CGBS Sponsor Spotlight: Choate
One Firm Across the Whole Brand Lifecycle
How Choate supports consumer brands, their founders, and the capital behind them
Most consumer brands meet their lawyers three times: when a sponsor comes to the table, when the capital structure needs to grow, and when the founder finally asks what it all means for the family. Those touchpoints can be more productive and efficient when handled by one firm that becomes a trusted, strategic, and lasting partner.
Choate has helped both sponsors and founders acquire, grow, and exit some of the most recognized consumer brands in the country, across food and beverage, personal care, apparel, home goods, and beyond. The work spans early-stage investments in emerging brands through to acquisitions and exits of established global names, which means the lawyers advising a Series A consumer investment are the same ones who have sat through the diligence on a nine-figure exit.
“M&A in consumer brands isn’t a side practice for us,” says Lee Feldman, Chair of Choate’s Private Equity and M&A practice, “it’s a core focus.”
Growth in consumer brands is a financing story as much as a deal story, and Choate’s Finance and Restructuring team has spent decades working with private credit lenders, national banking institutions, and other capital providers, structuring asset-based and cash flow facilities, acquisition financing, dividend recapitalizations, and junior capital.
“We’ve structured financings for highly recognized consumer brands – Bank of America’s J.Crew, Pathlight Capital’s iFIT, Second Avenue Capital Partners’ Allbirds and Backcountry, and the Boston Celtics, just to name a few,” says John Ventola, Chair of the Finance and Restructuring practice at Choate. “Whether it’s a multi-billion-dollar syndicated facility or a bespoke credit line for a fast-growing DTC brand, we’re there from the first term sheet to the last dollar repaid.”
A founder’s wealth is usually concentrated in one brand and released through a series of partial liquidity events rather than a single exit, which is exactly the situation a personal balance sheet is least prepared to handle. Choate Wealth, a multi-family office with approximately $11 billion under management, brings estate planning, investment management, tax strategy, and philanthropic planning to help a founder protect what they’ve built.
“From a founder’s perspective, what makes Choate different is that we think about the whole picture,” says Henry Dormitzer, Managing Director of Choate Wealth. “As the brand grows, we make sure the personal wealth strategy keeps pace.”
Apparel & Footwear
H&M’s operating profit grows more than expected in third quarter
H&M reported fiscal third-quarter operating profit that beat analyst estimates. Operating profit rose to 6.04 billion Swedish crowns ($608.63 million), up from 4.91 billion crowns a year earlier and above the average analyst forecast of 5.14 billion crowns. Sales increased 1% in local currencies during the quarter, a slower pace than in prior periods. The company said it expects September sales to rise 1% in local currencies.
Stitch Fix keeps sales expectations in check as it loses active clients
Stitch Fix reported net revenue for fiscal 2026 rose 6.4% year over year to $1.3 billion, with fourth-quarter revenue up more than 4% to $324.4 million. The apparel-box retailer’s active client base fell 1.4% year over year to just under 2.3 million, though net revenue per active client rose nearly 8% to $592. Net loss narrowed 56% for the year to $12.6 million. The company said it does not expect active client growth in fiscal 2027, citing a more challenging consumer environment.
Phoenix Footwear Group to Shutter Operations
Phoenix Footwear Group, the parent of the Trotters and Softwalk comfort footwear brands, plans to cease operations within 60 days. The Carlsbad, California-based company’s 2025 sales fell 27.5% to $13 million from $18 million the prior year, with net losses widening to $4.1 million from $2.7 million. An April regulatory filing carried a going-concern warning, citing a significant debt obligation coming due that the company’s liquid resources were insufficient to cover. Phoenix Footwear, whose roots trace to 1882, downlisted its shares to the Pink OTC Market in 2025 and stopped filing quarterly financial disclosures.
Cosmetics & Pharmacy
Roja London acquired by Extravaganza Beauty
British high-end perfumery house Roja London has been sold to Middle Eastern beauty conglomerate Extravaganza Beauty for an undisclosed sum. Extravaganza Beauty said it will inject new investment and resources to support the Roja’s international expansion and development in key markets. Roja London was established in London’s Mayfair in 2011 by perfumer and fragrance historian Roja Dove. The brand has since developed selective international distribution through luxury retailers including Harrods, Bloomingdale’s, Saks Fifth Avenue and KaDeWe. Its fragrances are made in England and presented in crystal-embellished bottles.
