faces growing competition in grocery delivery from Instacart, DoorDash and Walmart, which recently launched its own restaurant delivery service.

Department Stores Move Upmarket as Luxury Brands Struggle

Department stores are increasingly courting middle- and upper-income shoppers with pricier merchandise, a strategy that is paying off even as traditional luxury houses report softer results. Macy’s executives said average unit retail rose 9% in the latest quarter as customers traded up to better quality apparel, accessories and fine jewelry, while Dillard’s saw its ladies’ accessories and lingerie categories post the largest sales gains as average dollars per transaction rose even as transaction counts fell. The dynamic suggests department stores are capturing spending that might otherwise go to dedicated luxury retailers by offering elevated goods without luxury price tags, a meaningfully different strategy than moving into luxury outright.

Emerging Consumer Companies

Highstock Raises $30 Million Series A Led By a16z For AI-Powered Excess Inventory Marketplace

Highstock has raised a $30 million Series A led by Andreessen Horowitz, or a16z, to expand its AI-powered B2B marketplace that helps consumer brands sell excess inventory to vetted wholesale buyers without relying on traditional liquidation channels. Highstock has already accumulated more than $1 billion of inventory listed on its platform and works with more than 100 major brands, despite operating for only a little over a year.

True Linkswear, golf footwear brand, receives strategic investment from Paramount Brands

True Linkswear, the golf footwear maker based in Tacoma, Washington, announced a strategic investment from Paramount Brands, the headwear and apparel manufacturer and parent of the Imperial, Pukka, Winston Collection, and J.T. Spencer brands. The amount of the investment was not disclosed. The companies said the investment brings together two companies with roots in golf and complementary strengths across product, brand, distribution and operations, creating new opportunities to accelerate True’s growth while preserving the independence and entrepreneurial spirit that have fueled the brand’s success. True Linkswear is expected to benefit from Paramount Brands’ apparel and headwear manufacturing capabilities.

Hero Cosmetics founder launches Vize, new suncare brand

Ju Rhyu, founder of Hero Cosmetics, which was acquired by Church & Dwight, is translating another South Korean beauty staple for the American market. With Vize, the new sun care brand she co-founded with dermatologist Aimee Paik, she’s seeking to popularize the sophisticated textures, accessible pricing and everyday approach to sunscreen associated with South Korean beauty among U.S. consumers.

Food & Beverage

McCormick and Unilever’s $45B merger under investigation in UK

The U.K.’s Competition and Markets Authority has opened an investigation into whether the proposed $44.8 billion merger between McCormick & Co. and Unilever’s food division would breach antitrust law, setting a Nov. 11 deadline for its Phase 1 decision; concerns at that stage could trigger a deeper Phase 2 review. McCormick agreed in March to buy the majority of Unilever’s food business, including Hellmann’s mayonnaise and Knorr sauces, in a deal expected to close by mid-2027 that would create a global condiments and ingredients giant alongside McCormick’s own French’s, Frank’s, Cholula and Cattleman’s brands. Unilever has already moved to defuse scrutiny, saying in August it was seeking a buyer for its Colman’s mustard brand to address potential competition concerns.

US drinks giant completes purchase of viral Au Vodka brand for £300m

US drinks giant Sazerac said it has big plans for Au Vodka after completing a takeover reported to value the Welsh business at about £300m. The Swansea-based vodka brand, known for its gold packaging and viral social media campaigns, was founded by friends Charlie Morgan and Jackson Quinn in 2015. Financial terms have not been disclosed, but the deal reportedly values Au Vodka at about £300m ($405m).

Sauer Brands offloads spice business to Watkins

Sauer Brands has struck a deal to sell its spice and seasonings business to fellow US manufacturer Watkins. Under the agreement, Watkins will secure the branding and distribution rights for spices and seasonings under the Kernel Season’s, Spice Hunter and Sauer’s brands. The deal also covers Sauer’s spice-related private label and foodservice operations. Additionally, Watkins will assume ownership of Sauer Brands’ production sites in Richmond, Virginia and San Luis Obispo, California.

Grocery & Restaurants

Yum Brands is ‘prepared to make bold moves around its portfolio’

Fresh off its sale of Pizza Hut, Yum Brands is now ready to sharpen its focus on its remaining brands — Taco Bell, KFC, and Habit Burger & Grill. Chief Financial Officer Ranjith Roy said Taco Bell is well positioned to reach its average unit volume goal of $3 million, for instance, while there is significant white space for growth from Taco Bell International. (Taco Bell’s AUVs were about $2.4 million at the end of 2025, according to Technomic data). Roy added that KFC U.S. has started to gain positive same-store sales momentum after two decades of market share declines, while KFC International is expected to continue opening restaurants at a record pace. Notably, Roy even hinted that there could be a new brand(s) added to the Yum Brands’ portfolio. “The fact that we divested Pizza Hut should signal to everyone that we are prepared to make bold moves around our portfolio where it makes sense. So, if the question is, would we add another brand? Sure. If it makes sense, we will do it. We’re open to the idea,” he said.

