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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.\u00a0<\/p>\n
From Kate Spade\u2019s tie-up with Heinz to Mattel\u2019s plan to make products colorblind accessible,\u00a0here\u2019s our closeout for the week.<\/p>\n
What you may have missed<\/h3>\n
Lowe\u2019s grants to fund 100 community improvement projects<\/em><\/p>\nLowe\u2019s Hometowns awarded $10 million in grants to 100 nonprofit projects, the retailer said Tuesday. The funding will support initiatives in 88 communities in 44 states and Washington, D.C.<\/p>\n
The projects include helping build a community of homes for veterans in South Dakota; expanding a kitchenette into a full-size kitchen to provide healthy meals for children entering foster care in Tennessee; kickstarting a tiny home community in Hawaii after last year\u2019s wildfires; and transforming an abandoned lot in Detroit into a fresh food garden and market space.\u00a0<\/p>\n
\u201cLowe’s Hometowns is all about bringing neighbors together to improve shared spaces and our communities,” CEO Marvin Ellison said.<\/p>\n
Lowe’s Hometowns is a five-year, $100 million community impact program launched in 2022.\u00a0<\/p>\n
Mattel champions colorblind accessibility <\/em><\/p>\nMattel on Tuesday announced that 80% of its global games portfolio will be colorblind accessible by the end of the year. The company anticipates it to be 90% accessible by 2025. Games impacted include the Uno brand, Phase 10, Dos, Blokus and Tumblin\u2019 Monkeys.\u00a0<\/p>\n\n\n
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\nImage courtesy of Mattel<\/p>\n
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\u201cAt Mattel, we are proud that our portfolio of games continues to bring people together \u2014 transcending languages and cultures \u2014 and this initiative to offer more colorblind accessible games is another proof point on our inclusivity journey,\u201d Ray Adler, global head of games at Mattel, said in a statement.\u00a0<\/p>\n
About 300 million people globally experience some form of colorblindness, the company said, citing Cleveland Clinic.\u00a0<\/p>\n
True Religion anticipates the holidays with jewelry collections <\/em><\/p>\nFor the 2024 holiday season, True Religion will introduce two new jewelry collections. The brand on Tuesday announced its jewelry licensees, K&M Accessories for women\u2019s and NES Group for its men\u2019s category, according to a company press release.\u00a0<\/p>\n
\u201cWomen\u2019s and Men\u2019s jewelry are key lifestyle categories which are important to True Religion\u2019s expansion strategy,\u201d Michael Buckley, True Religion CEO, said in a statement. \u201cWe know that our customer loves to stand out and look their best. With this jewelry collection, we know they won\u2019t be disappointed.\u201d<\/p>\n
True Religion Jewelry will include necklaces, bracelets, charms and earrings for women and chains, charms and bracelets for men. The collections come in gold and silver finishes with \u201cembossed and enameled logo details, accent stones and braided fabrications,\u201d per the release.<\/p>\n
Both of the collections are priced from $28 to $62 and will be at stores, online and in select wholesale retailers.<\/p>\n
Conn’s receives delinquency notification from Nasdaq<\/span><\/span><\/em><\/p>\nHome goods retailer Conn\u2019s on Wednesday said the company received a delinquency notice\u00a0from the Nasdaq Stock Market. The letter stated that Conn\u2019s is not in compliance with Nasdaq<\/span><\/span> rules because the company hasn\u2019t filed its quarterly report for the fiscal quarter ending on April 30 by the date required by the U.S. Securities and Exchange Commission. The company has until Aug.\u00a019 to submit a plan to regain compliance. The notice doesn\u2019t currently impact Conn\u2019s trading on Nasdaq<\/span><\/span>.\u00a0<\/p>\nRetail Therapy<\/h3>\n
Kate Spade brings ketchup to the catwalk<\/em><\/p>\nThere\u2019s a difference between brand like and brand love. Because you can like Heinz ketchup, but you have to love Heinz ketchup to spend between $45 and $398 on condiment-inspired fashion items. Heinz is leaning into the irrational brand of love for its new partnership with Kate Spade.<\/p>\n\n\n
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\nImage courtesy of The Kraft Heinz Company, Kate Spade New York<\/p>\n