Veridian Healthcare closes acquisition of ScarScience
Veridian Healthcare, a developer and distributor of health, wellness, and personal care products backed by HealthEdge Investment Partners and United Western Group, has completed the acquisition of the ScarScience brand and related assets from Mitchell-Vance Laboratories. Mitchell-Vance Laboratories, based in Guilford, Connecticut, researches and develops over-the-counter scar treatment and preventive products. ScarScience is its line of medical-grade Silicone scar sheets and gel serums for reducing the appearance and texture of scars.
Private Equity Firm Inflexion Invests in Manucurist
European private equity firm Inflexion has taken a 49 percent stake in premium nail care line Manucurist. Manucurist expects to generate $119 million in revenue in 2026. Since launching in France, the brand has expanded in Europe, Asia and Australia, while the US has become its largest and fastest-growing market in just three years, and will comprise roughly one-third of total revenue in 2026. It sells its products directly to consumers, on Amazon and in retailers like Sephora, Space NK, Ulta Beauty, Mecca and Target.
L’Oréal and Nykaa announce a partnership to fund early-stage beauty businesses in India
Nykaa, India’s largest beauty retail company, and BOLD, the corporate venture capital fund of L’Oréal’s, announced a collaboration to jointly invest in the next generation of high-growth Indian beauty and personal care brands. Through the collaboration, BOLD and Nykaa will take minority stakes in emerging Indian beauty and wellness brands with strong consumer traction and distinctive propositions. Such investments will be purely financial and minority in nature, where founders retain full ownership control and continue to run their businesses independently, with their own teams, culture, and creative direction.
Discounters & Department Stores
Ollie’s Bargain Outlet Accelerates Store Growth, Backfilling Former Joann and Big Lots Sites
Ollie’s Bargain Outlet is on pace to open 15 new stores in September alone, part of an expansion push that CEO Eric van der Valk says remains central to the discount retailer’s strategy. Several of the month’s openings are landing in former Joann, Big Lots and Bealls locations, continuing Ollie’s pattern of scooping up real estate left behind by retailers that have closed or gone bankrupt. The company said its loyalty program, Ollie’s Army, grew 13% year over year to more than 18 million members, and executives pointed to categories such as protein and energy products, seasonal decor and living room furniture as areas of strength. The pace of openings caps a busy summer for the chain, which also opened five stores in August and ten in July as it works toward a longer term goal of 1,300 locations nationwide.
Sam’s Club Opens Rebranded California Warehouse in Push Against Costco
Sam’s Club opened its 31st California warehouse in Lathrop, roughly 10 miles south of Stockton, marking the Walmart owned chain’s latest step in a nationwide rebrand and expansion push aimed at rival Costco. The nearly 170,000 square foot store debuted the company’s updated logo and slogan along with a remodel that includes self scan technology, an outdoor cafe and patio seating, features first introduced at a new store in Lebanon, Tennessee in July. The Lathrop club also includes a full service floral department, expanded fresh food offerings such as made to order sushi, and a 28 pump membership only fuel station. Sam’s Club membership pricing remains below Costco’s, with a standard membership at $60 a year compared to Costco’s $65 Gold Star tier, as the chain looks to keep expanding in Northern California and other growth markets.
Costco Closes Fiscal 2026 with Record Fourth-Quarter Results
Costco Wholesale closed its 2026 fiscal year with fourth quarter net income of $2.998 billion, or $6.75 per diluted share, up from $2.610 billion, or $5.87 per diluted share, a year earlier. Revenue for the 16 week quarter climbed to $95.72 billion, topping Wall Street estimates of roughly $94.85 billion in revenue and $6.55 per share in earnings. Companywide comparable sales rose 9.4%, including a 10.7% increase in the United States, while digitally enabled sales jumped 19.5%. Results included a one time benefit of 15 cents per share from IEEPA tariff refunds, most of which the company is redirecting into lower prices for members. For the full fiscal year, net sales rose 10.1% to $297.2 billion and net income climbed to $9.226 billion.
Emerging Consumer Companies
The Farmer’s Dog completes acquisition of Woof
The Farmer’s Dog, the leader in real, human-grade dog food, announced that it has completed its previously announced acquisition of Woof, the award-winning pet company known for its functional enrichment and wellness products. The transaction marks the first acquisition for The Farmer’s Dog and expands its commitment to helping dogs live longer, healthier, and happier lives through nutrition, enrichment, and future innovation. Woof will operate independently under its existing brand and team, while gaining access to The Farmer’s Dog’s resources and capabilities to support its next phase of growth.
