Story of the Week
M.S. Rau Adds December Pop-Up Shops and Gets Ready for Aspen Gallery
M.S. Rau, the New Orleans retailer of vintage jewelry, antiques, and art, is expanding its reach, with its first pop-up shops in department stores nationwide and a new gallery space in Aspen, Colorado. The pop-up at Saks Fifth Avenue in New York opened Dec. 5, followed by a pop-up at Neiman Marcus in Dallas on Dec. 8. Both are staffed by M.S. Rau and feature vintage jewelry, including rare gemstones, from Bulgari, Tiffany & Co., and other heritage houses. Meanwhile, M.S. Rau is preparing to open its gallery in the Aspen Block Building, at 307 S. Galena St., in January. The company signed a long-term lease on the space after its success with an Aspen pop-up in 2024, says Rau. The two-story gallery will occupy a total of about 2,200 square feet on the street and lower levels of the Victorian-era brick building, located within Aspen’s Commercial Core—the center of the city’s luxury shopping and dining, where M.S. Rau will join brands such as Rag & Bone, Prada, and the Paradise Bakery.
Apparel & Footwear
Destination XL: Merger with FullBeauty
Destination XL Group, Inc. and FBB Holdings I, Inc. (“FullBeauty”), announced that they have entered into a definitive agreement to combine in a merger of equals. The Company noted, “The combined company will unite complementary brands, channels, and capabilities to better serve plus-size women and Big + Tall men as a larger, stronger, and more flexible public company positioned for long-term growth… By leveraging complementary strengths across gender, product, and channel, the combined company will be positioned to accelerate growth, improve operational efficiency, and deliver an enhanced customer experience through a comprehensive, innovative multi-channel strategy.” Under the terms of the merger agreement, FullBeauty will merge with a newly formed DXL subsidiary, with DXL remaining the publicly traded entity under the ticker symbol DXLG. In addition, at closing, certain FullBeauty equity and debt holders will complete a committed subscription of $92 million, through the sale of common stock in exchange for a combination of new equity and outstanding debt equitization, resulting in a term loan outstanding at closing of approximately $172 million, with a maturity of August 2029.
Lululemon Athletica CEO to step down
On December 11th, Lululemon Athletica said that its CEO, Calvin McDonald, will step down in January, after about seven years at the helm, as the yogawear maker navigates a challenging U.S. consumer environment and growing competition from newer brands. The company is searching for its new CEO, it added. Still, the company’s shares were up about 7% in extended trading as it lifted its annual profit forecast, helped by stronger sales in international markets, and approved a $1 billion increase to its stock buyback program. Known for its pricey leggings and athleisure clothing, Lululemon’s sales have struggled in the US, as it has lost ground to upstart brands such as Alo Yoga and private-label replicas. In September, executives noted they were disappointed with its results and product execution in the country.
Victoria’s Secret hikes FY25 guidance after Q3 surpasses target
For the third quarter ending November 1st, 2025, Victoria’s Secret’s net sales totaled $1.47bn, representing a 9% increase from $1.35bn in the same period last year. The reported Q3 FY25 figure exceeded the company’s earlier guidance range of $1.39bn to $1.42bn. Victoria’s Secret CEO, Hillary Super, attributed this increase to strong performance across its Victoria’s Secret, PINK, and Beauty segments, along with continued momentum in its sales channels and regions.
L.L. Bean keeps opening more stores
L.L. Bean will open eight stores across the country next year, including its first in Alabama and Tennessee, and plans to open another eight to ten in 2027, the outdoor retailer said in an email on December 9. Next year’s new locations will open in Huntsville, Alabama; Glen Mills, Pennsylvania; Maple Grove, Minnesota; Franklin, Tennessee; Beavercreek, Ohio; Naperville, Illinois; Colorado Springs, Colorado; and Ann Arbor, Michigan. All seven L.L. Bean stores that opened this year, including the first in Florida, “exceeded expectations and existing comp stores are producing strong year-over-year growth,” the company said.
