Apparel & Footwear

Guess receives offer to go private

Guess Inc. received a proposal to go private from WHP Global, per a Mar 17th press release. The nonbinding proposal, which came through WHP’s affiliate WHP Investments, is an offer to acquire the more than 51 million outstanding shares of Guess for $13 per share in cash, which was above March 18th’s share price of $12.62. Guess has a market cap of $649 million. WHP’s offer excludes shares held by CEO Carlos Alberini and Guess co-founders Paul Marciano and Maurice Marciano, the three of whom collectively own 50.3% of the company, according to securities filings.

Forever 21’s US operator F21 OpCo files for Chapter 11 bankruptcy

F21 OpCo, LLC, the operator of Forever 21 stores and the licensee of the Forever 21 brand in the United States, has announced that it, along with certain US subsidiaries, has entered into a Plan Support Agreement with its secured lenders and has voluntarily filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. Through this process, the Company aims to conduct an orderly wind-down of its US operations while simultaneously exploring potential transactions, including a possible sale of some or all of its assets, as per a release by F21 OpCo. As part of the bankruptcy process, F21 OpCo will undertake liquidation sales at its stores while initiating a court-supervised marketing process for its assets. The Company will file a motion with the Court seeking approval to market its assets through an auction under section 363 of the US Bankruptcy Code.

Coach owner sues Shein over alleged sale of dupes

Tapestry is suing Shein for federal trademark infringement, false advertising, and unfair competition, according to court documents filed last week. The Coach owner alleges that the fast fashion giant designed, manufactured, marketed, and sold dupes using Coach trademarks, including its signature “C” designs, the Coach name, and its other logos. Attorneys for Tapestry say the products are “substantially indistinguishable” or confusingly similar to authentic Coach products. The products discussed in the complaint were sold through Shein’s marketplace feature, which allows third-party users to post product listings. However, when users search for “Coach” on the site, there is no designation that the products originate from a third-party seller, per the complaint.

J.Jill Beats Q4 Earnings Expectations, but Sees Slow Start to Early 2025

J.Jill, navigating a tough consumer spending climate, managed to post fourth-quarter earnings that topped Wall Street estimates. While the bottom line was down from a year ago, on an adjusted basis, earnings for the quarter ended Feb 1st hit 32 cents per share, ahead of the 22 cents expected. The Quincy, Mass.-based women’s specialty retailer’s net income declined to $2.2 million, or 14 cents per diluted share, compared with $4.8 million, or 33 cents per share, a year earlier. Total comparable sales, which includes comparable store and direct-to-consumer sales, increased by 1.9 percent in the fourth quarter. Net sales for the fourth quarter of fiscal 2024 decreased 4.9 percent to $142.8 million compared with $150.3 million a year earlier, when sales were boosted by $7.9 million from an extra week in the fiscal quarter.

Athletic & Sporting Goods

Rebel Athletic Receives Growth Investment from Main Post Partners

Rebel Athletic, the global leader in couture Allstar and cheerleading apparel, is excited to announce a strategic minority investment from Main Post Partners, a leading private equity firm specializing in founder-run high-growth challenger brands. This partnership will provide Rebel Athletic with the resources, supply chain expertise, and capital necessary to scale rapidly across multiple segments, including School, Youth, Recreational and Allstar Cheer, as well as Pro Team, Allstar Dance and Studio Dance. The investment will also fuel the expansion of Rebel’s growing retail division.  With a focus on innovation and operational excellence, Rebel Athletic plans to leverage this investment to expand and diversify its supply chain, integrate cutting-edge AI-driven technology, and introduce a new Color Guard division. Additionally, Rebel will explore strategic acquisitions as part of its aggressive growth strategy.

Bill Chisholm agrees to buy Celtics for $6.1 billion

A group led by Bill Chisholm, managing partner at Symphony Technology Group, has agreed to purchase the Boston Celtics for a valuation of $6.1 billion, sources told ESPN’s Shams Charania.  That price would surpass the $6.05 billion price a group led by Josh Harris paid to buy the NFL’s Washington Commanders in 2023 as the highest number paid for a franchise in North American sports history, and would easily surpass the record number for the control stake of an NBA team, which was set two years ago when Mat Ishbia bought the Phoenix Suns for $4 billion.  The Grousbeck-Pagliuca group purchased the Celtics for $360 million in 2002.

Cosmetics & Pharmacy

Interparfums Acquires Maison Goutal

Interparfums has announced the acquisition of all worldwide intellectual property rights relating to Maison Goutal from AmorePacific. The K-beauty behemoth’s European arm will continue to operate the Goutal Brand under a license agreement for the remainder of the year. Interparfums will develop the brand from 2026 onwards, together with its licensee. Financial terms of the transaction were not disclosed.