Bird&Be raises $13 million to scale fertility supplements and tests
Bird&Be has raised $13 million to scale its fertility products nationwide. The round was led by BDC Thrive and BFG Partners with participation from BAM Ventures, Founder Collective, Rejuvenation Ventures, and HSR Ventures. With an estimated one in six couples experiencing infertility and the supplement market becoming more crowded, Samantha Diamond and Breanna Hughes launched Bird&Be in 2021 to offer a trusted resource for people trying to conceive. Since then, the company has grown into an eight-figure brand with nearly 100% YoY growth. Expanding its product lineup, Bird&Be now offers prenatals, at-home testing kits, and male fertility supplements.
Unilever Ventures Backs Anti-Gray Arey’s Hair Longevity Vision With Series A
The venture capital arm of Unilever has led Arey’s series A round for an undisclosed amount, with participation from existing investors Female Founders Fund and Greycroft. The deal aligns with Unilever’s interest in hair aging and supplementation, including its acquisition of hair growth supplement brand Nutrafol, investment in ElixrBio, a biotechnology company studying the biological mechanisms behind graying and hair loss, and research into the appearance of gray hair. Arey plans to use the funding for research and development, clinical studies, hiring, consumer education, distribution and marketing. While Arey is carried by Credo and Erewhon, retail constitutes a small portion of its business with online subscriptions accounting for the majority of sales.
Food & Beverage
Sazerac launches Berentzen takeover bid
Fireball and Buffalo Trace owner Sazerac has launched a board-backed takeover offer for Germany-based Berentzen Group at €5.55 per share in cash. The offer values the whole company at roughly €53.3 million, or about $61 million. The price is a 68% premium to Berentzen’s three-month volume-weighted average share price before Sept. 16, and compares with a market value of about €35 million before talks became public. Berentzen, best known for its fruit schnapps, Puschkin vodka and Tres Países rum, has been under pressure: 2025 revenue fell 10.4% to €162.9 million and adjusted EBIT dropped 19.8% to €8.5 million, with first-half 2026 revenue down a further 11.1%. The deal needs acceptance from only 50% of shares plus one, requires no regulatory clearances and is expected to close in the fourth quarter, after which Berentzen will be delisted. Sazerac plans to keep Berentzen’s existing sites and invest in them, using the business as a European base to make and distribute its own spirits. The bid follows Sazerac’s completed purchase of U.K. vodka brand Au and Brown-Forman’s rejection of a Sazerac takeover proposal in July.
CH Guenther buys US baking mixes and seasonings firm House-Autry
US food manufacturer CH Guenther & Son has acquired House-Autry Mills, a maker of branded baking mixes, seasonings and marinades. Established in 1812, House-Autry supplies the foodservice and retail channels, along with private-label customers. Its portfolio includes batters, hushpuppy, pancake, waffle and biscuit mixes, gravies, seasonings, and dry mix flavouring ingredients. CH Guenther, which has been backed by private-equity firm PPC Partners since 2018, described House-Autry’s range as highly complementary to its existing portfolio.
Cerebelly adds Fresh Bellies to portfolio
Cerebelly, a manufacturer of organic baby food and children’s food designed to support brain and cognitive health, has acquired Fresh Bellies, a children’s food brand that manufactures plant-based, freeze-dried snacks without added sugar. Cerebelly’s product line currently includes purees, smoothies and snack bars. The company said the acquisition will expand its product development capabilities for additional formats and snacking usage occasions. The acquisition will enable Fresh Bellies, founded in 2015 by Saskia Sorrosa, to access Cerebelly’s supply chain infrastructure to meet demand.
Crédit Agricole Buys Minority Stake in Brad Pitt’s Miraval Wine Business
Crédit Agricole has acquired a minority stake in Miraval Provence, the company that oversees the wine and commercial business tied to Château Miraval, the estate in Provence associated with actor Brad Pitt and the Perrin family. Crédit Agricole announced the investment as a move to support the company’s next stage of growth in France and abroad. Miraval was bought in 2008 by Pitt and Angelina Jolie for €28 million. Over time, Miraval grew into a premium rosé brand with wide international distribution, helped by the profile of its owners and by the winemaking partnership with Famille Perrin, one of France’s best-known wine families.