G-III Tops Earnings Estimates and Institutes Dividend Payment
G-III Apparel Group’s rebound strategy is paying dividends — or at least it’s about to. While the company continues to work through the transition of the Calvin Klein and Tommy Hilfiger licenses back to PVH Corp. — and feels the pain of that on the top line — Morris Goldfarb, chairman and chief executive officer, has solidified the group’s financial profile. Third-quarter earnings were down, but well ahead of analysts’ estimates. The company has cut its debt load by 95 percent from a year ago and, for the first time, will begin paying a dividend. Shoppers are holding up well — better than many expected. “The consumer is spending. You give them product that has value, you give them fashion, they’re out there buying,” Goldfarb told WWD. “We are not seeing a lack of interest.”
Designer Brands’ profitability strengthens amid easing sales in Q3
Footwear and accessories company Designer Brands Inc. delivered a mixed third quarter of fiscal 2025 (ended November 1), with softer revenue but stronger profitability. Net sales declined 3.2 percent to $752.4 million, and comparable sales slipped 2.4 percent amid uneven consumer demand. Profitability strengthened as gross profit rose to $339.6 million from $333.8 million, while gross margin widened to 45.1 percent from 43 percent, supported by fuller price selling and tighter operational control. The quarter reflected ongoing progress in the company’s transformation strategy, supported by improved consumer demand, better in-store execution, and disciplined cost control. The reported net income reached $18.2 million, or $0.35 per diluted share. Adjusted net income, excluding one-off items, was $19.6 million, or $0.38 per diluted share, underscoring improved margin management
Athletic & Sporting Goods
Kuiu Sold to Conservation-Minded Investor Group
Main Post Partners, a leading private equity investment firm with experience partnering with high-growth enthusiast brands, has completed the sale of Kuiu, LLC to an investor group comprised of conservation-minded families and businesses, including Cox Enterprises. Kuiu, the direct-to-consumer technical hunting apparel and gear brand known for ultralight performance products, was founded in 2011 and is headquartered in Dixon, CA. Main Post first invested in Kuiu in January 2017. In addition to its e-commerce platform and sales to retailers, Kuiu also operates a retail store in Dixon, California, and three additional stores in Dallas, Houston and San Antonio, Texas. The brand also has a pop-up store at Molly’s Place in Easton, Maryland.
Aligned Fitness Acquires 13 Club Pilates Studios
Private equity-backed Aligned Fitness, one of the largest Club Pilates franchise operators in the U.S., is growing fast in the Southeast. Aligned Fitness has expanded its Club Pilates network to 47 locations with the acquisition of 13 studios across North Carolina, South Carolina and Georgia, the company announced. The Pilates-focused boutique brand has emerged as one of Xponential Fitness’ most successful performers, due in part to the popularity of Pilates. In fact, the modality emerged as the undisputed global driver of movement in 2025, according to ClassPass’ 2025 Look Back Report. Aligned Fitness is part of Eagle Merchant Partners, a private equity firm focused on founder-owned companies in the Southeastern U.S and counts AYA Medical Spa in its portfolio, a brand with nine units in Georgia and Texas.
Cosmetics & Pharmacy
Mana Products furloughs staff as it weighs strategic options
Beauty contract manufacturer Mana Products has furloughed employees as the company evaluates potential paths forward. Industry sources indicate the furloughs follow an attempted sale that is believed to have fallen through. While declining to comment on “rumors or speculation,” Mana’s CEO said the company is working with its stakeholders as it considers a range of strategic options. The move raises further questions about the firm’s operational footing and near-term direction. The development reflects mounting pressure on contract manufacturers as dealmaking slows, cost structures tighten, and investors reassess the resilience of long-established beauty manufacturing players.
