Story of the Week
Vince Holding Corp. sells majority stake to P180, former CEO returns
P180, a retail innovation firm focused on luxury apparel, bought a majority stake in Vince Holding Corp. from affiliates of Sun Capital Partners, according to a press release on Jan 22nd. Under the deal, P180 co-founder Brendan Hoffman, formerly CEO of both Vince and Wolverine World Wide, will return to the CEO position effective Feb 3rd. Hoffman led Vince from 2015 to 2020. David Stefko, who has served as CEO in an interim capacity since March 2024, when Jack Schwefel resigned, will return to his position on the board of directors. Matthew Garff resigned from the board in connection with the P180 acquisition.
Apparel & Footwear
Birkenstock Names Ivica Krolo as Its New CFO
Birkenstock has named Ivica Krolo as chief financial officer of the Birkenstock Group, effective Feb 1st. He will succeed Dr. Erik Massmann, who will step down from his duties as of Jan 31st, and will actively support the handover process to ensure a seamless transition, the company said. What’s more, Birkenstock noted that Massmann and Krolo will jointly present the first fiscal quarter 2025 financial results during the conference call scheduled for Feb 20th. Krolo joins the Birkenstock Group from EMH Partners, a growth investment firm that invests in owner-managed technology companies, where he has served as partner and CFO since 2015. Prior to this, Krolo was a certified public auditor and manager at PricewaterhouseCoopers, where he focused on auditing and advising listed and mid-sized companies.
German brand Zalando secures majority stake in ABOUT YOU deal
German online retailer Zalando published the offer document for its voluntary public takeover of the shares of rival fashion retailer ABOUT YOU following the approval by the German Federal Financial Supervisory Authority. ABOUT YOU shareholders can accept the Takeover Offer and tender their ABOUT YOU shares at a price of EUR 6.50 per share in cash, which represents a premium of 12% to the median analyst target price of 5.80 euros (~$6.09) and a premium of 107% to ABOUT YOU’s 3-month volume-weighted average share price on 10 December 2024, the last trading day prior to the announcement from Zalando of its intention to submit a Takeover Offer.
Athletic & Sporting Goods
Olin – Winchester to Acquire Ammunition Assets of AMMO, Inc.
Olin Corporation announced it has entered into a definitive agreement with AMMO, Inc. whereby Olin will acquire AMMO’s small caliber ammunition manufacturing assets for a purchase price of $75 million. The transaction will be funded through available liquidity. The assets will become part of Olin’s Winchester Ammunition business. The acquisition includes AMMO’s brass shellcase capabilities and their world-class, 185,000 square foot production facility located in Manitowoc, Wisconsin, constructed in 2022. The Manitowoc facility and its employees will complement Winchester’s existing production capabilities, enabling greater specialization and broader participation across high-margin specialty calibers. Once fully integrated with Winchester’s industry-leading economies of scale and integration across the commercial ammunition value chain – from raw material sourcing, to projectiles, primers, and loading capabilities – the acquisition is anticipated to yield realized synergies of $40 million.
Men In Blazers Raises $15M From Media Heavyweights as It Preps World Cup Push
The Men in Blazers may be looking to upgrade their suits. The soccer-focused media company has raised $15 million in a Series A funding round backed by a number of media, sports and entertainment heavyweights. The round is being led by Marc Lasry’s Avenue Sports Fund, joined by Ryan Reynolds’ and Rob McElhenney’s RR McReynolds, Peter Chernin’s Chernin Group, Brent Montgomery’s Wheelhouse, Ryan Sports Ventures and Bolt Ventures. Founded as a podcast in 2010 by journalist and filmmaker Roger Bennett and TV producer Michael Davies, Men in Blazers has become arguably the place where U.S. soccer fans congregate for news, analysis, opinion and soccer-related entertainment across its programming and properties.
Cosmetics & Pharmacy
SKKY Partners Invests in 111Skin
111Skin has received a minority investment from SKKY Partners, a consumer-focused private equity firm that Jay Sammons and Kim Kardashian co-founded. 11Skin’s co-founders, Eva and Dr. Yannis Alexandrides, will retain majority ownership and continue to lead the company, along with CEO Vanessa Goddevrind. With SKKY’s support, 111Skin aims to strengthen its direct-to-consumer business while expanding its customer base in North America and Asia. CEO Vanessa Goddevrind said, “The SKKY Partners team has tremendous experience working with distinctive, growth-oriented brands. They are passionate champions of our core values and share our drive for excellence.” 111Skin was founded in 2012 by plastic and reconstructive surgeon Dr. Yannis Alexandrides. The brand features clinically inspired formulations, highly effective active ingredients, and breakthrough technologies.
