Local ShoppingThe Weekly Closeout: Ulta CEO joins Best Buy’s board, while Petco plans...

The Weekly Closeout: Ulta CEO joins Best Buy’s board, while Petco plans for Halloween

This audio is auto-generated. Please let us know if you have feedback.

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.”

Source link

Educational content ⇢

More article