Apparel & Footwear

US takes aim at Shein and Temu with new import rule proposal

The Biden administration is addressing the “de minimis” exemption that it says some Chinese e-commerce companies “abuse” to ship products under $800 to US customers without tariffs. New rules proposed on Sept 13th subject certain shipments from China to closer inspection and tariffs — a move that will affect products sold by ultralow-cost retailers like Shein and Temu. With the rise of Chinese e-commerce sites like Shein and Temu, the US has seen a surge in shipments claiming the duty-free exemption. These shipments have increased from 140 million per year to more than 1 billion over 10 years, with the “majority” of products using the exemption coming from China. Shein and Temu claim the exemption because they send individual products directly to customers rather than shipping them in bulk to warehouses.

 

Vince Reports $74.2 Million in Second-quarter Sales While Net Income Declined

For the second quarter ended Aug. 3, Vince’s net sales were $74.2 million — a 6.8 percent increase compared with fiscal year 2023’s second quarter. Net income was $600,000 or 5 cents per diluted share compared to net income of $29.5 million or $2.36 per share in the same period last year. The second quarter of fiscal 2023 included one-time items related to the Vince IP sale and transaction expenses. The year-over-year sales uptick was due to a 7 percent increase in Vince brand sales that was fueled by a 29.6 percent increase in the wholesale channel.

 

Capri gains on last day of FTC trial on Tapestry deal before closing arguments

Capri Holdings advanced 1.4% on the last day of the Federal Trade Commission’s trial to block Tapestry’s planned $8.5 billion deal before closing arguments later this month. An economist testifying for Capri and Tapestry appeared to strike several blows against the FTC’s case and against its economist, courtroom observers told Seeking Alpha. A former Dept. of Justice antitrust division chief economist, Fiona M. Scott Morton, testified in front of Judge Jennifer L. Rochon in the US District Court for the Southern District of New York. Morton is now a professor of economics at the Yale School of Management.

 

 

Athletic & Sporting Goods

Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill

Nike announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.  Donahoe, who has been Nike’s CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.  Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike’s own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.

 

Lolë brands acquires cycling apparel brand Louis Garneau Sports

Premium athletic and outerwear clothing brand Lolë has acquired cycling and sports equipment company Louis Garneau Sports and its three brands – Garneau, Sugoi and Sombrio.  Lolë explained the strategic acquisition marks an important step in its expansion and strengthens its position in the global sportswear market. It believes it will benefit from the experience and know-how of Louis Garneau Sports to develop new innovative collections and meet the growing needs of sports and outdoor enthusiasts.  Louis Garneau Sports was founded in 1983 by Louis Garneau and his wife Monique Arsenault. The Canadian company is said to be recognised for its expertise in the design of cycling clothing and sports equipment.

 

Easy Mile Fitness Acquires Nine Planet Fitness Locations in Oregon

Easy Mile Fitness, a privately held Planet Fitness franchisee, has announced it has acquired nine Planet Fitness locations in Oregon from the Lubrano Franchise Group. The new territory marks Easy Mile Fitness’ entry into the west coast market.  The nine Planet Fitness locations are located in the fast-growing market of Portland and Eugene, Oregon. With this acquisition, Easy Mile Fitness now owns and operates 50 locations across six territories including Florida, Georgia, South Carolina, Puerto Rico and Ontario, Canada. The nine clubs will benefit from plans for new construction in the future, new local marketing strategies and company culture.  Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. As of June 30, 2024, Planet Fitness had approximately 19.7 million members and 2,617 stores in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia.

 

Vista Outdoor Board Recommends Deal with CSG, Rejects MNC Capital Offer

Vista Outdoor’s board of directors again unanimously recommended shareholders vote in favor of a deal with Czechoslovak Group (CSG) and rejected a competing final offer from MNC Capital, according to documents filed with the SEC.  The board however is still in talks with a private equity firm that previously partnered with MNC Capital that is now separately interested in potentially acquiring Revelyst, the company’s outdoor portfolio.  It’s the second time the board has recommended a deal with CSG to acquire The Kinetic Group, its ammunition arm. Following criticism by shareholders earlier this summer, Vista negotiated higher offers from both MNC Capital and CSG. CSG’s offer now includes an increased cash consideration to shareholders of $28 per share and acquiring a 7.5% stake in Revelyst.

