Story of the Week
Donald Trump unveiled and then enacted a two-step tariff approach on April 2nd as his long-awaited “Liberation Day” plans were released during a Rose Garden event at the White House. The president is imposing a baseline tariff rate of 10% on countries that will go into effect on April 5th. Additional tariffs will be added for some countries that the administration considers the worst offenders. Those additional duties will follow on April 9th. The president said those additional rates were calculated based on both tariff and non-tariff barriers that he has long bemoaned. It all amounted to a dramatic move that, if it holds, could reorient the global trading system. It also represents the climax of Trump’s decades-long focus on tariffs and unfair trading relationships.
Apparel & Footwear
Fashion startup accuses founder of misconduct, after raising $534 million
Fashion technology company CaaStle is almost broke and is accusing its founder and former CEO, Christine Hunsicker, of financial misconduct, Axios has learned from multiple sources. CaaStle had raised over $530 million in venture capital, and its investors appear to be wiped out, in what would be one of the biggest startup frauds ever. All of CaaStle’s employees have been furloughed for two weeks. Hunsicker launched the company Gwynnie Bee in 2011 as a subscription box service for plus-sized women’s fashion. She would spend the next 14 years in constant fundraising mode, including from high-net-worth individuals like Bill Ackman, and built a board that at points included venture capitalist Ram Shriram and Alphabet chairman John Hennessy. The CaaStle rebrand in 2019 reflected an expansion to provide white-label subscription services to other clothing brands and retailers, including Ralph Lauren.
Blenders Eyewear Appoints Jack Gray as Chief Executive Officer
Blenders Eyewear, a leading eyewear brand, part of Safilo Group, announced on April 2nd the appointment of Jack Gray as its new Chief Executive Officer. With nearly two decades of experience building and scaling global brands, Gray’s expertise is set to drive Blenders into its next chapter of growth, innovation, and deeper community engagement. A Princeton graduate, Gray has amassed a proven track record of driving successful brand and product strategies at Adidas, where he led strategic basketball and lifestyle initiatives, launching market-defining collaborations with top athletes and cultural icons. As a founding executive at Ladder, his efforts redefined the intersection of wellness, credibility, and consumer appeal.
On Holding Co-CEO Marc Maurer To Leave Swiss Sportswear Maker After 12 Years
On April 1st Swiss sportswear maker On Holding said it will transition to a single-CEO setup, with Co-CEO Marc Maurer scheduled to depart on June 30 after 12 years. Calling the change a “leadership evolution,” the sneaker company said Maurer “has decided to depart On to embark on a new chapter in his professional life.” Maurer will remain in his role until the end of June to ensure “a smooth transition,” with Co-CEO and CFO Martin Hoffmann assuming the role of sole CEO on July 1, On said. Maurer will continue to advise the firm’s partners and board until March 2026.
In an unexpected move, Puma SE chief executive officer Arne Freundt is stepping down from his role, effective April 11. According to the German sportswear company, Freundt’s exit is “due to differing views on strategy execution” and will leave the company after 14 years in various leading positions. Now, Freundt will be replaced by Arthur Hoeld, who will take on the role as chairman and CEO on July 1. In the meantime, Puma’s remaining management team will entrust its supervisory board to lead the company in this transition phase.
Athletic & Sporting Goods
CBS Sports Sells MaxPreps to PlayOn in Youth Sports Media Shuffle
Nine months after being put on the market, MaxPreps has a new home. PlayOn announced that it has bought the long-running prep sports media platform from Paramount’s CBS Sports. The acquisition brings MaxPreps alongside its new owners’ other high school media brands GoFan, VidSwap and the NFHS Network. The sale does not include CBS Sports’ other high school sports properties, 247Sports and Scout Media. Financial terms were not disclosed, but PlayOn CEO David Rudolph described the negotiation as a competitive process.
