Walmart Divests Plus-Size Clothing Brand Eloquii, Continuing Its Trend of Selling Digital Brands in 2023

Walmart Divests Plus-Size Clothing Brand Eloquii, Continuing Its Trend of Selling Digital Brands in 2023

April 27, 2023 : Walmart has sold the online apparel brand Eloquii to FullBeauty Brands as the retailer continues to divest direct-to-consumer brands. The move marks Walmart’s third sale of a direct-to-consumer brand this year, following the sales of Bonobos to WHP Global and Express and Moosejaw to Dick’s Sporting Goods. Walmart bought Eloquii in 2018 for an undisclosed sum and sought to build its online assortment with higher-margin apparel and home merchandise. FullBeauty Brands is buying Eloquii for an undisclosed sum and retaining its co-founder and brand leader, Julie Carnevale.

Struggling Retailer Gap to Lay Off Over 500 Workers in Effort to Cut Costs

Struggling Retailer Gap to Lay Off Over 500 Workers in Effort to Cut Costs

April 26, 2023 : Clothing retailer Gap is cutting over 500 jobs as part of its ongoing restructuring efforts to reduce costs and improve efficiency. The job cuts are expected to result in $300 million in savings, with the first half expected in fiscal 2023. The company’s chairman and interim CEO, Bob Martin, told employees last week that the goal was to flatten the organization, increase spans of control, decrease layers, and empower individuals to make better, faster decisions. Gap’s shares fell about 6% following the news of the layoffs.

WHSmith Sets Sights on $62 Million Profit with Expansion of North American Stores

WHSmith Sets Sights on $62 Million Profit with Expansion of North American Stores

April 24, 2023 : UK-based retailer WHSmith is expanding its presence in the North American airport and resort market to generate a 12-month profit of £50 million ($62 million) by August 2023, the end of the company’s financial year. WHSmith currently operates 319 speciality retail stores in North America, including 222 located in airports, 120 InMotion stores, and 97 in resorts. This year, the retailer has gained 28 stores, including 11 in Canadian airports.

Ikea’s $2.2B Omnichannel Investment to Fund New U.S. Store Models and Pickup Locations

Ikea's $2.2B Omnichannel Investment to Fund New U.S. Store Models and Pickup Locations

April 21, 2023 : Swedish furniture retailer Ikea is set to invest more than $2.2bn in its omnichannel strategy in the US over the next three years. This marks Ikea’s largest investment in the country since it began operating almost 40 years ago. Omnichannel retailing, which involves the integration of in-store and online shopping, has become increasingly popular during the pandemic. Amazon’s purchase of Whole Foods in 2017, which saw technological advancements integrated into in-person shopping experiences, helped to popularise the trend. Walmart and Target have followed suit.

Procter & Gamble Exceeds Earnings Predictions and Increases Revenue Projection

Procter & Gamble Exceeds Earnings Predictions and Increases Revenue Projection

April 21, 2023 : Procter & Gamble, the multinational consumer goods corporation, reported higher-than-expected quarterly earnings and revenue on Friday, driven by increased prices that helped offset lower demand for its products. The company owns well-known brands such as Febreze, Charmin, and Tide. Additionally, the company has raised its forecast for organic sales growth for fiscal 2023 to 6%, up from its previous range of 4% to 5%.

Marley Spoon adopts TemperPack’s recyclable cold packaging solution

Marley Spoon adopts TemperPack's recyclable cold packaging solution

April 19, 2023 : The meal delivery kit industry is booming, with fresh food meal kits expected to become a $10 billion industry by 2024. However, much of the money spent on packaging to keep food cold is wasted, with a significant amount of packaging not being recycled. In response to this issue, companies like Thermosafe, Sealed Air, and Virginia-based startup TemperPack are developing sustainable packaging solutions.

Hydrow reportedly approached by Lululemon for Mirror sale

Hydrow reportedly approached by Lululemon for Mirror sale

April 19, 2023 : Canadian athletic apparel company Lululemon is reportedly looking to sell its at-home fitness business, Mirror, and has approached rival Hydrow as a potential buyer. Hydrow is a private startup that sells connected rowing machines, but it is unclear if the company is interested in a deal. Other parties are also said to have contacted Hydrow regarding the sale. Lululemon announced it would acquire Mirror for $500 million in June 2020, hoping to cash in on the at-home fitness boom. The startup, which offered weekly live classes, on-demand workouts, and personal training sessions, rebranded as Lululemon Studio but has struggled financially.