 

 

Cosmetics & Pharmacy

Violet Grey founder buys back retail brand from Farfetch

Cassandra Grey has re-purchased her Violet Grey beauty retail business from Coupang-owned Farfetch for an undisclosed sum. Grey has brought Sherif Guirgis on board as Chairman, CEO and Co-owner. Grey will Chair development arm Violet Lab and take on the role of Artistic Director. The pair hope to expand the luxury retailer’s bricks and mortar offer beyond its flagship Los Angeles location. Farfetch hit headlines late last year exiting the beauty business and calling in the administrators before agreeing a rescue package with South Korea’s Coupang.

 

THG confirms demerger of tech and beauty divisions

THG is to demerge its technology platform, Ingenuity, as it seeks to maximise shareholder value. The move comes as THG saw its profits nudge up 1.6% for its half year ended 30 June. However, sales were down 1.7% for the period. Sales in its beauty division jumped 5.7% to £531m and adjusted EBITDA hit £32.6m, while Ingenuity sales surged 14.1% to £80.2m and adjusted EBITDA hit £11m, which helped to offset “transitory headwinds” in its nutrition business after its rebrand. Looking ahead, the online group expects to return to sales growth in its third quarter, as it sees improved momentum in THG Nutrition.

 

L’Oréal leads €35 million funding for French biotech firm Abolis

L’Oréal has led a €35m funding round for French biotech ingredients company Abolis.

The investment will be used to expand the Essone-based company’s development of microbe-based beauty solutions. Biotech is a key driver in the transformation of L’Oréal’s ingredient portfolio.

 

L Catterton invests in fragrance brand Vyrao

Fragrance brand Vyrao has received a significant investment from Elevate Beauty, a platform that invests in early-stage beauty brands created in partnership with L Catterton, the leading global consumer investment firm. The Estée Lauder Companies’ New Incubation Ventures group has also participated in the round. Leveraging its brand-building expertise, Elevate Beauty will partner with Vyrao to further support the brand’s global development and drive increased brand awareness among consumers. The strategic raise will be used to grow Vyrao’s extensive innovation pipeline utilising “scientifically backed ingredients with neurological effects”, with a new franchise fragrance slated to launch Q4 2024.

 

Would-be Estée Lauder investor has no plans to boost ‘mini-tender’ offer

The Estée Lauder Companies said it doesn’t endorse an unsolicited tender offer for $83.65 per share from investment firm TRC Capital Investment Corporation. The cash proposal to buy up to 1.5 million shares of Class A common stock, or about 0.64% of those shares, is known as a “mini-tender offer” because the stake is under 5%, per the U.S. Securities and Exchange Commission. The luxury company said it’s “in no way associated with TRC, its mini-tender offer, or the mini-tender offer documents;” advised shareholders who haven’t yet responded to “take no action;” and said shareholders should otherwise consult with a financial adviser “and exercise caution.” When reached by phone, Lorne Albaum, TRC’s sole proprietor, acknowledged that, as Estée Lauder warns in its release, the offer is below Monday’s share price, but said it was above the share price when it was initiated “a couple days ago.” TRC has no plans to raise its bid, however, according to Albaum.

 

Discounters & Department Stores

Walmart plots October sales event to compete with Target, Amazon

Walmart plans to launch its holiday shopping season “weeks earlier than previous years,” the company said in a Thursday press release. Its first Walmart Holiday Deals event will take place in-store and online from Oct. 8 through Oct. 13. Walmart+ members will get early access to shop the deals online and through the app starting at 12 a.m. EST on Oct. 8. The deals will open to everyone online and in the app at 12 p.m. EST on Oct. 8 and in stores at the local opening time on Oct. 9. The retailer said the early start is a response to how price-conscious consumers are shopping right now. The company cited a Bankrate survey that found nearly half of consumers will start their holiday shopping before Halloween.

 

Target names PepsiCo executive Jim Lee CFO

Target announced Thursday that Jim Lee is the company’s new chief financial officer, effective Sunday. Lee, who will be a member of Target’s leadership team, will oversee accounting, investor relations, and financial planning and analysis, among other things, the company said in a press release. He will replace Chief Operating Officer Michael Fiddelke, who had served as CFO since 2019 and was named COO in February. Fiddelke will now serve only as COO. Fiddelke took on the dual role following the retirement of former COO John Mulligan. Lee joins Target from PepsiCo, where he worked for over 25 years in various roles. In his most recent position as deputy chief financial officer, his responsibilities included leading the finance teams for PepsiCo’s international business and overseeing tax, investor relations and other functions.

