Story of the Week
KKR buys South Korea’s Samhwa in $528 million deal
U.S.-based KKR has acquired South Korea’s cosmetics packaging company Samhwa Co from TPG in a deal valued at 733 billion Korean won ($528 million). KKR said the acquisition is an addition to its long track record of investing in Korean businesses. The firm had earlier backed companies, including fashion retailer Musinsa, energy provider SK E&S, and recycling firm Ecorbit. The deal comes as South Korea’s cosmetics industry gains global popularity and ranks among the world’s top cosmetics exporters. Samhwa said it plans to leverage KKR’s global network to deepen its partnership with major global luxury brands.
Apparel & Footwear
Vince Stock Soars After Strong Q2 Report
Vince shares soared more than 100 percent on Thursday, Sept 11, after the contemporary brand reported second-quarter results that beat expectations. The apparel company is known for its California-inspired, laid-back, contemporary styling, but there was certainly nothing laid-back about Wall Street’s reaction to the report. The brand indicated that it benefited from greater full-price selling, less discounting, and healthy levels of product acceptance by consumers during the quarter ended Aug 2.
Canadian brand Roots’ Q2 FY25 sales rise 6.3%, DTC growth hits 12.7%
Canadian apparel and lifestyle brand Roots Corporation has reported a strong second quarter for fiscal 2025, ended August 2, with total sales rising 6.3 percent year-over-year to $50.8 million. The direct-to-consumer sales, comprised of retail stores and e-commerce, climbed 12.7 percent YoY to $41 million, supported by a robust 17.8 percent comparable sales growth across both channels. The results reflect strong customer response towards the company’s ongoing brand investments and curated product offerings, as well as improvements to enhance the omnichannel customer experience, Roots Corporation said in a press release.
Designer Brands continues to withhold guidance as Q2 sales, profits decline
Designer Brands on Tuesday, Sept 9th, emphasized sequential gains in a Q2 report stacked with year-on-year declines. Comparable sales improved by 280 basis points from Q1, and CEO Doug Howe noted “gradual improvements in traffic and a notable uptick in conversion.” But compared to last year, net sales fell 4.2% to $739.8 million, and comps fell 5%. U.S. retail sales (80%+ of net retail sales) fell nearly 5%. Gross margin contracted slightly to 43.7% from 44% last year, and net income declined nearly 20% to $11.3 million.
‘Ozempic Effect’: Weight-loss drug boom has reached apparel store rack as America resizes
The weight-loss drug boom is resizing clothing racks around the U.S., with the most significant changes to date measured in the amount of plus-size clothing showing up in the resale market. There is little evidence that retailers or clothing manufacturers are scaling back production of larger sizes, but retail apparel experts say fewer extended sizes are on the rack in stores, or are on clearance, and there are “tighter size runs” within the existing larger size segment. But fashion experts warn that the market for big and tall consumers has long been underserved, and it would be a mistake to retreat on plus-size clothing with expensive drugs like Ozempic and Zepbound still only used by a minority of the population.
Athletic & Sporting Goods
True Hockey Acquired by W. Graeme Roustan
Graeme Roustan, who acquired Bauer from Nike in 1988, has signed a definitive agreement to acquire True Hockey, the manufacturer of hockey equipment, from True Temper Sports, Inc. The acquisition also includes intellectual property and assets for True Hockey, True Lacrosse and True Baseball. Roustan is the executive chairman of Roustan Sports, which includes Roustan Hockey, McKenney Hockey, McKenney Lacrosse, Grey Owl Paddles, and the STIX.com portal.
Dick’s Sporting Goods completes multibillion-dollar deal to acquire Foot Locker
Dick’s Sporting Goods Inc. has officially closed a $2.4 billion deal to acquire Foot Locker, one of the world’s largest shoe retailers. Findlay-based Dick’s will take over Foot Locker’s 2,400-plus stores in 20 countries, ballooning its portfolio to more than 3,200 total locations. The deal was first reported in May. Dick’s will continue to maintain Foot Locker’s existing brands, including Kid’s Foot Locker and Champs Sports, a sports apparel and equipment chain. Dick’s is reshuffling its leadership following the deal. Its executive chairman, Ed Stack, will oversee Foot Locker in tandem with Ann Freeman, a former Nike executive who will serve as the brand’s president in North America with the president of international operations, who has yet to be named.
