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 resignation of Tupperware’s chief accounting officer to Costco monopoly, here’s our closeout for the week.
What you may have missed
Skechers releases collection with Artist-in-Residence Doja Cat
Skechers released its first collection with Doja Cat as the company’s Artist-in-Residence on Thursday, according to a press release. Launching on StockX, the collection consists of a black pair and a white pair of Doja’Lites. The design, based on the Skechers D’Lites sneakers, is available on the platform in women’s sizing, while supplies last. StockX’s physical stores will display the partnership ahead of Doja Cat’s new album, “Scarlet.”
Following the StockX drop, the entire collection will be available on Skechers website and in select Skechers stores and specialty retailers.
“Doja Cat is a fashion icon and the perfect visionary to reimagine one of our most iconic Skechers styles in a way that is both unique and forward-thinking,” Skechers President Michael Greenberg said in a statement. “Doja Cat generates headlines and buzz through everything she does, so the excitement surrounding the Doja’Lite styles presents an opportunity to introduce a remix of Skechers heritage sneaker designs to audiences globally.”
In addition to black and white, more colorways will launch on Thursday. Colorways include a patent black, off-white and lavender, all-white and olive green.
Ulta promotes COO to additional role as president
Ulta Beauty gave Chief Operating Officer Kecia Steelman the additional title of president, according to a company press release this week. She will continue to report to CEO Dave Kimbell and will be responsible for corporate strategy, information technology, store and services operations, supply chain, Ulta Beauty at Target, loss prevention, and companywide transformation and optimization efforts.
Steelman has been COO at Ulta since June 2021, and before that served as Chief Store Operations Officer for about six years. Kimbell, who took over as CEO from longtime leader Mary Dillon in 2021, himself formerly held the role of president and chief marketing and merchandising officer before he was promoted to simply president in 2019.
“Kecia is a talented executive with a proven track record of driving operational excellence while fostering a caring and inclusive culture and creating exceptional guest experiences,” Kimbell said in a statement on Steelman’s promotion. “Over the last year, Kecia has increased her scope and influence within our organization, and this expanded role recognizes her value to the company and her many contributions to our success, while also demonstrating our ongoing confidence in her leadership to help us drive profitable growth for the Company over the coming years.”
Tupperware chief accounting officer resigns
Tupperware earlier this month announced its senior vice president and chief accounting officer, Madeline Otero, anticipates resigning after the company files its annual 10-K report for fiscal year 2022, expected mid-October.
Otero began working for Tupperware in 2000, holding a number of positions including senior manager of financial planning and analysis, financial controller, senior vice president of finance and accounting, and vice president and corporate controller, according to her LinkedIn profile. Otero left the company in 2011 to work as vice president and CFO of BeautiControl before returning to Tupperware in 2015.
Tupperware said Otero’s resignation is not due to any disagreement with the company, its management or the board of directors, according to a filing with the Securities and Exchange Commission. The company is engaging with a consultant to cover the company’s accounting functions. Following Otero’s exit, CFO Mariela Matute will also assume the responsibilities of the company’s principal accounting officer.
The resignation announcement comes after the company last month said it finalized an agreement with lenders to restructure its debt, a move that temporarily boosted its share price. Tupperware has been facing months of operational and financial distress, including issuing a going concern warning and receiving a notice from the New York Stock Exchange that it was no longer in compliance with the exchange’s continued listing requirements.
Retail therapy
Pringles with a side of caviar
In a move the companies insist represents “quiet luxury,” chips brand Pringles has partnered with The Caviar Co. for a limited-edition collection, per a Tuesday press release.
Customers can choose to buy three kits from the collaboration, with pairing examples such as a $49 sour cream and onion-flavored chip with smoky and savory smoked trout roe and creme fraiche. The most expensive option is a $140 kit featuring original, sour cream and onion, and barbeque-flavored chips to pair with white sturgeon caviar and smoked trout roe.
"Pringles and caviar are the high-low snack the world didn't know we needed, but the combination is simply delightful," Petra Higby, CEO and founder of The Caviar Co., said in a statement.
Costco wants to be involved in your game night
Costco created a custom Costco-themed Monopoly game for the company’s super-fans, according to a Facebook post Sept. 15.
The $44.99 board game celebrates the company’s shopping experience and its 40-year history. Costco’s new creation features 22 illustrations of store locations from around the world. The game also includes custom tokens, including a slice of pizza, a hot dog, a warehouse pallet holder and more.
What we’re still thinking about
10%
That is how much The Container Store Group CEO Satish Malhotra’s salary has been temporarily reduced. His annual base salary will drop from $925,000 to $832,500 for a period of six months, effective on Oct. 1, according to documents filed with the U.S. Securities and Exchange Commission.
Malhotra took the voluntary cut in order to offset the cost of employee pay increases, according to the company. Malhotra also waived any right to resign for “good reason” under his current employment agreement as a result of the salary reduction. His contract with The Container Store Group ends on Feb. 1, 2025.
2,000
That’s how many tractors Dollar General wants to expand its private fleet to before the end of the year. The company’s fleet currently consists of over 1,800 tractors and handles almost half of its outbound transportation needs, CEO Jeff Owen said on a recent earnings call. The fleet is seen as an important driver in lowering overall transportation costs.
What we’re watching
True Religion to expand internationally
Shortly after announcing the opening of its first new store in four years, apparel retailer True Religion said Wednesday that it’s planning to expand into new international markets, including India, Indonesia, South Korea, the Philippines, South Africa, Lebanon and Qatar. The company in March announced plans to expand into China.
Overall, the company will have 26 markets outside the U.S. All stores will carry True Religion’s core collections for men and women, along with a locally curated selection that appeals to specific market preferences.
“Global expansion into high growth markets, anchored by our expansion into China, remains a key strategy for us for the near future,” True Religion CEO Michael Buckley said in a statement.