 

Target wants to hire 100K people for the holidays

Target once again plans to hire about 100,000 seasonal in-store and supply chain employees with starting pay ranging from $15 to $24 an hour, the company said in an announcement. The company has held steady on its holiday hiring goal for the past several years. To meet anticipated holiday demand, the company said current employees will have an opportunity to work extra hours. Target said about 45,000 of its 400,000 employees are part of its On Demand program, which allows them to pick up extra hours that align with their schedules. Those requests will be prioritized ahead of hiring new employees. The retailer also said Monday that Target Circle Week will return from Oct. 6 through Oct. 12. Additionally, the retailer said it plans to offer a holiday assortment that’s 50% larger than last year, with “thousands of items” available for $5 and $10.

 

 

Emerging Consumer Companies

Pie, a real-world friendship startup founded by Andy Dunn, raised an $11.5 million Series A

Andy Dunn has achieved success as the founder of online menswear company Bonobos, and as an author and advocate for wider discussion and action on mental health issues. Now he’s melding those talents with his passion for business and public engagement in a company whose mission is as magnificent as it challenging: to help people make friends more easily in an increasingly truncated and isolated world. His new company, Pie, has announced $11.5 million in new funds in a raise that valued the business between $40 and $50 million, bringing the total raised to $24 million.

 

Scandinavian Biolabs Announces €4 Million Capital Raise

Scandinavian Biolabs (SBL), the Copenhagen-based innovator in the haircare industry, announced the closing of a €4 million investment round led by Auréa Group, marking a significant milestone along the company’s growth journey. Auréa joins existing investors Blazar Capital on the board of SBL. Founded in 2020, Scandinavian Biolabs has established itself as a leader in science-backed, non-invasive, preventative products targeting early-stage hair loss. The company’s flagship product, the Bio-Pilixin® Activation Serum, has been a game-changer in the market and has been clinically tested for its positive effects. Scandinavian Biolabs initially launched as a direct-to-consumer (DTC) brand, rapidly building a loyal customer base through its online platform.

 

Rebelstork, recommerce marketplace focused on baby products, raises $18 million

Rebelstork, a baby gear returns recommerce marketplace, announced a new round of investment that will help the company to build upon its solution for returns in the baby gear industry. Launched in 2020, Rebelstork diverts the largest assortment of overstock and retailer-returned baby gear away from landfills and into customers’ homes at a fraction of the retail price. The $18M Series A was led by Maveron Ventures with participation from Serena Ventures, Marcy Venture Partners, and existing seed investor Golden Ventures.

 

 

Food & Beverage

General Mills Reports Fiscal 2025 First-quarter Results

General Mills, Inc. reported results for the first quarter ended August 25, 2024. “Our top priority in fiscal 2025 is to accelerate our organic net sales growth, and we made expected progress on that goal in the first quarter along multiple fronts, with more work still ahead,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “We strengthened our core by delivering more remarkable experiences to consumers, which translated into improved volume, net sales, and market share trends versus the previous quarter. And we took another significant step to reshape our portfolio for stronger growth and profitability by announcing the proposed sale of our North American Yogurt business to Lactalis and Sodiaal.

 

Kind appoints Mars-insider as new CEO ‘to shape future of snacking’

Mars’ Kind Snacks named Daniel Calderoni as CEO of its North American operations. Calderoni brings more than 20 years of global experience leading consumer brands at Mars and Unilever. He will report to Blas Maquivar, global president of health and wellness at Mars Snacking. Calderoni most recently served as the general manager for Mars Pet Nutrition in Canada. “I believe an organization’s purpose should be its true differentiator,” the executive in a statement. “I’m eager to take part in leading the brand into its next chapter as we shape the future of snacking.” Calderoni replaces Russell Stokes who took a job outside of Mars. The transition comes as Mars works to close its $36 billion acquisition of Kellanova, manufacturer of RXBar and Nutri-Grain bar, and inflation prompts consumers to cut back on what and how much they buy.