Innerskin Secures €12.8M to Scale Its European Aesthetics Centre Network
Innerskin has raised €12.8 million to expand its network of medical aesthetics centers and integrated skin-health services across France and Europe. IRIS Ventures led the round, with existing investor Label Capital joining. Founded in 2022, Innerskin has grown to 19 centers in France, offering preventive face and body treatments supported by clinical technology and medical-grade skincare. The company’s model links in-clinic services with its own product ecosystem to build consistency and customer retention. The raise follows increased European investment in beauty and aesthetics infrastructure, including Flowww’s €4 million software round and Cellugy’s €8.1 million funding for sustainable cosmetic ingredients. Innerskin’s funding stands out by targeting the service layer rather than tools or materials, reflecting investor interest in full-stack aesthetic-wellness operators.
Discounters & Department Stores
Walmart debuts on Nasdaq with opening bell ceremony
Walmart Inc. has rung in a new era as it begins trading on the Nasdaq. After 53 years on the New York Stock Exchange, the retail giant has completed the transfer of its common stock and bonds to the Nasdaq. Walmart said the move follows an evaluation of several factors, including trading execution, brand alignment, and a shared focus on technology-driven innovation to support its position as the world’s leading omnichannel retailer. “Our decision to list on Nasdaq reflects Walmart’s deep commitment to innovation and growth as a people-led, tech-powered omnichannel retailer,” said Doug McMillon, president and CEO of Walmart. “Nasdaq’s focus on technology and its support for companies driving digital transformation align perfectly with our strategic vision. This is an exciting next chapter as we continue building a frictionless future for our customers, members, associates, and shareholders.”
Retail giant Frasers buys Swindon Designer Outlet
The retail company Frasers Group, which owns Sports Direct and House of Fraser, has bought Swindon Designer Outlet in the UK. Earlier this year, it was reported that Frasers was in talks to buy the Outlet, which has over 100 stores, for a sum in the region of £275 million, according to CoStar. Located within part of the Swindon old railway works, the shopping center has been owned by LaSalle Investment Management since 2022 and managed by McArthurGlen Group. Frasers, controlled by former Newcastle United owner Mike Ashley, announced on Tuesday, December 9, that the company would take over the outlet.
Emerging Consumer Companies
Biologica Secures $7 Million Seed Round for Stage-Specific Women’s Health
Biologica, a new women’s health brand, completed a $7 million seed round. The company was co-founded by Liz Zwillinger and Joey Zwillinger, co-founder of Allbirds. The funding round was led by Addition, with participation from Hawktail, Greycroft, True Beauty Ventures, and Good Friends. Biologica offers stage-specific daily essentials designed to support women through reproductive years, perimenopause, and post-menopause. The brand focuses on how changing hormones affect women’s overall health. The products use clinically-studied ingredients at research-backed dosages.
London’s Hello Vet Closes $20 Million Series A
Hello Vet, a London-based veterinary clinic operator, raised $20 million in Series A funding. The financing will be used to expand the owner-inclusive clinic model across the UK. The company, founded in 2022, has raised total investment to $28 million. Investors include Addition and Future Positive. Hello Vet allows pet owners into procedure rooms when pets are administered anesthesia and when they wake up.
Food & Beverage
Anheuser-Busch acquires majority stake in BeatBox for $490M
Anheuser-Busch InBev is paying up to $490 million for a majority stake in BeatBox Beverages in a deal that puts the Bud Light brewer on path to full ownership of the party punch maker popular with Generation Z. The alcohol giant is acquiring 85% of BeatBox with the transaction set to close in the first quarter of 2026, according to the release. AB InBev said the deal includes a path to 100% ownership after five years based on a predetermined pricing formula. BeatBox adds to Anheuser-Busch’s fast-growing portfolio of beverages beyond beer, which also includes Cutwater Spirits, Nütrl Vodka Seltzer and Phorm Energy.
