It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we’re still thinking about.
From the social media fallout from the new Nike and Tiffany collaboration to Home Depot’s new private line of cleaning products, here’s our closeout for the week.
What you may have missed
LVMH, L'Oréal are reportedly suitors to invest in prestige beauty brand Aesop
Several big-name beauty and luxury companies – such as LVMH, Shiesedo and L'Oréal – are considering offers for a stake in the Natura-owned brand Aesop, according to reporting from Bloomberg which cited anonymous sources.
The reported interest would put Aesop’s value at about $2 billion. The interests follows news from Natura in October that it could consider an IPO or spinoff as ways to dip into the brand’s value.
Home Depot’s private label is squeaky clean
Home Depot has partnered with Ecolab to launch a new line of cleaning products, dubbed Ecolab Scientific Clean, the companies announced on Thursday. The private label will be available at Home Depot stores and online and features degreasers, pressure wash concentrate, bathroom cleaners, and floor cleaners and finishes.
"Every day, in countries all over the world, restaurants, hospitals and hotels put their trust in Ecolab products to keep their kitchens, operating rooms and guest rooms clean," Darrell Brown, president and chief operating officer at Ecolab, said in a statement. "For the very first time, our new Ecolab Scientific Clean products will bring 100 years of expertise and innovation to Home Depot customers."
StockX goes to Mexico
StockX on Monday announced the opening of a new authentication center in Mexico City. It is the 14th authentication center in the company’s network, and will provide drop off access for local sellers, quicker payouts and faster shipping for buyers, according to a company press release.
"There is growing demand for the StockX platform across Latin America, and our first authentication center on the ground is an important step in serving our buyers and sellers in the region,” Rodrigo Mazal, director for Mexico and Latin America, said in a statement.
Your fortune says you can’t afford this Louis Vuitton bag
For a mere $2,310 – if you’re fortunate enough to have that cash – you could have bought Louis Vuitton’s new collectible fortune cookie-shaped purse before it sold out.
The brown cookie shaped calf skin wristlet has an attached charm with a secret message, and comes with a transparent PVC pouch with a design similar to a fortune cookie’s packaging.
Louis Vuitton released the bag for purchase this week, according to fashion publication Hypebeast, after displaying it in over the summer during Paris Fashion Week. For those who missed out on snagging it before selling out, fear not: The bag can already be found on resale sites for roughly twice the price.
Manscaped taps SNL alum in latest ad
DTC grooming company Manscaped partnered with Pete Davidson on a new commercial. It highlights the company’s recently launched Beard Hedger electric trimmer. The ad features the Saturday Night Live alum alongside another heavily bearded man with the same name as the famous comedian.
The ad opens with Davidson introducing the beard trimmer but he then admits that he “can’t grow a full beard.” As the bearded stand-in takes the stage, SNL’s Davidson is asked to leave as only talent is allowed on set. The “real Pete” suggests that the fake Pete “let the beard do all the talking.”
Manscaped’s Chief Marketing Officer Marcelo Kertész said the banter between the comedian and the similarly named bearded dude “was a fun and seamless way to introduce the standout qualities of the device.”
What we’re still thinking about
That’s how many stores Dollar General now operates, as of Jan. 28. The dollar store chain opened its 19,000th store on Saturday in Joplin, Missouri, and celebrated with a $19,000 donation to a local elementary school.
The retailer has been rapidly opening stores over the past several years. In January 2022, the chain had more planned store openings than any other retailer combined — at 1,102 — according to a Coresight Research report.
Beyond store openings, the retailer has launched new banners as well. Dollar General in 2020 introduced a new store concept, dubbed Popshelf, which targets middle-income suburban shoppers. By the end of 2021, the retailer said it was planning to build 1,000 Popshelf stores over the next four years.
That’s how many corporate employees were affected by REI’s layoffs this week. That number represents less than 1% of the retailer’s total workforce, but 8% of its headquarters staff.
The layoffs are part of a business reorganization around the retailer’s “areas of highest impact.”
“It is vital that we get the co-op back to profitability as quickly as possible,” CEO Eric Artz said in a message to employees. “I know we can get there, but it will require each of us to work very differently.”
Affected employees will receive severance packages, payment for remaining vacation time and access to four months of COBRA healthcare coverage and outplacement support.
What we’re watching
The fallout of the Nike and Tiffany collaboration
All eyes were on Nike and Tiffany this week as the two powerhouses announced a collaboration that included sterling silver accessories and a pair of Air Force 1’s. The companies teased the partnership as a “legendary pair,” but instead it left many disappointed.
The comments on social media were, at times, scathing. One commenter on Nike’s Instagram post said: “Box better than the shoes” while another commented “This ain’t it.” Observers on Twitter went a step further, sharing photos of artificial intelligence-generated shoes and mockups from other creatives to show what the collaboration could have looked like. Others simply mocked the release (“Babe what’s wrong? You’ve barely touched your sterling silver Tiffany X Nike tooth brush”).
Divided opinions are perhaps a part of any collaboration, but with two incredibly well-known names, customers expected a slam dunk. It may come out to nothing more than a missed opportunity, but news also surfaced shortly after that Tiffany’s creative director reportedly exited the company. Whether or not the departure is related to the collaboration is unknown.