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 Bath & Body Works Logistics Service’s decision to lay off some of its employees to Bubble Skincare’s collaboration with “Inside Out 2,” here’s our closeout for the week.
What you may have missed
Pampered Chef names new CEO
Nevena Srebreva is Pampered Chef’s new CEO, the company announced Wednesday.
Srebreva was formerly the chief field and international officer at the company. She helped lead the company’s expansion in Europe and transition the business to a virtual model during the pandemic. She succeeds Andrew Treanor, who led the multilevel marketing retailer for four years.
“We’re a company that believes in the power of coming together for shared mealtimes,” Srebreva said in a statement. “I’ve seen first-hand the passion our consultants have for our purpose and how, in helping others, they have found joy, flexibility, and a community they are proud to be a part of.”
Skin care brand Boscia is closing its website
Clean skin care brand Boscia is closing its website on May 31, the company announced Wednesday.
“We want to express our sincere gratitude for your loyal support throughout the years. Thank you for being a part of our journey,” the company wrote in an Instagram post and on its website.
Boscia is taking 55% off everything on its website through May 31 at 11:59 p.m. PST, and all sales are final, according to its website. The company did not immediately respond to requests for comment regarding the website closing or whether the business is shutting down entirely.
L’Occitane takes steps to go private
The board of directors of L'Occitane International announced on Monday that the cosmetics company has received an offer from its largest controlling shareholder and chairman, Reinold Geiger, to go private, according to the press release.
L'Occitane Groupe, which is controlled by Geiger, own about 72% of the company’s shares and offered to acquire all remaining shares for 34 Hong Kong dollars per share.
"Our family has always taken a responsible, long-term view when it comes to developing our company,” Geiger said in a statement. “The transaction we are launching today will enable us to focus on rebuilding the foundation for the long-term sustainable growth of our company.”
At least 90% of shareholders must approve Geiger’s offer to move it forward. If approved, L’Occitane would be delisted from the Hong Kong Stock Exchange and keep its current management team, while investing in hiring new talent, IT infrastructure and marketing, according to the company.
The company’s bid to go private follows the path of one of its brands, Grown Alchemist. Last month, the L’Occitane Group sold a controlling majority stake in the Australian skin care brand to André Hoffmann, L’Occitane Group’s former vice chairman, CEO and current board member, for 28 million euros (about $30.2 million at the time).
Retail Therapy
Panera drops yet another bread-inspired accessory
When dining at Panera Bread, slices of loaves usually come as a side option with your entree or can hold soup as a bread bowl. Yet, the chain has found another use for its item — as a hat.
The Bread Head Hat retails for $21 and is a 3D-printed bread bowl styled with various colored ostrich feathers. The hat, which was available for purchase on its site, has since sold out. However, the company is offering customers the option to be notified when it comes back into stock.
And what better way to pair it than with the Panera Bread BAGuette?
In first brand collaboration, Bubble Skincare inks partnership with ‘Inside Out 2’
Bubble Skincare announced this week its first brand collaboration with Disney and Pixar’s upcoming movie, “Inside Out 2”. Playing into themes from the movie, the collaboration with Bubble highlights the effects that emotions have on skin.
Products include two exclusive sets featuring characters from the movie, as well as bestseller products with limited-edition packaging.
“Riley’s story of processing new feelings and growing up is a universal one that we are delighted to see celebrated in this new collection, which combines everyone’s favorite characters with your go-to Bubble formulas, so you can face the day no matter what you’re feeling,” Shai Eisenman, founder and CEO of Bubble, said in a statement.
The collection ranges from $16 to $34 with products like the Slam Dunk Hydrating Cream Moisturizer featuring Inside Out’s Anxiety and the Day Dream Tone and Texture Serum featuring the movie character, Envy.
Bubble’s collection is available for purchase on its own website, Ulta.com and Walmart.com. The items will enter Walmart and Ulta stores in May and June.
What we’re still thinking about
59
That’s how many employees will be laid off from a Bath & Body Works Logistics Service distribution center in Columbus, Ohio, effective Saturday, according to a company letter.
The facility provided logistics and shipping services to Express, which recently filed for Chapter 11 bankruptcy. The company is offering impacted employees roles at one of its other distribution centers and, if they do not accept, they will be offered a severance package.
24%
That’s how much Amazon’s Q1 advertising revenue was up year over year, reaching $11.8 billion, the company reported this week. Sponsored product ads on its marketplace were the primary means for growth, while its recently launched Prime Video ads show promise, according to the company.
What we’re watching
Peloton announces another restructuring as it seeks out a new leader
Peloton is shaking things up yet again as it tries to align its cost structure to the size of its business. The fitness brand on Thursday announced CEO Barry McCarthy is stepping down as CEO, president and board member. Peloton has appointed Karen Boone, Peloton’s current chairperson, and Chris Bruzzo, a board director, to serve as co-CEOs in the interim.
At the same time, the company announced a restructuring plan that involves laying off 15% of its global workforce as part of an effort to cut expenses by more than $200 million by the end of its 2025 fiscal year.
Peloton has faced a number of challenges in recent years. The company has undergone several rounds of layoffs, reduced its retail footprint and seen its co-founders exit the company entirely — all while facing declines to both its sales and member base.
McCarthy himself described his role leading the company’s restructuring efforts these past couple of years.
“I once described turnarounds as a full contact sport; intellectually challenging, emotionally draining, physically exhausting, and all consuming, the decisions never more consequential, the urgency ever present, the teamwork never more central to the mission. From where I sit today, that pretty much summarizes my experience these last two years,” he said in a note posted Thursday.