Marathon Sports Acquires Fleet Feet Maine Running
Fleet Feet Maine Running, the specialty store chain based out of Portland, ME, has concluded the sale of its specialty running business to Marathon Sports, a 26 location New England running specialty store brand, based in Boston, MA. The transaction, which was finalized on April 1, 2025, aligns with Marathon Sports’ strategic goals and will enable the business to continue growing its brand and reach in New England. Fleet Feet Maine Running, known for its personalized service and running community support, has built a solid foundation over the past 20 years, focused on delivering the best product and customer experiences.
Cosmetics & Pharmacy
Persan to acquire Mibelle Group
Persan has announced that it has signed an agreement with Migros to acquire the Mibelle Group. Together, the two companies will become one of the world’s largest contract manufacturing and private label players with a €1 billion turnover. Under the terms of the deal, Persan will take over Mibelle’s facilities in Switzerland, France, the UK, the Netherlands, the US, and Australia as well as all employees. Financial terms were not disclosed. Persán’s CEO, Antonio Somé, explains, “We are very pleased to announce this agreement with Migros that will help Persán to strengthen its international presence. The acquisition of the Mibelle Group will allow us to access new, technologically advanced categories and continue to develop innovative and high-quality products for all our customers.
Unilever acquires personal care brand Wild
Unilever announced on April 1st that it has acquired the personal care brand Wild. This marks another step in optimizing Unilever’s portfolio towards premium and high-growth spaces as part of the Growth Action Plan 2030. Launched in the UK in 2020, Wild is a digitally native brand that has built a loyal consumer base through its direct-to-consumer and retail model with desirable, natural, and refillable products. The brand’s premium deodorants, lip balms, bodywashes, and handwashes are powered by plant-based ingredients and packaged in unique plastic-free materials. Wild’s rapid growth, distinctive premium offering across personal care categories, and position as the UK’s No. 1 refillable deodorant brand make it a strategic addition to Unilever’s existing portfolio of Personal Care brands.
LYS Beauty Secures Series A Funding From Encore Consumer Capital
LYS Beauty, a color cosmetics brand launched in 2021 at Sephora, has received a Series A investment from private equity firm Encore Consumer Capital. Terms of the deal and the brand’s sales figures have not been disclosed. Founded by Tisha Thompson, LYS Beauty has grown its product range from six initial offerings to around 15 SKUs, including items such as the No Limits Cream Bronzer Stick, Higher Standards Cream Glow Blush Stick, and Triple Fix Blurring Skin Tint Foundation. Encore Consumer Capital’s involvement underscores continued investor interest in color cosmetics and personal care startups, with a particular focus on companies offering inclusive product ranges. Despite concerns about overall market conditions, LYS Beauty’s broader retail partnerships and social commerce strategy indicate ongoing consumer demand for new brands.
L’Oreal’s SalonCentric to acquire Concept JP
SalonCentric Canada, a subsidiary of L’Oréal Canada, has signed a definitive agreement to acquire the operations of Concept JP in Canada. The deal includes the distribution of the K18 brand in the Quebec market, operated by a separate distributor under the tradename K18HairQuebec. Concept JP has 11 professional-only stores in the region, helping L’Oreal Canada expand its professional salon distribution operation into Quebec. Financial terms of the deal were not disclosed. An Verhulst-Santos, President and CEO of L’Oréal Canada, explains, “The expansion of SalonCentric Canada in Quebec demonstrates our dedication to providing access to stylists nationwide to a premier destination with an unparalleled selection of products and exceptional service.”
Webster Capital Takes Lead Investor Position with Gente Beauty
Gente Beauty, an innovative Brazilian body care brand that introduced the first-ever product line in the U.S. designed for self-lymphatic drainage treatment, has announced a substantial investment from Webster Capital, their lead investor. Terms of the transaction were not disclosed. With Webster Capital’s expertise in Consumer-Packaged Goods, DTC/Ecommerce and brick and mortar retail, Gente Beauty is excited to have Webster Capital’s institutional knowledge and support.
