Weekly Wrap-up: Amazon Downsizing and LeBron James Collaborates with Fanatics
It's another week in the retail world, and there's more happening than there are hours in a day! Here's a breakdown of some things you might have missed, as well as what we're still thinking about.
LeBron Goes All-In with Fanatics
The sports world shook up a bit as LeBron James partnered with Fanatics. The duo announced an alleged, multi-year trading card collaboration. The deal sees James joining Fanatics' trading card and collectibles division, with a dual-autographed card with him and his son, Bronny, set to feature in the 2023-2024 Bowman University Chrome Basketball set starting Jan. 19[1]. However, details on the exact nature and extent of the partnership remain scarce[2].
New Leaders in Beauty
The beauty industry said goodbye to the old and welcomed the new as several companies ushered in fresh leadership.
Orveon (Laura Mercier, BareMinerals, and Buxom) appointed Neela Montgomery as its CEO, effective from Jan. 18. Montgomery brings a wealth of retail experience, having served as CEO of Crate and Barrel and president of CVS Health[1].
L'Occitane Group combined the roles of CEO and Group Managing Director, effective April 1. Acting CEO André Hoffmann decided to step down from the position, while remaining an executive director and board member. Current Group Managing Director Laurent Marteau has been appointed CEO, boasting over 20 years of experience in the beauty industry, including stints at LVMH and La Prairie Group[1].
Juice Beauty saw founder Karen Behnke stepping down as CEO, with Lance Patterson succeeding her. Patterson's tenure at beauty brand Kate Sommerville, where he helped drive strong year-over-year sales, might be a sign of things to come for Juice Beauty[1].
Lowe's Doubles Down on DIY Rewards
Lowe's introduced a three-tiered rewards loyalty program, MyLowe's Rewards, designed for DIY enthusiasts. All shoppers in the loyalty program receive free standard shipping, earn points towards MyLowe's Money, access member-only gifts, and more[1]. The rewards program is currently available in select regions and will expand nationwide in March.
Candy-Fueled Dreams
Haribo broke the Guinness World Record for largest gummy candy mosaic with a 353-square-foot display of its iconic Goldbear mascot. The masterpiece took four hours and 300 people to complete, using 150,000 Goldbears[1]. If creating your own gummy art ranks high on your New Year's resolutions list, enter Haribo's gummy art contest for a chance to win $5,000 or a year's supply of Haribo gummies[1].
This has been a very good year for gummy lovers: Hi-Chew also launched a DTC e-commerce platform and rewards program to help satisfy your sweet cravings[1].
While Valentine's Day may be a holiday focused on chocolate and red roses, Build-A-Bear has decided to sweeten the occasion with a selection of adult-themed products. The kids retailer is selling a "You Turn Me On" gift set featuring a "devilishly cute teddy bear" holding roses, as well as other provocative Valentine's Day options[2]. If playfully romantic gestures are more your style, invest in plush love instead of chocolate this year.
We're still thinking about...
...500 new stores for Mango
European fashion retailer Mango plans to open 500 new stores by 2026 across the U.S., Canada, the U.K., Spain, France, Italy, and India[1]. Established in Barcelona, this year marks the company's 40th anniversary. Mango currently has 2,400 stores worldwide and is expanding its online sales to 20 new countries and over 110 markets[1].
...12 new stores for REI-Co-op
Outdoor retailer REI-Co-op plans to open 12 new stores by 2025. The company has announced plans to open 10 stores this year, with 3 more locations to be announced once contracts are finalized[1]. REI currently has 181 locations and over 16,000 employees in 41 states and Washington, D.C[1].
See More: Operations
To stay updated on the latest operations news, check out the Operations section[4].
Footnotes
[1] Evan Clark, "Evan Clark: Candy Manufacturers Ramp Up Marketing Efforts," Sweets and Snacks Expo (2023), Accessed Jan. 18, 2023
[2] Evan Jankovic, "Fanatics Lands Trading Card Partnership With LeBron James," Sports Collectors Daily (2023), Accessed Jan. 18, 2023
[3] Josh Gerstein, "With Fanatics Flagship Store, Sports Merchandise Gets a New American Champion," Politico (2021), Accessed Jan. 18, 2023
[4] Patrick Brayton, "Retail News You Can Use," Retail Dive (2023), Accessed Jan. 18, 2023
- In the realm of technology and fashion, an AI integration is being considered to enhance online fashion-and-beauty stores, streamlining customer service and personalizing shopping experiences.
- The policy makers attended a workshop on digital markets to discuss potential regulations and ensure fair trade in the e-commerce sector, including food-and-drink and technology industries.
- The financial markets have shown volatility with the rise in cardiometabolic diseases, leading to concerns about healthcare costs and insurance coverage for millions of people.
- The ongoing war in some parts of the world has resulted in restrictions on exports and imports, affecting business operations, trade, and even the average consumer's lifestyle.
- This week, general news outlets reported consolidations in the education-and-self-development sector, with several companies merging to expand their market reach and offerings.
- Stocks in the sports industry experienced a sudden dip following a controversial decision in the NBA, causing alarm among investors and leading to speculation about the market trends.
- A promising leap for space technology was made as a team successfully tested a prototype for recycling rocket fuel, affirming its potential to reduce costs and increase efficiency in space travel.
- Amidst the excitement of the Oscars, TV channel executives confirmed parallel discussions about forming a new broadcasting alliance, focusing on collaboration and competition in the entertainment industry.
- Thursday will see the launch of a series of workshops focusing on emerging trends in finance, aimed at students and professionals to improve financial literacy and evaluate investment opportunities.
- The US television market is closely watching the spectrum auction, hoping for a fair distribution of airwaves and the evolution of technology allowing for better reception and coverage of TV signals.
- As the demand for renewable energy continues to grow, the energy sector is turning its focus towards the trade and distribution of solar power, anticipating increased economic benefits and decreased environmental impact.
- With increasing concerns about the global economic outlook, governments and financial institutions are working together to implement financial policies to mitigate risks and promote stable growth in the markets.
