Story of the Week
Ferrero clinches deal to acquire WK Kellogg for $3.1B
Ferrero announced it will buy cereal maker WK Kellogg for a price tag of $3.1 billion, or $23 per share. This deal will bring brands including Ferrero Rocher, Nutella, and Tic Tac together with cereal brands like Frosted Flakes and Froot Loops. Kellogg stock was up as much as 30% on July 10th to trade near $22.85, just below the announced deal price. The stock surged as much as 50% late after the Wall Street Journal first reported that the two sides were close to a deal. Ahead of the news, Kellogg stock had been down about 3% so far this year. “We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co to write the next chapter of our company’s storied legacy,” WK Kellogg chairman and CEO Gary Pilnick said in the release. The deal is expected to close in the second half of 2025. The company also shared it expects second quarter revenue to come in the range of $610 million to $615 million, lower than analysts’ expectations of closer to $650 million, per Bloomberg consensus estimates.
Apparel & Footwear
Converse names Nike veteran as new CEO
The president and chief executive officer of Converse, Jared Carver, has announced his departure from the footwear brand. He will be succeeded by Aaron Cain, a veteran at Converse’s parent company Nike. This is according to an internal memo, which was originally seen and reported on by Bloomberg and Reuters. The move brings to an end a two-year tenure at Converse for Carver, who was brought on back in 2023 amid a wider reshuffling across the Nike business. It appears that history is now repeating itself, however. The US sportswear giant is currently in the midst of a turnaround plan under CEO, Elliott Hill, who has enacted a “sport offense” strategy that intends to reposition the business for growth. Cain’s appointment builds on Nike’s continued leadership overhaul, which has seen it name a new brand president, chief innovation officer, chief communications officer and SVP of global marketing for consumer products all in just three months.
Levi Strauss to lay off hundreds with Kentucky distribution center closure
Levi Strauss & Co. is permanently closing a distribution center in Hebron, Kentucky, impacting nearly 350 workers. Layoffs are expected to begin around August 18th, according to Worker Adjustment and Retraining Notification Act paperwork. Some employees will be able to apply for a job at another location, according to Emily Knoles, Associate General Counsel for Levi Strauss & Co. Levi’s changed its distribution strategy last year from an owned and operated model to a mix of owned and third-party-operated distribution centers. Those centers are used to warehouse and ship products to the brand’s wholesale customers, stores, and e-commerce shoppers, according to paperwork filed with the U.S. Securities and Exchange Commission.
Lululemon files lawsuit against Costco, claims company is selling ‘dupes’ of some of its products
Lululemon has filed a lawsuit against Costco that accuses the wholesale club operator of selling lower-priced duplicates of some of its popular athleisure clothing. Lululemon Athletica claims in its lawsuit filed in the U.S. District Court for the Central District of California that Costco has “unlawfully traded” on its reputation, goodwill, and sweat equity by selling unauthorized and unlicensed apparel that uses knockoff, infringing versions of its patents. Lululemon alleges that Costco is known to use manufacturers of popular branded products for its private label Kirkland brand, but that the company and the manufacturers don’t disclose the connection between them for many of the Kirkland-branded products. Because of this, Lululemon claims this leads at least some shoppers to believe that Kirkland-branded products are made by the authentic supplier of the “original” products. Lululemon claims Costco doesn’t try to dispel the ambiguity.
Athletic & Sporting Goods
Apollo acquires Suma Capital’s 30% stake in TradeInn to accelerate global sporting goods growth
Apollo has acquired a 30% stake in Spanish e-commerce leader TradeInn through its Hybrid Value funds, succeeding Suma Capital as a key shareholder. The deal positions Apollo to support the company’s ambition of becoming Europe’s leading online specialist in sporting goods. Headquartered in Girona, TradeInn operates one of Europe’s largest digital platforms for sports and high-performance gear. The company offers more than 3.5 million products from over 12,500 brands across 18 sporting disciplines, delivering to customers in more than 190 countries. In 2024, TradeInn reported €554m in revenue, with 85% of sales coming from outside Spain, underscoring its global reach and cross-border capabilities.