Discounters & Department Stores
Macy’s changes leadership structure to fuel growth strategy
Macy’s, Inc. announced the evolution of its executive leadership team and structure to further advance the company’s “Bold New Chapter” strategy to return the company to long-term profitable growth. Thomas J. Edwards will become Chief Operating Officer and Chief Financial Officer at Macy’s, Inc., effective June 22nd. Barbie Cameron, Macy’s Chief Stores Officer, will report directly to Chairman and Chief Executive Officer Tony Spring, effective June 22nd. Maly Bernstein, CEO of Bluemercury, will report to the CEO of Bloomingdale’s, Olivier Bron, effective May 1st. As a part of the announcements, Adrian Mitchell will be leaving the company. He will continue in his current capacity as Chief Operating Officer and Chief Financial Officer through June 21st to ensure a seamless transition.
Walmart to make $6 billion investment in Mexico; adding 1,500 stores by 2030
Walmart Inc. is making a big investment to expand its presence south of the border. Walmart de México y Centroamérica (Walmex) plans to invest more than $6 billion in Mexico in 2025 to expand operations with new stores, generating approximately 5,500 direct jobs. The new locations will join the more than 3,200 stores Walmex currently operates in all 32 states of Mexico. Walmex, which operates stores in Mexico under the Bodega Aurrera, Sam’s Club, Walmart Supercenter, and Walmart Express banners, plans to open more than 1,500 stores across the country in the next five years, with Bodega Aurrera serving as the main growth vehicle. Also, as part of the investment, the company said it will continue advancing the construction of two state-of-the-art distribution centers in the Bajío region and the state of Tlaxcala. The centers will feature robotics and artificial intelligence technology.
Emerging Consumer Companies
True Classic Secures Investment From 1686 Partners
Digitally native menswear start-up True Classic announced it received a strategic investment from 1686 Partners, a private equity firm founded by David Wertheimer, the son of Chanel co-owner Gérard Wertheimer. The deal values the company at $850 million, according to True Classic. The milestone marks True Classic’s first outside investment, six years on from its 2019 launch, and comes at a time when only the buzziest fashion start-ups are able to secure growth capital. Even more notable is that the business, which is known for selling no-frills, form-fitting T-shirts to unassuming men, partnered with a fashion-centric partner (1686 has previously invested in high-end eyewear brand Ahlem and viral luxury product maker MSCHF, according to PitchBook) focused on growing lifestyle brands rather than a Silicon Valley-based fund.
Fairly Made, fashion traceability platform, raises €15 Million
Sustainable fashion scale-up Fairly Made has raised €15 million ($16.2 million) from a group of impact-focused venture funds to accelerate its ambitions to expand globally, the company announced. The Paris-based tech-based tech platform works with companies including LVMH, Balmain and SMCP to help them trace supply chains, measure their environmental impact and develop digital passports to store the information.
Cost of Doing Business (CODB), the holding company co-founded by Topicals CEO Olamide Olowe and President Sochi Mbadugha, has acquired premium haircare brand Bread Beauty Supply. According to a news release, the acquisition is CODB’s first step in building brands that connect culture, community, and commerce — especially as many companies scale back their diversity, equity, and inclusion (DEI) efforts. With Bread now under CODB, the brand is set for growth while preserving its commitment to textured hair care. The acquisition will support the brand’s launch in all Ulta Beauty stores in April and its expansion into additional Sephora locations throughout 2025. Transaction details were not disclosed.
Food & Beverage
New tariffs to challenge US food producers
Sweeping new tariffs announced by the White House on April 2 have the potential to dramatically increase the cost of ingredients and finished food products in the United States, from coffee and chocolate to cheese and olive oil. “While we have witnessed several positive steps that have reduced unnecessary regulatory burdens on our industry, we are concerned that today’s tariff announcement could bring rising prices, a squeeze on household budgets and reduced competitiveness for American companies relative to international competitors,” said Leslie Sarasin, president and chief executive officer of FMI – The Food Industry Association. “The uncertainty and inflationary pressures created by reciprocal tariffs are a major worry for American consumers and our food industry member companies that operate on slim 1.6% retail and 7.5% food manufacturing net margins.
