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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 PetSmart\u2019s bid to entertain dogs and cats this holiday season to Digital Brands Group\u2019s reverse stock split,\u00a0here\u2019s our closeout for the week.<\/p>\n
What you may have missed<\/h3>\n
Adidas investigation for tax, customs compliance prompts HQ search<\/em><\/p>\nA search was conducted this week at Adidas\u2019 headquarters in Herzogenaurach, Germany, and \u201cother locations\u201d as part of an investigation into the company, a spokesperson confirmed to Retail Dive. The investigation is related to the sportswear giant\u2019s compliance with import customs and tax regulations in Germany.<\/p>\n
\u201cAdidas is cooperating with the authorities and providing the necessary documents and information,\u201d the spokesperson said. \u201cCompliance with legal requirements is of utmost priority for adidas. The company has been in contact with the relevant customs authorities for several years regarding the matter of the investigation, which have been well known already.\u201d<\/p>\n
The investigation covers the period from October 2019 to August of this year and Adidas said it does not expect \u201cany significant financial impact\u201d from the investigation.<\/p>\n
\u201cAdidas continues to work closely with the customs authorities to also clarify issues arising from different interpretations of German and European law,\u201d the spokesperson added.<\/p>\n
Puma opens Studio48<\/em><\/p>\nPuma on Thursday launched a creative hub, dubbed Studio48, at its headquarters in Herzogenaurach, Germany. The space features a 3D printing facility, leather and textile sewing machines, printing and embroidering setups, a product testing area, a photo studio and a designer meeting space.<\/p>\n\n\n
![\"Two](\"https:\/\/imgproxy.divecdn.com\/2nXrXdGvYkJIxxmUOUv8nkoJHgAdNfn46EZ6MLAEc6s\/g:ce\/rs:fit:1600:0\/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9QdW1hX1N0dWRpbzQ4X0Rlc2lnbkNhbXBfaW1hZ2VfMDY3X21lZGl1bV9zaXplX2ltYWdlLmpwZw==.webp\"\/)
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\nCourtesy of Puma<\/p>\n
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The brand launched Studio48 as a space to create concepts for new performance and Sportstyle products, alongside campaign ideas. The space is part of the company\u2019s larger brand elevation strategy to improve its sports performance credibility and create sustainable growth.<\/p>\n
\u201cWith the new Studio48 we are creating a significant tool to enhance the excellence of our designs and elevate the brand,\u201d Heiko Desens, Puma\u2019s vice president of creative direction and innovation, said in a statement. \u201cWhile many of our products are created digitally, Studio48 will be a space for a different kind of creativity, where our designers from different departments can brainstorm together, exchange best practices, experience new materials and touch and feel the products they want to make.\u201d<\/p>\n
Puma also plans to use Studio48 as a space to meet with external partners as well as host workshops and events. The company plans to open a similar hub in Los Angeles\u00a0early next year that is aimed at the U.S. market.<\/p>\n
Amazon Autos debuts with Hyundai partnership<\/em><\/p>\nOnline retail giant Amazon added cars to its already expansive product offering this week.<\/p>\n
Shoppers in 48 U.S. metropolitan areas are now able to complete end-to-end car purchases\u00a0\u2014 including trade-ins, financing and scheduling pickup of the vehicle \u2014\u00a0from their local participating Hyundai dealer directly on Amazon.\u00a0<\/p>\n
The online retailer plans to add additional Hyundai dealers, more auto brands and expanded leasing and financing options.\u00a0The program will also expand to other cities next year.<\/p>\n
\u201cWith Amazon Autos, we\u2019re bringing the simplicity and ease customers expect from Amazon to car shopping, one of their largest purchases, while offering dealers a new channel to connect with a broad audience,\u201d Fan Jin, global head of Amazon Autos, said in a press release. \u201cWe’re excited to have Hyundai as our exclusive launch partner and look forward to welcoming more brands and expanding our selection to customers as the program grows.\u201d<\/p>\n
Retail therapy<\/h3>\n
The festive entertainment pets want this holiday<\/em><\/p>\nThe holiday season is a busy period, filled with parties, shopping and other activities. To help pets feel more comfortable being home alone, PetSmart has launched a holiday streaming experience for dogs and cats.<\/p>\n\n\n
