The Weekly Closeout: Lululemon launches third shoe and Williams Sonoma chairman resigns
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It’s been another week with a lot more retail news than there is time in the day. Below, we break down some things you may have missed over the week, and what we’re still thinking about.
From Lids’ new college stores to Miller Lite’s bodega apparel collection, here’s our weekly clearance sale.
What you may have missed
Lululemon launches its third shoe this year
Since announcing its first shoe collection in March, Lululemon has threw three of the four shoes he intends to make his debut this year. The company’s running shoe, Blissfeel, was the first to become available, followed by the Restfeel post-workout slide, which launched on May 31. This week, Lululemon’s cross-training shoe, the Chargefeel, made its debut in stores and online, according to details emailed to Retail Dive.
The Chargefeel is available in sizes 5 through 11 and costs between $138 and $148. It comes in 14 colors and is sold with a “low” upper and a “mid” upper, which offer different stability. Lululemon describes the shoe as one that “challenges typical cross-training construction, leading to the rebound and forward movement required in a running shoe, complemented by the lateral stabilizing support of a trainer.”
Lululemon’s latest shoe in this collection – the Strongfeel, for training – is set to launch this fall. CEO Calvin McDonald said in June that his running shoe was so popular that it driven out of stocks.
Adidas signs 15 college athletes with NIL deals
To celebrate the 50th anniversary of Title IX, Adidas announced this week that it will sign 15 female varsity athletes to name, image and likeness deals. Athletes span soccer, basketball, volleyball, softball, gymnastics, tennis, and track and field at various schools. Adidas in March created a NIL network open to more than 50,000 student-athletes.
The retailer is also tapping WNBA star Candace Parker to form a mentorship program for recently signed college athletes to provide guidance “as they navigate the NIL era,” Adidas said in the release. details emailed to Retail Dive.
“As a leading global sports brand, we are focused on creating long-term equity in sports,” said Rupert Campbell, president of Adidas North America, in a statement. “That means both investing in the next generation of athletes today and also supporting them in the future.”
Williams Sonoma president resigns
Williams-Sonoma this week announced Ryan Ross, president of the company’s Williams Sonoma brand, resigned on Tuesday. Ross has taken on a leadership role outside of the company, according to a press release.
Replacing Ross as president of the Williams Sonoma brand is Felix Carbullido, who has been with the company since 2009 and most recently served as chief marketing officer for Williams-Sonoma. Previously, he was vice president of Pottery Barn’s e-commerce business and senior vice president of Pottery Barn’s DTC business.
Lids goes to school
This week, Lids announced the launch of Lids University, or Lids U, a retail concept dedicated to college sports and apparel. Each store will offer products specific to the market it serves and will carry an assortment of NCAA products. Lids U will open in malls and outlets in major college markets nationwide and will feature merchandise from brands including Nike, Adidas, Under Armour, Fanatics and more.
The concept was launched in response to customers seeking more NCAA products, according to the retailer.
Stores opened in Chicago, Buford, Georgia and San Marcos, Texas, with a total of 11 locations to launch this year.
Best Buy welcomes everyone, regardless of outfit choice
When Best Buy announced the launch of a digital-focused small format store this week, it also offered insight into the type of consumer who might shop there.
A set of digitally rendered images of people shopping in the store showed a lot of normal activity, but one shopper profile seemed to stand out. Behold – a bearded individual standing outside Best Buy in a suit jacket and shorts.
Perhaps Best Buy is looking to appeal to the modern person, someone who might need to immediately run to Best Buy in their Zoom-friendly work-from-home attire. No matter the case, it’s good to know anyone and any unbalanced outfit is welcome in Monroe, NC.
Nothing compares to brewing
Miller Lite and Colombian singer J Balvin partner on a line of derivative products which was specially designed for beer runs at the neighborhood convenience store. Named BodegaWear, the collection is inspired by “the vibe, look and culture of one of the most authentic places in the community – the bodega”.
The collection includes a bucket hat that doubles as a beer bucket because it’s 2022 and what a time to be in. Other products include a varsity jacket, socks and slides.
Proceeds from sales go to the Accion Opportunity Fund, which supports bodegas, convenience stores and Latino-owned businesses.
“Bodegas are so much more than stores – they are neighborhood hubs that really bring people together. So when we decided to launch a merchandising collaboration with J Balvin, we wanted to pay homage and give back to these beloved local institutions. and how people effortlessly combine urban style and comfort in their bodega runs,” Sofia Colucci, vice president of the Miller family of brands, said in a statement.
What we still think about
It’s like that Shopify’s net loss was for the second trimester. Operating loss was $190.2 million during the period, compared to operating profit of $139.4 million in 2021. The company warned that operating loss would increase “ noticeably” in the third quarter.
The losses came as the e-commerce platform announced it was laying off 10% of its workforce, according to a company message from CEO Tobi Lütke. The business grew rapidly during the pandemic as online shopping accelerated at the start of the pandemic. “It is now clear that the bet did not pay off” Lütke said.
That’s how much a bankruptcy court said Revlon could spend on bounties to retain up to 160 “critical” employees while it progresses through Chapter 11. The beauty brand told the court it experienced turnover rates of up to 25% among these employees. as it struggles with cash flow and suppliers have halted or threatened to halt shipments of essential supplies. Anyone accepting these payments would be forced to stay until a bankruptcy plan is confirmed or June 30, 2023.
The US trustee handling the Revlon case had opposed the idea, citing a lack of information about the beneficiaries and their functions, but the judge ruled that the plan met the legal criteria of the bankruptcy code for bonuses. .
what we watch
Amazon, citing rising costs, will demand more money from European Prime members
After raising its US Prime membership fee in February by $20, Amazon is now also planning increases of up to 43% for Europe in September.
Consumers around the world are watching their budgets as inflation squeezes their wallets, and some European Prime members may cut spending if new fees take on too much weight. But the e-commerce giant probably isn’t too worried, given that US Prime’s uptake and retention remains strong so far this year, according to Amazon chief financial officer Brian Olsavsky, who said this week when calling the company’s second-quarter earnings that he was “pleased.” with the results we see in the Prime program.
Like its customers, the company must find ways to offset rising costs. In the second quarter, its operating expenses rose 11.9% to $117.9 billion, helping to lower its operating profit 56.9% year-over-year , and it posted a net loss for the second straight quarter.