 

Daily Crunch Closes $4 Million Series A Round Led by LaunchTN with Seasoned Operator & Industry Investor Lineup

Daily Crunch, the uniquely crunchy brand renowned for its sprouted trail mix and nut snacks that satisfies crunch cravings the clean, nourishing way – free of seed oils and packed with the health benefits of sprouting – has successfully closed $4 million in a Series A funding round. This capital raise, led by Nashville-based firm Launch Tennessee represents a major milestone for the company as it expands from a beloved direct-to-consumer brand to a red-hot addition to retailers’ snack aisles. Already the #1 sprouted nut brand in the United States with about 16,500 points of retail distribution nationwide, Daily Crunch is set to build on its early success and enter a new phase of expansion and innovation.

 

Reed’s Announces Closing of $6.0 Million Financing

Reed’s, Inc., owner of the nation’s leading portfolio of handcrafted, natural ginger beverages, announced it has closed its $6 million private investment in public equity (“PIPE”). Approximately $4.1 million of previously funded Simple Investments in Future Equity (“SAFEs”) automatically converted into the PIPE. $1.9 million of cash proceeds was funded by the lead investor and the Company’s largest stockholder, D&D Source of Life Holding LTD. The purchase price per share was $1.50, which reflects a premium of approximately 21% to the closing stock price on September 13, 2024. “I am pleased to announce this strategic investment from our largest shareholder, demonstrating their commitment to our long-term vision and success,” said Norman E. Snyder, Jr., CEO of Reed’s.

 

 

Grocery & Restaurants

Darden Restaurants’s Earnings Disappoint as Olive Garden, Fine Dining Struggle

Darden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants. “While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,” CEO Rick Cardenas said in a statement. “I am confident in the actions all our brand teams are taking to address their guests’ needs, which do not compromise the long-term health of our business for short-term benefits.” The company shared a number of initiatives that it’s implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery. Net sales rose 1% to $2.76 billion, but the company’s same-store sales declined 1.1% in the quarter. Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam. Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.

 

Red Lobster exits bankruptcy with new owner and CEO

Red Lobster exited its Chapter 11 bankruptcy reorganization Monday and RL Investor Holdings LLC completed its acquisition of the chain, which is now more than 100 units smaller than it was when it filed for protection from its creditors in May. There are now 545 Red Lobster restaurants in 44 U.S. states and four Canadian provinces. The company is now led by its new chief executive officer, Damola Adamolekun, former CEO of P.F. Chang’s, who replaces Jonathan Tibus, the restructuring expert who Red Lobster hired in March to shepherd it through its bankruptcy. RL Investor Holdings is controlled by Fortress Investment Group and other major creditors of Red Lobster. When filing for bankruptcy protection, Tibus proposed that the company be sold to its creditors, and that is indeed what happened.

 

 

Home & Road

Tupperware files for bankruptcy as its colorful containers lose relevance

Tupperware Brands filed for Chapter 11 bankruptcy protection late on Tuesday, succumbing to mounting losses amid poor demand for its once-iconic food storage containers. The company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence. However, it has lost its edge to rivals making cheaper and more environmentally friendly containers. Last month, Tupperware raised doubts about its ability to remain in business after flagging potential bankruptcy risk several times due to liquidity constraints. “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Chief Executive Officer Laurie Goldman said in a statement. The company said it intends to obtain court approval to continue selling its products and charting out a sale process for the business.

 

Shrinking gap: Furniture sales almost even in August, says DOC

Furniture and home furnishings sales came within a percentage point of equaling August 2023’s marks according to the Department of Commerce’s advance monthly estimates. For the month, the category recorded an adjusted $11.217 billion, which was 0.7% down vs. August 2023’s adjusted $11.296 billion, and 0.7% off July 2024’s revised adjusted total of $11.298 billion. Year-to-date, the furniture category has accumulated $87.624 billion in sales, a dip of 5.1% when compared with the first eight months of 2023. However, it closed the year-over-year gap by 1.1% since last month’s report was published.

 

Beyond Inc. chairman: ‘I see something totally different’

In Beyond Inc.’s evolving business model, retail will become a component of a larger company that will focus on monetizing IP and data. Early this week, Chairman Marcus Lemonis laid out his vision for the company’s future. In that scenario, Beyond Inc. acts as a holding company that sits atop a variety of businesses, each of which feeds data and revenues up to the parent company. Lemonis indicated that he sees the traditional model for home goods retailing as outmoded because retailers sell goods and services that last only as long as the customer wants them, he explained. “And I look at the goods and services that are sold across not only this business but other businesses outside the home space, and I see something totally different,” he added. “I see a holding company that becomes more of a data and a fintech company using a much lower cost of acquisition to monetize that consumer in a different way after you build an affinity with them.”