HUL to acquire premium beauty brand Minimalist
Hindustan Unilever Limited announced on Jan 22nd that it had signed a definitive agreement to acquire the premium actives-led beauty brand, Minimalist. This marks another step in the transformation journey of its Beauty & Wellbeing portfolio towards evolving and higher growth demand spaces. Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist is one of the fastest growing digital-first brands that sits at the intersection of beauty and actives-led science. The brand is strongly rooted in delivering highly efficacious skincare and haircare solutions to its consumers driven by its mission to #HideNothing. Minimalist has been built on robust fundamentals and has delivered profitable growth since inception.
Foxtale Secures US$30M Series C Funding with Strategic Backing from KOSÉ Corporation
Indian D2C skincare brand Foxtale has raised US$30 million in a Series C funding round led by Japanese cosmetics giant KOSÉ Corporation, which acquired a 10% stake in the company. KOSÉ’s investment includes plans for a joint venture to explore new business opportunities in India, leveraging Foxtale’s local market knowledge and KOSÉ’s global R&D expertise. The funding will help Foxtale expand its market presence, enhance R&D capabilities, and drive product innovation. This partnership also builds on KOSÉ’s decade-long presence in India, which began with the launch of its local skincare brand Spawake. This collaboration represents a strategic alignment between Foxtale’s deep understanding of India’s premium mass skincare market and KOSÉ’s global innovation expertise.
American Exchange Group Acquires Urban Skin Rx
Urban Skin Rx, a pioneering clinical skincare brand catering to diverse skin tones, has been acquired by the American Exchange Group (AXNY Group). Transaction details were not disclosed. This expansion aligns with AXNY’s strategy of delivering brands and products that resonate with a diverse, global consumer base. Urban Skin Rx joins a growing portfolio of skincare brands, following the 2023 acquisitions of NatureWell, TXTUR, and Found Active, as well as clean beauty brand, Indie Lee in July 2024.
Discounters & Department Stores
Costco workers vote to strike in less than 2 weeks
Costco Teamsters voted by an 85% margin to authorize a strike, the International Brotherhood of Teamsters said. Costco didn’t immediately respond to a request for comment. A master agreement that covers more than 18,000 Costco workers expires Jan. 31 and workers are prepared to strike the following day, according to a union press release. Last week hundreds of Costco Teamsters in California, Washington and New York held practice pickets to prepare for a potential strike, the union said.
Dollar Tree is considering selling problem child Family Dollar
Dollar Tree said that it had started a formal review of “strategic alternatives” for Family Dollar, which it said could include “among others, a potential sale, spin off or other disposition of the business.” Dollar Tree, which bought the rival dollar store in 2015 after a bidding war with Dollar General, said last year that it was carrying out a comprehensive review of Family Dollar, including plans announced earlier this year to close about 970 underperforming stores. A spinoff of the Family Dollar chain will likely be welcome news for investors. Analysts have described Family Dollar as the problem child of Dollar Tree and say it’s generally been a drag on company earnings.
Emerging Consumer Companies
Egal raises $4 million for period products in public restrooms
Free period products are becoming more available and accessible as Egal, a company on a mission to give periods equal treatment in the restroom, is installing its pads and dispensers in bathroom stalls worldwide. The company announced a $4 million Series A investment round, while bringing its solution to airport bathrooms in the United States and the United Kingdom. The Bauer Family Office’s Technology for Humanity led Egal’s $4 million Series A, with the Slater Technology Fund, the Catalytic Impact Foundation, and Princeton Alumni Angels and others participating. The company plans to use the funds to hire new talent, share their solution with more people and organizations, and continue their global growth plans.
Quince expands into fragrance, wellness, and men’s shoes
Quince, the direct-to-consumer brand known for its $50 cashmere sweaters, is expanding into new categories like fragrance and wellness to position itself as more of a lifestyle company. Quince will start selling collagen powder and electrolyte packs via its online store. It will add more vitamins and supplements in the coming months. Customers can also expect spray perfumes and roll-ons in the first half of 2025, as well as men’s footwear and underwear, lamps, lighting and outdoor and dining furniture. All items will stick to Quince’s business model, which involves sourcing materials directly from manufacturers to keep prices down. These expansions build on progress Quince has already made in entering into non-apparel categories. In 2023, Quince expanded into women’s footwear, and in 2024, it ventured into cookware, linen bedding and candles. Now, it’s working to market itself as a go-to source for high-quality, cost-efficient basics in all aspects of home, work and the outdoors.