Upper Canada Soap Acquires Look Beauty

Look Beauty has a new owner. Upper Canada Soap has acquired Look Beauty, the business behind the animal-print sheet masks popular on social media. Terms of the deal, including sales, were not disclosed. Look Beauty’s portfolio includes Masque Bar, a line of face masks; My iN.gredients, which focuses on ingredient-driven skin care; and Pretty Animalz, known for its animal-shaped masks. About 80 percent of the business is said to be from Look Beauty brands, like Masque Bar, and 20 percent is from private labels. The company is based in Toronto, and all of Look Beauty’s products are manufactured in Korea. The brands are available in 56 countries and are stocked in Shoppers Drug Mart, Walmart, CVS, and Target. Most recently, in the U.S., it added Kroger, Meijer, and Wegmans.

Elf Beauty to face class action lawsuit over ‘misleading’ inventory and sales figures

Elf Beauty could be forced to defend itself in a class action lawsuit that has been filed against the cosmetics brand in the District Court of Northern California and seeks to recover damages allegedly caused by Elf Beauty’s violations of federal securities law. Indeed, the suit charges Elf with concealing growth concerns as a result of rising inventory levels from investors, making materially false and misleading statements regarding its business, operations, and prospects. A report published by Muddy Waters Research accuses the Company of concealing its inventory challenges from investors by falsely attributing its rising inventory levels to supposed changes in its sourcing practices rather than the true cause—insufficient sales.

SBLA Beauty files for Chapter 11 bankruptcy

SBLA Beauty has filed bankruptcy in the Southern District of Florida. The Chapter 11 application lists liabilities to the tune of between $1 million and $10 million. It is not known whether the proceedings will affect production or sales. According to a report published by the Daily Mail, the skincare brand is sold via Amazon as well as direct-to-consumer via the brand’s own e-commerce site. The Company did not elaborate on the reason behind its financial difficulties, but it is not alone – Avon Products filed for Chapter 11 last year, while Revlon has recently emerged from bankruptcy protection.

Discounters & Department Stores

Five Below to open 150 stores, names marketing chief; focusing on core price points

Five Below reported fourth-quarter earnings that topped Street estimates, offered a mixed outlook going forward, and said it is returning its focus to its $5-and-under price points. On the company’s earnings call, new CEO Winnie Park said Five Below is returning to its core focus at whole $1 to $5 price points and “raising the bar on adding value to our highly edited assortment of product above $5. The move comes as the value-oriented chain, which targets tweens and teens, has been adding in-store shops featuring higher-priced items to its locations. Five Below is continuing its expansion, with plans to open 150 new stores this year. The company opened a record 228 stores across 39 states in 2024, including entry into its 44th state, Wyoming.

Designer Brands Inc. reports mixed Q4

Designer Brands Inc. reported a mixed holiday quarter with its first positive comparative sales gain in nine quarters, even as revenue missed analysts’ expectations and losses grew. The footwear giant and parent company of DSW reported a net loss of $38.2 million, or a loss per share of $0.80, for the quarter-ended Feb 1st, compared to a loss of $29.7 million, or a loss per share of $0.52 per share, in the year prior. The adjusted net loss was $21.3 million, or a loss per share of $0.44. Analysts had expected a loss of $0.49 per share. Net sales decreased 5.4% to $713.6 million, below estimates. Total comparable sales were up 0.5% compared to a 7.3% decline in the previous year. With regard to 2025, CEO Doug Howe expressed confidence that the company’s ongoing business transformation will drive continued stability and growth, with expectations to significantly increase earnings per share compared to its 2024 adjusted results.

Ocean State Job Lot acquires 15 Big Lots leases; to open 22 new stores this year

A regional discount chain is the latest retailer to acquire the leases of former Big Lots locations. Ocean State Job Lot, which operates 159 stores across the Northeast, has acquired 15 Big Lots locations in eight states following the chain’s Chapter 11 bankruptcy filing. The company plans to open up to 22 new stores this year, including the 15 former Big Lots locations and five to seven additional locations. It will add two new states, Maryland and Delaware, to its footprint. The acquisition of the Big Lots stores continues Ocean State Job Lot’s strategic repurposing of former retail sites. In 2024, the company opened stores in four former Christmas Tree Shops properties, with a fifth and sixth slated to open in early 2025.

