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 Glossier’s 2023 grant winners to the future of Overstock as Bed Bath & Beyond, here’s our closeout for the week.
What you may have missed
Best Buy names Ulta CEO to board
Ulta Beauty CEO Dave Kimbell has a little more on his plate these days. Kimbell, who took over from longtime Ulta chief executive Mary Dillon two years ago, this week was named to Best Buy’s board of directors.
Best Buy CEO Corie Barry said Kimbell was chosen for his extensive specialty retail leadership experience. He spent 25-plus years at retail and consumer-driven businesses, including U.S. Cellular, Seventh Generation, PepsiCo’s Quaker Food Division and the beauty division of Procter & Gamble, per Best Buy’s press release.
“His proven record of leading and transforming numerous top brands and retailers, while focusing on what’s best for their employees and communities, will be invaluable as we continue to create the future of retail for evolving consumers,” Barry said in a statement.
Kimbell said he is “honored” to be joining the board at an “important stage in the brand’s evolution.” Sales of electronics have remained weak for months, though in May Barry predicted that “calendar 2023 will be the bottom for the decline in tech demand.” In its most recent quarter, amid falling sales, Best Buy’s net earnings tumbled 28.4% to $244 million.
Glossier announces 2023 grant program class of Black-owned beauty brands
Glossier announced Monday the six winners of its 2023 grant program for Black-owned beauty businesses in a press release. Brands offering halal-certified skincare and feminine hygiene and wellness are among the lineup.
The company has given $1.4 million to the grant program since 2020. Glossier has partnered with over 35 founders of more than 30 beauty brands in the United States and United Kingdom in an effort to address the “legacies of inequity, exclusion, and barriers to fundraising” Black entrepreneurs sometimes face.
For the next four months, the brand will pair the founders with a Glossier adviser as a mentor. The grantees will have access to business programming, and meetings with CEO Kyle Leahy, experts in the company, grantee alumni and the company’s partners like Shopify and Google.
The six grantees include the founders of Flora & Noor, a halal-certified skin care brand; Kushae, a natural feminine care brand; Mela Vitamins, a vitamin designed for melanated people; Moodeaux, a fragrance brand; Of Other Worlds, a clean beauty brand and Soss, a grooming essentials brand for Black men.
Lululemon creates a mental wellbeing advisory board
Lululemon on Thursday announced the launch of its Mental Wellbeing Global Advisory Board. The board will have 11 leaders representing the retailer’s key markets and is chaired by the company’s chief people and culture officer, Susan Gelinas, and its chief brand officer, Nikki Neuburger.
The board will focus on a number of areas including an annual wellbeing report, wellbeing offerings for Lululemon employees and programming. The board will also offer counsel on the company’s Centre for Social Impact initiatives.
“As a global company rooted in movement, mindfulness, and personal development as a whole, we are deeply committed to increasing awareness, access, and tools for improved mental wellbeing – within our own Lululemon team as well as our extended community,” Gelinas said in a statement. “With the guidance of our expert advisors, we are excited to take our work to the next level and advance mental wellbeing outcomes throughout our global collective and beyond.”
Retail therapy
Let me mullet over
Fritos on Wednesday announced that it will offer 1,000 free mullet haircuts this month in honor of the USA Mullet Championships.
This haircut looks like freedom. USA! USA! USA!
Image courtesy of Frito-Lay
Every Friday through Aug. 25, people can book a free Fritos Flow mullet haircut at all Floyd’s 99 Barbershop locations nationwide. Fans can then enter the USA Mullet Championship for the chance to win $10,000 or share a photo on social media to enter to win a year’s supply of Fritos.
“Mullets are back! We’ve been seeing an uptick in the number of customers requesting them, and we want to embrace that,” Patrick Butler, senior director of creative and technical education at Floyd’s Barbershop, said in a statement.
Petco launches Bootique Halloween collection
Spooky season is quickly approaching and Petco wants consumers’ pets to be ready. The retailer debuted its new ‘Bootique’ pet Halloween collection on Tuesday, per a company press release.
The collection has over 350 items with more than 200 products under $20, including pet costumes, accessories, treats and home decor. And it’s not just for dogs and cats – Petco’s collection even has options for the spookiest critters, such as reptiles.
The time is now to dress up your guinea pig as a mermaid or your dog as a sushi roll!
What we’re still thinking about
5K
That’s how many jobs CVS is cutting as part of ongoing expense reduction measures.
Most affected jobs are corporate positions, while customer-facing roles — like store and clinic employees — are not included in the cuts.
The layoffs come as the company faces cost pressures as a result of integrating its recent multibillion-dollar deals.
$8B
That’s how much Birkenstock could be valued at following a potential initial public offering. The footwear brand’s parent company, L Catterton, could launch an IPO as early as September, according to a Bloomberg report earlier this week citing unnamed sources.
Birkenstock is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on a potential listing, according to the report.
What we’re watching
Overstock is over its old name
Overstock relaunched this week as Bed Bath & Beyond. Unlike the retailer of the past, which was known for mailing big blue coupons before filing for Chapter 11 in April, Bed Bath & Beyond as a brand will live on as an online-only retailer following the recent closure of its remaining stores.
Jonathan Johnson, CEO of the company formerly known as Overstock, said recently both companies faced “anchors” that were holding them down from their full potential. Overstock’s anchor was its name, which confused customers, while Bed Bath & Beyond “had an outdated business model” and moved too slowly to embrace e-commerce. The acquisition comes amid some financial turbulence, with Overstock’s revenue falling 20% to $422 million versus the previous year.
And while Overstock’s name is going away, the spirit of Bed Bath & Beyond’s coupon deals is set to resume with discounts offered through a revamped mobile app, including a 25% off welcome coupon.
