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 Lego adding technology to its iconic bricks to Care Bears launching a Harry Potter collection, here’s our closeout for the week.
What you may have missed
Nike sells Rtfkt
About a year after shutting down Rtfkt, Nike sold the virtual products and experiences company to an unnamed buyer, a spokesperson confirmed. Nike did not comment on the terms of the deal.
“RTFKT transitioned to a new owner on December 17, launching a new chapter for the company and its community,” a Nike spokesperson said in a statement. “Nike continues to invest in delivering innovative products and experiences across physical, digital and virtual environments.”
Nike acquired Rtfkt in 2021 ahead of a series of efforts to build out its virtual product offerings. The retailer in 2022 launched .Swoosh, a platform geared toward virtual products and creations, which is still in operation. Nike also launched its first virtual collection in 2023. The company’s vice president and general manager of Nike Virtual Studios, Ron Faris, left Nike over the summer last year.
Lego gets smart
Lego Group this week introduced Smart Play, which incorporates technology into the company’s classic bricks. Lego Smart Bricks “bring play to life” with light and sound sensors, a miniature speaker and more, according to a company press release. Smart Tags and Smart Minifigures are paired with the system to allow users to build interactive creations.
Courtesy of Lego Group
“The launch of Lego Smart Play brings creativity, technology, and storytelling together to make building worlds and stories even more engaging, and all without a screen,” Tom Donaldson, senior vice president and head of Creative Play Lab at the Lego Group, said in a statement. “We truly believe we are setting a new standard for interactive, imaginative experiences and can’t wait to see this innovation in the hands of kids when we launch this year.”
Lego Smart Play All-in-One sets from Lego Star Wars are now available for preorder, and will be available to purchase starting March 1 on Lego’s website, at Lego stores and at select retailers.
Hanky Panky finds a new owner
Newly formed brand management firm Crown Brands Group has acquired 48-year-old intimate apparel brand Hanky Panky. Financial details of the deal were not disclosed.
Crown Brands Group partnered with Gelmart parent company Rafar Group to execute the acquisition. Through the deal, Rafar Group will serve as the core operating partner, while Crown Brands Group will focus on brand strategy and global licensing.
Hanky Panky’s founders Gale Epstein and Lida Orzeck will “play a pivotal role in shaping the brand’s future,” according to the announcement from late December. The two founders will join Hanky Panky’s board.
“We built Hanky Panky on a foundation of comfort, quality, and female empowerment, and it was vital to find partners who respect that DNA,” Epstein and Orzeck said in a statement. “We trust Crown Brands Group and Rafar Group to steward this legacy. Their combined vision gives us great confidence that Hanky Panky will continue to thrive and innovate in this exciting next chapter.”
Retail therapy
These bears can Slytherin any collection
If you want to feel old, we are now celebrating the 25th anniversary of the release of the first Harry Potter film. In honor of the occasion, toy company Basic Fun revealed a collaboration with Warner Bros Discovery Global Consumer Products for a Harry Potter x Care Bears collection, according to a company press release.
Courtesy of Basic Fun
The four Hogwarts houses are represented by Care Bears characters and come in two sizes. The limited-edition products can be found at major toy retailers starting this month.
“Care Bears and Harry Potter have a unique ability to connect with fans of all ages,” Robert Prinzo, head of global licensing at Cloudco Entertainment, said in a statement. “Bringing them together was a fun and meaningful way to celebrate imagination, magic, and the comfort these brands have offered for decades.”
What we’re still thinking about
110
That’s how many “high-performing retail assets,” in the U.S. are now run by GGP – a name in malls that disappeared eight years ago after Brookfield acquired the rival REIT for $9.25 billion.
But “GGP” (formerly known as General Growth Properties) is back. In a move that some retail real estate observers describe as baffling, Brookfield announced this week that it has rebranded its U.S. retail property portfolio with that moniker. The company describes the move as “strategic,” saying in an emailed press release that it “leverages GGP’s strong brand equity within the retail market and further positions the platform as an independently branded business focused solely on investing, operating and developing retail real estate.”
“We are returning to our roots,” GGP CEO Kevin McCrain said in a statement.
Everything else stays the same, though, with “no changes to day-to-day business operations” and all employees staying in their existing roles, he said. While a stand-alone entity, GGP also remains part of the Brookfield Corporation, per the release.
What we’re watching
Amazon’s Buy for Me takes an opt-out approach
Amazon recently found itself facing upset independent brands who were surprised to find their products being listed and sold through Amazon’s Buy for Me feature.
Amazon’s Buy for Me function was teased back in April and is still being beta tested, allowing some consumers to view and purchase products from external sellers who do not have their merchandise sold through Amazon. The e-commerce platform finalizes the purchase within its platform on behalf of the buyer, meaning users don’t have to go off of Amazon to make the purchase. Another feature, Shop Direct, allows customers to click on links to products not directly sold on Amazon and go to the brand’s website to make purchases directly from that brand.
The issue for some small businesses is consent — Amazon is not asking them for permission to promote or reissue their listings. Instead, Amazon is proactively adding seller listings found across the internet and will then remove them from Amazon’s new feature if a brand asks them to do so afterwards.
“Shop Direct and Buy for Me are programs we’re testing that help customers discover brands and products not currently sold in Amazon’s store, while helping businesses reach new customers and drive incremental sales,” an Amazon spokesperson said in a statement to Retail Dive. “We have received positive feedback on these programs. Businesses can opt out at any time by emailing [email protected], and we remove them from these programs promptly.”
Small brands took to social platforms to share grievances on how they were not made aware their products would be sold through the platform this way, specifically noting that some of the information on listings themselves have inaccuracies.
Amazon’s systems currently pull product and pricing information from brands’ public websites, which is then checked again before a Buy for Me purchase is completed to check for accuracy.
