The Weekly Closeout: Fanatics acquires Topps and Barbie becomes glamorous with Balmain
It’s been another week with a lot more retail information than there is time in the day. Below, we break down some things you might have missed over the week and what we’re still thinking about.
From At Home’s partnership with Ty Pennington to Macy’s decision to temporarily cut store hours, this is our close of the week.
What you might have missed
Fanatics acquires Topps
Digital sports platform Fanatics acquired trading card company Topps this week.
The deal “will be the foundation for the Fanatics Trading Cards business,” which was launched last year after the company secured the rights to a number of professional sports leagues, including the MLB and NBA, according to a company press release.
“With collectible cards and collectibles being an important pillar in our long term plans to become the leading digital sports platform, we are excited to add a leading collectible card company to grow our business. Fanatics CEO Michael Rubin said in a statement. âTheir iconic brand, commitment to product excellence and passionate employees around the world will allow us to immediately serve our league and player association partners and fans. “
Approximately 350 Topps employees will be part of Fanatics Trading Cards. David Leiner, current Global Vice President and General Manager, and Tobin Lent, Vice President and General Manager of Topps Digital, will continue to manage Topps within Fanatics Trading Cards, which is a separate subsidiary of Fanatics.
P&G acquires Tula
For its third beauty acquisition in two months, P&G announced the acquisition of skin care brand Tula, according to several media. The conglomerate Recently purchased Ouai Haircare and Farmacy Beauty as it strives to build a more robust beauty portfolio.
âWhen we look at our beauty strategy, we want to gain beauty in the categories in which we choose to play: skin, hair and personal care, categories where the clinical performance of the products makes the differenceâ, Markus Strobel, president of global skin and personal care at P&G, said Women’s Wear Daily.
The M&A space has been hot in retail lately, especially for DTC brands. Supergoop sunscreen brand in December sold a majority stake to Blackstone while Harry’s acquired the LumÄ deodorant brand.
P&G attempted to acquire DTC Billie shaving brand in 2020 before the Federal Trade Commission blocks the acquisition on antitrust grounds. This company has since been acquired by owner of Schick Edgewell.
At Home launches collection with TV host and designer Ty Pennington
At Home announced this week an exclusive collection with Ty Pennington – the television host known for shows like “Extreme Makeover: Home Edition” and “Trading Spaces”.
The line offers “hundreds” of products, such as murals, textiles, furniture and rugs, starting at $ 4.99. Pennington worked with At Home’s creative and merchant teams to find the materials used.
âTy’s down-to-earth designs seem more timeless than trendy, showing his love for natural materials and fine craftsmanship,â said Chad Stauffer, president and head of merchandising and products for At Home, in a statement. âEach piece ends up giving the impression of being one of a kind, while its unique style gives the collection a visual consistency ready to mix and match. Best of all, our customers can get this look effortlessly at incredible prices. “
At Home has undergone a number of changes over the past year, including entering into an agreement at acquired by private equity firm Hellman & Friedman for $ 2.8 billion. In its fiscal year ended Jan. 30, 2021 – its last fiscal year as a publicly traded company – the retailer said net sales increased by 27.3% to $ 1.7 billion, while same-store sales increased 19.4%.
Authentic Brands buys Beckham
Genuine brands may have put his plans aside for an initial public offering, but it hasn’t missed a beat in its endless trading curve. His latest deal is a controlling stake in football icon David Beckham’s brand management company, DB Ventures. According to Bloomberg, Authentic Brands has agreed to pay $ 269 million for a 55% stake in Beckham’s company.
Last summer, according to Women’s Wear Daily, Beckham was looking to buy back full ownership of Seven Global – which controls Beckham’s agreements with the Tudor, Coty, Adidas and Biotherm brands. The majority owner at the time was the struggling Global Brands Group, which has since moved to relax and whose North American subsidiary has went bankrupt.
I’m a Barbie girl, in a Barbie world
Mattel this week announced a partnership between its Barbie brand and the French fashion house Balmain on a collection of ready-to-wear and accessories.
The two companies also release three NFTs of Barbie and Ken avatars, each accompanied by a bespoke set of “Barbie-sized Balmain pieces,” according to a press release from Mattel. The NFT Barbie x Balmain will be available through an online auction.
“Together, Barbie and Balmain are opening a new chapter in the legacy of the toy and fashion industries,” Richard Dickson, president and chief operating officer of Mattel, said in a statement. “As a fashion house committed to innovation in unexpected and joyful ways, Balmain, under the creative direction of Olivier Rousteing, is the perfect partner to translate Barbie’s own iconography into a modern iteration of digital art. and physical fashion. “
“It’s a dream come true,” said Olivier Rousteing, Creative Director of Balmain, in a Instagram post the announcement of the partnership. “Because [I was] a child that I have always loved Barbie and I am so proud to be a part of the Barbie world. ”
The collection, which is unisex, includes over 50 pieces and will be available January 13 at Balmain stores and its website, Mattel Creations and other retailers.
What we still think about
This is the number of U.S. households that Walmart expects to extend its home delivery service by the end of 2022, according to an announcement Wednesday. Walmart said the service is currently used by 6 million U.S. households. The retailer plans to hire more than 3,000 associate delivery drivers, a newly created role, to evolve the delivery service.
$ 201 million
How much is the third trimester of Bed Bath & Beyond the net loss widened compared to the same period in 2020. While the homeware retailer benefited greatly at the start of the pandemic by selling in a very popular category, it has more recently faced foot traffic and inventory issues, which executives attributed to declining sales.
Bed Bath & Beyond missed its own sales expectations in the third quarter, posting net sales of $ 1.9 billion. This represents a decrease of 28% compared to the period last year and a decrease of 32% compared to 2019.
What we watch
Retailers respond to omicron
Amid a growing number of cases of omicron COVID-19 variants across the country, retailers have implemented measures in response. Two major retailers, Macy’s and Walmart, recently announced that they are changing their store operations.
For the remainder of January, all Macy’s stores will only be open from 11 a.m. to 8 p.m. Monday through Thursday, while the store’s opening hours will remain the same on other days.
Walmart, on the other hand, is temporarily closing some Walmart and Sam’s Club locations for cleaning. Store closings typically last a day and a half and the program will stay in place for as long as needed, a Walmart spokesperson said.
Wednesday, CNBC reported that Walmart is cutting COVID-related paid time off from two weeks to one week. The move came after the Centers for Disease Control and Prevention recommended shorter isolation and quarantine periods for asymptomatic Americans and those in close contact with someone who tests positive.