Big 5 Sporting Goods to be acquired in $112.7 million deal
Big 5 Sporting Goods Corp. is going private. The sporting goods retailer has agreed to be acquired by a partnership comprised of Worldwide Golf and Capitol Hill Group in an all-cash transaction valued at approximately $112.7 million in enterprise value. The deal includes the assumption of approximately $71.4 million in credit line borrowings as of June 29, 2025. The transaction, which has been unanimously approved by Big 5’s board, is expected to close in the second half of 2025. Upon completion of the transaction, Big 5’s common stock will no longer be listed on the Nasdaq Stock Exchange, and it will become a private company. Based in El Segundo, Calif., Big 5 operates 414 stores across the Western U.S, with an assortment that includes a wide range of sporting goods equipment, apparel and accessories. Stores average 12,000 sq. ft.
Discounters & Department Stores
Dollar Tree completes $1B sale of Family Dollar
Dollar Tree has completed its sale of Family Dollar to Brigade Capital Management and Macellum Capital Management for just over $1 billion. With amounts subject to final adjustments about 90 days after closing, the sale’s net proceeds are estimated at about $800 million, per a company press release. Dollar Tree anticipates the economic impact of tax benefits from losses to be around $375 million. The completed sale marks a notable loss from when Dollar Tree acquired Family Dollar for $8.5 billion over a decade ago. “The completion of this transaction marks a defining moment for Dollar Tree,” Dollar Tree CEO Mike Creedon said in a statement. “With a singular focus on our core business, we are doubling down on what we do best – delivering value, convenience, and discovery to our customers every day. Now more than ever before, we are poised to accelerate our growth, innovate faster, and unlock our full potential as a category leader in value retail.”
Walmart recalls 850,000 water bottles after two consumers suffer vision loss from ejecting lids
Walmart is recalling approximately 850,000 stainless steel water bottles because the lid can “forcefully eject” and unexpectedly strike consumers, resulting in permanent vision loss in two cases to date. The recall covers Walmart’s “Ozark Trail 64 oz Stainless Steel Insulated Water Bottles,” which have been sold at the chain’s stores across the country since 2017. According to a notice published by the U.S. Consumer Product Safety Commission, these products pose “serious impact and laceration hazards.” That’s because when a consumer attempts to open the bottles, “after food, carbonated beverages or perishable beverages, such as juice or milk, are stored inside over time,” the lid can eject forcefully, the CPSC notes.
Cosmetics & Pharmacy
Ulta Beauty Announces Acquisition of Leading British Beauty Retailer Space NK
Ulta Beauty, Inc. announced that it has acquired Space NK Limited, a leading British beauty retailer, from Manzanita Capital, a beauty sector specialist investor with a long-term investment horizon. Financial terms of the transaction were not disclosed. Space NK is a curator of some of the world’s most innovative beauty brands and a go-to destination for beauty discovery in its 83 stores in the UK and Ireland and online. Space NK will operate as a standalone subsidiary of Ulta Beauty and will continue to be led by its existing management team, including Space NK chief executive officer Andy Lightfoot. “We are excited to enter the UK market via the Space NK banner,” said Kecia Steelman, president and chief executive officer of Ulta Beauty. The purchase of Space NK was funded with cash on hand and capacity under Ulta Beauty’s existing credit facility. The acquisition is not expected to be material to Ulta Beauty’s fiscal 2025 financial results and will not impact the execution of its capital allocation priorities, including its share repurchase program.
L’Oréal to Acquire Fast-Growing Haircare Brand Color Wow
L’Oréal has announced the acquisition of Color Wow, a professional and prestige haircare brand known for products targeting styling concerns such as frizz, volume, and texture. The transaction is subject to regulatory approvals and customary closing conditions. Founded in 2013 by Gail Federici, Color Wow operates in both the US and UK and offers a portfolio of styling-led haircare products, including the award-winning Dream Coat and XL Bombshell Volumizer. The brand has won more than 130 beauty awards and has built a loyal following among professionals and consumers alike. The acquisition will see Color Wow join L’Oréal’s Professional Products Division. The move aligns with L’Oréal’s strategy to strengthen its footprint in the styling segment of professional haircare. The acquisition expands L’Oréal’s presence in the premium hair styling category and brings in a fast-growing brand with established consumer credibility and digital engagement.
