Story of the Week
U.S. freight market is starting to roll over as Chinese trade plummets
The impact of President Donald Trump’s tariffs continues to rip through the logistics and transportation sectors, with major ports experiencing a steep drop in imports after earlier this year setting records, and volumes throughout the supply chain rolling over. For the first time in 2025, rates for van, flatbed, and refrigerated loads in October were all lower on both a month-over-month and year-over-year basis, according to the DAT Truckload Volume Index. “Freight volumes in the third quarter and October reflect what we’re seeing in the broader goods economy, with shippers drawing on inventory built up earlier in the year to reduce their exposure to tariffs and weak consumer demand,” said Ken Adamo, DAT chief of Analytics. “As a result, the traditional peak holiday shipping season looks virtually non-existent this year,” Adamo said.
Apparel & Footwear
Marquee’s 19th Brand Signals a Bold Expansion into Lifestyle and Performance
Marquee Brands, the premier global brand accelerator, announced the acquisition of Stance, the innovative lifestyle and performance sock brand. Founded in 2009 in San Clemente, California, Stance joins Marquee Brands’ renowned portfolio, home to some of the world’s most notable brands, including Martha Stewart, Laura Ashley, Sur La Table, BCBG, Ben Sherman, Body Glove and Dakine. The addition of Stance brings total retail sales across Marquee’s portfolio to $4.5 Billion USD. Marquee also announced a new partnership with United Legwear and Apparel Co. (ULAC), which becomes the brand’s core global licensee, managing operations across all territories apart from China. With products sold in 42 countries through more than 1,100 U.S. wholesale accounts, e-commerce, international distributors and mono-branded retail stores, ULAC will oversee Stance’s core product segments of socks and underwear across Men’s, Women’s and Children’s. In this role, ULAC will lead product design, development, retail and ecommerce operations and distribution.
Gap lifts guidance as Q3 results beat; shares jump
Gap lifted its annual guidance after reporting third-quarter results that beat analysts’ estimates amid a surge in comp sales, driven by strong demand for denim, activewear, and kids & babywear. Gap Inc. shares jumped 16% in recent after-hours trade following the Nov 20th report. Gap announced earnings of $0.62 per diluted share, down from $0.72 a year earlier, on sales of $3.94 billion, up from $3.82 billion a year earlier, beating estimates of $0.53 and $3.90 billion, respectively. The company’s comparable sales rose 5% in Q3, driven by strong growth at Old Navy, Gap, and Banana Republic. The company raised the lower end of its full-year fiscal 2025 net sales growth guidance to 1.7% to 2% from 1% to 2% previously.
Mulberry Narrows Losses, Improves Gross Margin in First Half of 2025
British handbag maker Mulberry is seeing encouraging signs of an eventual rebound, as it reported unaudited results for the 26 weeks ended Sept 27. Group revenue in the period was down 4 percent to 53.9 million pounds, but wholesale saw a 36 percent uptick. The brand recently signed new wholesale agreements in the U.K. with key partners, including John Lewis, Liberty, and Harvey Nichols, and launched a new retail incentive program to improve performance. These improvements reflected actions taken as part of the company’s turnaround strategy, “Back to the Mulberry Spirit,” first unveiled in January by the current chief executive officer, Andrea Baldo.
Athletic & Sporting Goods
Bain Capital steps in as Clearlake exits Concert Golf after doubling the business
Clearlake Capital has sold its stake in Concert Golf Partners to Bain Capital, marking a new chapter for the private golf and country club operator as it prepares for further expansion across the United States. Bain Capital’s private equity and real estate teams will support the company’s long-term strategy, although financial terms were not disclosed. Concert Golf operates 39 private clubs nationwide, offering golf, dining, fitness, and events across its portfolio. Clearlake invested in the company in March 2022 and used its O.P.S. framework to drive rapid growth, doubling both revenue and profitability. The firm supported 14 strategic acquisitions, expanded operations, and helped build a full-service lifestyle platform.