Wendy’s franchisee files for Chapter 11 bankruptcy protection

Meritage Hospitality, one of Wendy’s largest U.S. franchisees, filed for Chapter 11 bankruptcy protection on Thursday. The filing comes as the burger chain has struggled to win over diners who have become increasingly focused on value. For six straight quarters, Wendy’s has reported same-store sales declines. A revolving door of chief executives in recent years has led to muddled turnaround strategies, and the company’s stock has lost two-thirds of its value over the past three years. “Because the substantial majority of Meritage’s restaurant portfolio operates under Wendy’s brand, those system-wide pressures have had a significant impact on the Company’s financial position,” Meritage said in a press release announcing the filing. Meritage said it filed for bankruptcy to strengthen its balance sheet, and the company plans to keep its restaurants running during the restructuring process. Meritage operates 314 Wendy’s restaurants across 15 states.

Home & Road

DOC: Furniture back in positive territory in August

August marked the first time since October 2025 that the furniture and home furnishings category recorded a sales increase, according to the U.S. Department of Commerce’s advance monthly estimates. For the month, the category, which measures sales in brick-and-mortar retailers of furniture and home furnishings, totaled an adjusted estimated $11.398 billion, an increase of 1.9% compared with August 2025’s adjusted revised $11.182 billion, and rose 0.9% against July’s adjusted preliminary $11.296 billion. Year-to-date, furniture and home furnishings sales have accumulated an unadjusted $88.36 billion, which is 1.6% off 2025’s pace, with the August increase chipping a tenth of a point off the sales deficit.

The company formerly known as Bed Bath & Beyond starts a credit union

Neighborhood Intelligence, once known as Bed Bath & Beyond Inc., partnered with Alliant Credit Union to launch a consumer financial services platform, dubbed Beyond Credit Union. The entity will connect financial products, education, tools and resources to simplify home ownership, the company said on Tuesday. The platform will encompass checking and savings accounts, credit cards and home equity products, among other services. “Beyond Credit Union is about helping people save smarter, borrow smarter and manage the cost of their home more intelligently,” Marcus Lemonis, CEO of Neighborhood Intelligence, said in a statement.  Beyond Credit Union will launch in the first quarter of next year.

Jewelry & Luxury

Global Luxury Market Returns to Growth in First Half of 2026, Deloitte Finds

Global luxury industry revenue grew 0.6% in the first half of 2026, following a 12.4% decline over the same period last year, according to Deloitte’s Global Fashion and Luxury Private Equity and Investors Survey 2026. The personal luxury goods segment, which includes apparel, watches and jewelry, rose 0.9%, while other luxury categories such as hospitality, private jets, yachts and luxury cars combined grew 0.4%. Deloitte, which surveyed roughly 50 private equity firms and 119 luxury companies representing about $941 billion in 2025 revenue, said the uptick marks the end of a downturn and the start of a stabilization phase for the sector. The report also found that M&A activity in fashion and luxury rose to 345 deals in 2025, up 3.6% from the prior year, with personal luxury goods accounting for 145 of those transactions as market polarization continues to shape a dealmaking strategy. Roughly three quarters of the private equity funds surveyed said they plan to invest in the sector in 2026, with cosmetics and fragrances emerging as a particularly attractive target category for buyers.

Signet Jewelers’ COO on Resurgent Diamond Demand and the Holiday Outlook

Following a solid second quarter, Signet Jewelers’ Chief Operating and Financial Officer Joan Hilson said customers are gravitating back toward natural diamonds after a period of softer demand, a shift the company plans to capitalize on heading into the holidays. Hilson said Signet is repositioning its Blue Nile brand as a higher end, natural diamond focused jeweler, building on the online retailer’s strong recent sales growth. All of Signet’s fine jewelry brands posted positive comparable sales in the quarter, and Hilson pointed to higher price point jewelry as a particular area of strength as the company heads into its most important selling season.