Reliance Retail Invests in UK Skincare Brand FaceGym, Plans India Launch
Reliance Retail Ventures has acquired a minority stake in FaceGym, a UK-based skincare brand, and will introduce it to the Indian market through standalone studios and Tira store locations. Founded in the UK, FaceGym offers skincare products and in-person facial workout services. Reliance Retail plans to bring the brand to India under its beauty retail platform Tira. The rollout will include standalone FaceGym studios as well as dedicated areas in select Tira stores across major cities. Reliance will manage local operations and expansion. The investment follows Reliance’s broader push into the beauty category, where it operates Tira and a growing set of in-house brands. For FaceGym, the partnership provides access to the Indian beauty market through a large-scale retail operator. Both companies are aiming to capitalize on rising demand for treatment-led, science-backed skincare experiences.
Jungsaemmool Beauty Secures US$36.6 Million Investment to Fuel Global Expansion
K-beauty pioneer Jungsaemmool Beauty is set to receive a 50 billion won (US$36.6 million) investment from CLSA Capital Partners, valuing the company at approximately 300 billion won. Hong Kong-based CLSA Capital Partners has been named the preferred bidder in a deal that gives the South Korean brand an enterprise value of over 15x EBITDA. Founded by legendary makeup artist Jung Saem-mool in 2015, the brand is behind cult-favorite products like the Essential Skin Nuder Cushion, which reportedly sells every 20 seconds. In 2024, Jungsaemmool Beauty posted sales of 110 billion won and an operating profit of 12.1 billion won. The new funding will support a stronger push into international markets, especially the US, and fund new product launches. Currently, the brand operates over 1,300 locations in about 200 countries.
Emerging Consumer Companies
Vuori brings on Global President, hires Chief Legal Officer
Vuori has hired Ashley Kechter, formerly global brand president at Fabletics, as its new global president, a newly created role. The brand also appointed Edward Lee as chief legal officer and corporate secretary amid market speculation that the Southern California-based activewear brand may explore an initial public offering. The appointments were reported on Vuori’s LinkedIn page. Vuori Founder and CEO Joe Kudla said in the post, “As we reach a critical 10-year milestone this year and look to the future, I’m confident in our ability to drive continued business growth as we thoughtfully expand Vuori’s footprint and establish deeper connectivity with consumers everywhere. Ashley and Ed are perfectly positioned to help Vuori do just that, and I’m excited to see our brand’s evolution and growth under the incredible knowledge and expertise they bring to their respective roles.”
Allbirds expands international presence
Allbirds announced that it has signed three new distribution agreements across Eurasia, advancing its strategy to drive long-term, scalable growth in international markets. Notably, Beosport will serve as the exclusive distributor in the Balkans beginning in January 2026, 911 Fashion will take on distribution in Israel starting October 2025, and Tradist Distribution will lead operations in Turkey and Central Asia beginning July 2025. “Our strategic decision to transition to a distributor model in international geographies is proving to be highly successful,” said Annie Mitchell, CFO of Allbirds.
JETSET Pilates to open twelve locations in the Philadelphia region
JETSET Pilates, the Miami-based, modern Reformer Pilates franchise, is continuing its nationwide growth with an exciting new development in the Greater Philadelphia area. The brand has officially signed a 12-unit agreement — marking a significant step forward in its mission to bring revitalizing, results-driven workouts to health-conscious communities across the U.S. The Philadelphia expansion will strategically target key neighborhoods and suburbs including Ardmore, Northern Liberties, Rittenhouse Square, King of Prussia, West Chester, Cherry Hill, and Marlton. Founded in 2010 and franchising since 2022, JETSET Pilates has rapidly established itself as one of the most attractive concepts in the boutique franchise business space. JETSET Pilates currently has plans to open studios across the U.S. and Australia, with over 100 studios in development.