![\"One](\"https:\/\/imgproxy.divecdn.com\/eJEc4aBMK8iYJkHAKNmSbMWyPJtcKgTuqeiRqNQctGA\/g:ce\/rs:fit:0:860\/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9QZXRTbWFydF9fX1BldEJsdWVzXzIuanBn.webp\"\/)
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\nCourtesy of PetSmart<\/p>\n
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\u201cThe ‘Home for the Pawlidays’ videos help to ease pet and pet parent worry, and end the holiday pet blues,\u201d PetSmart said in a press release this week. The videos feature dogs and cats playing with items from the retailer\u2019s 2024 Merry & Bright collection.<\/p>\n\n“While our pets are included in many of our holiday celebrations, there are still times they need to be left at home \u2013 which can be difficult for both them and their pet parents,” Dr. Misti May, PetSmart\u2019s director of pet health and safety, said in a statement. “These videos are designed to keep pets entertained, comforted and out of mischief, making the holiday season more enjoyable for everyone.”<\/p>\n
Hello Kitty taps Bruno Mars in collab<\/em><\/p>\nTo honor Hello Kitty’s 50th anniversary and the opening of Bruno Mars’ holiday Las Vegas residency, parent company Sanrio announced a slew of collaborations\u00a0with the Grammy-winning artist across merch, food and drink, and a meet-and-greet experience.\u00a0<\/p>\n\n\n
![\"A](\"https:\/\/imgproxy.divecdn.com\/N1Wc_kCMcUh5amT8dOdjwbfBoEGjUeDSIy_AlAlBTo8\/g:ce\/rs:fit:1600:0\/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9IZWxsb19LaXR0eV9hbmRfQnJ1bm9fTWFyc19Db2xsYWJvcmF0aW9uLmpwZw==.webp\"\/)
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\nCourtesy of Sanrio<\/p>\n
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Mars\u2019 residency starts Wednesday at the Dolby Live venue at the Park MGM casino hotel. Here, fans can shop from Sanrio’s signature Japanese kawaii style on limited-edition merch like sweatshirts and bags with Hello Kitty and Bruno Mars graphics.<\/p>\n
An exclusive water bottle and T-shirt can be purchased inside the venue\u2019s Hello Kitty Cafe kiosk.\u00a0The cafe will also have exclusive menu items including shortbread cookies iced with the duo\u2019s graphics and the Mars Mocha \u2014\u00a0a brown sugar coffee drink in a custom Hello Kitty x Bruno Mars cup sleeve.\u00a0On Wednesday, fans will have the chance to meet and greet Hello Kitty at the cafe prior to the Bruno Mars concert.\u00a0<\/p>\n
What we\u2019re still thinking about<\/h3>\n
1-for-50<\/em><\/p>\nThat\u2019s the reverse stock split\u00a0Digital Brands Group conducted this week, according to a filing with the U.S. Securities and Exchange Commission. The stock begins trading on a split-adjusted basis on Friday.\u00a0<\/p>\n
20%<\/em><\/p>\nThat\u2019s how much GameStop\u2019s net sales fell in the third quarter,\u00a0to $860 million, down from $1.08 billion last year.<\/p>\n\nThe retailer also swung from a net loss of $3.1 million in the year-ago quarter to a net income of $17.4 million. GameStop said in October it had started a collaboration with Collectors Holdings through its Professional Sports Authenticator division. Select GameStop locations now provide trading card autograph authentication and grading services.\u00a0<\/p>\n
However, GameStop\u2019s latest venture is unlikely to halt the video game retailer\u2019s decline, according to Wedbush analysts, who noted that the trading card collaboration comes after a failed omnichannel strategy and the company\u2019s withdrawal from NFT trading.<\/p>\n
What we\u2019re watching<\/h3>\n
Will Party City file Chapter 22?\u00a0<\/em><\/p>\nSpecialty retailer Party City\u2019s parent company, Party City HoldCo, filed for Chapter 11 at the start of 2023. By the autumn of that year, the company had completed its restructuring efforts, which eliminated nearly $1 billion in debt, and emerged from bankruptcy.\u00a0<\/p>\n
Since that time, the retailer has undergone a number of strategic initiatives, including introducing locations with a new store format, partnering with Instacart on same-day delivery and cutting prices on 2,000 items. Over the summer, Party City also named turnaround veteran Barry Litwin as CEO.\u00a0<\/p>\n
Yet, the company may be preparing for a second bankruptcy, according to Bloomberg, which reported this week that the company is behind on rent at some locations and running out of cash. Party City did not respond to Retail Dive\u2019s requests for comment on the matter.\u00a0<\/p>\n<\/p><\/div>\n
![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
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