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 Fossil Group’s turnaround to Thanksgiving doughnuts, here’s our closeout for the week.

What you may have missed

Target taps new board member

Target appointed Sally Grimes as an independent director for its board of directors, the company said Thursday. Grimes is the former North America CEO for alcoholic beverage company Diageo and has executive leadership experience from Clif Bar & Company.

On Target’s board, she will serve on the audit and risk committee, plus the infrastructure and finance committee.

"As we sharpen our merchandising authority and continue advancing our strategy, her experience turning consumer trends into compelling products and brands will bring valuable perspective to our Board,” Target CEO Michael Fiddelke said in a statement.

Centric Brands CEO takes majority stake in company, leads buyout

Centric Brands has sold itself to CEO Jason Rabin and a new investor group made up of Axar Capital Management, M-Cor Capital, LLC, MSP Sports Capital and Centric Brands Group President Jarrod Kahn. Rabin also took a majority stake in the company.

The company, which filed for bankruptcy in 2020, said it is entering its “next phase.” With Rabin remaining CEO, Centric Brands will continue to expand into new brands, categories and products. The company’s portfolio includes over 100 licensed and owned brands, including Coach, Faherty and Gap. 

It will also continue to invest in its operations, including its sourcing, distribution centers and an internal AI platform.

"I'm excited to work with a new investor group to lead the company into its next phase," Rabin said in a statement. "We'll continue expanding our brand portfolio, deepening our global operational capabilities, and delivering for our retail and licensing partners."

Retail therapy

Thanksgiving doughnuts

Krispy Kreme debuted limited-edition Thanksgiving doughnut flavors Wednesday, which are now available until Thanksgiving Day. The new flavors include berry cobbler, caramel pumpkin and double chocolate crumble, as well as the return of a cinnamon apple filled doughnut.

“Thanksgiving is one of the biggest sharing moments of the year, and sharing is what Krispy Kreme does best,” Chief Brand and Product Officer Alison Holder said in a statement. “The holiday should be about spending time together, not hours in the kitchen. So, we gave some of the season’s favorite desserts a Krispy Kreme twist, making it easy to show up with something everyone will love.”

What we’re still thinking about

15.8%

That’s how much Grove Collaborative’s total Q3 net revenue was down year over year, to $36.8 million, the company said Tuesday. The decline was driven by a smaller active customer base compared to last year, which decreased 30% to 458,000. 

Net income was $100,000, compared to a net loss of $3 million in the year-ago period, per the company. 

“Our focus remains on returning Grove to revenue growth while building a durable, profitable business grounded in customer trust that rests on curation, ingredient standards, and product vetting that no ecommerce player rivals,” CEO Jeff Yurcisin said in a statement. “We have delivered a meaningfully improved customer experience, a new subscription experience, and a larger curated offering of healthier-home categories through our dropship capabilities.”

What we’re watching

Fossil’s turnaround

Fossil Group’s turnaround plan looks like it is gaining momentum. In its third quarter, the company saw a slight increase in net sales of 0.4%, totaling $271.2 million, the company said Tuesday. The watch retailer reported a net income of nearly $21 million, compared to a loss of over $32 million in the year-ago quarter. 

The same day, the company announced the expansion of its partnership with Nick Jonas, who will continue as its ambassador and design collaborator into 2028. Fossil also announced a five-year extension of its global licensing agreement with Diesel. 

“Our strong third quarter results reflect momentum across brands, channels and geographies and demonstrate that our product innovation and storytelling is connecting with consumers around the globe,” CEO Franco Fogliato said in a statement.