US Squash Sells Majority Stake in Club Locker
US Squash has sold a majority ownership stake in Club Locker — a proprietary sports management software platform that the national governing body created — to Artisan Ventures, a firm focused on scaling businesses with niche software, content and community offerings. The transaction is believed to be the first example of an NGB creating and then selling a for-profit technology company. Artisan plans to take the Club Locker concept, which was designed for squash, and expand its role to connect and support organizations worldwide in all racquet sports. Club Locker is a platform designed for all aspects racquet sports. The technology manages player ratings, offers tournament management, and aids in membership integration, venue operations, live streaming and payment processing. More than 300,000 players, coaches, parents and administrators have adopted the technology since its creation, which is also used in more than 4,000 venues.
Foot Locker backs out of HQ relocation to Florida
Foot Locker won’t relocate its headquarters to Florida after all. The company reevaluated its previous decision to move its base to St. Petersburg, Florida, after it was acquired by Dick’s Sporting Goods, per a memo City Development Administrator James Corbett sent to the city council. Foot Locker’s current headquarters is in New York, though it is unclear if the retailer’s headquarters will remain there or move to a different location. The retailer announced its intent to switch its corporate headquarters from New York City to St. Petersburg, Florida, on an earnings call in August 2024. The move was meant to reduce costs and take place in late 2025. However, in May this year, Foot Locker announced it would be acquired by Dick’s Sporting Goods in a $2.4 billion deal. The transaction was completed in September, with several new executive switch-ups announced.
Cosmetics & Pharmacy
Perelel Secures $27M Growth Investment from Prelude Growth Partners to Reimagine Women’s Health
Perelel, the first doctor-founded, research-backed supplement company for women, announced a $27 million investment from Prelude Growth Partners including participation from existing investors Unilever Ventures, Willow Growth Partners and Selva Ventures. The company is focused on continuing to provide clinically-proven products to support women throughout their entire hormonal lifecycle. Prelude Growth’s conviction to invest was centered around Perelel’s compelling brand positioning, high quality science-backed products and the strength of its business metrics. In just five years, the company has achieved profitability, doubled revenue year-over-year, consistently achieved category-leading retention of its subscribers and expanded to support women across multiple stages of life — from fertility and pregnancy to postpartum and perimenopause.
Shiseido Shares Drop 11% After China Warns Against Travel to Japan
Shiseido stock fell sharply after China advised citizens to avoid travel and study in Japan amid rising political tensions. The intraday decline was Shiseido’s steepest since April. Beijing’s warning followed comments by Japanese Prime Minister Sanae Takaichi suggesting Japan could treat military action in a Taiwan conflict as a “survival-threatening situation.” Tourism- and travel-linked stocks also moved lower amid concerns about reduced Chinese visitor flows. The sell-off highlights investor anxiety over geopolitical strains that could further weaken Chinese demand for Japanese beauty brands.
ANJAC Health & Beauty acquires HCG to strengthen its nutraceuticals business
Minority-backed by KKR since 2024, Anjac Health & Beauty is a manufacturer of health and beauty products, including cosmetics and pharmaceuticals. The company focuses on innovation, quality, and sustainability to meet the diverse needs of its clients in the beauty and personal care sectors. Anjac Health & Beauty acquired Health Chain Group (HCG), a company with approximately €30 million of revenue in 2025 based in Upper Carniola, Slovenia. HCG collects and analyzes market data related to research, ingredient sourcing, manufacturing, and finished products in the nutraceutical industry. This acquisition allows Anjac to expand its health and pharmacy activities, particularly in nutrition and innovative food ingredients supported by clinical studies.
Discounters & Department Stores
Walmart in talks to acquire Israeli-founded startup to combat scams, counterfeits
Walmart is in talks to buy a startup called R&A Data, a company founded by two Israeli scientists that works to reduce scams and counterfeits on online marketplaces, according to people familiar with the matter and records reviewed by CNBC. The potential acquisition would come at a key time for the largest U.S. retailer as incoming CEO John Furner prepares to take the helm early next year. Walmart’s third-party marketplace has become a central part of the company’s strategy to increase profits faster than sales, and has helped it expand its e-commerce business, which grew 25% in the U.S. in its most recently reported quarter. The company has said it added hundreds of millions of product listings to the platform in recent years, growth that experts say increases the need for tools to detect issues with items.