Gloss Ventures raises US$15 million in growth capital
Gloss Ventures has raised US$15 million via an investment from Peterson Partners. Gloss Ventures is the firm behind TikTok-famous lip liner brand Sacheu Beauty, which is said to have pulled in revenue of more than US$40 million in 2024. According to a report published by WWD, the viral peel-off lip liner is expected to hit the US$100 million milestone in the next couple of years. “This is an exciting time for Sacheu as it continues to leverage unique technology and innovative marketing in capturing share. We believe that people make all the difference and are thrilled to be working with Quinn, Sarah and the rest of the team in building the next great beauty brand,” comments Brett Stohlton, Partner at Peterson Partners, per WWD. Quinn Roukema, CEO of Gloss Ventures told WWD, “We’re thrilled to partner with Peterson Partners and look forward to tapping into their experience and resources as we expand product categories, build the team and scale internationally.”
Food & Beverage
Molson Coors refuses bid by Leinenkugel’s family to buy back plant
Molson Coors rejected an offer to sell a brewery that manufactures Leinenkugel’s back to the beer’s namesake family. Last November, Molson Coors announced it would close the brewery in Chippewa Falls, Wisconsin. In a statement to the local Fox affiliate, Jake and Dick Leinenkugel said they made an offer to repurchase the brewery. “While we appreciate [Molson Coors CEO Gavin Hattersley’s] affirmation of the brand’s importance, we believe that true commitment must include preserving the Chippewa Falls brewery and the livelihoods of those who depend on it,” the Leinenkugel brothers said. “The Chippewa Falls brewery is more than a facility — it is a symbol of our legacy, a source of pride for our community, and a key part of what makes Leinenkugel’s unique.”
Misha’s Inc. expands portfolio with Vertage acquisition
Misha’s Inc., a plant-based cheese company founded in 2018 by Aaron Bullock, is expanding its portfolio with the acquisition of Vertage, a plant-based cheese maker. Financial terms of the acquisition were not disclosed. “By integrating Vertage’s expertise and leveraging Fresh Del Monte’s infrastructure, we’re not only scaling our operations but also evolving our product offerings to meet consumer demand,” said Aaron Bullock, founder and chief executive officer of Misha’s Inc.
Furlani Foods completes purchase of Cole’s Quality Foods
Furlani Foods has finalized its acquisition of fellow frozen garlic bread maker Cole’s Quality Foods. Private equity firm Entrepreneurial Equity Partners (e2p), parent of Mississauga-based Furlani, said the deal creates a leading provider of frozen garlic bread products as the combined company aims to integrate, expand, and invest in operations to support a growing customer base and product portfolio in the retail and food service channels. Financial terms of the transaction, announced in December, were not disclosed.
PepsiCo finalizes acquisition of Siete Foods
Three-and-half months after unveiling the $1.2 billion deal, PepsiCo, Inc. has wrapped up its acquisition of Mexican-American food and snack brand Siete Foods. The trade name of Austin, Texas-based Garza Food Ventures LLC, Siete Foods brings PepsiCo a portfolio with both authentic Mexican and better-for-you offerings, from grain-free tortillas, enchilada sauces, taco seasonings, botana sauces and Mexican cookies to vegan beans, grain-free puffs, tortilla chips, potato chips and salsas. Siete’s products are sold at more than 40,000 retailers, including grocery stores, warehouse clubs, and organic food stores, mainly across the United States.
Grocery & Restaurants
Smoothie King opened 84 new stores in 2024, with 100+ expected in 2025
Smoothie King Franchises Inc. opened 84 new stores in 2024 and expects to add more than 100 locations in 2025, the company said Wednesday. The privately held Dallas-based smoothie brand, in a fourth-quarter update, said it surpassed its 81 openings in 2023. The company said top-performing markets for franchise agreements included Indianapolis (15 agreements), Dallas-Fort Worth (10 agreements), and Atlanta (seven agreements). About 68% of its franchise agreements in 2024 were signed by existing operators, the company said.
Chick-fil-A sets its sights on British Columbia for expansion
Chick-fil-A announced this week it plans to open five to seven new restaurants in the Canadian province of British Columbia by 2030. The announcement follows the brand’s successful debut in Alberta last year, including openings in Calgary and Edmonton. Chick-fil-A previously announced plans for up to 20 restaurants in Alberta by 2030, including eight anticipated this year. The province represented the chain’s first foray outside of the Ontario province, where it made its Canadian debut in 2019. There are now 22 Chick-fil-A restaurants open in Canada. For British Columbia, the plan is to have the first restaurant open by late 2027 or early 2028.