Cosmetics & Pharmacy
Blackstone to Invest in South Korean Hair Care Business Juno
Blackstone has agreed to acquire a majority stake in premium South Korean hair care business Juno, partnering with founder and CEO Yun-Seon Kang to accelerate growth and international expansion. While financial terms were not officially disclosed, sources close to the matter suggest the deal values Juno at approximately 800 billion won (US$575 million). Founded in 1982, Juno operates more than 180 salons across South Korea and has expanded into Singapore, Vietnam, and the Philippines, with partnerships in Japan and Thailand. Under the agreement, Kang will remain as CEO, supported by Blackstone’s global platform and investment expertise. This marks Blackstone’s fourth private equity investment in South Korea, underscoring its commitment to partnering with family-founded and entrepreneur-led businesses in Asia’s fast-growing consumer sector.
Bansk Group to Acquire Majority Stake in Skincare Brand BYOMA
Bansk Group has signed a definitive agreement to acquire a majority stake in BYOMA from Yellow Wood Partners, marking a significant private equity move in the fast-growing skincare sector. Founded in 2022, BYOMA quickly established itself as a top-five skincare brand at leading retailers, known for accessible, science-backed formulations focused on strengthening the skin barrier. The brand has grown rapidly through its five-step product system and consumer education-driven approach. While financial terms were not disclosed, the deal will see BYOMA continue under the leadership of founder and CEO Marc Elrick, alongside the existing management team.
Ulta Beauty Enters Mexico, Marking First International Store Expansion
Ulta Beauty has entered Mexico with its first stores, marking the U.S. retailer’s brick-and-mortar international debut. Initial locations include Antara Fashion Hall in Mexico City and Galerías Metepec, with additional stores planned in Guadalajara, Monterrey, León, Tijuana, and the State of Mexico. Partnering with Grupo Axo, Ulta introduces over 35 brands, including exclusives like Isima by Shakira and Peach & Lily, as well as local labels such as AHAL and Bailando Juntos by Yuya. The move signals Ulta’s first step beyond the U.S., targeting Mexico’s dynamic beauty market and expanding its global growth strategy.
Discounters & Department Stores
Dollar Tree to host National Hiring Week event at its stores
A leading discount retailer is seeking thousands of new workers. Dollar Tree Inc. will host a National Hiring Week taking place Sept. 14-20, where it plans to hire thousands of associates across more than 9,000 stores nationwide. Open positions include a variety of part-time and full-time roles, including store managers, assistant store managers, and customer service associates. Dollar Tree is touting its “competitive pay, flexible schedules, and quality benefits” for potential hires, including medical, dental, and vision coverage, an employee stock purchase plan, ValuED education assistance, and DailyPay, which allows associates to get paid between traditional paydays.
Target to open new larger stores this fall
Target is in expansion mode. The retailer announced the opening of seven new stores this fall, in Arizona, California, Florida, Nebraska, South Carolina, Texas, and Virginia. This includes leaning into larger footprints. Six of the new stores will top the retailer’s 125,000-square-foot average. “They’re the latest examples of the more than 300 new stores we plan to build during the next decade as we aim to serve even more consumers,” Target said on its website. “And we’ve got so much to offer, with on-trend newness and everyday essentials that provide high quality at an incredible value, whether guests are shopping our aisles or using our same-day services like Drive Up, Order Pickup or same-day delivery with Target Circle 360.”
Emerging Consumer Companies
Unrivaled, the 3-on-3 women’s basketball league, closes its Series B
Unrivaled announced the closure of its oversubscribed Series B investment round led by Bessemer Venture Partners. Among the notable investors joining this round is Serena Ventures, with Warner Bros. Discovery and Alex Morgan’s Trybe Ventures building on their previous investments in the league. With this latest infusion of capital, Unrivaled is now valued at $340 million. Founded in 2023, Unrivaled was born from a shared vision to empower athletes as real stakeholders whose voices and ownership position both shape the platform’s direction and capitalize on its performance. Beyond offering the highest average salary in professional women’s sports league history, a key element of the league’s business model is its player-first compensation structure, which includes equity stakes for the athletes who participated in the inaugural season.