 

 

Jewelry & Luxury

Brilliant Earth expands footprint with 2 Boston-area stores

Jewelry brand Brilliant Earth is expanding its store footprint with two new showrooms in the Boston area, which will bring the company’s total to about 40 locations nationwide. The showrooms are located in Chestnut Hill, Massachusetts, and Boston’s Seaport neighborhood in the new shopping destination called “The Superette,” according to a news release. The Chestnut Hill store is already open, while the Seaport store is slated to open in November. The company has also renovated its existing Newbury Street location in the city. Both of the new showrooms include try-on bars, as well as product visualization, design-your-own ring functionality, and virtual try-on and ring-stacking tools.

 

Would-be Estée Lauder investor has no plans to boost ‘mini-tender’ offer

The Estée Lauder Companies said it doesn’t endorse an unsolicited tender offer for $83.65 per share from investment firm TRC Capital Investment Corporation. The cash proposal to buy up to 1.5 million shares of Class A common stock, or about 0.64% of those shares, is known as a “mini-tender offer” because the stake is under 5%, per the U.S. Securities and Exchange Commission. The luxury company said it’s “in no way associated with TRC, its mini-tender offer, or the mini-tender offer documents;” advised shareholders who haven’t yet responded to “take no action;” and said shareholders should otherwise consult with a financial adviser “and exercise caution.” When reached by phone, Lorne Albaum, TRC’s sole proprietor, acknowledged that, as Estée Lauder warns in its release, the offer is below Monday’s share price, but said it was above the share price when it was initiated “a couple days ago.” TRC has no plans to raise its bid, however, according to Albaum.

 

Richemont Shuffles Leadership at Vhernier

Richemont has made leadership changes at Vhernier now that its acquisition of the Italian jewelry brand is complete. The luxury giant appointed Gianluca Brozzetti, executive vice president of Richemont-owned Buccellati, to Vhernier’s board of directors as executive vice president in an ad-interim CEO role. Brozzetti stepped down from his role as Buccellati CEO in February after 10 years leading the company. “Vhernier has long been admired for the unique contemporary and essential design of its creations,” said Brozzetti. “Over the coming years, our focus will be on consolidating its success and expanding its network of boutiques, leveraging its exquisite ‘Made in Italy’ craftsmanship.”

 

Mytheresa Proves Multibrand E-Commerce Still Works For Luxury Brands

The Fashion Network recently opined about the decline in multibrand luxury e-commerce. “After the end of the pandemic, luxury consumers have eagerly embraced in-person shopping again, to the detriment of online purchases and especially of multibrand e-tailers, currently in free fall,” wrote columnist Dominique Muret. She observed that many luxury labels have “jettisoned” the channel in favor of their own monobrand stores and increasingly use their online platforms as a digital “assist” to get luxury shoppers into the stores. Against that backdrop, Mytheresa stands apart, ending fiscal year 2024 on June 30 with annual revenues up 10% to $935 million (€841 million) and gross merchandise value (GMV) topping $1 billion (€914 million). Average order value (AOV) was up too, reaching nearly $800 (€703) from $727 (€654) last year.

 

 

Office & Leisure

FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil

FanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth. In an email to CNBC, a Flutter spokesperson said the company is “hugely excited” to add another leading brand to its portfolio “in what is Europe’s largest regulated market.” The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.

 

EA expects to “outpace market growth” through to 2027

EA says it expects to “outpace market growth and drive margin expansion through fiscal year 2027.” At a recent Investor Day event, EA shared its long-term growth strategy, providing “an in-depth look at the initiatives driving its three strategic pillars” and confirmed it was “on track towards the high end of the net bookings guidance” for the second fiscal quarter ending on September 30, 2024. It also stated its belief that “AI drives efficiency, expansion, and transformation to accelerate its business.”

 

Saga Invest announces acquisition of Heathside Trading

Saga Invest recently announced the acquisition of Heathside Trading. Heathside is a distributor and manufacturer of toys and collectibles with operations in the UK and the Netherlands. The company has experienced rapid growth over the last few years and is well known for its pop culture and license-based brands, Khadou and Master Replicas. These brands work with properties such as South Park, Minecraft, Deddy Bears, Five Nights at Freddy’s, Star Trek, Sonic, Molang, Doctor Who, Only Fools and Horses, Foundation, Stargate, Dune, Teenage Mutant Ninja Turtles, Care Bears, Sesame Street, Harry Potter, Battlestar Galactica and many others.