Emerging Consumer Companies

Bar Keepers Friend acquired by Forward Consumer Partners

Forward Consumer Partners, a private investment firm focused on branded consumer products, announced that it has acquired SerVaas Laboratories, Inc., makers of Bar Keepers Friend, a brand of household cleaning products. Paul SerVaas, who has stewarded the company as President since 2007, and other existing shareholders will retain a significant minority ownership stake in the company. Paul will also continue his service on the Board of Directors going forward. Founded in 1882, Bar Keepers Friend is a trusted provider of premium household and commercial cleaning solutions. Purchased by Beurt and Cory SerVaas in 1956, Bar Keepers Friend has enjoyed sustained growth through multiple generations of SerVaas family management. Today, the brand is known for its powerful, science-backed formulas that effectively remove rust stains, mineral deposits, soap scum, tarnish, and other tough stains from a variety of hard surfaces.

TheSkimm is sold to Ziff Davis’ Everyday Health

More than a decade after they started theSkimm’s daily newsletter, Danielle Weisberg and Carly Zakin have sold the company to Ziff Davis’ Everyday Health Group. Financial terms of the deal were not disclosed. TheSkimm had raised a total funding of about $29 million from investors including Shonda Rhimes, Tyra Banks, Willow Bay, Halogen Ventures partner Jesse Draper, Goldman Sachs, RRE and Google Ventures. TheSkimm claims to reach an audience of more than 5 million millennial and Gen Z female readers. The company was co-founded in 2012 by then-news producers Weisberg and Zakin. Its products and businesses now includes the Daily Skimm, Daily Skimm: Weekend, Skimm Money, Skimm Your Life and Skimm Well newsletters; business-to-business marketing newsletter The SKM Report, the “9 to 5ish with theSkimm” podcast, and the WellPlayed sports podcast.

Food & Beverage

JBS acquiring The Vegetarian Butcher from Unilever

Vivera, a subsidiary of JBS SA, one of the world’s largest meat processors, is acquiring The Vegetarian Butcher from Unilever. Financial terms of the transaction were not disclosed. Vivera manufactures plant-based meat alternatives. The Vegetarian Butcher sells a variety of plant-based meat alternative applications to retailers and food service operators in 55 markets around the world. The business was founded in 2010 and acquired by Unilever in 2018. During its 2024 investor day, Unilever announced that it was looking to transition its portfolio to long-term growth and scalability by focusing on fewer, larger brands. The chilled and frozen products of The Vegetarian Butcher require a distinct supply chain and sourcing model, making them less scalable within the broader Unilever Foods portfolio.

Chobani makes biggest plant investment in its history by spending $500M to expand Idaho facility

Chobani is spending $500 million to expand production by 50% at its Twin Falls, Idaho, facility. The company did not provide details on how long construction will take. According to the yogurt giant, the expansion is expected to add 500,000 square feet of space and create a minimum of 160 new jobs. Once completed, the expanded Twin Falls plant will span 1.6 million square feet and feature 24 production lines. Chobani opened the Idaho facility in 2012, which makes yogurt, oat milk, and coffee creamers. The company spent $100 million to expand the Twin Falls location in 2016, while announcing a 70,000-square-foot addition for R&D and an innovation center the following year.

Cerea Partners acquires majority stake in French chocolatier Relais Desserts

Cerea Partners acquired a majority stake in premium French chocolatier Relais Desserts, partnering with founders Vincent and Karen Guerlais. Regional investor Unexo has taken a minority stake, backed by Caisse Régionale de Crédit Agricole Atlantique Vendée. The investment supports Relais Desserts’ expansion plans, with Cerea Partners aiming to scale the company’s boutique network across western France. The chocolatier, which generates approximately €15m in annual revenue, operates six boutiques in the Nantes region and a seventh in Japan.

Grocery & Restaurants

&pizza launches first franchising program with a goal of 300 locations

&pizza — the Washington, D.C.-based, fast-casual pizza chain known for its rebellious vibe — announced its first franchising program Thursday, aiming to grow its portfolio from 45 restaurants to 300 locations by 2030. The expansion will focus mainly in the Northeast, targeting areas outside of New York City, like New Jersey, Pennsylvania, Maryland, Virginia and Washington, D.C. It has been more than a year since &pizza founder Michael Lastoria passed the reins to now-CEO Mike Burns, and the company has since worked to reclaim its “rebel streak” status of pizza tattoos, loud music, and snarky social media posts. Along the way, &pizza closed 13 units in 2024 and updated operations to meet modern consumers where they are — at home, ordering pizza from their mobile phones.

