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 Dick’s Sporting Good’s new chief marketer to Le Creuset’s recent color reveal, here’s our closeout for the week.
What you may have missed
Dick’s Sporting Goods names new chief marketer
Dick’s Sporting Goods is getting a new chief marketing officer. Ed Plummer, who has held the role since 2019, is retiring on April 28, the company confirmed to Retail Dive. The executive has been at Dick’s for 13 years: He initially joined as vice president of customer relationship management in marketing in 2010, according to his corporate bio. Emily Silver, most recently a senior vice president of portfolio marketing at PepsiCo, will take over the position, including ownership of the retailer’s marketing and brand strategies.
Nike’s first virtual collection: Our Force 1
Nike this week launched its first virtual collection co-curated by the community on its Web3 platform, .Swoosh, the company said in a corporate post. Our Force 1 is available in two digital “boxes,” each of which is priced at $19.82. The Classic Remix box and the New Wave box each include a digital version of an Air Force 1, with the “classic” option giving shoppers the chance to receive a virtual version of an Air Force 1 released from 1982 to 2006 and the “new wave” option including shoes from 2007 onward.
All .Swoosh members have the opportunity to purchase one of the boxes and buyers will also unlock access to physical products and experiences in the future. The .Swoosh marketplace, which allows shoppers to collect and trade virtual Nike products, launched in November and is still in beta testing, but Nike says the platform has already gathered 330,000 members.
“The OF1 collection shows how Nike will continue to innovate at the intersection of play and culture for the future of sports,” Ron Faris, general manager of Nike Virtual Studios, said in a statement. “We are exploring new ways to tell stories and create relationships while removing the barriers and limitations of physical product. With more members choosing to express themselves across physical and digital worlds, .SWOOSH is the marketplace of the future.”
Circ and Zara partner to create the first collection from cotton waste
On April 17, Zara released a women’s capsule collection in partnership with fashion tech company Circ, according to a press release. The entire collection is made with recycled textiles that are derived from polycotton textile waste.
“This is the first-time recycled polyester and lyocell clothing manufactured from polycotton textile waste is in the hands of consumers, and we are taking important steps towards making circularity the new standard,” Circ CEO Peter Majeranowski said in the release. “Circ and Zara want to create a new future in which the garments hanging in our closets are made from recycled materials that can then be recycled over and over again.”
The lyocell garments in the collection are made with 50% recycled polycotton textile waste and polyester garments with 43% waste. The collection comes in burgundy tones and is available across 11 Zara markets.
Retail therapy
SHALLot you buy this Dutch oven from Le Creuset?
High-end cookware brand Le Creuset revealed a new color option to a crowd of patiently waiting observers this week. On cue, presenters dramatically removed paper curtains to reveal the new hue amid the sound of oohs and aahs.
The color – which almost blended in with the grey background display – is called shallot. More specifically, the brand describes the light purple and pink tone as “the most delectable soft shade of flavor.”
The “next-generation neutral” is named after the allium vegetable, and is available in variously shaped Dutch ovens.
Finally, there is a ‘T’ in Skechers
Footwear brand Skechers announced on Monday that it is embracing a common spelling error in its name by partnering with celebrity Mr. T in a new marketing campaign.
“The letter ‘t’ has never been part of our name but sometimes computers and voice-to-text apps autocorrect it the wrong way,” Michael Greenberg, president of Skechers, said in a statement. “Not that we are considering changing the spelling of our name, but it would have been foolish to say no to Mr. T – the only ‘t’ that belongs in Skechers.”
The A-Team icon is featured in a new commercial for the brand wearing styles across the Skechers product range while he takes part in various activities such as grilling and playing pickleball.
What we’re still thinking about
$2.2B
Ikea this week announced plans to invest over $2.2 billion over the next three years into its U.S. omnichannel strategy. The investment marks the retailer’s largest over the past four decades of operating in the U.S. market.
The money will help Ikea open new locations and strengthen its fulfillment network. The retailer is planning to open eight new stores, nine plan-and-order points and 900 pickup locations.
“We are committed to continuing to grow in this market with our thousands of co-workers and millions of customers who look to Ikea for home furnishing inspiration and solutions at an affordable price,” Javier Quiñones, CEO and chief sustainability officer at Ikea U.S., said in a statement. “Our priority is to become more accessible, while staying as affordable as possible for the many people, which is especially important given the increasing costs of living.”
9,200
That’s the number of David’s Bridal employees the company said would lose their jobs over the next several months as the formal wear retailer pursues a sale and navigates bankruptcy.
Earlier this month, David’s Bridal filed a WARN notice announcing it would lay off 9,236 workers nationwide. This week, the company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey.
Despite its financial woes and its announcement that it would continue to evaluate its brick-and-mortar footprint, the company said future brides shouldn’t fret. The retailer’s stores remain open and it “intends to continue operating in the ordinary course, including by fulfilling all customer orders without disruption or delay,” the company said in a press release.
What we’re watching
Will Bed Bath & Beyond file for bankruptcy soon? Or ever?
Days and weeks go by, and yet one of the most anticipated bankruptcies of 2023 still hasn’t happened. A few news outlets this week reported that Bed Bath & Beyond was on the brink of filing for Chapter 11 protection. But as of press time, the retailer still hasn’t filed, and didn’t respond to questions about whether or when it would.
The struggling home goods retailer itself has warned more than once that it may have to file. So far it has spent the first quarter of the year linking up with a hedge fund and pulling a series of financial maneuvers instead. The company does have plans to close hundreds of stores, along with its entire operation in Canada.
Some bankruptcy experts say it’s probably a matter of time, though others are stumped. “The steps they’re taking just strike me as wrong,” John Sparacino, a principal in law firm McKool Smith’s bankruptcy practice, said by phone. “It just seems to be further kicking the can down the road to an inevitable filing where all of this goes to zero.”