Grocery & Restaurants
Starbucks shutters 250 underperforming stores
Starbucks is closing 250 underperforming North American stores as part of its turnaround, according to a filing with the SEC, with most closures finished by the end of its fiscal year in late September. The cuts lower the year’s net new global openings to 440 units, down from the 600 to 650 previously planned. The closures cover about 1% of roughly 18,000 North American locations, though Starbucks didn’t say how many are corporate versus licensed. The company expects about $300 million in costs: $200 million in cash charges, mostly lease exits and severance, and $100 million in non-cash impairments. It is the second straight year of pre-year-end closures, after roughly 400 stores closed and 900 corporate jobs were cut last year. At the same time, Starbucks is speeding up experiential remodels, targeting 1,500 by fiscal year-end and continuing into fiscal 2027. Affected workers will be offered transfers where possible and severance where not.
McDonald’s is spending billions to make major changes
McDonald’s is spending billions of dollars to boost its franchises, an effort to cement its title as the leader in fast food amid growing competition. The chain announced Wednesday that it will invest $8.5 billion by 2036 on a series of initiatives, including remodeling restaurants, retraining its 2 million employees and adding new menu items to target high-protein eaters. About $5 billion will be spent in the next three and a half years alone, a combination of capital support as well as rent relief for franchises. It’s all part of a multiyear strategy to win back diners and capture more market share. Last month, McDonald’s reported its slowest quarterly growth since 2025. The chain had blamed the decline on launching too many promotions, plus inadequate customer service and its massive World Cup promotion failing to attract eaters. The new strategy, called “Next,” aims to make the chain “the first choice for more customers, more often — while making our restaurants stronger and easier to run,” CEO Chris Kempczinski said in a press release.
Ninety Nine Restaurants could soon be under new ownership
Ninety Nine Restaurants could be headed toward a sale, a report from the Boston Globe claims, and representatives for the pub chain declined to confirm or deny these rumors. Cannae Holdings is the parent company to both Ninety Nine Restaurants and rapidly dying sister brand, O’Charley’s. The holdings company — a spinoff of Fidelity National Financial Inc. — is mainly focused on athletics and owns multiple European football and rugby clubs. Earlier this year, Cannae told investors that it was undergoing a strategic review of its holdings, hoping to narrow its investments to sports and entertainment. The first result of that strategic review came earlier this month when struggling brand O’Charley’s abruptly shuttered all corporate locations, with a few franchised restaurants lingering to hold on as much as possible. According to the Boston Globe, Cannae CEO Ryan Caswell promised investors there would be sale proceeds and recently hinted that he already had a buyer lined up, though more time was needed to secure financing.
Home & Road
AutoZone reported fourth-quarter net sales of $6.6 billion, up 5.6% from a year earlier, with total company same-store sales up 2.7% (1.5% on a constant-currency basis). Diluted earnings per share rose to $56.05 from $48.71, as operating profit increased 10.1% to $1.3 billion and net income grew to $931.6 million from $837.0 million. For the fiscal year ended August 29, net sales reached $20.3 billion, up 7.4%, with diluted EPS increasing 5.3% to $152.55. The company opened 175 new stores during the quarter, including 16 Mega Hub locations, ending the year with 8,031 stores across the U.S., Mexico and Brazil, and repurchased $697.5 million of shares in the quarter.
Ethan Allen launches CEO search
Ethan Allen launched a search for its next CEO, hiring an executive search firm to consider internal and external candidates. The board plans to name a successor no later than June 30, when current CEO Farooq Kathwari’s contract ends; Kathwari will remain a nonexecutive board member until the company’s 2027 annual shareholder meeting. The move follows a proxy campaign from activist investor Doug Bergeron, who owns about 5% of the company’s stock and has nominated six candidates to replace the board, including former eBay Chief Strategy Officer Kristine Miller. In its fiscal fourth quarter, Ethan Allen reported net sales fell nearly 8.5% year over year to $146.8 million, with full-year net sales down 5.7% to $579.5 million.
