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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 Native\u2019s latest collaborations to Qurate\u2019s possible CEO change, here\u2019s our closeout for the week.<\/p>\n
What you may have missed<\/h3>\n Running store Fleet Feet acquires South Sound Running<\/em><\/p>\nWashington-based South Sound Running was acquired by Fleet Feet Puget Sound, which will take over its stores in Olympia and Puyallup, Washington, this month. After nearly 30 years, South Sound Running\u2019s owners \u2014 and husband-and-wife team Greg Klein and Joan Marchioro \u2014 are retiring, according to their company\u2019s website.\u00a0<\/p>\n
\u201cWe have always believed that we had the best customers in the world, and our success is due to their loyalty,\u201d Klein said in a statement.<\/p>\n
Rosita Missoni, co-founder of Italian fashion knitwear brand, dies at 93<\/em><\/p>\nRosita Missoni, who with her husband Ottavio Missoni founded their eponymous knitwear brand in 1958, has died, according to the official page of Italy\u2019s Lombardy region. She was 93, per a November Instagram post from her granddaughter Margherita Maccapani Missoni.<\/p>\n
The company, whose signature multicolored chevron patterns have become iconic, maintained its headquarters in the town of Sumirago in Lombardy\u2019s Varese province, according to a translation of an official statement from Lombardy President Attilio Fontana.\u00a0<\/p>\n
\u201cThe passing of Rosita Missoni, a world-famous Lombard designer and entrepreneur, saddens us,\u201d Fontana said. \u201cA great loss for Italy, Lombardy and the province of Varese where she was born and lived.\u201d<\/p>\n
Investment firm pushes Vera Bradley to sell<\/em><\/p>\nFund 1 Investments on Monday sent an open letter to Vera Bradley\u2019s board of directors encouraging the company to explore strategic alternatives, including selling to a larger company or going private through a financial buyer. The firm, which owns about 10% of Vera Bradley\u2019s stock, is the retailer\u2019s largest shareholder. Vera Bradley in October adopted a shareholder rights plan\u00a0to prevent any one individual or entity from acquiring control of the company by buying up stock.<\/p>\n
In the letter, which was addressed to Vera Bradley board chairman Robert Hall, Fund 1 Investments called out the retailer for \u201ca history of value destruction and questionable capital allocation,\u201d as well as poor performance and a failed turnaround. The investment firm also highlighted that Vera Bradley\u2019s top-line revenue is relatively unchanged from when it IPO\u2019d 15 years ago. The company made $80.6 million in net revenue in its most recent quarter and expects to finish the fiscal year with $385 million in revenue.<\/p>\n
To remedy the brand\u2019s challenges, Fund 1 suggested the company sell to a larger organization or a financial buyer, allowing it to exit the public spotlight and focus on reviving its brand rather than shareholder needs. The firm said it\u2019s already spoken to Vera Bradley about these options and was \u201cpleased to hear the Board of Directors believes everything is on the table to maximize shareholder value.\u201d<\/p>\n
Vera Bradley did not immediately respond to a request for comment from Retail Dive about the letter and whether it intends to pursue any of the suggestions. The retailer unveiled a transformation strategy over the summer, which includes a new logo, in-store renovations and a more \u201celevated\u201d product assortment. The company tapped Zooey Deschanel as a brand ambassador and linked up with Urban Outfitters a month later for a limited-edition collection.\u00a0<\/p>\n
Fund 1 earlier in December offered to take Destination XL private for $3 per share and likewise said the apparel retailer would perform better as a private company.<\/p>\n
Retail therapy<\/h3>\n Draper James arrives at Petco, alongside other collections<\/em><\/p>\nReese Witherspoon\u2019s lifestyle brand Draper James launched at Petco alongside other new collections. Across Draper James\u2019 pet offering, cat brand Jupiter\u2019s assortment and Valentine\u2019s Day products from Petco\u2019s Youly brand, the new offerings include toys, apparel, accessories, beds, bowls, home decor and more.<\/p>\n\n\n