Target adds $1B to store, tech investments as it deepens AI usage
As it combats sales declines, Target will invest an additional $1 billion into the business in 2026. About $5 billion in capital expenditure is expected to “support new stores and remodels, enhancements to the store experience and advancements in technology and digital fulfillment capabilities,” per a company post. The investments come as the retailer’s third-quarter net sales dropped 1.5% year over year to $25.3 billion and comparable sales decreased 2.7%, per a Nov 19 press release. Merchandise sales decreased 1.9% and store comps dropped 3.8%, partly offset by digital sales growth. Net earnings declined 19.3% to $689 million, and the gross margin rate was nearly flat at 28.2%. The company maintained its fourth-quarter sales decline expectation of a low single digit.
As holidays approach, value players are drawing the cash-strapped and the wealthy
As more major retailers post earnings, one theme is clear: value players are winning both the wealthy and the cash-strapped. Walmart and TJX, T.J. Maxx’s parent company, stood apart from the pack this week by hiking their full-year forecasts and expressing optimism about the start of the holiday season. Both said sales have grown as they win over shoppers across the income spectrum. In the same week, other major U.S. retailers cut their profit outlooks and said they saw consumer reluctance to make large purchases. In an interview with CNBC, Walmart CFO John David Rainey said the big-box retailer has seen “value-seeking and choiceful” consumer spending patterns over the past several quarters. He said, “It stands to reason, if there’s a little incremental strain on the consumer, they’re only going to become more so, they’re going to look for more value.”
Emerging Consumer Companies
Function Health raises $298M Series B at $2.5B valuation
Function Health, which offers a regular lab testing service to help people track their health, wants to consolidate health data and make it usable for its customers by connecting that data to an AI model. To further that effort, the company recently raised $298 million in a Series B round led by Redpoint Ventures at a valuation of $2.5 billion. Alongside the funding, Function unveiled Medical Intelligence Lab, an effort to build a “medical intelligence” generative AI model that can be used to provide personalized health insights based on users’ data, content, and research. The company said the model is trained by doctors. For its customers, the company is offering an AI chatbot that can answer questions based on their health data and can tap their previous lab results, doctor’s notes, and scans to provide tailored guidance.
Wedding flowers platform Poppy raises $2.66 million Series A
Poppy, a Charlottesville, Virginia-based wedding flowers platform, raised $2.66 million in Series A funding led by Michigan Capital Network, with participation from Virginia Venture Partners, Wakestream Ventures, IDEA Fund Partners, and Front Porch Ventures. The investment will enable Poppy to expand its B2B partnerships, accelerate the development of AI and data tools, and strengthen its leadership team to support national growth. Traditional floral supply chains rely on multiple middlemen, often leading to high markups and hidden fees. Poppy addresses these issues with a technology-driven platform that brings transparency, modern design, and broader accessibility to wedding florals.
Anheuser-Busch InBev nears $700 Million Deal for beverage brand BeatBox
Beer giant Anheuser-Busch InBev is in talks to buy BeatBox, a maker of fruity and highly alcoholic punch and tea drinks, according to people familiar with the matter. The deal would value BeatBox at around $700 million and could come together soon, assuming the talks don’t fall apart, the people added. BeatBox, known for its brightly colored Tetra-Pak boxes with screwcaps, was founded in 2011 and has gained traction with younger drinkers. The Austin-based brand, which counts Mark Cuban as an early backer, was on track to notch $175 million in revenue through the end of 2024, The Wall Street Journal previously reported.
Faire, online wholesale marketplace, launches employee stock sale at $5.2 billion valuation
Some employees of online wholesale marketplace Faire—which is dual-headquartered in Kitchener, Ontario and San Francisco – will be able to sell their shares while the company remains private. Waterloo, Ontario-based True North Fund, led by former Communitech CEO Chris Albinson, is one of the buyers, with California firm WCM Investment Management leading the share purchase. The move acts as a bridge to an initial public offering, by giving early employees liquidity before the company has an exit. Secondary share sales like these have surged in recent years, letting companies stay private longer while satisfying early shareholders. The sale follows a steep drop in Faire’s valuation, which ballooned to $12.4 billion in 2021, amid the pandemic-era e-commerce boom, before falling to $5 billion two years later.