Food & Beverage
Canned food maker Del Monte declares bankruptcy, seeks buyer
Del Monte Foods filed for bankruptcy and is seeking a buyer for its 139-year-old business. The storied canned fruit and vegetable maker has “faced challenges intensified by a dynamic macroeconomic environment,” CEO Greg Longstreet said in a statement. A sale of the California-based company is “the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,” Longstreet added. Del Monte not only has faced a drop in demand for its products, but the seasonality of its business also likely means the company is paying more to store its products in warehouses. Del Monte has spent the last two years closing plants and warehouses, including a fruit processing plant in Washington state in June 2025.
Kraft Heinz to sell Italian baby food business to NewPrinces for 120 million euros
Packaged food maker Kraft Heinz has agreed to sell its Italian infant and specialty businesses, including the Plasmon, Nipiol, and Aproten brands, to Italian food group NewPrinces, Kraft said. The business, which also includes some other smaller brands and a production plant in Italy, reported 170 million euros in revenue last year, with a core profit of 17 million euros, NewPrinces, formerly known as Newlat, said in a separate note. Its enterprise value was set at 120 million euros ($140.72 million), NewPrinces said. Shares in NewPrinces were trading 4.7% higher on the Milan bourse at around 0915 GMT. The deal, expected to close by late 2025 and subject to regulatory approval, aligns with its strategy to focus on core brands and growth areas, Kraft Heinz stated in its announcement.
Bubbies Ice Cream Acquired by Marubeni Corporation
Bubbies Ice Cream, the mochi ice cream brand in the natural channel, has been acquired by Marubeni Corporation, one of Japan’s largest integrated trading and investment companies. Bubbies is now part of Marubeni America, based in New York City, and will continue to operate and maintain its manufacturing facilities in Phoenix, AZ. This acquisition will serve to fuel Bubbies’ next phase of growth, now strengthened by Marubeni’s global resources and expertise spanning international supply chains and strong trade relationships. Marubeni has deep experience investing in and developing other high-quality food businesses similar to Bubbies, which will help the fast-growing frozen novelties brand reach more customers worldwide at scale.
Grocery & Restaurants
Starbucks eyes ‘strategic partner’ in China amid reports of bids up to $10 billion
Starbucks could be inching closer to a deal in China as the coffee chain considers options for selling at least part of its second-largest global division after the United States. A spokesperson for the company said Starbucks is “looking for a strategic partner” for its China business following CNBC reports that the company is considering several bids that have valued the company at up to $10 billion. Last month, Chinese financial magazine Caixin reported that 20 potential buyers have been in talks with Starbucks China, including private equity firm Hillhouse Capital. At the time, Starbucks said it was “not considering a full sale” of Starbucks China. Rumors of the sale of Starbucks’ China division have been circulating since November 2023, when Luckin Coffee overtook Starbucks as the largest coffee chain in China. Since then, Starbucks has softened its initial denial of these reports.
Main Post Partners makes minority investment in Smoothie King
Private equity firm Main Post Partners has taken a minority stake in Smoothie King, the Dallas-based smoothie chain said on July 10th. The amount of the ownership or terms of the deal were not disclosed. Main Post invests primarily in consumer brands such as apparel company Rebel Athletics, cosmetics firms Too Faced and Milk Makeup, and automotive accessory company Mishimoto, but it also owns equity in restaurant chains such as Jimmy John’s, Krispy Krunchy Chicken, Viva Chicken, and large franchise company Flynn Group. Smoothie King chief executive officer and majority shareholder Wan Kim said he appreciated Main Post’s approach to investment. “At Smoothie King, our vision is to make the world a better place by nourishing healthy habits, and that starts with having partners who share our vision and embrace our values,” he said in a statement. “We have been extremely impressed by Main Post’s track record of growing franchise brands the right way — by building a strong culture, focusing on the guest, and always thinking long term.”