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\nPetco is now carrying Draper James\u2019 pet line, which includes sweaters, dresses and bucket hats for dogs and cats.<\/p>\n
Courtesy of Petco, Draper James<\/p>\n
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With items starting at $2.99, Petco is the first national pet specialty retailer to carry Draper James. The collection offers apparel, accessories and other pet essentials. Jupiter is launching exclusively at Petco with toys, home decor and unique supplies starting at $3.99. For Valentine\u2019s Day, Petco\u2019s private label brand Youly debuted themed toys and apparel.<\/p>\n\nAs the new year begins, Petco also announced updates to its in-store shopping experience. The retailer is adding an assortment of grab-and-go products under $10, a section dedicated to gifts for pet parents and curated in-store fixtures displaying new items.<\/p>\n
Native announces 2 sweet collabs to kick off the New Year<\/em><\/p>\nAs if we all didn\u2019t have enough sugar over the holidays, Native is encouraging consumers to bathe in it. The personal care brand on Thursday announced two new collaborations, with Dunkin\u2019 and Jarritos.<\/p>\n
Through both collabs, Native will offer items like deodorant, body wash, shampoo and lotion in scents inspired by the doughnut company and soda brand.<\/p>\n\n\n
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\nNative\u2019s Dunkin\u2019-inspired collection includes scents like vanilla sprinkle and blueberry cobbler.<\/p>\n
Courtesy of Native<\/p>\n
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\u201cAt Native, we\u2019re passionate about scent exploration, continuously pushing boundaries to create truly craveable fragrances that resonate with our customers\u2019 senses,\u201d Chris Talbott, CEO of Native, said in a statement. \u201cWe believe in the power of scent to transport and connect people to unforgettable experiences.\u201d<\/p>\n
The Dunkin\u2019 collection will be available to purchase on Native\u2019s website and at Walmart, while the Jarritos collection will be available on the personal care brand\u2019s website and at Target.<\/p>\n
What we\u2019re still thinking about<\/h3>\n $2.7B<\/em><\/p>\nThat was how much Saks Global spent to acquire Neiman Marcus Group in a deal that closed on Dec. 23. The agreement was first announced last summer.<\/p>\n
The move brings several upscale department stores \u2014 including Saks Fifth Avenue, Saks Off Fifth, Neiman Marcus and Bergdorf Goodman \u2014 together under one roof.<\/p>\n
Marc Metrick, Saks CEO, will become the CEO of Saks Global Operating Group. Ian Putnam, president and CEO of HBC Properties and Investments, will serve as Saks Global Properties & Investments\u2019 CEO. Both executives will report to Saks Global Executive Chairman Richard Baker.<\/p>\n
$6.25B<\/em><\/p>\n\nThat\u2019s how much Erik, Pete and Jamie Nordstrom (as well as other family members), and Mexican retail conglomerate El Puerto de Liverpool,\u00a0paid in cash to take Nordstrom back under family control. The deal closed during the holiday season.<\/p>\n
In 1901, Erik and Pete Nordstrom\u2019s great-grandfather launched Nordstrom as a shoe store. Now, the family is the majority owner of the company again, while Liverpool owns 49.9%<\/p>\n
The transaction was made possible due to both rollover equity by the Nordstrom family and cash commitments by Liverpool. The deal is expected to close in the first half of this year and still needs approval by relevant shareholders.<\/p>\n
What we\u2019re watching<\/h3>\n Is Qurate going to start the new year with a CEO change?<\/em><\/p>\nAt the end of December, Qurate Retail entered into an agreement with CEO David Rawlinson to extend the terms of his employment \u2014 which were first effective July 2021 through Feb. 28 of this year. A new employment arrangement is currently being negotiated, according to a filing with the Securities and Exchange Commission. However, if a new agreement or a mutually agreed extension is not made on or prior to Feb. 28, Rawlinson\u2019s employment with the company will end.\u00a0<\/p>\n
Qurate Retail Group, owner of HSN and QVC, is going through a rebrand which includes expanding into a live social shopping company.<\/p>\n<\/p><\/div>\n
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