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 college athletes gaining the right to profit off their likeness to Kim Kardashian making underwear for the Olympics, here's our closeout for the week.
What you may have missed
Walmart launches low-cost private brand analog insulin
Starting this week, Walmart will begin offering an affordable version of insulin that would allow consumers without insurance to potentially afford the medication. Through Walmart's exclusive private brand ReliOn NovoLog, consumers can purchase an analog insulin vial for $72.88 and a FlexPen for $85.88. Walmart said these products would save customers between 58% to 75% off the price of other branded analog insulin products.
Where are the brands? After college athletic ruling, player NIL goes mostly DTC
Once the Supreme Court in June ruled that the National Collegiate Athletic Association's rules against compensation for college athletes violated antitrust law, the money-making playing field flung wide open. Several undergraduate star players swiftly moved to monetize their name, image and likeness, commonly referred to as NIL. It's early days, however, and most of those campaigns are decidedly DTC, including personalized merch and signed memorabilia for sale on players' personal websites. No offers yet from the likes of Nike, Adidas or Under Armour, whose marketing teams must have been watching this more closely than any Super Bowl. Nor from underdog Athleta, which has already wooed two top Olympic athletes for its nascent roster away from the Nike juggernaut.
Bed Bath & Beyond introduces 3 employee benefit programs
Bed Bath & Beyond on Thursday implemented three new paid benefit programs. Its new paid parental leave policy, offered to all U.S. benefits-eligible, full-time employees, will cover up to eight weeks of full pay after a birth, adoption or fostering of a new child for parents, the company said. Bed Bath & Beyond also announced it would convert an associate-paid voluntary short-term disability program to a company-paid one for full-time U.S. employees, which covers full pay for the first eight weeks and 60% of pay for up to 26 weeks. Additionally, the company created an associate relief fund, which all associates can partake in. The fund was created to help support employees through "various hardships," Bed Bath & Beyond said.
Retail Therapy
Kim Kardashian is providing all Olympians with skivvies
For those who pay attention to the intersection of fashion and the Olympics, the designer that typically comes to mind is Ralph Lauren. This year, not only do athletes get subjected to uniforms that make them look like they are in the Navy, they also have the pleasure of being outfitted by Kim Kardashian West's Skims line. Kardashian West posted on her Twitter account that Skims is the official underwear of Team USA, and will provide undergarments, pajamas and loungewear to the athletes. The pieces will also be available in a capsule collection on the Skims website.
What we're still thinking about
4,311
That's the number of stores that have opened this year so far, which is up 41.8% from 2020, according to Coresight Research. Closures are down 5.7%, the first decline this year, in part because bankruptcies have slowed since the height of the pandemic.
0
That's how many stores Gap will leave open in the U.K. and Ireland as it scales back its physical presence abroad. The company cited "market dynamics," and noted its e-commerce business was growing.
What we're watching
Who's adding Reebok to their shopping cart?
No official details have come out from Adidas yet on who Reebok will be sold to, but Reuters reported this week that the shortlist of bidders contains Wolverine World Wide, Authentic Brands Group (which has been on an acquisition spree lately) and a handful of private equity firms, including Sycamore Partners and CVC Capital. Adidas said it would divest Reebok in February, after months of speculation. The company acquired Reebok in 2006 for $3.8 billion; Reuters on Thursday reported it could sell for up to $1.2 billion.