Swiss Watch Exports Rebound Continued in August but U.S. Drops and Middle East Drags

Swiss watch shipments rose 9.1 percent to 1.7 billion Swiss francs in August, according to figures released by the Federation of the Swiss Watch Industry, with wristwatch volumes up 8.6 percent in value and 9.5 percent in units and the rest of exports comprising other products. Exports were up 1.7 percent in the first eight months of the year, north of 17 billion Swiss francs, and the organization noted that this pushed the 12-month rolling average into positive territory for the first time in two years. While most markets grew in August, including China and Hong Kong, the top export destination, the U.S., fell by 19.4 percent despite an easy comparison base, while the U.K., now the second market for Swiss-made timepieces by size, leapt 46.1 percent and France took third place, skyrocketing 113.5 percent on growth that analysts and experts attributed to its role as a logistics hub; the rest of the top six also grew, with Japan up 22.1 percent, China 15.8 percent and Hong Kong 1.4 percent.

LuxExperience Turns Profitable for Q4 and Fiscal Year

LuxExperience swung into the black in its fiscal fourth quarter, with adjusted net income of 7.8 million euros against a loss of 2.4 million euros a year earlier, driven by continued strong performance at Mytheresa and operational reengineering at Net-a-porter and Yoox. Net sales in the quarter rose 7.6 percent, at current exchange, to 653.6 million euros, and for the fiscal year ended June 30 sales increased 3.2 percent to just over 2.47 billion euros, while adjusted earnings before interest, taxes, depreciation and amortization reached 11 million euros, a 64 million euro swing from the year before when the company lost money. Michael Kliger, chief executive officer of the Munich-based digital luxury group, said the turnaround is in full gear, with the group delivering a 2.1 percent positive adjusted EBITDA margin in the last quarter and a 0.4 percent margin for the full fiscal year.

Sporting Goods & Leisure

Nike’s falling share price puts its Dow seat in jeopardy

Nike’s grip on its spot in the Dow Jones Industrial Average is looking increasingly tenuous as the struggling sportswear giant braces for an exit from another Wall Street benchmark. S&P Dow Jones Indices said it will remove Nike from the S&P 100 before trading begins on September 21 as part of a quarterly rebalancing, ending 18 years in the index, with analysts attributing the move to an 80% slump in market value amid slowing sales, a lack of innovation and competition from upstarts over the past five years. Nike shares have risen 5% since joining the Dow in 2013 while the S&P 500 has more than quadrupled, and a recent share price of about $36 leaves it the smallest weight among the index’s 30 components at 0.4% and its worst performer this year. A Reuters analysis of the last 10 Dow changes since 2013 found at least half involved the stock with the smallest weight at the time of its removal, though the Dow has no mechanical deletion rule and changes are made on an as-needed basis by an Averages Committee of three S&P Dow Jones Indices representatives and two from the Wall Street Journal.

Dick’s Ed Stack: Inventory Misalignment Is the Problem in Athletic Footwear, Not Demand

Dick’s Sporting Goods executive chairman Edward Stack told investors that athletic footwear is facing a capacity problem rather than a demand problem, with overcapacity in legacy silhouettes and undercapacity in newer shoes that are resonating with consumers. Stack said footwear comps at Dick’s have been quite good while the specialty mall channel, including Foot Locker, is more challenged because it depends more heavily on retro launches and was less able to pivot into other categories. He said the Foot Locker acquisition gives Dick’s visibility into the entire athletic footwear ecosystem that no other retailer has and rejected the idea that weakness at Foot Locker would spread to Dick’s. Stack pointed to demand for newer products such as On’s Cloudtilt and Nike’s Mind shoe as evidence the athletic cycle is not over, noting that traditional Air Force 1 colorways have slowed sharply while a new patent leather Triple White version sells out. On margin, he said discounting on legacy silhouettes turned aggressive and Dick’s chose to stay with the market on price to retain customers heading into Christmas and the spring cleat season.

WFSGI Study Finds Sporting Goods Industry Delivers $675 Billion in Global GDP

A study from the World Federation of the Sporting Goods Industry, produced with consultancy Oliver Wyman and described as the first assessment of the sector’s economic footprint, found the sporting goods industry contributes an estimated $675 billion to global GDP annually, roughly 0.6% of world economic output, and supports 28 million jobs, or one in every 125 worldwide. The industry generates $614 billion in annual revenue across value chains spanning 62 manufacturing countries and 210 consumer markets, with about 10.5 million direct jobs and an estimated $120 billion in direct tax revenue, rising to roughly $230 billion including supply chain and wage effects. The report found sporting goods face an average applied tariff of 14.1%, nearly three times the 5.2% average across all traded goods and more than seven times the roughly 2% applied to medicines, arguing the products are taxed like discretionary luxuries despite their public health benefits. It also warned that declining participation could put an estimated $133 billion of future sporting goods revenue at risk by 2030, with adult inactivity rising from 26% in 2010 to 31% in 2022 and projected to reach 35% by 2030.