Glossier has appointed Colin Walsh its new CEO, effective October. Walsh, a former CEO for the beauty divisions of Ouai and Procter & Gamble, will join the millennial-pink beauty company to steer its vision. Walsh’s appointment follows Glossier CEO Kyle Leahy announcing plans to step down from the role earlier this year. Leahy, who has helmed the beauty brand for three years, announced her departure on 24 June via a company-wide email to staff. She took over as CEO after founder Emily Weiss left that role in 2022.
After raising a $6M Series A, Caldera + Lab rebrands and readies for Ulta Beauty
Caldera + Lab has undergone a rebrand as it gears up for its arrival at Ulta Beauty as part of the beauty specialty retailer’s forthcoming marketplace. CEO and founder Jared Pobre tapped Jane Smith Agency, which has worked with Patrick Ta, RéVive and Violet Grey, to create a more mature version of the Jackson Hole-inspired men’s skincare, body care and haircare brand, which will make its Ulta debut next month online with the intent of entering stores later. Caldera + Lab launched online with Neiman Marcus last year and is also available on Amazon, select e-tailers and independent brick-and-mortar retailers. “When we launched, I had zero experience creating a skincare brand. The name, the logo, the packaging, it all came together in a somewhat unorthodox way and it wasn’t cohesive,” says Pobre. “With this rebrand, we wanted the brand to evoke the evolution of where we’re going and where we’re heading.”
Food & Beverage
Nutrabolt boosts stake in Bloom Nutrition with nearly $160M investment
Nutrabolt has increased its investment in supplement and beverage brand Bloom Nutrition to about $210 million, the company said on September 10th. The new investment totals about $160 million, and a spokesperson declined to share the size of its new stake in Bloom. The manufacturer behind the C4 Energy drink first invested in Bloom in 2024 when it spent $50 million for a 20% minority stake. The latest deal strengthens Nutrabolt’s portfolio and allows the company to pursue new product platforms, per the release. It also deepens Bloom’s ties with Keurig Dr Pepper, which is a backer of Nutrabolt and has aimed to expand its presence in energy drinks.
Kendall Jenner-backed 818 Tequila nabs new investment
Calabasas Beverage’s 818 Tequila brand received an investment from the spirit’s producer in Mexico. Terms of the deal were not disclosed. Grupo Solave, which initially partnered with 818 upon its launch in 2021, said it is consolidating a strategic investment in the brand to “build a solid and sustainable future.” Calabasas Beverage also named Larry Goodrich, who previously was CEO of 818, to the CEO role of the holding company, according to a post on its LinkedIn page. Goodrich succeeds Michael Novy, who left to become CEO of Ole Smoky Distillery last month.
FDA takes first step toward closing GRAS ingredient ‘loophole’
The FDA proposed a rule that companies provide health data and other documentation when declaring a new food ingredient or additive is safe, a step toward eliminating a voluntary approval process decried by Health Secretary Robert F. Kennedy Jr. The rule would require companies to submit mandatory notices when declaring an ingredient is Generally Recognized as Safe, or GRAS. Currently, notices are voluntary, though strongly encouraged by the FDA. The proposal is included among a list of upcoming regulatory priorities by the Trump administration. In March, Kennedy directed the FDA to explore rulemaking to eliminate companies’ ability to self-affirm that an ingredient is safe.
MBC Companies Acquires Alpha Foods, Expanding Capabilities in Frozen Pizza Manufacturing
MBC Companies (MBC), a diversified frozen foods company, announced that it has acquired Alpha Foods (Alpha), a family-owned frozen pizza manufacturer based in Waller, Texas. This partnership expands MBC’s manufacturing footprint, accelerates product innovation, and strengthens its ability to serve customers coast-to-coast across multiple channels. MBC is a portfolio company of Entrepreneurial Equity Partners (e2p), a Chicago-based private equity firm focused on investments in the food, beverage, and pet industries. Alpha is a privately held, family-owned frozen foods manufacturer founded in 1984 by Greek immigrants George and Athena Sarandos. Alpha has grown from a regional foodservice distributor into a respected national producer of frozen pizzas and pizza components.