Jack in the Box adopts poison pill amid Biglari Capital stock buy
Jack in the Box Inc.’s board has unanimously adopted a limited-duration stockholder rights plan, effective immediately, the company said July 2nd. The San Diego, Calif.-based quick-service restaurant company, which also owns the Del Taco brand, said the rights plan was adopted after Biglari Capital Corp. informed the company that it owns 9.9% of the shares of common stock and intends to increase its stake. Biglari, which owns the Steak ‘n Shake and Western Sizzlin brands, also has bought significant stakes in El Pollo Loco Inc. and Cracker Barrel Old Country Store Inc. Jack in the Box’ rights plan is “intended to enable the company’s stockholders to realize the long-term value of their investment, ensure that all stockholders receive fair and equal treatment in the event of any proposed takeover of the company, and to guard against tactics to gain control of the company without paying all stockholders an appropriate premium for that control,” the company said.
Home & Road
Helen of Troy Moves To Mitigate Tariff Impact After Missing Q1 Estimates
After a tough first quarter, Helen of Troy announced second-quarter financial guidance but skipped a full-year outlook due to uncertainty about tariffs and the economy. Net loss was $450.7 million, or $19.65 per diluted share, versus net income of $6.2 million, or 26 cents per diluted share, in the year-earlier quarter, the company reported. Adjusted income was $9.5 million, or 41 cents per diluted share, versus $23.3 million, or 99 cents per diluted share, in the year-prior period. A Yahoo Finance-published analyst consensus estimate called for earnings per adjusted diluted share of 91 cents and sales of $397.06 million. Consolidated net sales decreased to $371.7 million from $416.8 million in the year-previous quarter, driven by a decrease from organic business of $71 million, Helen of Troy noted. The organic business decrease reflected a decline in Beauty & Wellness, primarily driven by lower sales of thermometers, fans and hair appliances, and a decline in Home & Outdoor, primarily resulting from a decrease in home and insulated beverage ware sales.
Can Do Brands completes acquisition of Honey-Can-Do International
Can Do Brands LLC has acquired the intellectual property and select e-commerce assets of home storage and organization company Honey-Can-Do International. Terms of the deal were not disclosed. Can Do Brands acquired Honey-Can-Do International through a UCC Article 9 sale. The transaction agreement was signed in January 2025 and is now complete, the company said. This acquisition, backed by Decoro Home LLC with support from SB360 Capital Partners and Hilco receivables, includes trademarks, patents, copyrights, domain names, e-commerce brands and long-established marketplace accounts, according to Can Do Brands. It acquired the Honey-Can-Do, Perch and Zevro brands. SB360 and Hilco will continue to be involved in an advisory capacity.
American Mattress files for Chapter 11 bankruptcy protection
American Mattress has filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware under its corporate name AFM Mattress Co., LLC. The sleep specialty chain that operates more than 95 stores under the American Mattress moniker in Illinois, Indiana, Michigan, Florida, and Missouri made its filing Sunday, July 6th. According to the American Mattress website, the company has plans to open four more stores in Missouri. The initial petition lists estimated assets and debts both in the $1 million to $10 million range and indicates the number of creditors to be between 100 and 199. Five mattress manufacturers are listed among American Mattress’ 20 largest unsecured creditors. In total, they are owed more than $2.06 million with Adventure Mattress, a relatively new mattress vendor founded in 2023 by industry notables Bob Sherman and Barbara Bradford, listed as the top unsecured creditor with a claim of more than $1.21 million.
Dorel to shutter North American manufacturing in major restructuring
Dorel Industries announced sweeping changes to its home segment, including the elimination of all North American manufacturing operations, as part of a broader restructuring plan aimed at returning the business to profitability by 2026. The update follows a commitment made in the company’s first-quarter earnings released May 12. Dorel will shut down its domestic production facilities in Cornwall, Ontario, by the end of the third quarter and significantly reduce the size of its home division. The company also plans to consolidate sales, marketing, and product development under its Cosco division, which has delivered consistent earnings and positive cash flow within the Home segment since 2010. A limited number of high-performing imported SKUs from Dorel Home will be integrated into the Cosco portfolio.
