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It\u2019s 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\u2019re still thinking about.<\/p>\n
From a new Stanley accessory to Jessica Simpson\u2019s tie-up with Walmart, here\u2019s our closeout for the week.<\/p>\n
What you may have missed<\/h3>\n Peloton removes free membership tier<\/em><\/p>\nLess than a year after introducing a new brand identity and launching an expanded range of tiered memberships for its app, Peloton has quietly removed its free tier.<\/p>\n
The exercise bike company last May announced three new membership tiers, including Peloton App Free, Peloton App One and Peloton App+.<\/p>\n
The free tier included over 50 classes available at no cost. The decision to cut the tier, which occurred within the past few weeks, came after it failed to turn individuals into paid members, according to a CNBC report. Users who signed up for a free membership prior to its removal will continue to be able to access content, per the report. Peloton did not immediately respond to Retail Dive\u2019s multiple requests for comment related to its decision to remove the tier.<\/p>\n
The rebrand to be \u201cmore than a bike company\u201d came as the company faced financial challenges, including double-digit revenue declines.<\/p>\n
More recently, Peloton in February reported second-quarter revenue declined 6% year over year, with connected fitness revenue falling 16% and subscription revenue growing 3%.<\/p>\n
Jessica Simpson launches collection at Walmart<\/em><\/p>\nWalmart announced a collaboration with The Jessica Simpson brand\u00a0in a press release on Wednesday. The collection consists of 100 items including women\u2019s apparel, plus fashion, swimwear and jewelry, with many items exclusive to Walmart.<\/p>\n\n\n
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\nCourtesy of Walmart, The Jessica Simpson brand<\/p>\n
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\u201cOur mission is to be the customer\u2019s first choice for fashion by offering great style at an incredible value, and we\u2019re excited that the new Jessica Simpson Collection delivers on that mission in an authentic way,\u201d\u00a0Ryan Waymire,\u00a0senior vice president of fashion,\u00a0women\u2019s group at Walmart U.S.,\u00a0said in a statement. \u201cJessica\u2019s trademark Texas charm and highly coveted personal style is reflected across this beautiful collection, and we know customers are going to love it.\u201d<\/p>\n
Items in the collection are priced from $7.96 to $38 ranging in size from XS to 4X for sportswear and XS to XXL for swimwear. The Jessica Simpson Collection will have seasonal drops throughout the year, and will be available to shop on Walmart.com and at over 800 stores.<\/p>\n
Salomon CEO out<\/em><\/p>\nThe president and CEO of French footwear and winter sports equipment brand Salomon, Franco Fogliato, will depart the company for personal reasons,\u00a0effective immediately, parent company Amer Sports announced in a press release dated April 12.<\/p>\n
James Zheng, CEO of Amer Sports, will lead Salomon and the Outdoor Performance segment on an interim basis until a replacement for Fogliato is found.<\/p>\n
Salomon is in a healthy position and is poised for growth, the company said, and it will continue to invest in the Outdoor Performance segment to drive profitability. The brand is about to open a store in Paris on the Champs-Elys\u00e9es, ahead of the Summer Olympics, according to Fashion Network.<\/p>\n
In addition to Salomon, Amer Sports owns Arc\u2019teryx, Wilson, Peak Performance and Atomic, which provide sports and outdoor apparel, footwear and other equipment. The company completed an IPO in February of this year and raised $1.37 billion.<\/p>\n
Last year, revenues increased 23% versus 2022 to $4.37 billion, and Q4 2023 revenues rose 10% year over year, according to the company\u2019s fourth quarter 2023 earnings report.<\/p>\n
Retail therapy<\/h3>\n Stanley makes water bottle fans more insufferable<\/em><\/p>\nStanley, now famous for its must-have water bottles, is hoping it can extend the popularity of its 40-ounce tumblers with the launch of a crossbody carry-all.\u00a0<\/p>\n\nThe accessory, which allows water bottle enthusiasts to also carry their phone, keys, cards and other items, puts the hefty hydration vessel on a strap. This development is useful not just as a purse alternative, but also as an impromptu weapon.<\/p>\n\n\n