Taco Bell parent Yum Brands partners with Nvidia to speed up use of AI

Two chipmakers are teaming up. Yum Brands is partnering with tech giant Nvidia to accelerate the use of artificial intelligence in its restaurants. The restaurant company, which owns Taco Bell, KFC and Pizza Hut, said on Tuesday that the collaboration will allow Yum to roll out AI order-taking, Nvidia-powered computer vision and restaurant performance assessments fueled by AI. As tech giants compete in an AI arms race, restaurant companies have also been using the technology to stay ahead of rivals by improving their operations and saving money on labor. Fast-food chains have been testing AI to take drive-thru orders, check the accuracy of orders, decide how to schedule workers effectively and place supply orders.

Home & Road

Beyond Sells Majority of Zulily, Adds Former Revlon CEO Perelman to Board

Beyond, saying it needs to focus on its core properties, has entered into a definitive agreement to sell the majority stake in its Zulily business to Lyons Trading Co., operator of online off-pricer Proozy.com. Shortly before revealing the Zulily sale, Beyond announced it appointed Debra Perelman its board of direction. Perelman, former CEO of Revlon, is founder and managing partner of InviNext Growth Partners, a consumer-focused emerging growth investment firm, according to LinkedIn. Beyond will receive $5 million in the Zulily transaction while maintaining a 25% stake in the brand. The company expects the transaction to have no material effect on its full-year adjusted earnings per share.

Williams-Sonoma sees bump in earnings in Q4, full year

Top 100 retailer Williams-Sonoma Inc., parent company of Pottery Barn and West Elm, posted increased earnings gains for its fourth quarter and full year for FY2024. For the quarter ended Feb. 2, the San Francisco-based retail group’s net revenues totaled $2.462 billion, up 8.04% compared with $2.279 billion over the same three-month span of FY2023. Net earnings for the quarter totaled $410.72 million, or $3.28 per diluted share, an increase of 15.88% vs. $354.44 million, or $2.72 per diluted share last year. By brand, Pottery Barn posted net revenue of $919 million, up 5.15% compared with $874 million a year ago, while West Elm‘s $501 million was better than its $453 million in last year’s quarter by 10.6%. For the year, Williams-Sonoma‘s net revenues stood at $7.712 billion, about a half point slip compared with $7.751 billion in FY2023. Full year net earnings came in at $1.125 billion, or $8.79 per diluted share, up 18.48% against 2023’s net earnings of $949.76 million, or $7.28 per diluted share.

Jewelry & Luxury

Richemont’s Emmanuel Perrin to Take Over As CEO of Panerai Exiting Role as Head of Specialist Watchmakers

Richemont executive Emmanuel Perrin is taking over as Chief Executive Officer of Panerai and will exit the role as head of the Swiss luxury conglomerate’s Specialist Watchmakers division. Perrin, an industry veteran who has led the Specialist Watchmakers unit since 2017, will return to an operational position at the Panerai brand following the departure of Jean-Marc Pontroué after seven years in the job. According to people familiar with the matter, the Specialist Watchmakers division will continue to operate as a separate entity reporting the financial performance of Richemont watch brands, including Panerai, Jaeger-LeCoultre, and IWC.

New Signet CEO Announces Plans to Overhaul Company

Signet Jewelers plans a “relentless focus” on its “big three brands”—Kay, Zales, and Jared—CEO J.K. Symancyk told analysts on an earnings call on Mar 19th. It’s all part of a new corporate strategy, “Grow Brand Love”—a top-to-bottom overhaul that will involve greater emphasis on fashion jewelry, trimming Signet’s senior leadership by around 30%, the closure of up to 150 stores and refurbishment of 200, moving more stores to off-mall locations, and a clearer delineation of the roles of natural and lab-grown diamonds. Signet will be reorganized into “four distinct customer families” of brands, Symancyk said: “core milestone and romantic gifting” (Kay and Canadian chain Peoples); “style and trend” (Zales and Banter); “inspired luxury” (Jared and Diamonds Direct); and “digital pure play” (Blue Nile, James Allen, and Rocksbox.)

Office & Leisure

Adventureland and parent company Palace Entertainment sold to company behind Dollywood

Adventureland is changing hands again.  The Altoona-based amusement park, along with all of its parent company’s attractions, will be sold to Herschend, a family-owned operator of themed attractions like Dollywood and Silver Dollar City.  Palace Entertainment, a subsidiary of Spain-based Parqques Reunidos, acquired Adventureland Resort in January 2022, ending almost five decades of local ownership of the park.  Palace Entertainment owns more than 20 entertainment venues across 10 states, according to a news release from Adventureland.  Herschend started in 1950 with its first cave tour operation in the Ozark Mountains. It owns theme parks like Kentucky Kingdom, aquariums, and the Harlem Globetrotters.