Food & Beverage
McCain Foods to acquire Penobscot McCrum
McCain Foods, a manufacturer of prepared potato and appetizer products, has agreed to acquire Penobscot McCrum LLC (McCrum) in Washburn, Maine. Financial terms of the acquisition were not disclosed. McCain Foods will acquire McCrum’s Washburn potato processing facility and the approximately 130 facility employees, who will join McCain. Jay McCrum, owner and chief executive officer of McCrum, and Jason Woollard, owner and chief financial officer of McCrum, will support the transition. Following the acquisition, the McCrum farming operation will remain independently owned and will enter a long-term potato supply agreement with McCain, the companies said.
Mantiqueira USA Announces Acquisition of Hickman’s Egg Ranch, Marking U.S. Expansion
Mantiqueira USA announced it has entered a binding agreement to acquire Hickman’s Egg Ranch, a leading egg producer based in the Mountain and West Coast regions and ranked among the top 20 egg companies in the United States. The acquisition marks a significant milestone in MTQ USA’s launch and its long-term strategy to build a strong, scalable presence in the U.S. egg market. MTQ USA operates as a joint venture between the Pinto Family, founders of Mantiqueira, and JBS N.V., one of the world’s leading food companies. “Expanding into the United States has long been a vision for our family, and taking this step through the acquisition of Hickman’s makes this moment especially meaningful,” said Leandro Pinto, Founder of Mantiqueira.
PepsiCo tests combined snack, beverage warehousing to cut costs
PepsiCo has begun testing in Texas the integration of its two largest North American business units — snacks and beverages — into a more unified distribution model to reduce costs and boost productivity, executives told investors last month. The food manufacturer’s warehouse consolidation plans for the two businesses are part of an initiative to improve its cost structure over the next three or four years. Investments in technology have provided the data and systems necessary to support the integration, executives told investors in July. “Texas is probably the state where we have the biggest opportunity, given our low share in beverages, high share in snacks, when we put those businesses in the same warehouse and we serve the customers from one point of distribution, this is giving us a lot of benefit,” Chairman and CEO Ramon Laguarta said.
The Compleat Food Group Acquires Julienne Bruno’s Dairy-Free Brand
The Compleat Food Group has broadened its dairy-free range by acquiring the Julienne Bruno brand, following the UK start-up’s entry into administration. On November 11, joint administrators Sam Birchall and Howard Smith from Interpath Advisory were appointed to oversee Julienne Bruno, as noted in an official statement from the agency. Interpath confirmed that The Compleat Food Group intervened to purchase “certain assets” of Julienne Bruno, although the transaction led to the redundancy of 14 employees. This move adds Julienne Bruno to The Compleat Food Group’s growing dairy-free portfolio, which includes the Palace Culture brand acquired in 2023. The Compleat Food Group was established in 2021 when private equity firm PAI Partners merged Winterbotham Darby and Addo Food Group.
Grocery & Restaurants
Papa Murphy’s parent company under strategic review
Montreal, Canada-based restaurant holding company MTY Food Group has initiated a strategic review and has engaged a financial advisor to identify and evaluate potential alternatives to enhance shareholder value. The company confirmed the process following a news report from Reuters that the company hired TD Bank to explore a potential sale. In a release, MTY Food Group said it is exploring a range of options including a full or partial sale. MTY Food Group was founded in 1979 and has been publicly traded on the Toronto Stock Exchange since 2010. It has become one of the largest multi-brand restaurant companies, with approximately 7,000 restaurants worldwide and approximately $5.6 billion in sales. Its 90 brands across segments include Papa Murphy’s, TacoTime, Famous Dave’s, Baja Fresh, Pinkberry, Cold Stone Creamery, Wetzel’s Pretzels, and Thai Express.
Goldman Sachs in talks on acquisition of Burger King’s Japan unit
Investment bank Goldman Sachs has secured exclusive rights to negotiate the purchase of Burger King’s operations in Japan, as reported by Nikkei Asia. A potential deal is likely to be valued at around Y70bn ($452m). Negotiating rights were granted by Affinity Equity Partners, the Hong Kong-based private equity fund that has held the master franchise for Burger King in Japan since 2017. Affinity Equity Partners took control of the master franchise with a plan to expand Burger King’s footprint in Japan and bolster the brand across the Asia‑Pacific region. The investment will cover advertising and digital initiatives, remodels and relocations, restaurant technology, kitchen equipment and building improvements.
Home & Road
South Bay International buys Corsicana Mattress Co.