Home & Road
Canadian retailer Livingspace boosts outdoor offering with 2 acquisitions
Livingspace Interiors has acquired two Vancouver businesses, Brougham Outdoor and Kerrisdale Lumber Home’s Outdoor Kitchen division, in a bid to expand its footprint in outdoor living solutions. The acquisitions mark the creation of Livingspace Outdoor, which describes itself as a destination for high-end outdoor kitchens, furniture and appliances. The former Brougham Outdoor showroom in Olympic Village has been rebranded as Livingspace Outdoor, retaining its experienced staff to ensure continuity. Mark Panther, former co-owner of Brougham Outdoor, expressed confidence in the transition: “Livingspace shares the same dedication to quality and community that defined Brougham. I’m confident our legacy is in the best hands moving forward.” Livingspace also acquired Kerrisdale Lumber Home’s Outdoor Kitchen division, a family-owned business since 1921. Kerrisdale Lumber will now refocus on its core building supplies business, while its premium outdoor kitchen expertise integrates into Livingspace Outdoor.
Court approves sale of 28 American Freight stores
Franchise Group, owner of Top 100 American Freight, received a judge’s OK to sell 28 of its American Freight stores as part of its ongoing Chapter 11 bankruptcy proceedings. The Delaware, Ohio-based group, which also owns Buddy’s Home Furnishings and other holdings, had filed an asset purchase agreement on Dec. 13, 2024, in which AF Newco I LLC would acquire the intellectual property and 31 leases (30 store leases and one distribution center) in a private sale for $1.12 million plus payment of cure costs in respect of the acquired leases. Of the leases included in the APA, eight stores are in Florida; four are in Georgia; three each are in Ohio and Kentucky; two stores and the distribution center are in Michigan; and South Carolina, Indiana, New York, Pennsylvania, Virginia, West Virginia, Illinois, Missouri, Tennessee and Texas each have a single showroom. On American Freight’s website, a banner says the company will be reopening in select locations.
Scandinavian furniture specialist closing after 61 years
Scan Design Furniture will begin a going-out-of-business sale on Jan. 23. Peter Jacobsen, who owns the Scandinavian and European-inspired home furnishings brand, has partnered with furniture promotional sales specialists Planned Furniture Promotions to oversee a transition as Scan Design Furniture concludes its operations after serving the Pacific Northwest for more than six decades. “We are honored to assist Scan Design Furniture in celebrating its legacy of outstanding service and quality while providing customers with niche furniture design and exceptional value during this final chapter,” said Tom Liddell, senior vice president of PFP. Founded in 1964 by Jens and Inger Bruun, Scan Design Furniture began as a small store in a renovated post office. The Bruuns’ vision was to introduce the expert craftsmanship of Danish furniture to the region and to advance Danish American relations. Over the years, the company grew into a multi-million-dollar business and, at the peak of its success, consisted of nine locations.
Jewelry & Luxury
Eyewear Brand Ahlem Taps Thélios Executive as First CEO
Luxury eyewear label Ahlem has recruited Enrico Sanavia as its first chief executive officer. This is the first time the 10-year-old independent brand has hired a CEO. The executive joined the company on Jan 16 and succeeded founder and creative director Ahlem Manai-Platt, who will concentrate on creative direction and design. Sanavia’s “exceptional track record in the luxury eyewear sector, coupled with his deep understanding of consumer trends,” made him a fitting choice for a roadmap that includes doubling the size of the business in three years, said Manai-Platt. Most recently, the Italian native served as head of Thélios Americas, the U.S. subsidiary of the LVMH-owned eyewear manufacturer, a role he held for seven years and which saw him play a pivotal role in establishing a strong market presence, including the launch of the company’s first direct subsidiary in Latin America.
Ferrari Group Considering IPO, Report Says
Ferrari Group, the London-based shipping service that specializes in transporting jewelry, gems, and other luxury goods, is looking to go public this year, according to a report by Bloomberg. The article, which cited “people familiar with the matter,” said Ferrari will likely choose a European location for the listing. Founded in 1959 in Alessandria, Italy, Ferrari Group posted revenue of 330 million euros (approximately $344 million) in fiscal 2023, a 7% jump over the prior year.
Office & Leisure
Books Inc. files for Chapter 11
Books Inc., a retailer with an online store and 11 physical locations mostly in the San Francisco area, filed for Chapter 11 in U.S. Bankruptcy Court for the Northern District of California on January 20th. In a statement, the nearly 175-year-old, privately held company said it will use bankruptcy to reset its finances and that it plans to stay in business. The company claimed liabilities and assets ranging from $1 million to $10 million. Its top 10 creditors, which include several book publishers and the California Department of Tax and Fee Administration, are owed approximately $3 million, according to court records.