Grocery & Restaurants
Potbelly acquired by c-store company RaceTrac
Potbelly Sandwich Works has been acquired by RaceTrac, an Atlanta-based company that operates more than 800 convenience stores across 14 states under the RaceTrac and RaceWay brands. As part of the definitive merger agreement, RaceTrac will commence a tender offer to acquire all of the outstanding shares of Potbelly for $17.12 per share, in an all-cash transaction with an equity value of approximately $566 million. This represents a premium of approximately 47% to Potbelly’s 90-trading-day volume-weighted average price as of September 9, 2025. The transaction is expected to close in the fourth quarter. Potbelly, founded more than 40 years ago in Chicago, has grown to more than 445 company and franchise-owned shops across the United States, with a long-term goal of reaching 2,000 shops.
Chipotle to expand to Asia through joint venture with SPC Group
Chipotle Mexican Grill on Wednesday announced plans to expand to Asia for the first time through a joint venture with SPC Group, a Korean-based restaurant operator. The burrito chain aims to open its first Chipotle locations in South Korea and Singapore in 2026. Out of Chipotle’s more than 3,800 restaurants worldwide, 98% are in the United States, according to company filings. However, Chipotle has been trying to grow internationally in recent years. Most of its international restaurants are in Canada and Europe, although it’s been trying to expand to new markets, too. In July 2023, Chipotle inked a deal with Alshaya Group to open locations in the Middle East; the operator currently runs three Chipotle restaurants in Kuwait and another three in the United Arab Emirates. Earlier this year, the company also signed a development agreement with Latin American operator Alsea to open its first locations in Mexico.
Home & Road
CEO gives inside look at Bed Bath & Beyond Home’s growth strategy
The first Bed Bath & Beyond Home store opened in Nashville last month, a new beginning for legacy retail brand Bed Bath & Beyond, which filed for bankruptcy in 2023 but later re-emerged as an online retailer. The Brand House Collective partnered with the company last year to become the exclusive brick-and-mortar operator and licensee for smaller format Bed Bath & Beyond locations nationwide. And both companies changed their names this year: Beyond Inc. became Bed Bath & Beyond last month, while Kirkland’s rebranded as the Brand House Collective in June. On opening day at the Nashville store, customers waited in line for three hours, many with years-old Bed Bath & Beyond coupons in hand, to get a peek at the new store, and the opening generated record-breaking year-over-year sales for what was previously a Kirkland’s store, CEO Amy Sullivan told Furniture Today‘s sister publication Home Accents Today. The store will test its assortment but is focusing on Bed Bath & Beyond’s historical strength in bed, bath and kitchen products. It carries 30 national brand partners such as Cuisinart and Nicole Miller.
Culp narrows Q1 loss as margins improve on restructuring
Culp Inc. posted a narrower net loss in its fiscal first quarter as restructuring initiatives boosted margins, even as sales remained pressured by weak demand and tariff disruptions in upholstery. The fabric supplier reported a net loss of $231,000, or 2 cents per share, for the quarter ended Aug. 3, compared with a loss of $7.3 million, or 58 cents per share, in the same period last year. Net sales totaled $50.7 million, down 10.3% from $56.5 million, although the latest quarter included an extra week. Gross profit improved to $7.2 million, or 14.3% of sales, up from $5.1 million, or 9% of sales, a year earlier. Operating income came in at $1.6 million, compared with a loss of $6.9 million in the prior-year period. Excluding restructuring-related credits, non-GAAP operating loss was $1.9 million. Iv Culp, president and CEO, credited the improvement to the company’s restructuring last year in the bedding segment and continuing integration efforts.