Anta’s $1.8 Billion Puma Stake Earns Chinese Antitrust Approval

China’s State Administration for Market Regulation granted unconditional approval on September 11 to Anta Sports’ acquisition of roughly 29.1% of Puma’s shares, clearing what was seen as the major regulatory hurdle to completing the purchase. The deal is still expected to close before the end of 2026, subject to remaining customary closing conditions. Anta announced the $1.8 billion purchase in January, buying the stake from Groupe Artémis, the Pinault family investment house that holds 42.3% of Kering, which would make Anta Puma’s largest shareholder. Anta said at the time that it is not seeking a full takeover and intends to maintain Puma’s operational independence, while indicating it will seek adequate representation on the company’s supervisory board. Jinjiang-based Anta is China’s largest sports brand and the third largest globally behind Nike and Adidas, owns the Fila rights in China, Hong Kong and Macao and Descente in Mainland China, and is the largest shareholder of Amer Sports.

Technology & Internet

Snap launches $2,195 Specs smart glasses

Snap on Wednesday launched its upcoming $2,195 Specs augmented reality glasses, providing insights into the eyewear’s capabilities and its new Specs Intelligence AI platform. Specs, which the company initially revealed at the Augmented World Expo in June, are self-contained wearable computers, meaning they don’t need to be connected to an external device to run apps or other software. Meta’s $799 Ray Ban Display glasses require a compatible smartphone. Specs also include two built-in displays for each lens. The Meta Ray-Ban Display glasses have a single display in the lower right corner of the right lens. Snap is framing Specs as a device for a variety of use cases, whether that’s playing augmented reality (AR) games with friends who have their own pair of Specs, using the glasses as a virtual big-screen TV or as an AR-powered navigation system.

DoorDash invests $125M in Wonder as part of strategic partnership

Two of the nation’s largest restaurant delivery companies are teaming up. DoorDash has made a $125 million investment in the food hall/delivery chain Wonder as part of a strategic partnership. DoorDash is also acquiring Grubhub’s campus dining business from Wonder for $300 million. Wonder plans to use the investment to open more brick-and-mortar locations, which offer meals from up to 30 different restaurants for delivery, pickup, and dine-in. It will also continue to invest in technology, AI, and robotics, such as its just-launched Infinite Makeline bowl maker. Wonder has more than 150 locations today in 10 Eastern states and Washington, D.C. Long-term, it wants to automate much of the food production and delivery process, while also allowing customers to use AI to create bespoke meal plans and restaurant concepts. Its goal is to deliver 21 meals a week to customers. DoorDash, the nation’s largest third-party food delivery service, said this fits into its own mission to “grow and empower local economies.” For DoorDash, the bigger news is the addition of Grubhub’s large campus dining business. In place at more than 450 colleges and universities, it allows students to order ahead from on-campus dining facilities and restaurants using the Grubhub app or kiosks.

Finance & Economy

Fed raises rates for first time since 2023, to 3.75%-4%

The Federal Open Market Committee voted 12-0 to lift its benchmark rate by a quarter point to a target range of 3.75%-4%, the first increase in more than three years, and signaled another may follow this year. The committee’s statement said inflation remains elevated, and the updated dot plot showed 16 of 18 participants expecting at least one more hike, with four penciling in two. Officials also nudged their core PCE inflation projection for the year up to 3.4%, and see the median rate finishing at 4.1%. For households, the effect is uneven: borrowers already locked into fixed-rate CDs, auto loans or home equity loans see no change, while anyone taking out new credit or opening new savings vehicles in the coming months will feel the shift, compounded by higher yields on the 10-year and other Treasuries. Credit card, variable-rate and new auto borrowing costs are the most immediate pressure points.

Retail sales rise a better-than-expected 1.2% in August

Commerce Department data showed retail sales rebounded 1.2% in August after a revised 0.5% dip in July, well ahead of the 0.7% gain economists had forecast; stripping out gas stations, sales still rose 1.1%. Total receipts reached $773.9 billion, up 6.0% year over year, with online sales up 2.6%, restaurant and bar spending up 1.2%, furniture up 0.9% and clothing up 0.7%. The control group that feeds GDP calculations rose 1.4% against expectations of roughly 0.5%, indicating the strength ran deeper than a simple fuel-price effect. The resilience held even as pump prices climbed sharply alongside renewed Middle East fighting. Economists cautioned that part of the bounce was seasonal noise tied to the timing of Amazon’s Prime Day, though gains across discretionary categories including food services, electronics and recreation were solid, and warned that higher gasoline costs will squeeze real incomes and crowd out other spending in the months ahead.