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\nThe $40 accessory sold out swiftly after launching.<\/p>\n
Retrieved from Stanley on April 18, 2024<\/div>\n
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The new offering, which was initially available in black, cream, rose quartz and fuchsia, sold out swiftly after launching on Tuesday. The $40 accessory got its fair share of shade online, including users who pointed out Stanley missed April Fools\u2019 Day and one who said the bag was \u201cready for SNL.\u201d<\/p>\n
But as one Instagram commenter aptly put it: \u201cPeople might hate on this cup but they reached their targeted audience.\u201d<\/p>\n
Snoop Dogg drops ice cream ahead of April 20<\/em><\/p>\nIt wouldn\u2019t be a proper introduction to the 4\/20 \u201choliday\u201d without a Snoop Dogg announcement. The artist and entrepreneur announced a new flavor for his line of ice cream on Wednesday, per a press release.\u00a0Launching April 19 is its “Strawberry Cream Dream” flavor presented by Death Row Records.\u00a0<\/p>\n\n\n
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\nCourtesy of Snoop Dogg, Dr. Bombay<\/p>\n
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The brand is declaring the day before 4\/20 \u201cDr. Bombday Day,\u201d a new \u201cnational holiday\u201d to grab snacks ahead of April 20. The ice cream, also available in tropical sherbet swizzle, iced out orange cream, syrupy waffle sundaze and s’more vibes flavors, will be offered in a special promotion as 4 for $20 at all Kroger stores, Safeways, Albertsons and Jewel Osco\u2019s in select cities.<\/p>\n
What we\u2019re still thinking about<\/h3>\n 18.5%<\/em><\/p>\nThat is how much adjusted group revenue fell at Asos during the first six months of the year, according to interim results released Wednesday. The fast fashion retailer reported 1.5 billion euros ($1.6 billion at press time) for the 26 weeks, and an operating loss of nearly 247 million euros.\u00a0<\/p>\n\n\u201cAt the beginning of this year we explained that FY24 would be a year of continued transformation for ASOS as we take the necessary actions to deliver a more profitable and cash generative business,\u201d CEO Jos\u00e9 Antonio Ramos Calamonte said in a statement.\u00a0<\/p>\n
The company\u2019s decline is continuing to accelerate, although its turnaround plan is providing hope, according to Pippa Stephens, senior apparel analyst at GlobalData.\u00a0<\/p>\n
\u201cIts physical partnership with Nordstrom in the U.S. is still struggling to gain traction, while U.S. consumers\u2019 cautious approach to spending amid economic challenges is also denting its top line,\u201d Stephens wrote in an emailed note.\u00a0<\/p>\n
72<\/em><\/p>\nThat\u2019s how many Beekman 1802 employees were impacted by layoffs following a facility closure in Orlando, Florida. The skin care brand in a WARN notice filed in the state said that the \u201centirety of the company\u2019s distribution center operations at this location will cease.\u201d<\/p>\n
Layoffs will take place in two waves, with the first beginning June 14 and the second beginning June 30. Those affected are warehouse associates, team leads, supervisors and line leads.<\/p>\n
What we\u2019re watching<\/h3>\n The knitty-gritty about Michael\u2019s<\/em><\/p>\nMichaels this week announced that it is lowering prices on over 5,000 products across categories in order to \u201cdeliver exceptional value,\u201d according to CEO Ashley Buchanan.\u00a0<\/p>\n
The decision is one of many in recent months. In March, the retailer stated it was expanding its assortment\u00a0and distribution of fabric to hundreds of its stores. It is perhaps a move to steal market share from Joann \u2014 which is known for its fabric selection \u2014 while that company proceeds through a Chapter 11 bankruptcy.\u00a0<\/p>\n
S&P Global Ratings last week upgraded the arts and crafts retailer to B- from CCC+ on improved performance, including progress with operating margin and cash generation last year.\u00a0<\/p>\n
\u201cThe company’s initiatives to improve store-level operations has also contributed to better inventory management with less clearance merchandise weighing on profitability,\u201d the S&P analysts wrote.<\/p>\n<\/p><\/div>\n
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