Lovesac steady in Q2 as Snugg rollout advances
Furniture retailer Lovesac saw total net sales climb by 2.5% in the second quarter, bolstered by strong showroom performance that offset a drop in internet sales. Net sales for the quarter reached $160.5 million with $109.1 million of that coming from showrooms, which were up 10.4% year-over-year. The company ended the quarter with 270 showrooms, an increase of 16 over the last year. During the second quarter, Lovesac opened six showrooms and closed three. Internet sales fell 4.1% to $42.5 million, while sales through other channels, such as in-store and online pop-ups, were off by 33.6%, contributing $9 million. Omnichannel net sales, which includes sales at all retail locations and online that were open 12 months or longer, were up 0.9% in Q2 vs. a 5.4% decline in the previous year’s second quarter. Net loss was $6.7 million or $0.45 net loss per common share compared to $5.9 million or $0.38 in the prior year period.
Positioned for a return to profitability, losses widen for Hooker Furnishings in Q2
Hooker Furnishings reported a wider second-quarter loss as weak housing demand, tariff-related buying hesitancy and a customer bankruptcy weighed on results, but executives said the company’s multi-phase restructuring is positioning it for a return to profitability. For the quarter ended Aug. 3, the Martinsville, Va.-based company posted net sales of $82.1 million, down 13.6% from a year earlier. The operating loss widened to $4.4 million from $3.1 million in the prior-year period, including $2 million in restructuring costs. Net losses totaled $3.3 million. CEO Jeremy Hoff said Hooker is taking “decisive steps to return the business to profitability” by scaling costs, reducing debt and launching new products.
Jewelry & Luxury
France’s Kering & Mayhoola reaffirm long-term Valentino partnership
Kering and Mayhoola jointly announce that they have agreed to amend their shareholders’ agreement (initially concluded at the time of Kering’s acquisition of a 30% stake in Valentino in 2023) and, more specifically, the framework of the evolution of Valentino’s shareholding. According to this amendment, the current ownership structure of the House of Valentino will not change before 2028 at the earliest. Mayhoola’s put options on Kering exercisable in 2026 and 2027 for its remaining 70% stake in Valentino are now postponed to 2028 and 2029, respectively. Kering’s call option to acquire Mayhoola’s stake in 2028 is also deferred to 2029. All other contractual provisions relating to the options remain unaffected.
Giorgio Armani’s Dual Wills Chart Path for Potential Stake Sale, IPO
Giorgio Armani left not one but two wills, one dated March 15 and the other April 5. They were made public on the morning of Sept 12th on several media outlets. Accordingly, Armani, who died on Sept 4th at 91, decided that his namesake foundation would manage the fashion group. After 12 months from the opening of the will, and within 18 months at the most, an initial 15 percent of his namesake company could be sold to either LVMH Moët Hennessy Louis Vuitton, EssilorLuxottica, or L’Oréal. All three companies have, over the years, been rumored to have made overtures to Armani, but no deal ever materialized. Pantaleo Dell’Orco, Armani’s longtime partner in charge of the men’s division, has a key role with 40 percent of voting shares.
Office & Leisure
Miller Manufacturing Acquires Lixit® Animal Care Products
Miller Manufacturing Company, a market-leading manufacturer and distributor of farm, ranch, and pet products, is pleased to announce the successful acquisition of Lixit® Animal Care Products, a respected innovator in small animal and pet care supplies. Founded in 1941 and headquartered in Eagan, Minnesota, Miller Manufacturing has built a reputation for quality and innovation across its family of brands, including Little Giant®, Hot-Shot®, Springer Magrath®, API®, Double-Tuf®, and Pet Lodge®. With over 1,300 products distributed throughout the U.S. and in more than 30 countries worldwide, as Miller celebrates its 85th anniversary, it continues to expand its commitment to animal care and American manufacturing. Lixit® Corporation, founded in 1968 and based in Napa, California, is best known for its high-quality water bottles, feeders, bowls, and accessories for small animals, birds, and pets.
Sesh Secures $40M to Accelerate U.S. Growth
Sesh, an Austin-based, tobacco-free nicotine pouch maker, says it has raised more than $40 million in funding to scale its U.S. business. The financing round, led by 8VC and Jack Link’s CEO Troy Link, included participation from Electric Feel Ventures and a slate of investors spanning retail, entertainment, and manufacturing, including Post Malone, Diplo, and Zac Brown. Launched in 2020, Sesh has rapidly expanded into major national retailers such as Buc-ee’s, Sheetz, Quiktrip, AMPM, Circle K West, and Pilot. The company says it is anchored by a patented, pH-balanced formulation from Thomas Ericsson, inventor of Zyn, and that its Ohio-made pouches incorporate MCT oil to enhance mouthfeel and address dryness concerns common in the category.