Hershey Strikes $750 Million Deal for LesserEvil Popcorn Brand
Hershey is buying LesserEvil, a maker of organic snacks that prioritize bold flavors with better-for-you ingredients. The purchase price was not disclosed, but The Wall Street Journal, which first reported the deal, said it was roughly $750 million. LesserEvil makes popcorn, puffs, curls and other snacks using healthier ingredients. Many of its products are made with coconut oil or avocado oil. The acquisition furthers Hershey’s push into salty snacks by adding another fast-growing brand to its portfolio while increasing the snacking options it can provide to consumers.
Vandemoortele continues acquisition spree
Family-owned European food company Vandemoortele is set to expand its baking footprint with the announcement that it has entered an agreement to acquire Délifrance from French grain cooperative Vivescia Industries. Financial terms of the transaction were not disclosed. Délifrance is one of Europe’s leading frozen baked foods makers, with a network of 14 production sites, more than 3,200 employees, and an annual turnover of approximately €930 million ($1 billion). The company’s main presence is in Europe and Asia, where it serves artisan bakers, retailers, and foodservice operators.
Castillo Hermanos to acquire Harvest Hill Beverage
Multinational business group Castillo Hermanos has agreed to acquire Harvest Hill Beverage Co. from private equity firm Brynwood Partners. Harvest Hill Beverage makes Juicy Juice fruit juices and SunnyD fruit drinks. Financial terms of the deal, announced April 3, weren’t disclosed. Harvest Hill operates six manufacturing plants across the United States, serving the grocery, mass, club and other retail channels. Its roster of brands also includes Veryfine juices; Little Hug, Big Hug and Big Burst fruit drinks; Fruit2O flavored waters; Nutrament energy nutrition drinks; Guzzler nutrition-infused fruit beverages; Daily’s cocktails and mixers; and SunnyD Vodka Seltzer.
Grocery & Restaurants
Restaurant chain Hooters files for bankruptcy to enable founder-led buyout
Restaurant chain Hooters of America filed for bankruptcy in Texas on Monday, seeking to address its $376 million debt by selling all of its company-owned restaurants to a franchise group backed by the company’s founders. The company currently directly owns and operates 151 locations, with another 154 restaurants operated by franchisees, primarily in the United States. The privately-owned company, which shares a private equity owner with recently-bankrupt TGI Fridays, intends to sell all corporate-owned locations to a buyer group comprised of two existing Hooters franchisees, who operate 30 high-performing Hooters locations in the U.S., mainly in Florida and Illinois. Hooters said it expects to complete the deal and emerge from bankruptcy in three to four months.
Space Cowboys acquires Whit’s Frozen Custard
Space Cowboys Restaurant Group acquired the 95-unit Whit’s Frozen Custard brand, the company said this week. Bill Aseere will serve as CEO, and he is joined by friends and partners Michael Ash and Mark Halpin of Space Cowboys. Whit’s was founded in 2003 by Chuck and Lisa Whitman in Granville, Ohio. It has locations in 11 states. Aseere has 28 years of experience in the restaurant industry, including running Space Cowboys, which operates 23 restaurants and is the largest franchisee of Donatos Pizza.
Home & Road
America’s biggest contract furniture makers raise prices to combat tariffs
Two of the biggest contract furniture manufacturers in the U.S. have announced price increases due to tariffs. MillerKnoll will implement a 4.5% list price increase on June 2, it said in its third quarter earnings call last week. The increase responds to higher steel tariffs already in place, as well as the reciprocal tariffs that could come April 2. It’s also aimed at dealing with other inflationary pressures, the company said. “In addition, we will partner with suppliers, leverage value engineering and available flexibility within our supply chain and manufacturing footprint to offset cost impacts wherever possible,” said CEO Andi Owen. “And we will also consider incremental price surcharges if necessary to manage this period of volatility.”
