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 a new executive at Wolverine World Wide to a multimillion-dollar sign-on bonus at Ross, here’s our closeout for the week.
What you may have missed
Brooks Running hits record revenue in Q3
Brooks Running, which is privately held, on Tuesday released financial figures for its third quarter. The athletics brand said it set a new revenue record, surpassing $1 billion in global revenue year to date. That marks “the first time the leading running brand has hit the major milestone prior to the start of its fourth quarter.”
By region, the brand reported North America revenue grew 10% year over year; Asia Pacific, Latin America revenue grew over 30%; and Europe, Middle East and Africa rose 10%.
For Brooks’ e-commerce business, it grew 16% in North America and 24% in the Europe, Middle East and Africa region.
Wolverine World Wide names active group president
Wolverine World Wide has appointed Susie Kuhn as the company’s active group president, overseeing the Merrell, Saucony and Chaco brands.
In her new role, Kuhn will lead brand strategies, execute on consumer-focused go-to-market plans and drive commercial performance within the active group of brands.
“We’re excited to welcome Susie to the team and are confident that her diverse, global experience working with leading brands – coupled with her collaborative, results-driven leadership style – will help drive our Active Group brands and the entire Company forward,” CEO Chris Hufnagel said in a statement. “She has managed virtually all aspects of consumer-focused businesses in her previous roles – working on both the brand and retail side of the business while focusing squarely on customer journeys, driving the business, and keeping a pulse on consumer and marketplace trends.”
Kuhn has more than 25 years of global-brand building experience, including senior leadership roles with Foot Locker, Nike and Converse.
Levi’s appoints managing director for Latin America
On Monday, Levi Strauss & Co. appointed Dario Aguilar as managing director for Latin America. Aguilar takes on the position effective Dec. 2 and will report to executive vice president and Chief Commercial Officer Gianluca Flore.
Aguilar will oversee Levi’s commercial operations in Latin America across channels and drive “long-term, sustainable growth as a brand-led, DTC-first apparel leader,” per the release.
Aguilar has over 25 years of commercial experience with various leadership roles at Adidas and Nike. Aguilar most recently held the CEO position at Sephora Mexico and before that was CEO of Mexico for the C&A retail chain.
“It is a career highlight and honor to join LS&Co. and be part of leading the next chapter of growth for the Levi’s brand in Latin America,” Aguilar said in a statement. “Together with the highly talented team, I look forward to further building our DTC and wholesale business in the region, and to growing our equity and loyalty with Levi’s fans everywhere.”
Retail therapy
What a hoot: Spencer’s to offer Hooters merchandise
Spencer’s is launching a new merch collection in partnership with restaurant chain Hooters.
Fans of the beer and wing spot can now shop the collection via the retailer and choose from an offering of Hooters-branded drinkware, apparel and accessories with retro designs in the eatery’s signature orange featuring its mascot, Hootie the Owl. The apparel includes a quarter zip, owl tank and an orange skirt, Spencer’s said in a Monday announcement.
“The Hooters brand is known around the world for its craveable menu and one-of-a-kind hospitality, and these creative brand extensions further celebrate the unique role our restaurant and its iconography play in all our lives," Bruce Skala, chief marketing officer of Hooters, said in a statement. The new collection is available in stores and online.
Doughnuts for Doughmocracy
On Election Day Tuesday, Krispy Kreme is giving a free original glazed doughnut to all guests at participating U.S. shops. The company will also be handing out “I Voted” stickers.
“Participating in our democracy should be celebrated,” Dave Skena, global chief brand officer at Krispy Kreme, said in a statement. “So, we’re happy to sweeten everyone’s day with free Original Glazed doughnuts on Election Day.”
What we're still thinking about
$7.6M
That’s how much Ross’s new CEO, James Conroy, will receive as a sign-on bonus on his start date of Dec. 2, according to U.S. Securities and Exchange Commission documents. Conroy will also receive a stock award with a value of $32.2 million that vests 40% in September 2025 and a relocation bonus of $800,000.
$46.6M
That’s how much Bebe Stores sold its membership interests in the Bebe and Brookstone brand joint ventures for in cash to Bebe. With the proceeds, the company paid down all of its outstanding debt, according to a press release. Bebe Stores owns and operates, via a subsidiary, a fleet of over 60 rent-to-own Buddy’s Home Furnishing franchise stores throughout the Southeast.
What we’re watching
Ollie’s expands store footprint into defunct Big Lots locations
Ollie’s Bargain Outlet recently acquired eight former Big Lots store leases, for a total of 15 locations to date following two rounds of bankruptcy auctions, the company said Tuesday. The most recent Big Lots auction round included 176 stores. Big Lots filed for Chapter 11 bankruptcy in September but plans to stay in business following a reorganization.
"With the ongoing nature of the Big Lots store closure process, we will maintain a fluid store opening program that optimizes productivity and pre-opening expenses between the recently acquired Big Lots locations and our existing real estate pipeline,” Ollie’s President Eric van der Valk said in a statement. “In 2024, we are on track to open 50 new stores, less two planned closures, and are evaluating the impact of the acquired Big Lots leases on our future store openings and cadence for the first half of fiscal 2025.” As of this week, Ollie’s said it operated 545 stores in 31 states.