THOR Industries Announces Fiscal 2026 Fourth Quarter and Full Year Results
THOR Industries reported fourth-quarter net sales of $2.31 billion, down 8.4% year over year, with diluted earnings per share falling 66.9% to $0.78 as gross margin contracted 230 basis points to 12.4%. For the full fiscal year, net sales rose slightly to $9.61 billion, exceeding the high end of guidance, while net income attributable to THOR fell 31.3% to $177.5 million. The North American Towable segment led the decline, with unit shipments down 19.7% and income before taxes down 77.2% in the quarter, while the European segment grew net sales 5.0% and gained market share. THOR reduced debt by $59.7 million and repurchased $115.1 million of shares during the year and said it would withhold fiscal 2027 guidance until after two key industry trade events later in September.
Jewelry & Luxury
Capri Holdings Shares Jump on Report of Buyout Interest
Capri Holdings shares rose nearly 10% after a report that the owner of Michael Kors, Jimmy Choo and Versace had been in contact with potential buyers who reviewed the company’s financial records. The report did not name any prospective acquirers or indicate how advanced discussions might be, and Capri has not confirmed the buyer interest. The speculation follows Capri’s failed $8.5 billion sale to Tapestry, which a federal judge blocked on antitrust grounds in 2024 over concerns the deal would reduce competition in the accessible luxury handbag market. Capri’s balance sheet has since been simplified by its sale of Versace to Prada for $1.375 billion, a deal that closed late last year and could make the remaining Michael Kors and Jimmy Choo business a cleaner target for a buyer.
The Arnault family streamlines LVMH’s structure to consolidate control
Four years after a reorganization, the Arnault family group plans to simplify the structure that sits above global luxury giant LVMH to “ensure the long-term continuity of its control,” via a series of transactions culminating in the creation of a single entity. In a proposal presented to the board of Christian Dior, LVMH’s main shareholder, the Arnault family intends to merge its holding companies, Christian Dior said in a statement on Wednesday. The new reorganization is expected to lead to the creation of a single company that will control LVMH. It will be carried out through a series of absorptions and conversions, under which the intermediate holding company Christian Dior will be converted into a partnership limited by shares.
Sporting Goods & Leisure
Backcountry Acquires Assets of Velofix Mobile Bike Shop Network
Backcountry acquired the assets of Velofix, the largest mobile bike shop network in North America, in a deal that closed September 17. Financial terms were not disclosed. Velofix operates a fleet of service vans staffed by 96 certified technicians who handle bike builds, tune-ups, repairs and e-bike diagnostics across territories reaching roughly half of North America’s riders. Backcountry President Kevin Lenau said the acquisition closes a gap in buying a bike online, with Summit Club+ members getting first access to exclusive offers and further integration of Velofix’s services planned.
On looks to nearly double sales by 2029 despite ‘far more challenging’ market
On authorized a $1 billion share buyback and outlined financial targets calling for net sales to nearly double by 2029, to 5.6 billion Swiss francs ($6.8 billion). The plan requires high-teens constant currency sales growth, a deceleration from the low-20% range projected for 2026. On said gross profit margin is expected to stay at 65% or higher through the period, with adjusted EBITDA margin reaching more than 22% by 2029. Growth is expected to come primarily from running, sneakers and apparel, with newer ventures in soccer and golf also contributing.
JD Sports’ Profits Slide Double Digits in First Half; North America Comps Decline
JD Sports Fashion reported profit before tax and adjusting items fell 19.7% to £282 million in the first half ended August 1, weighed down by margin pressure and a 2.8% decline in same-store sales. By region, comparable sales fell 4.0% in North America, 3.3% in Europe and 1.4% in the UK, while Asia Pacific gained 3.0%. Total sales reached £5.9 billion ($7.9 billion), down 0.7% at reported rates, with North America, the company’s largest region at 38% of group sales, posting organic sales down 1.7%. JD Sports maintained its full-year guidance of £700 million to £800 million in profit before tax and adjusting items, unchanged from its Q2 trading update.
Christy Sports Names Lindsay Goszulak CEO as Pete LaBore Heads Home to Utah
Christy Sports named Lindsay Goszulak as CEO, succeeding Pete LaBore, who stepped down to join CHG Healthcare as EVP of sales operations. Goszulak previously served as the retailer’s CFO and COO, having joined the company as CFO in March 2020. LaBore, who had led Christy Sports since November 2023, said the move was a personal decision to be closer to his home and family in the Salt Lake City area, where he had been commuting from throughout his tenure. Christy Sports, founded in 1958, operates 55 stores across Colorado, Utah, Montana and Washington.