‘Inch wide, mile deep’ focus leads RH to sales gains in 4Q and full year
Top 100 retailer RH reported gains in net sales for the fourth quarter and full fiscal 2024 year in its latest earnings report. For the three months ended Feb. 1, the Corte Madera, Calif.-based retailer reported net revenues of $812 .41 million, up 10.04% compared with sales of $738.26 million over the same quarter last year. Net income for the quarter totaled $18.632 million, or 69 cents per diluted share, an increase of 22.28% vs. net income of $18.269 million, or 57 cents per diluted share. Taking stock of the full year, RH accumulated $3.181 billion in sales, up 5.01% compared with FY2023’s $3.029.1 billion. However, the full year’s net income of $72.412 million, or $3.62 per diluted share was 43.34% off the mark set by 2023’s net income of $127.56 million, or $5.91 per diluted share.
Advance Auto Parts plans new stores after closing hundreds of locations
After closing hundreds of its stores to “optimize” its U.S. store footprint, Advance Auto Parts is ready to expand. The automotive aftermarket parts retailer said it has completed the store closure phase of its transformation plan and is entering its “next phase of returning to growth.” Advance Auto expects to open 30 new U.S. locations in 2025, and at least an additional 100 new locations through 2027, including larger “market hubs.” Last November, Advance Auto said it planned to close 523 corporate stores and exit 204 independent locations as part of a “strategic plan to improve business performance with a focus on core retail improvements.”
Home sales slide again for QVC/HSN and Cornerstone
Annual revenues from home products shrank for the third year in a row at QVC/HSN and dropped for the second consecutive year at Cornerstone, the DTC division for home and apparel banners. Total home category revenue in the QVC/HSN division, which does not include QVC International, fell 5.1% to $2.6 billion, according to parent company QVC Group Inc.‘s 10K annual report filing with the SEC. The QxH division lost $142 million in home furnishings sales over the course of the fiscal year ended Dec. 31, 2024 compared to the previous year. Revenues fell more sharply in the company’s Cornerstone division, which comprises Ballard Designs, Frontgate, Garnet Hill and Grandin Road. Ongoing challenges to the broader home furnishings business pushed the division’s home sales down 12.2% to $864 million. Revenues in Cornerstone’s much smaller apparel business declined 2.8% to $176 million.
QVC Group announced it is eliminating 900 positions—about 5% of its workforce—across its QVC, HSN, and global shared services divisions. “We made the very difficult decision to eliminate a number of roles,” said a company statement issued on March 27th. “For many of these individuals, today will be their last day with QVC Group. Some will continue working with us for several months, mainly to support the transition of the HSN broadcast and the St. Petersburg campus. “We are committed to supporting impacted team members through this transition with separation benefits and outplacement services,” it added. “Our immediate focus is supporting those directly affected by these changes.”
Jewelry & Luxury
Goldman Sachs to lead 2.5-billion-euro financing for Prada-Versace deal, daily MF reports
A pool of banks led by Goldman Sachs is ready to give Prada a 2.5-billion-euro ($2.77 billion) financing line to help the Italian fashion group in its acquisition of Capri Holdings-owned Versace, Italian daily MF reported on Apr 4th. Some 1.5 billion euros would be used for the acquisition, while the remaining 1 billion euros would be used to relaunch the struggling takeover target, the report added.
LVMH restructures department store ownership
LVMH is said to have created a new unit to house its two Parisian department stores. The restructuring saw the French luxury conglomerate acquire La Samaritaine from its DFS division and appoint Le Bon Marche’s Chairman and CEO, Patrice Wagner, to oversee the two retail brands. According to a report published by WWD, quoting an internal memo, Catherine Newey will stay in place as CEO of La Samaritaine and become Deputy CEO of Le Bon Marche Group. The reorganization is aimed at turning around the fortunes of ailing La Samaritaine, WWD reveals, which relied heavily on business from Chinese tourists and therefore suffered amid the prolonged travel restrictions post-pandemic.
Victoria Beckham Names Sybille Darricarrère Lunel as CEO
Victoria Beckham has appointed Sybille Darricarrère Lunel as its new chief executive, effective July 1, 2025. She will be based in the brand’s London headquarters, succeeding Ralph Toledano, who has been serving as acting CEO. Darricarrère Lunel joins from Christian Dior Couture, where she was business unit director of leather goods, overseeing the category’s global product assortment. She previously held leadership roles at Galeries Lafayette and The Kooples. “I’m excited to have Sybille joining the company as CEO,” said founder and creative director Victoria Beckham. “I look forward to having a strong, creative, smart woman with an entrepreneurial mindset and energy by my side to take us to the next level.”
