NEWS WE’VE FOLLOWED THIS WEEK:
US job growth rebounded in August with 142k jobs added per Labor Department; unlocking lowered to 4.2%.
Consumer spending on footwear grew 0.9% in July’24 vs. July’23, marking the 25th straight month of growth per the Footwear Distributors of America (FDRA).
US Holiday Sales will grow 2% vs last year to $277B (as a shorter season, Chinese shopping apps, and a value-seeking shopper will make for softer growth), predicts Salesforce.
Congratulations to the 2024 Direct 60 List Honorees! The Lead releases this prestigious list each year recognizing the top 60 executives at iconic brands.
M&A AND FINANCING NEWS
The Nordstrom Family alongside Liverpool (Mexican retailer) offered $3.8B to acquire Nordstrom, Inc. and take the Company private.
MapMyFitness - Under Armour Connected Fitness (fitness app owned by Under Armour) was sold to Outside Interactive, Inc.
Antica Farmacista (fragrance brand) was acquired by SFERRA Fine Linens.
GALY (lab-grown cotton) raised a $33M from Breakthrough Energy Ventures.
Nutrabay (DTC Sports Nutrition retailer) raised a $5M from RPSG Capital Ventures .
Front Row Group (beauty industry marketplace agency) raised a strategic investment from Charlesbank.
Foundation Wellness (consumer wellness platform) was sold by Gridiron Capital LLC to Bansk Group.
Kennelmaster Foods (pet treats) was acquired by Three Dog Brands (backed by Topspin Consumer Partners).
Mountain Warehouse was approved as the winning bidder of the Eastern Mountain Sports (EMS) brand.
Salt Life (outdoor lifestyle brand) was acquired by Iconix International and Hilco Global.
MJ Soffe LLC (activewear brand) was acquired by Renfro Brands (backed by the Renco Group).
ASOS.com Sold 75% of its stake in Topshop and Topman to Bestseller for $178 Million.
PUBLIC COMPANY NEWS
The following public companies announced earnings this week: DICK’s Sporting Goods, Dollar Tree, J. Jill, Sportsman’s Warehouse, Torrid
EVENTS
New York Fashion week starts today, Friday September 6th , and runs through September 11th.
BEFORE YOU GO
Week 1 of the National Football League (NFL) began Thursday, September 5.
The US Open tennis finals are this weekend, and it’s the first time both an American man and woman will reach the single’s finals since 2002. Jessica Pegula clinched a spot Thursday night and either Francis Tiafoe or Taylor Fritz will advance from Friday night’s semi-final.
