Local ShoppingThe Weekly Closeout: Toys R Us launches NFTs and David’s Bridal debuts...

The Weekly Closeout: Toys R Us launches NFTs and David’s Bridal debuts loyalty program for teens


It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we’re still thinking about. 

From Nike cutting ties with Kyrie Irving to Rent the Runway beaming over Kate Middleton’s outfit choice, here’s our closeout for the week.

What you may have missed

Kate Middleton didn’t get her dress from Rent the Runway, but she may as well have

Rent the Runway Co-founder and CEO Jennifer Hyman would like to take some credit for the splash made by Kate Middleton, princess of Wales, in Boston last week.

The royal made headlines when she wore a rented dress to the Earthshot Prize Awards, established by her husband, Prince William, to fund climate change solutions. The key lime-colored dress was rented from U.K. site Hurr, Vogue reported. While the garment itself may not have come from Rent the Runway, the idea of renting rather than owning apparel (embraced by men in need of formal attire for eons) has flourished thanks to the U.S. site, Hyman told analysts on a Wednesday call.

Mike Coppola via Getty Images

 

“If you would have told anyone 13 years ago when we launched Rent the Runway, and people thought renting was disgusting and not chic and not something that anyone would talk about, that Princess Kate – that royalty – would be renting and talking about it publicly,” she said. “That’s really due to us starting this movement globally, making rental something that’s normalized, aspirational.”

The company had a decent Q3, posting record quarterly revenue of $77.4 million, up 31% year over year, and wider margins. The site wasn’t profitable, but net loss narrowed $36.1 million from $87.8 million last year, and it grew its active subscriber base 15% to 134,240.

Bed Bath & Beyond extends debt swap offer, again

After first announcing an initiative in October to pay off some of its debts with a bond exchange, the struggling home goods retailer on Tuesday announced it has extended its offer to exchange its outstanding senior notes

The bond exchange offer includes swapping 3.749% senior notes due in 2024 with 3.693% senior second lien secured non-convertible notes due 2027 and/or 8.821% senior second lien secured convertible notes due 2027, 4.915% senior notes due 2034 with 12% senior third lien secured convertible notes due 2029 and 5.165% senior notes due 2044 with third lien convertible notes.

Bed Bath & Beyond also announced it is “soliciting consents to amend the indenture governing the Old Notes.”

The exchange offers were previously scheduled to expire at 11:59 p.m. ET on Dec. 5, but have been extended through Dec. 19 at 11:59 p.m. Late last month, the retailer extended its offer relating to the debt exchange, pushing the deadline from Nov. 18 to Dec. 5.

The principal amount of old notes validly tendered but not withdrawn was 17.58% for the notes due in 2024, 24.9% for the notes due in 2034 and 11.16% for the notes due in 2044.

A famous giraffe gets into the NFT game

Toys retailers Toys R Us is releasing 10,000 digital collectibles as part of a metaverse partnership with Web3 company Anybodies, according to a press release Tuesday.

Customers can purchase NFTs on the Magic Eden digital marketplace starting Friday, which feature the brand’s iconic Geoffrey the Giraffe along with collectibles that are inspired by the most popular toys and brands from stores.

Collectible owners will get access to GCoins, which can be redeemed for access to exclusive physical and digital toys, store experiences and more. Loyalty-based rewards will be available as the program evolves, according to the release. 

Retail Therapy

Dyson’s new purifying headphones make you look like Bane from Batman

Dyson’s next industry it hopes to disrupt is headphones, and it’s not coming at them from a regular angle. The technology brand announced on Thursday that it will be releasing headphones starting in January that come with the added benefit of air purification. Oh, and they will cost $949.

Retrieved from Dyson on December 08, 2022

 

The Dyson Zone noise cancelling headphones have an attachable, non-contact visor which project streams of purified air that come from filters within the earcups. Users will have 50 hours of audio-only run time on a full charge, and four hours of audio plus air purifying. They will also take three hours to charge to 100%.



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