South Bay International has acquired key operating assets of Corsicana Mattress Co. Toby Konetzny, CEO of South Bay International, told Furniture Today, that the acquisition gives the combined company a broader product reach and strengthens the company’s national footprint. “This acquisition reflects South Bay’s strategic expansion and our commitment to long-term operational excellence,” Konetzny said. Corsicana will operate as a division of South Bay and will function under a “focused leadership structure.” Konetzny said South Bay will appoint senior leadership for the division to ensure continuity for customers and employees throughout the ownership transition. Eric Rhea, Corsicana’s CEO, will remain with the company. Terms of the deal, which closed Friday night, were not disclosed. Corsicana, founded in 1971 in Texas, filed for bankruptcy protection under Chapter 11of the U.S. Bankruptcy Code in June 2022. Three months later, the mattress maker was acquired by Blue Torch Finance.
Getting a fresh take: Sleep Number CEO tackles challenges
Sleep Number Corp. is taking the hard medicine now to set itself up for long-term health. That’s the message from Linda Findley, president and CEO who is now steering the smart-bed maker through a rebuilding year marked by sales declines, tighter cost controls and a refocus on what she calls the company’s “emotional connection” with consumers. For the third quarter ended Sept. 27, Sleep Number reported net sales of $342.9 million, down 19.6% from the same period last year, and a net loss of $39.8 million, compared with a $3.1 million loss in 2024. Gross profit margin slipped slightly to 59.9%, and adjusted EBITDA fell to $13 million, as the company continued trimming fixed costs and restructuring its vertically integrated operation. Through a new leadership lens, the company has set its sights on a more robust, consistent advertising strategy, broadening its channel of distribution and a new product launch for the new year.
Jewelry & Luxury
Klimt painting sells for record $236 million, reviving hopes for the art market
On Nov 18, Gustav Klimt’s “Portrait of Elisabeth Lederer” sold at Sotheby’s for $236.4 million, making it the second-most expensive painting ever sold at auction. The sale breathes new life into the high-end art market after three years of declines. The portrait is the most expensive work ever sold at auction at Sotheby’s, blowing past its original estimate of more than $150 million. While the buyer’s identity is unknown, the sale followed 20 minutes of spirited bidding among at least six interested parties, according to Sotheby’s. It was sold to an anonymous buyer on the phone with Sotheby’s Vice Chairman and Head of Impressionist and Modern Art, Julian Dawes.
Lugano Diamonds Files for Chapter 11
Lugano Diamonds & Jewelry, the high-end chain whose financial statements were questioned earlier this year by its private equity owner, filed for Chapter 11 in Delaware bankruptcy court on November 16. In a statement, the Newport Beach, CA–based company said it is now seeking a buyer, and that investment firm Enhanced Retail Funding has agreed to serve as its stalking-horse bidder. Lugano stressed it remains open for business, with Joshua Gaynor, the former Bulgari executive who was appointed company president in early 2024, serving as interim CEO. In 2021, Compass Diversified (CODI) paid $256 million to acquire a 60% stake in Lugano, which had four stores at the time. Cofounder Mordechai “Moti” Ferder retained the remaining 40% and agreed to stay on as CEO.
Office & Leisure
Herschend to Acquire Silverwood, the Pacific Northwest’s Largest Theme and Water Park
Herschend Family Entertainment Corporation, the world’s largest family-held themed attractions company, and Silverwood, Inc., owner of Silverwood Theme Park, have signed an exclusive term sheet for Herschend to acquire Silverwood. Silverwood, a beloved family-owned theme and water park in Athol, ID, has been operated by the Norton family for more than 35 years. This partnership marks a new chapter for Silverwood, as it joins Herschend’s portfolio of family brands, while continuing its tradition of delivering memorable experiences to guests of all ages. Founded in 1988 by Gary Norton and operated by his family for three generations, Silverwood has grown into one of the most successful independently owned parks in the U.S., attracting hundreds of thousands of visitors each year to its 400-acre site. Herschend operates more than 40 family entertainment brands across North America, iconic destinations such as Dollywood Parks & Resorts, Silver Dollar City Parks & Resorts, the Harlem Globetrotters and recently acquired properties such as Kennywood, Adventureland, and Lake Compounce, continuing its mission to bring families closer together by creating memories worth repeating.