Jewelry & Luxury
Jewelry sales outperform as U.S. spending for most luxury goods falters, Citi report finds
Luxury retail was expected to stage a turnaround in 2025 after a promising fourth quarter marked by holiday shopping and post-election euphoria. Instead, U.S. credit card spending on luxury goods fell during the first five months of the year compared with the same period in 2024, according to data from Citigroup. In May 2025, luxury spending held up better than expected, dipping 1.7% year over year, compared with a 6.8% decline in April and 8.5% in March. Combined spend for the top luxury brands, such as Hermès, even eked out a 0.2% uptick on an annual basis, according to Citi’s analysis of a subset of transactions by the bank’s 10 million-plus U.S. cardholders. However, these gains aren’t equally distributed. Jewelry has proven to be a bright spot, consistently outperforming other categories, such as leather goods and ready-to-wear.
Charles & Colvard Enters Into $2 Million Note Agreement
Moissanite and lab-grown diamond company Charles & Colvard entered into a $2 million convertible secured note purchase agreement with Ethara Capital, according to a filing with the Securities and Exchange Commission. The note, which is secured by Charles & Colvard’s collateral and accrues 5% annual interest, is due to be paid back three months after it is issued; however, Ethara could extend this for three periods of one year each. At its discretion, as long as it obtains shareholder approval, Ethara has the right to convert any portion of the loan into common shares. It also has the right to appoint two directors to board seats, per the agreement. Charles & Colvard receives the note in two tranches: an initial closing for $500,000, to be issued on or before July 8, and a subsequent $1.5 million, which will be given no later than July 23.
LVMH Names New Chairman, CEO of the Americas
LVMH has appointed Michael Burke as chairman and CEO of LVMH Americas. In the new role, Burke will be tasked with representing the group’s best interests in North and South America in what LVMH described as a “complex and evolving geopolitical period.” He will report to Stéphane Bianchi, LVMH Group’s managing director. The move highlights the company’s interest in investing in the region, said LVMH. The United States is LVMH’s second-largest market, accounting for 24 percent of its total revenue. Sales in the region fell slightly in its recent first-quarter results. Burke has also been appointed as nonexecutive chairman of Tiffany & Co.’s board of directors, according to a WWD report. “Throughout our close and fruitful collaboration, Michael has perfectly incarnated the values of our group,” said LVMH CEO Bernard Arnault.
Office & Leisure
FanDuel valued at US$31bn as Flutter takes full control
Flutter Entertainment has agreed to acquire the five per cent of FanDuel it did not own already from Boyd Gaming. The deal will see Flutter buy out Boyd’s stake for US$1.55 billion, with another US$205 million to be paid to amend various existing commercial terms. The US$1.76 billion transaction values FanDuel at US$31 billion. Flutter said it expected the deal, which is subject to regulatory approvals, to be closed in the third quarter of this year. Meanwhile, its strategic partnership with Boyd has been extended to 2038, with the two to work together on new market access contracts in various US states. According to Flutter, the revised deals will generate annual operating cost savings of about US$65 million. The deal grants Flutter complete ownership of FanDuel, although Fox has the option to buy a 18.6 per cent stake on or before 3rd December 2030. The media conglomerate can buy the stake at FanDuel’s market value in 2020 at a price of US$4.5 billion.
West Water Products Acquired by 1991 Outdoors
West Water Products, known for its Thingamabobber fly fishing strike indicator, has been acquired by 1991 Outdoors, LLC. Terms were not disclosed. Under the new ownership structure, Anglers Accessories, LLC, which specializes in operational management and customer service for fly fishing brands, will oversee daily operations and customer service, ensuring the continuity of the service. All current product lines remain available, and customer support continues without interruption.
Pulsar acquires Lethal Gaming Gear to expand mousepad peripherals
Pulsar Gaming Gears, a maker of esports peripherals, has acquired Lethal Gaming Gear, a U.S. maker of enthusiast-grade mousepads. Founded in 2020, Pulsar said it has built a reputation for its rapid product development cycle, broad portfolio of intellectual property and esports collaborations, and commitment to pushing the boundaries of innovation. Most recently, the company launched the X2F, a mouse designed without a back hump – engineered specifically for fingertip grip users. This strategic acquisition marks a key milestone in Pulsar’s continued global expansion, and establishes Pulsar Americas Inc., a dedicated North American subsidiary.