Campbell’s to pay $286M for 49% stake in Rao’s pasta sauce supplier
The Campbell’s Company is buying a 49% stake in La Regina, the maker of Rao’s pasta sauce, with the option to buy the rest of the Italian food manufacturer. Campbell’s said the transaction, which will be paid in two tranches, will better position the CPG giant to continue growing the brand by ensuring quality, accelerating innovation and product development. The company expects the deal to close in the second half of its 2026 fiscal year. Campbell’s purchased Rao’s in 2024 as part of its $2.7 billion acquisition of Sovos Brands.
Unilever Sets Annual M&A Budget of €1.5 Billion With Priority on U.S. Deals
Unilever CEO Fernando Fernandez has stated that the company is allocating approximately €1.5 billion ($1.74 billion) annually for mergers and acquisitions, with a strong focus on opportunities in the United States. Fernandez disclosed the figure at an event, noting that U.S. assets represent a primary target area for future transactions. The announcement follows the formal demerger of Unilever’s ice cream division, now operating as The Magnum Ice Cream Company, which commenced trading in Amsterdam on Dec 8th. Post-separation, Unilever expects its second-half operating margin to reach at least 19.5%. This compares with a reported 18.5% margin when the ice cream division was still included in group results.
PepsiCo to reduce offerings, improve product affordability to accelerate growth
PepsiCo is reducing the number of products it sells by nearly 20% as part of an expansive cost-cutting review in response to a slowdown in consumer spending and pressure from an activist investor. The Doritos and Mountain Dew manufacturer said the moves, which include steps to make its products more affordable for consumers, will help accelerate organic revenue growth and improve operating margin expansion. PepsiCo also plans to accelerate automation and digitization initiatives, saying it aims to deliver “a record year of productivity savings in 2026.”
Grocery & Restaurants
Will Dolly Parton be a convenience store chain disrupter in 2026?
Country music legend Dolly Parton is partnering with the existing Tennessean Travel Stop operator to launch a “Dolly’s Tennessean Travel Stop” concept. The rebranded, entertainment-forward travel center concept is slated to debut in summer 2026, starting with the Cornersville, Tennessee, flagship and then expanding along key Southern and interstate corridors. The Dolly Parton-inspired model targets the same destination-style, large-format travel center niche as Buc-ee’s, Love’s, and Pilot/Flying J, but differentiates through Dolly’s brand, Southern hospitality, curated Tennessee-centric retail, and an upgraded foodservice experience positioned as a “home away from home” for truckers, families, and road-trippers rather than a basic fuel stop. The private partnership will see the long-standing Tennessean Travel Stop team provide operating expertise and the core asset base, while Dolly Parton and her team contribute brand equity and cross-promotion.
Costco reports big boost from fresh-food sales
Costco said fresh-food sales in the first fiscal quarter were up in the mid- to high single digits, led by double-digit growth in meat. “We saw strong growth in higher cost cuts of beef and even greater unit growth in lower-cost proteins like ground beef and poultry,” said Gary Millerchip, executive VP and chief financial officer, in a conference call with analysts on Thursday. Beef has been one of the grocery categories with the highest rates of inflation, along with coffee and seafood, but those increases were offset by lower inflation in eggs, cheese, butter and produce, he said. U.S. comparable-store sales were up 5.9%, and total company comps were up 6.4%, including a 20.5% in digital sales.
Kroger’s stock takes a hit after sluggish Q3
Kroger is working to recover from a third-quarter operating loss of more than $1.5 billion and from cost-tightening measures that have reached middle-income families. The Cincinnati-based grocer released its third quarter earnings on Thursday, which sent its stock falling more than 6% by midday. Total company sales reached $33.9 billion, a 0.68% year-over-year increase that includes $387 million in Kroger Specialty Pharmacy sales. Excluding fuel and pharmacy, sales rose 2.6% year over year. CEO Ron Sargent said during the earnings call that middle- and lower-income families are making smaller, more frequent trips to manage their budgets and are cutting back on discretionary purchases. A pause in Supplemental Nutrition Assistance Program (SNAP) benefits during the government shutdown also contributed to the soft earnings.