Topgolf Callaway to Sell Majority Stake in Topgolf to Leonard Green
Topgolf Callaway Brands Corp. announced that it has signed a definitive agreement to sell a 60 percent stake in its Topgolf business to private-equity firm Leonard Green & Partners, L.P. (LGP). The transaction values Topgolf at approximately $1.1 billion. Leonard Green, based in Los Angeles, CA, holds a minority stake in Topgolf, which also includes its Topracer golf range technology platform. Upon completion of the agreement, Topgolf Callaway will change to Callaway Golf and hold a 40 percent stake in Topgolf. In connection with the sale and its related financing transactions, Topgolf Callaway expects to receive approximately $770 million in net proceeds, subject to adjustments for the purchase price. Formed in 2021 through the merger of Callaway Golf and Topgolf, Topgolf Callaway announced in September 2024 its intention to pursue the separation of its business into two independent companies, capitalizing on the value of the Callaway Golf equipment business and its lifestyle brands, as well as the growth potential of Topgolf.
Technology & Internet
Meta scores a win after judge rules the social media giant is not an illegal monopoly
Meta scored a major win on Tuesday after a federal judge ruled that it is not a social networking monopoly, shooting down an argument from the US Federal Trade Commission that it should be forced to spin off two of its most popular platforms. The Federal Trade Commission sued Meta in 2020, accusing it of violating antitrust law by acquiring nascent, would-be rivals Instagram and WhatsApp to avoid having to compete with them. The seven-week trial in the case saw testimony from a series of prominent figures, including Meta CEO Mark Zuckerberg, who argued that the company has plenty of competition from platforms including YouTube and TikTok. Federal judge James Boasberg agreed with the company’s argument in his Tuesday opinion, saying that TikTok and YouTube prevent Meta from monopolizing the social network market. He also noted that Meta’s apps and the social media landscape have changed since the FTC filed its case, most recently because of AI-generated content, which undermined the agency’s arguments. “Meta holds no monopoly in the relevant market,” he wrote.
Amazon cut thousands of engineers in its record layoffs, filings show
Amazon’s 14,000-plus layoffs announced last month touched almost every piece of the company’s sprawling business, from cloud computing and devices to advertising, retail and grocery stores. But one job category bore the brunt of cuts more than others: engineers. Documents filed in New York, California, New Jersey and Amazon’s home state of Washington showed that nearly 40% of the more than 4,700 job cuts in those states were engineering roles. The data was reported by Amazon in Worker Adjustment and Retraining Notification, or WARN, filings to state agencies. The figures represent a segment of the total layoffs announced in October. Not all data was immediately available because of differences in state WARN reporting requirements. In announcing the steepest round of cuts in its 31-year history, Amazon joined a growing roster of tech companies that have slashed jobs this year even as cash piles have mounted and profits soared. Amazon CEO Andy Jassy has been on a multiyear mission to transform the company’s corporate culture into one that operates like what he calls “the world’s largest startup.” He’s looked to make Amazon leaner and less bureaucratic by urging staffers to do more with less and cutting organizational bloat.
Finance & Economy
The U.S. economy added substantially more jobs than expected in September, according to a long-awaited report released Nov 20th from the Bureau of Labor Statistics. Nonfarm payrolls increased by 119,000 in September, up from the 4,000 jobs lost in August following a downward revision. The Dow Jones consensus estimate for September was 50,000. The July total was also revised down to 72,000, a decrease of 7,000 from the prior release. In addition to the headline jobs number, the BLS said the unemployment rate edged higher to 4.4%, the highest it’s been since October 2021. A broader measure, which includes those not looking for jobs or working part-time for economic reasons, edged lower to 8%. Average hourly earnings increased 0.2% for the month and 3.8% from a year ago, compared to respective forecasts for 0.3% and 3.7%.
Fed minutes show divide over October rate cut and cast doubt about December
Federal Reserve officials were at odds during their October meeting over cutting interest rates, divided on whether a stalling labor market or stubborn inflation posed the greater economic threat, minutes released on Nov 19 showed. While the Federal Open Market Committee approved a cut at the meeting, the path forward looks less certain. Disagreements stretched into the outlook for December, with officials expressing skepticism about the need for an additional reduction that markets had been widely anticipating, with “many” saying that no more cuts are needed at least through 2025.