Technology & Internet
Meta Invests $3.5 Billion in World’s Largest Eye-Wear Maker in AI Glasses Push
Meta Platforms Inc (META) bought a minority stake in the world’s largest eyewear manufacturer, EssilorLuxottica SA, deepening the US tech giant’s commitment to the fast-growing smart glasses industry, according to people familiar with the matter. Facebook parent Meta acquired just under 3% of the Ray-Ban maker, a stake worth around €3 billion ($3.5 billion) at market prices, said the people. Meta, based in Menlo Park, California, is considering further investment that could build the stake to around 5% over time, the people added. The two companies have worked together for several years to develop AI-powered smart glasses. Meta currently sells a pair of Ray-Ban glasses, first debuted in 2021, with built-in cameras and an AI assistant that provide image-captioning or real-time stock prices.
Online sales reach $7.9 billion in first 24 hours of Prime Day
U.S. online sales jumped 9.9% year over year to $7.9 billion on July 8th, the kickoff of Amazon’s Prime Day megasale, according to Adobe Analytics. At that level, it marks the “single biggest e-commerce day so far this year,” Adobe said. It also eclipsed total online spending during Thanksgiving last year, when sales on the holiday reached $6.1 billion. Amazon’s Prime Day bargain blitz began on July 8th and lasts through July 11th. The event, first launched in 2015 as a way to hook new Prime members, has pushed other retailers to launch counterprogramming. Walmart’s six-day deals event also started July 8th, while Target Circle Week kicked off on July 6th, and Best Buy launched a Black Friday in July promotion that began July 7th.
Finance & Economy
Trump says U.S. struck trade deal with Vietnam that imposes 20% tariff on its imports
On July 2nd, President Donald Trump said that the United States has struck a trade deal with Vietnam that includes a 20% tariff on the Southeast Asian country’s imports to the U.S. Trump’s announcement on Truth Social said that the deal will give the U.S. tariff-free access to Vietnam’s markets. Vietnam also agreed that goods would be hit with a 40% tariff rate if they originated in another country and were transferred to Vietnam for final shipment to the United States. The process, known as transshipping, is used to circumvent trade barriers. China, a top exporter to the U.S., has reportedly used Vietnam as a transshipment hub. Trump wrote that “Vietnam will pay” that 20% duty, but tariffs are taxes on foreign goods that are paid by the importers of those products.
Trump rolls out reciprocal tariffs for Japan, South Korea, others
President Donald Trump began unveiling the tariff rates the U.S. will charge imports from certain countries following the expiration of a 90-day pause on country-specific levies. Trump outlined the rates in identical letters to heads of countries such as Japan, South Korea, and South Africa, which he shared on Truth Social. The rates range from 25% to 40%. The new tariffs, some of which differ from the original levies set as part of his reciprocal tariff announcement in April 2025, will go into effect on August 1st. Trump and Treasury Secretary Scott Bessent indicated a similar timeframe would be enforced in comments made this weekend. Trump also said that the U.S. would match any retaliatory tariffs, with any hikes made in addition to the rate detailed in the letter to each country. The president also suggested that the tariffs could be lowered if countries provide greater market access to the U.S. and/or rescind certain tariffs and other trade policies.
Fed minutes show little support for interest rate cut later in July 2025
Only “a couple” of officials at the Federal Reserve’s June 17-18 meeting said they felt interest rates could be reduced as soon as July 2025, with most policymakers remaining worried about the inflationary pressure they expect to come from President Donald Trump’s use of tariffs to reshape global trade. Trump has demanded immediate, steep cuts and called for Fed Chair Jerome Powell to resign. The minutes released, however, showed only narrow support for a near-term reduction in borrowing costs among the Fed’s 19 policymakers, with “some” of them feeling no rate cut would be needed at all. “Most participants” at the Fed’s meeting last June anticipated rate cuts would be appropriate later this year, with any price shock from tariffs expected to be “temporary or modest,” the minutes said.
