Victoria's Secret's market share has declined for years as consumers have grown tired of its overtly sexualized marketing and merchandise. But the number of startups and retailers vying to take a slice of the business that previously belonged to Victoria's Secret hasn't slowed down.
The service, which will operate separately from Elliot, will allow brands to have customers shop products straight from an interactive live stream. The live shopping network is meant to give viewers to ask questions about curated items' fit and texture, among other details, before clicking checkout on products.
ThredUp just announced a new partnership with Gap that would let customers consign their old clothes. It shows the secondhand clothing platform staking it claim as a helpful brand partner for traditional retailers looking for a refresh.
In 2020, e-commerce startups are facing a greater sense of urgency to turn a profit, and furniture company Wayfair is no exception. Earlier this month, the company announced that it was cutting 550 jobs, or about 3% of its workforce. In an email to Wayfair employees obtained by the Boston Globe, CEO Niraj Shah said that "We find ourselves at a place where we are, from an execution standpoint, investing in too many disparate areas, with an uneven quality and speed of execution."
Other news to know
While other brands have cut back on print catalogs, Costco’s monthly print magazine for members is still going strong. It’s America’s fourth-highest distributed magazine, behind two AAPR publications and Parade, CNN reports.
The Business of Fashion has a profile on private equity firm Sycamore Partners, the new owners of Victoria’s Secret.
It’s a busy week for retail earnings, with TJMaxx, Macy’s, JCPenney, Home Depot, Wayfair and more set to report earnings.
The 2020 election cycle is in full swing, and retailers are wasting no time getting political. This week, several retailers announced initiatives revolving around the current political discourse. From offering support female candidates to pledging to give employees time off to vote, brands are increasingly becoming more comfortable taking a public stance on issues.
Nike’s Colin Kaepernick campaign is a top example of this strategy, which was viewed as both polarizing and courageous by the public and the industry. Shortly after the former NFL player's first Nike ad ran in late 2018, the sneaker maker's sales spiked by 10%, bringing in revenue of $847 million.
Last summer, Kroger began selling cannabidiol products at over 1,000 of its stores across the country. The country's largest national grocery chain joined the CBD boom in stocking topical CBD products like oils, balms and creams.
Kroger, along with Rite Aid, Walgreens and CVS, has been on a mission to introduce CBD use to mainstream shoppers since the hemp-derived compound was decriminalized in 2018.
With hundreds of stores, largely located in the Midwest and the South, Kroger has quickly become one of the biggest brick and mortar CBD sellers by footprint, with plans to become the go-to hub for large CBD producers.
Blue Apron is considering either selling itself or raising more private money. It's also closing one of its facilities. Undoubtedly, the meal kit company has had a rough few years -- and this latest development may mean the beginning of the end. How did Blue Apron go from a startup darling to where it is now?
Tailored Brands, the parent company of stores including Mens Wearhouse, has had a rough few years. The company is trying to rebuild its digital credibility with its new CMO, Carolyn Pollock. Modern Retail talked to her about the men's retail landscape and how she plans to go about her plans to revamp the portfolio of menswear brands.
Bombas is slowly building up its roster of wholesale partners, focusing on finding retailers that align with its one-to-one giving model, and have a customer demographic that fits well with new product offerings. It's one of a number of brands that started direct-to-consumer that is starting to test out which wholesale partners make the most sense for them.
Many health and beauty brands are struggling to prove personal relevance to shoppers, and technology silos are a big reason. In response, a growing number of brands and retailers are making their tech tools more flexible and less channel-specific.
"We really thought the opportunity was to combine healthy and safe needle piercing with really accessibly priced, fun jewelry in an environment that the customer was excited to spend time in," Harman said.
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