Inverness Graham-backed Treat Planet Acquires Bosco & Roxy’s
Inverness Graham, a Philadelphia-based buyout firm focused on acquiring innovative companies where technology is transforming traditional industry, announced today that its pet treat platform, Treat Planet, has acquired Bosco & Roxy’s, a market leader in premium, complex decoration, baked dog treats. Headquartered in London, Ontario, Bosco & Roxy’s designs and manufactures baked dog treats spanning seasonal celebrations (e.g., Christmas, Halloween) and an everyday collection (e.g., birthdays, celebrations). The company has invested significantly in automation and manufacturing capabilities to deliver consistent quality, rapid product innovation, and scalable production across both branded and private label product lines. The addition of Bosco and Roxy’s expands Treat Planet’s product portfolio, adds differentiated manufacturing capabilities and furthers the company’s position as the market leader in Grab-and-Go dog treats across multiple channels to market.
Technology & Internet
Amazon developing consumer AR glasses to rival Meta, The Information reports
Amazon.com is developing augmented reality (AR) glasses for consumers, the Information reported on Wednesday, citing two people with knowledge of the plans, a move that would put the company in competition with Facebook owner Meta. The glasses, internally codenamed “Jayhawk,” will include microphones, speakers, a camera and a full‑color display in one eye, the report said. Amazon is aiming to roll out the product to consumers in late 2026 or early 2027. The project would mark Amazon’s entry into the consumer AR‑glasses market. Amazon’s consumer AR glasses would compete directly with Meta Platforms, which is expected to unveil a new version of its AR glasses at its Connect conference next week, according to media reports.
Finance & Economy
Inflation speeds up to 2.9%, fastest pace in 2025, as job market slows
Inflation accelerated last month to the fastest pace this year, the Bureau of Labor Statistics said Thursday, September 11th, as fresh data highlighted a slowdown in the job market and underscored the risks confronting the Federal Reserve as it leans toward stimulating the economy next week by cutting the main interest rate. The Consumer Price Index rose 0.4% in August — 2.9% on an annual basis — after a 0.2% monthly gain in July, the BLS said. So-called core CPI, which excludes volatile food and energy prices, increased 3.1% on a 12-month basis. Meanwhile, 263,000 people filed for jobless benefits last week, the highest number since October 2021.
Worker confidence in finding a new job hits record low in New York Fed survey
In the latest sign of trouble for the U.S. labor market, confidence in the ability to move from one job to another has hit a record low, according to a New York Federal Reserve survey released on Sept 8th. Respondents to the central bank’s monthly Survey of Consumer Expectations for August indicated a 44.9% probability of finding another job after losing their current one. The reading tumbled 5.8 percentage points from the prior month and is the lowest in the survey’s history, dating back to June 2013. The result further demonstrates the reversal of the “Great Resignation” that occurred in 2021-22, when at one point 4.5 million workers a month were quitting their jobs and feeling good about finding new ones. That number stood at 3.2 million in July, well off the pace of a few years ago and down more than 5% from the same period in 2024, according to Bureau of Labor Statistics figures.
U.S. economy is worse than thought with 1.2 million fewer jobs
With job growth tanking and the economy wobbling, pressure is on for the Federal Reserve to start lowering interest rates, with markets now expecting a cut at each of the three remaining meetings this year. The Bureau of Labor Statistics reported Tuesday, Sept 9th, that the economy added 911,000 fewer jobs than previously reported for the year preceding March 2025. Downward revisions since the cutoff date in that report suggest that the reduction in payroll growth has actually been around 1.2 million for the past 16 months. That’s a number sure to get the Federal Open Market Committee’s attention when it meets next week and could add fire to President Donald Trump’s repeated assertions that the central bank has been “too late” in making policy adjustments.