SportPet, a Topspin Consumer Partners Portfolio Company, Acquires Mammoth Pet Products
SportPet Designs, a Topspin Consumer Partners portfolio company, announced on Jan 22nd that it has acquired the Mammoth Pet Products assets of C.B. Worldwide Inc., a leading innovator and manufacturer of premium dog toys. Terms of the transaction were not disclosed. Founded by Charles Byrne in 1995, Mammoth designs, manufactures and distributes innovative, high-quality, and interactive branded pet toys. Mammoth is best known for its durable line of Flossy Chew® rope tug toys and Tire Biter® toys. With a robust portfolio of over 250 products, Mammoth has earned a reputation as a trusted and recognizable brand in the pet industry. The company distributes its diverse range of toys and durable chew products through major retailers such as Walmart, Tractor Supply, and a wide array of independent pet stores.
Technology & Internet
Trump is searching for potential TikTok buyers — who are the likely contenders?
President Donald Trump wants a U.S. investor to take a major stake in ByteDance’s TikTok. Several parties are in contention even as potential buyers face a litany of legal hurdles and barriers. After stepping in to restore TikTok in the U.S. and delaying a law that would effectively ban the app, Trump is looking for avenues to keep the popular platform afloat. He has put forward a proposal for an American stakeholder to buy the company and then sell a 50% stake to the U.S. government, which will jointly run the app along with the private party. So, who are the likely contenders for one of the most popular apps in the U.S.?
Zuckerberg sets Meta’s AI targets for the year, expects to spend $60 billion on growth
Meta CEO Mark Zuckerberg on Friday announced the company plans to invest around $60 billion to $65 billion in capital expenditures in 2025 as it continues to build out its artificial intelligence infrastructure. Zuckerberg said 2025 will be “a defining year for AI” and that Meta is building a large datacenter that “would cover a significant part of Manhattan” to power its AI offerings. Additionally, Meta will end the year with more than 1.3 million graphics processing units, he said. “This is a massive effort, and over the coming years it will drive our core products and business, unlock historic innovation, and extend American technology leadership,” Zuckerberg wrote in a post on Facebook.
Best Buy to launch third-party marketplace this summer
Best Buy is readying for the launch of its digital platform, Best Buy Marketplace, the electronics retailer announced Thursday. The retailer will launch the new platform this summer, per a company blog post. With the new platform, third-party sellers can integrate their product assortment onto Best Buy’s website and mobile app, the company said. Best Buy is partnering with enterprise marketplace tech company Mirakl on its marketplace launch. Mirakl has worked with other major retailers including Macy’s, Nordstrom and Kroger, per the company’s website. The retailer previously had a marketplace, but ultimately closed down its operations after five years.
Finance & Economy
Mortgage rates drop as Trump holds off on tariffs in first days in office
Mortgage rates dropped for the first time in six weeks, sliding back below 7% as bond traders grew less jittery about President Donald Trump’s economic agenda. The average 30-year fixed-rate mortgage rate was 6.96% through Jan 22nd, down from 7.04% a week earlier, according to Freddie Mac data. The average 15-year mortgage rate was 6.16%, declining from 6.27%. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
Trump says he will ‘demand’ interest rates drop, hinting at coming clash with Powell
Donald Trump hinted at a coming clash with Federal Reserve Chair Jerome Powell and other central bankers as he spoke virtually before the World Economic Forum, saying he would “demand” lower interest rates. “With oil prices going down, I’ll demand that interest rates drop immediately,” he told the crowd of business leaders and politicians gathered in Davos, Switzerland, adding that “likewise they should be dropping all over the world. Interest rates should follow us,” he added, in an apparent reference to the direction he wants US monetary policy to take. The comment from the new president was the latest sign of a possible collision course between Trump and Powell in the months ahead.
Inflation-Protected Treasuries Draw Highest Yield Since 2009
An auction of inflation-protected US Treasuries on Jan 23rd drew the highest yield in more than a decade. The $20 billion sale of 10-year Treasury Inflation-Protected Securities, or TIPS, was awarded at 2.243%, the highest result since Jan 2009 and about a basis point higher than the indicated yield at 1 pm New York time, the bidding deadline. While Treasury yields of all types have been gradually rising and linger shy of their 2023 peak levels, auctions capture yields only once per month. The rise in inflation-protected yields reflects “a combination of underlying growth fundamentals and the market pricing in longer-term real term premium as a result of concerns about the fiscal outlook,” said Michael Pond, head of global inflation-linked market strategy at Barclays Capital Inc. “The economy has held up well despite higher rates.” The Federal Reserve’s ongoing reduction in its holdings of Treasuries is also a factor, he said.