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\u201cIt\u2019s the thoughtful details that bring this collection with Heinz to life \u2014 from the embellishments on the tee and the way our 3D ketchup bag looks just like that classic red and white packet,\u201d Jennifer Lyu, head of design at Kate Spade New York, said in a statement. \u201cThe playful designs are perfect for all of summer\u2019s special moments, capturing the spirit of the season.\u201d<\/p>\n\nKate Spade seems to be leaning into food culture more broadly, with a hot sauce keychain and silk scarf already for sale on its website. The new collection with Heinz will be available online and in select Kate Spade New York stores as well, in addition to some wholesale partners.<\/p>\n
So if you\u2019re still unsure, now is the time to ask yourself: Do you truly love your current handbags, or is it just because you don\u2019t have a Heinz ketchup packet bag yet?<\/p>\n
Ollie\u2019s wants to crown America’s Biggest Cheapskate<\/em><\/p>\nOllie\u2019s nationwide search for “America’s Biggest Cheapskate” returned this year and is accepting submissions through July 28. To enter the competition, shoppers are encouraged to take a selfie at any Ollie\u2019s location and complete an entry form.\u00a0<\/p>\n
Each week during the sweepstakes, the company randomly selects 25 weekly winners to earn gifts cards and Ollie\u2019s merchandise. One person will win the $2,500 grand prize in Ollie\u2019s gift cards, alongside \u201cthe right to call themselves America’s Biggest Cheapskate,\u201d according to the company.\u00a0<\/p>\n
Ollie\u2019s will announce its grand prize winner during National Bargain Hunting Week, Aug.\u00a012 to Aug. 18.<\/p>\n
What we\u2019re still thinking about<\/h3>\n
$434 million<\/em><\/p>\nThat\u2019s how much Under Armour plans to pay to buyers of its stock between Sept. 16, 2015, and Nov. 1, 2019, to settle a class action lawsuit from 2017.<\/p>\n
The suit alleged that CEO Kevin Plank and former CFO Chip Molloy misled investors by making \u201cfalse and misleading statements\u201d about the retailer\u2019s financial health.<\/p>\n
As part of the settlement, Under Armour agrees to keep the CEO and board chair roles separate for at least three years and install a performance-based vesting condition for some executive stock benefits.\u00a0The settlement, which is still awaiting court approval, does not acknowledge guilt on Under Armour\u2019s part.<\/p>\n
$500 million<\/em><\/p>\n\nThat\u2019s the aggregate price of the shares Chewy agreed to repurchase from Buddy Chester Sub, an affiliated entity with funds advised by BC Partners Advisors, the online pet retailer\u2019s largest shareholder. The repurchased shares \u2014 about 17.6 million \u2014 will be canceled and retired following the transaction, Chewy said in an announcement Wednesday.<\/p>\n
\u201cChewy believes today\u2019s repurchase is an accretive use of capital and provides an efficient mechanism to repurchase shares at a discount to the current market price, while further reducing the ownership position of the company\u2019s largest shareholder,\u201d the company said.<\/p>\n
Chewy said the deal is separate from the company\u2019s existing $500 million share repurchase program that was authorized on May 24.<\/p>\n
What we\u2019re watching<\/h3>\n
What will Nike, Lululemon do about the \u2018loose fit\u2019 trend?\u00a0<\/em><\/p>\nLevi\u2019s continues its global reign as the No. 1 denim brand, and the general trend toward more casual apparel has only helped. Lululemon and Nike also benefit from that, but an emerging consumer preference for looser fits could spell trouble for them, Jefferies analysts led by Randal Konik warned this week.<\/p>\n
Year to date, search for wide leg pants grew 9%, while declining 13% for flare-leg pants and 16% for skinny pants, Jefferies noted, citing Google Trends. During Levi\u2019s most recent quarter, sales of \u201cloose fits\u201d increased by 21%, according to CEO Michelle Gass.<\/p>\n
To meet the rising demand, Levi\u2019s will soon release a women\u2019s baggy fit and a men\u2019s relaxed fit, she said. Such a pivot could be a challenge for other retailers though \u2013 particularly Lululemon, because a looser fit is \u201coutside of [its] core and overall expertise,\u201d according to Konik.<\/p>\n
\u201cTo this end, we visited a [Lululemon] location in early April, and its wide-leg offering appeared to be garnering minimal interest,\u201d Konik said.<\/p>\n<\/p><\/div>\n
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