 

 

Technology & Internet

EssilorLuxottica extends smart glasses partnership with Meta

EssilorLuxottica said on Tuesday it had extended its partnership with Meta Platforms for developing smart eyewear by agreeing to a new long-term deal that will take both companies into the next decade. “The incredible work we’ve done with Meta, still in its early stages, has already proven to be an important milestone in our journey to making glasses the gateway to the connected world,” EssilorLuxottica CEO Francesco Milleri said. In the press release there was no reference to the possibility of Meta buying a stake in the eyewear maker. In July the head of EssilorLuxottica said the tech giant had informed him that it might invest in the company. Previously the Wall Street Journal reported that the two companies had discussed Meta taking a 5% stake in the Franco-Italian group. EssilorLuxottica and Meta have been collaborating since 2019, creating two generations of Ray-Ban branded smart glasses.

 

Amazon introduces Amelia, an AI assistant for third-party sellers

Amazon is rolling out an artificial intelligence tool designed to help third-party sellers quickly resolve issues with their accounts and fetch sales and inventory data. The company said Thursday that it’s launching the product, called Amelia, in beta for select U.S. sellers, before introducing it more broadly later this year. Amazon describes it as an “all-in-one, generative-AI based selling expert,” and is making it accessible through Seller Central, the internal dashboard for third-party merchants. Amelia is the latest generative AI tool that Amazon has brought to market in the past year as it seeks to capitalize on the hype sparked by OpenAI’s ChatGPT. The company has introduced an AI-powered shopping assistant named Rufus, a chatbot for businesses dubbed Q and Bedrock, a generative AI service for cloud customers. Amazon also plans to upgrade its Alexa voice assistant with generative AI features, CNBC previously reported, and the company has invested billions of dollars in OpenAI competitor Anthropic, its largest venture deal to date.

 

Apple releases iPhone 16, Apple Watch Series 10 and AirPods 4

Apple on Friday greeted customers at its stores around the world for the debuts of the iPhone 16, Apple Watch Series 10 and AirPods 4. The new products were announced at an event earlier this month and have been available for pre-order since Sept. 13. Apple’s fresh iPhones mark the company’s latest move into artificial intelligence, with new Apple Intelligence features that will begin to launch in October. The new features will allow customers to rewrite text, remove objects from photos and speak with an improved Siri. The software advancements will only be available on iPhone 16 and last year’s iPhone 15 Pro devices. The Apple Watch Series 10 offers a larger screen than that of earlier models. It will support, along with the earlier Series 9, new Sleep Apnea detection, as well as other fresh features. The AirPods 4 offer a refresh with a smaller charging case and an option with noise cancellation.

 

 

Finance & Economy

Deloitte Forecasts Holiday Retail Sales to Rise 2.3% to 3.3%

Consumer spending for the holidays this year will see a modest increase in retail sales, a range that’s more in line with trends over the past decade, according to Deloitte. Deloitte is forecasting holiday retail sales from November 2024 to January 2025 to increase between 2.3 percent and 3.3 percent, with overall projected holiday sales totaling between $1.58 trillion to $1.59 trillion. E-commerce sales are expected to grow between 7 percent and 9 percent year-over-year, totaling between $289 billion and $294 billion this year. Those projected data points compare with Holiday 2023 where sales from November 2023 to January 2024 were up 4.3 percent and totaled $1.49 trillion, according to the U.S. Census Bureau.

 

US 30-year fixed-rate mortgage falls to 6.09%

U.S. mortgage rates dropped to the lowest level in more than 1-1/2 years last week and could fall further after the Federal Reserve cut interest rates for the first time since 2020. The average rate on the popular 30-year fixed-rate mortgage fell to 6.09%, the lowest since February 2023, from 6.20% two weeks ago, mortgage finance agency Freddie Mac said. It averaged 7.19% during the same period a year ago. The average rate on the 15-year fixed-rate mortgage fell to 5.15%, also the lowest reading since February 2023, from 5.27% two weeks ago. That compared to an average of 6.54% a year ago.