Rapha’s CEO Fran Millar Resigns After Two Years
Rapha CEO Fran Millar stepped down after two years, as the British cycling apparel brand posted its ninth consecutive year of losses and announced a restructuring aimed at cutting costs. Millar said she proposed to the board that she step down to let new leadership guide the brand’s next phase now that her strategy is in place. Rapha reported an operating loss of £21.2 million ($28 million) and a net loss of £25.3 million ($33.6 million) for the year, both wider than the prior year’s £17.2 million operating loss and £15.6 million net loss. Revenue fell to £89 million ($117.5 million) from £96 million a year earlier, down from a peak of £131.7 million in the year ended January 2021. The restructuring will include job cuts and a formal consultation process, with the company targeting sustainable profitability by 2027.
Technology & Internet
Smart ring maker Oura eyes US$15.6B IPO valuation in fall listings demand test
Oura kicked off the roadshow for its previously announced U.S. initial public offering, targeting a fully-diluted valuation of US$15.62 billion as the smart ring maker tests investor appetite for consumer technology companies after a tepid start to the fall IPO season. Oura and some of its existing investors plan to raise as much as $2.2 billion through the sale of 50 million shares at the top of the indicated price range of $40 to $44. Weight-loss drugmaker Eli Lilly has indicated interest in purchasing up to $100 million of the shares, while investment firm Dragoneer has indicated interest in buying up to $300 million worth of shares.
Apple faces more than $5.7 billion patent infringement verdict
A federal jury in San Diego awarded Taction Technology more than $5.7 billion in damages Friday after finding that Apple infringed claims from two haptics patents. Taction sued Apple in 2021 in the U.S. District Court for the Southern District of California. The company alleged that Apple was improperly “capitalizing on Taction’s innovation and success” by selling devices that infringed on its vibration technology, according to the complaint. Apple initially won dismissal in 2023, and the Federal Circuit later revived the case. The lawsuit centered around U.S. Patent Nos. 10,659,885 and 10,820,117, which both involve vibration-based, tactile transducer technology that helps users feel a device responding to their input. Taction argued that Apple’s “Taptic Engine,” which is embedded in its Apple Watches and iPhones, uses its inventions without proper license or authority.
Mark Zuckerberg debuts $1,299 Meta VR Glasses and Muse Charm pendant
Meta CEO Mark Zuckerberg is continuing his metaverse while simultaneously pushing forward on AI agents. At Meta Connect, the Facebook co-founder revealed on Wednesday the Meta VR Glasses, a smaller and slimmer device compared to the company’s older Quest-branded family of VR headsets, and a handheld device called the Muse Charm that works with the company’s recently released Muse AI personal agent. Zuckerberg shared few details about what Muse Charm can do, only to say that people will be able to speak to the gadget to interact with their Meta AI agents “without having to unlock a phone or open an app.” He didn’t say how much it would cost, but said that Meta needs to “finalize laying out the components” and is “planning to have this ready to ship in time for the holidays in December.” The Meta VR Glasses are slimmer and lighter than the company’s older Quest-branded VR headsets, but they are also more expensive, costing $1,299 when they go on sale in spring 2027. They represent Meta’s first VR device since 2024, when the company debuted the $299 Quest 3S.
Finance & Economy
Mortgage rates surpass 7% for the first time in well over a year
The average 30-year fixed mortgage rate rose to 7.03%, according to Freddie Mac, its first move above 7% in 20 months. That is up from 6.95% the prior week and 6.30% a year ago, while the 15-year fixed climbed to 6.42% from 6.26%. Mortgage rates tend to follow the 10-year Treasury yield, which rose sharply over the summer on worries about high inflation and the size of the federal debt. The steady climb since March is squeezing homebuyer budgets. It also risks deepening the freeze in a housing market that has been stuck for years because of high ownership costs.
National average gasoline prices have climbed nearly 5 cents since last week
The national average for a gallon of regular gasoline rose nearly 5 cents in a week to $4.48, the highest level on record for this time of year. Pump prices usually ease as autumn begins, but volatility in the Strait of Hormuz and expensive crude oil are pushing them higher instead. September is on track to set a record for the month, averaging $4.30 so far against the previous September high of $3.83 set in 2023. A year ago, the national average stood near $3.16, meaning drivers are paying more than $1.30 a gallon extra. Rising fuel costs are also weighing on consumer outlooks: the University of Michigan’s September survey found households bracing for more pressure on their budgets.