Home & Road
Lovesac sees slight sales increase, while net income dropped for Q3
Lovesac, the brand best known for its Sactionals, saw what it called slight year-over-year growth in net sales for the third quarter, fiscal year 2026, ended Nov. 2. Total net sales were $150.2 million, up 0.2% compared with last year, which was led by a 12.8% increase in showroom sales and a net addition of 17 new showrooms. Sales were offset by Internet and other sales. The company deepened its net loss for the period, however, reporting a loss of $10.6 million, compared with a loss in the 2024 period of $4.9 million.
Hooker cites reduced tariff risks, strategic shifts as it logs Q3
Hooker Furnishings reported a deeper third-quarter loss as hospitality project timing, non-cash impairment charges and continued macroeconomic pressure weighed on results, but executives said the company’s recent strategic divestiture and upcoming product launches have set it on a clearer path toward profitability. For the quarter ended Nov. 2, consolidated net sales fell 14.4% from the prior year, driven primarily by an $11 million decline in Samuel Lawrence Hospitality (SLH) shipments. Operating loss totaled $16.3 million, largely the result of $15.6 million in non-cash intangible impairment charges. Loss from discontinued operations was $8.6 million. The company also completed a major portfolio shift. On Dec. 1, Hooker announced the sale of its Pulaski Furniture and Samuel Lawrence Furniture value-priced brands within the Home Meridian (HMI) segment. Those businesses are now classified as discontinued operations and held for sale. The remaining SLH division is being re-designated to the “All Other” reporting category.
Culp’s Q2 loss shrinks as restructuring, bedding growth boosts results
Culp Inc. reported a narrower loss for its second fiscal quarter as ongoing restructuring efforts, particularly in its bedding business, helped offset a still-weak upholstery market and ongoing tariff headwinds. For the quarter ended Nov. 2, net sales were $53.2 million, down 4.4% from $55.7 million in the prior-year period but up sequentially from $50.7 million in the first quarter, which included an extra week. The company posted a net loss of $4.3 million, or 34 cents per diluted share, compared with a loss of $5.6 million, or 45 cents per share, a year ago. Gross profit was $5.8 million, or 10.9% of sales, roughly flat with last year’s 10.8%. Excluding restructuring and related expenses, adjusted gross profit was $6.7 million, or 12.6% of sales, up from 12.1% a year ago, reflecting cost and efficiency gains from the bedding restructuring. Selling, general and administrative expenses declined about 7% to $8.7 million, or 16.4% of sales. Loss from operations improved to $3.5 million from $5.4 million in the prior-year period. On an adjusted basis, operating loss was $2 million, compared with $2.6 million a year ago. Adjusted EBITDA remained negative at $1 million, a modest improvement from a negative $1.1 million last year.
Jewelry & Luxury
Style Capital Exits LuisaViaRoma, CEO Commits to Futureproof Business Model
Style Capital has exited LuisaViaRoma after four years, leaving the troubled luxury e-tailer in the hands of current chief executive officer Tommaso Maria Andorlini, who has plans to stabilize the business by retooling the strategy to pave the way for future growth. WWD first reported on Style Capital’s sale on Wednesday, December 10. Andorlini has acquired the 22 percent Class A stake previously held by Style Capital in Florence Srl, the investment vehicle that controls LuisaViaRoma. Florence Srl, which is also backed by other investors who remain on board, holds a 40 percent stake in the e-tailer. As a result, Andorlini now controls 40 percent of LuisaViaRoma via his controlling stake in Florence Srl.
Office & Leisure
Fort point Capital Exits Investment in Jones Lake Management
Fort Point Capital, LLC, a Boston-based private equity firm that invests in service-oriented businesses in the lower middle market, announced that it has successfully completed the sale of its investment in Jones Lake Management (“JLM” or the “Company”) to funds managed by Leonard Green & Partners, L.P., a leading private equity investment firm founded in 1989 and based in Los Angeles with over $75 billion of assets under management. Founded in 1989 in Cincinnati, Ohio, Jones Lake Management is a science-based provider of pond and lake management services, fish stocking, pond aeration, fountain sales and services, and ecological improvement services. The Company services residential homeowners, multi-family communities, commercial properties, golf courses, public waterbodies, reservoirs, and municipal customers.