H.I.G. Capital Makes a Strategic Investment in 360 Destination Group and CSI DMC

H.I.G. Capital, a leading global alternative investment firm with $67 billion of capital under management, is pleased to announce that one of its affiliates has completed a strategic investment in 360 Destination Group and CSI DMC, to facilitate the merger of two leading destination management companies.  CSI and 360DG both provide end-to-end event services in the U.S. and international markets to enterprise customers, planning and managing large corporate events, incentive trips, and conferences. Both companies craft memorable and bespoke event experiences that require deep local expertise, with services including décor design, food and beverage management, entertainment, production, and transportation. Together, the combined company will be positioned to better serve customers across 46 destinations, both in the U.S. as well as internationally.

Endeavor to Pay $225M to Give IMG Arena to Sportradar

Endeavor has agreed to pay a total of $225 million to give its IMG Arena data platform and the accompanying portfolio of rights to Sportradar, the latest asset to be sold as the company prepares to be taken private.  The $225 million is comprised of a $125 million payment to Sportradar and up to $100 million in “cash prepayments” to some of its various partners, according to a Sportradar filing on Wednesday morning. Sportradar will assume IMG Arena and its business, which includes over 70 rightsholders across 14 sports and 30,000 streaming events. The partners include Wimbledon, the U.S. Open, MLS and the PGA Tour.  Endeavor has been steadily unloading assets in the wake of an April 2024 announcement that private equity giant Silver Lake—already a sizable Endeavor investor—would be taking the company private at $27.5 per share.

Technology & Internet

GrubMarket raises $50 million Series G to fuel growth

GrubMarket, the AI-powered technology enabler and digital transformer of the American food supply chain industry, as well as the largest private food technology company in the United States, announced today that it has raised around $50 million in a significantly higher valued Series G funding round from Liberty Street Funds, 3Spoke Capital, ROC Venture Group, Portfolia, Pegasus Tech Ventures, Joseph Stone Capital, and other unnamed participants. This round values GrubMarket at over $3.5 billion. “GrubMarket has experienced an incredible acceleration in growth over the last 12 months – our revenues surpassed $2 billion in 2024, and we became the largest private food technology company in the United States, while continuing to maintain a strong and healthy financial bottom line. As our business model is highly sustainable, this funding round was not a necessity, but rather an opportunity to align our valuation with the scale and strength of our business growth, our AI tech innovations, and the significant value we create for the industry,” said Mike Xu, CEO of GrubMarket.

Finance & Economy

Fed holds rates steady, sees slower growth and higher inflation amid Trump uncertainties

The Federal Reserve held interest rates steady on Mar 19th for the second meeting in a row and maintained a prior prediction for two rate cuts at some point this year. What the central bank did change, however, was its outlook on inflation and economic growth amid uncertainties stemming from President Trump’s plans for an aggressive slate of new tariffs on top of new duties already imposed on China, Canada, and Mexico. Fed officials now see inflation staying higher this year than previously estimated and economic growth going lower than prior predictions. Policymakers estimate that the core Personal Consumption Expenditures (PCE) measure of inflation will be 2.8% at the end of 2025, compared with 2.5% previously.

Retail sales increased 0.2% in February, though spending up less than expected

Consumers spent at a slower-than-expected pace in February, though underlying readings indicated that sales still grew at a solid pace despite worries over an economic slowdown and rising inflation. Retail sales increased 0.2% on the month, better than the downwardly revised decline of 1.2% the prior month but below the Dow Jones estimate for a 0.6% rise, according to the advanced reading on Mar 17^th from the Commerce Department. Excluding autos, the increase was 0.3%, in line with expectations. The sales number is adjusted for seasonal factors but not for inflation. Prices rose 0.2% on the month, according to a previous Labor Department report, indicating that spending was about on pace with inflation.

Mortgage rates remain near 6.7% as Fed flags growing economic uncertainty

Mortgage rates held steady again this week, giving prospective homebuyers little relief as the spring buying and selling season approaches. According to Freddie Mac data, the average 30-year mortgage rate was 6.67% this week through Mar 19th, compared with 6.65% a week earlier. 15-year mortgage rates averaged 5.83%, slightly changed from 5.8% a week earlier. Mortgage rates have drifted lower this year from highs of around 7% but have stagnated between 6.6% and 6.7% amid growing uncertainty about what President Trump’s tariff policies will mean for the economy. 10-year Treasury yields, which closely track mortgage rates, were little changed this week until Mar 19th, when they declined in the aftermath of the Federal Reserve’s meeting.