Office & Leisure
BRP sells Alumacraft to Bryton Marine Group
BRP and Bryton Marine Group have entered into a definitive agreement whereby Bryton Marine Group, a family-owned company with operations in Washington State and British Columbia, will acquire Alumacraft assets in St. Peter, Minnesota. This transaction comes on the heels of BRP’s decision to sell its Marine businesses to double down on its core powersports activities, enhancing its position for long-term success. Bryton Marine Group is a diversified group of marine manufacturers specializing in aluminum boats ranging from 17 to 150-feet. Their well-known brands serve commercial, government, recreational sportfishing and adventure boat markets in North America.
Thrive Pet Healthcare, a leading owner and operator of a national network of over 360 veterinary hospitals, announced the successful completion of a new financing transaction that will provide $350+ million of enhanced liquidity and extend the maturities of all of its debt instruments, providing Thrive with significant capital to execute on its operational initiatives and strengthen its financial profile to drive continued growth. This transaction was supported by 100% of Thrive’s existing lenders and its equity sponsor, TSG Consumer Partners, demonstrating confidence in the business plan and management team.
Technology & Internet
Amazon submits bid for TikTok as ban deadline nears
Amazon submitted a bid to the White House to purchase the social media app TikTok from its Chinese owners, CNBC has confirmed. The company sent its proposal in a letter this week to Vice President JD Vance and Commerce Secretary Howard Lutnick, according to a source familiar with the matter. The e-commerce company’s offer, which was first reported by The New York Times, comes as TikTok’s fate in the U.S. is up in the air. The short-form video app faces another potential shutdown in the U.S. on April 5 if ByteDance, its parent company, cannot reach a deal to divest TikTok’s American operations. Lawmakers passed a bill last year setting a Jan. 19 deadline for the sale, but Trump signed an executive order granting a 75-day extension for a potential deal.
Klarna, StubHub delay IPOs as Trump’s tariffs roil markets
Klarna and StubHub are delaying plans to go public after President Donald Trump’s sweeping tariff announcement sent shock waves through U.S. markets. The companies put their long-awaited debuts on pause because of market turbulence, according to a source familiar with the matter. Both companies had filed their initial public offering prospectuses in recent weeks. Klarna, a Swedish provider of buy now, pay later loans, had planned to go public on the New York Stock Exchange under the ticker KLAR. Online ticket marketplace StubHub was set for an IPO on the NYSE under the ticker STUB, and was preparing to start its roadshow on Monday, a separate person familiar with the situation said. The announcements are a major blow for venture capital firms, who were counting on a reinvigorated IPO market in the Trump administration after a miserable last few years for big exits.
Finance & Economy
NRF expects 2025 retail sales to see growth, amid slower consumer spending outlook
In its annual forecast issued April 2nd, the Washington, D.C.-based National Retail Federation (NRF) said it expects 2025 retail sales to see annual gains. NRF said that retail sales are expected to see annual growth between 2.7%-to-3.7%, coming in between $5.42 trillion-to-$5.48 trillion. In its 2024, forecast, the organization called for a 3.6% annual increase, at $5.29 trillion, and it added that the 2025 forecast matches up with its 10-year pre-pandemic average annual sales growth rate, at 3.6%. NRF’s retail sales numbers and projections are based on Census data and exclude automobile dealers, gas stations, and restaurants.
US economy adds 228,000 jobs in March, unemployment rate rises to 4.2%
The March jobs report showed the US economy continued to add jobs at a strong pace last month while the unemployment rate ticked slightly higher. Data from the Bureau of Labor Statistics released April 4th showed 228,000 new jobs were created in March, more than the 140,000 expected by economists, the 117,000 seen in February, and the 158,000 average monthly gain seen over the last year. The unemployment rate rose to 4.2% from the 4.1% seen in the prior month. February’s monthly job gains were revised lower from a previous reading of 151,000.