Petmed Express Stock Jumps On Buyout Offer From Largest Shareholder SilverCape Investments
Petmed Express (PETS) stock jumped over 51% in early trading on Thursday after its largest shareholder, SilverCape Investments, sent a non-binding proposal to buy the company for $4 per share in cash. The company said the deal would be funded with cash on hand at SilverCape and would not be subject to any financing conditions or contingencies. SilverCape holds a 12.28% stake in the company. The pet healthcare provider has been facing declining sales and heightened competition from the likes of Chewy and Amazon for some time. It has also curbed marketing spend, which has affected its capabilities to add new users. It also launched an internal investigation after a whistleblower complaint regarding the timing of revenue recognition and specific autoship orders. The firm later stated that its fiscal 2023 and 2024 earnings could not be relied upon, which eventually led to the ouster of both the company’s CEO and CFO.
Technology & Internet
Amazon Plans a New Rush Pickup Service to Boost Rapid Delivery
Amazon wants more shoppers to get orders within an hour. A new kind of in-store pickup could be its next move to make that happen. Amazon is developing a “rush” pickup service that will let shoppers collect their orders at Amazon-owned stores within an hour, according to an internal document and a person familiar with the matter. Shoppers will be able to place a “unified” order from both Amazon’s online marketplace and items stocked in Amazon-owned stores, the document explained. The company operates several physical retail formats, including Whole Foods, Fresh grocery stores, and Go convenience stores. The tech giant plans to pilot-launch the new program in at least one metro area by the first quarter of 2026, according to this document.
Finance & Economy
On Wednesday, December 10, the Federal Reserve cut its influential interest rate for the third time this year, pointing to a job market that Chairman Jerome Powell said may be weaker than it appears. The quarter-point cut in interest rates — a cautious move by the Fed — could make it cheaper for average Americans with mortgages, credit card debt, or who need to take out or refinance a personal loan. It would also help businesses borrow at lower rates. But it comes at the risk of stoking inflation that has yet to fall to the Fed’s preferred levels. At a news conference following the Fed’s announcement, Powell said that tariffs were helping to keep inflation higher than it might be otherwise. Given the Fed’s dual mandate of promoting maximum employment while keeping prices stable, any move the central bank makes comes with risks. “There is no risk-free path for policy as we navigate this tension between our employment and inflation goals,” Powell said. “Our obligation is to make sure that a one-time increase in the price level does not become an ongoing inflation problem.”
Retail job cuts up nearly 140% from last year
The retail industry saw 3,290 job cuts in November, up more than 35% from October, when there were 2,431 cuts, according to a new report from Challenger, Gray & Christmas. For the year so far, the industry has announced 91,954 job cuts, up nearly 140% from the same period in 2024. The cuts are primarily attributable to softening demand, tariff uncertainty, and shifting consumer preferences, according to the report. Across all industries, U.S.-based employers slashed 71,321 jobs in November, up 24% year over year, marking only the third time since 2008 that the month’s numbers were over 70,000.
Gold climbs to over one-month high after Fed rate cut; silver hits record high
Gold rose on Thursday, December 11, to hit its highest level in more than a month after the U.S. Federal Reserve’s quarter-point rate cut pushed the dollar lower, while silver surged to a record high. Spot gold was up 1.2% at $4,280.08 per ounce, as of 01:42 pm ET, reaching its highest level since October 21. U.S. gold futures for February delivery settled 2.1% higher at $4,313 per ounce. Spot silver rose nearly 4% to $64.22 per ounce, hovering near the record high of $64.31 it hit earlier in the session. “Silver seems to be pulling gold up with it, and it’s also pulling up platinum and palladium…there’s a lot of momentum behind it right now,” said Marex analyst Edward Meir.
