NEWS WE’VE FOLLOWED THIS WEEK:
The Federal Reserve reduced the target federal funds rate by 50 bps to 4.9% in the first rate cut since 2020.
Interest rate cuts could spur holiday-season consumer confidence, predicts Bain & Company.
Core retail sales (excluding restaurants, autos and gasoline) rose 0.17% month-over-month in August and up 1.93% year-over-year, per CNBC/National Retail Federation.
M&A AND FINANCING NEWS
Kendra Scott raised capital from 65 Equity Partners, HPS Investment Partners, LLC , and Belzberg & Co.
Rise Baking Company was acquired by Platinum Equity and Butterfly Equity.
Rebelstork( recommerce for baby gear) raised capital from Serena Ventures
Louis Garneau Sports (athleticwear brand) was acquired by Lolë (parent of Sanuk).
The active & streetwear apparel assets of Southpole (lifestyle brand) were acquired by iApparel Brands LLC .
Nine Planet Fitness sites owned OKTA Holdings (dba Planet Fitness) were sold to Ease Mile Fitness (Planet Fitness franchisee).
THG (eComm) announced it would spin off its Ingenuity platform to focus on beauty & sports nutrition.
Reliance Vitamin (supplements manufacturer) was acquired by Impetus Wellness Group from Swander Pace Capital.
UMIT BENAN (menswear brand) raised its first investment from D Capital.
Vyrao (British fragrance brand) raised capital from L Catterton, Manzanita Capital , and Estée Lauder.
Abolis Biotechnologies sold a minority stake to BOLD (L'Oréal's PE fund) for $38.6M.
VIOLET GREY was re-acquired by founder Cassandra Grey from FARFETCH.
CSC Generation Enterprise (new owners of Backcountry) raised a $112M in credit from Second Avenue Capital Partners (SACP) , SB360 Capital Partners and Ares Commercial Finance.
Tupperware Brands filed for Chapter 11 bankruptcy protection.
PUBLIC COMPANY NEWS
The following public companies announced earnings this week: Vince & Zegna
BEFORE YOU GO
The official first day of fall begins Sunday, September 22, with the Fall Equinox beginning at 8:44 am.
Fans can vote for favorite toys at toyhalloffame.org – My Little Pony, Pokeman cards or let us know your favorite.
