Target Ventures' Upcoming 'Bet on Black' Startup Pitch Competition Announcement
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Whew, another rollercoaster week in the retail world! Check out what you might've missed, and the topics still simmering in our minds.
From a David Hasselhoff Chia Pet to thoughts on e-commerce splits at Neiman Marcus, let's catch up!
What you missed out on
Target hosts competition series for Black-owned startups
Target is stepping up its game by launching a competition series, "Bet on Black," aimed at 12 outstanding Black-owned startups. This competitive battlefield will provide mentorship, and a whopping $500,000 in funding for winners. Judging this epic showdown will be T-Pain, Zerina Akers, DJ Envy, Melanie Gatewood-Hall from Target, and Revolt as a multimedia partner. Keep an eye out for the series coming your way on January 10th!
Symbotic gears up for an IPO via a SPAC sponsored by SoftBank
Remember when Walmart shook things up in July by partnering with Symbotic, the robotics and automation company? Well, they didn't want to stop there! Symbotic recently announced that it's going public through a merger with SVF Investment Corp. 3, backed by SoftBank Investment Advisors. The combined company, still called Symbotic, will be listed on the Nasdaq, and the deal is estimated to raise $725 million in gross proceeds, giving the company a pro forma equity value of $5.5 billion. Exciting times ahead!
Janie and Jack welcomes new CEO, Linda Heasley
Owned by the brand investment platform, Go Global Retail, Janie and Jack has tapped retail vet, Linda Heasley, as their new CEO. Knowing names like The Limited, Lane Bryant, and J.Jill, Heasley's expertise will be invaluable in leading this upscale children's apparel brand. Though Janie and Jack was sold to Go Global Retail by Gap for $35 million two years ago, it continues to maintain over 100 stores in the U.S., with a growing interest from international markets.
Stay tuned for more updates on Janie and Jack. Subscribe to Retail Dive's free daily newsletter!
Nike grabs its first college athlete, Reilyn Turner, for sponsorship
In the wake of the Supreme Court ruling and subsequent rule changes allowing college athletes to monetize their name, image, and likeness, Nike seized the opportunity by partnering with UCLA sophomore, Reilyn Turner. Likening herself to pioneers making a difference beyond sports, Turner is already on a mission to inspire future athletes and community members alike.
Stay posted as Nike expands its partnerships with college athletes in the coming months.
Bark adds REI as latest retail partner
In its mission to expand product offerings across multiple channels, Bark secured REI as a new retail partner. Boasting a wide range of pet services including BarkBox, Super Chewer, Bright, and Eats, Bark can now be found in REI stores and online. As many digital-to-consumer (DTC) brands find it essential to engage in physical retail, Bark continues to solidify its presence in the market.
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Operations
- Rite Aid sells a stack of stores to various retail giants
- Hudson's Bay sells IP to Canadian Tire Corp. for over $21M
- The Weekly Closeout: Kohl's plans to refinance, Wayfair expands large-format concept
- Walmart to pay tech company $222M over trade secret misappropriation
- Dick's to buy Foot Locker in a whopping $2.4B deal
- Walmart CEO: "Higher tariffs lead to higher prices"
- Ahead of summer, Target drops 10K products with thousands priced under $20
- ThredUp overhauls resale service, slashes fees
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The collaboration with REI marks another victory for Bark in its endeavor to be present in various retail environments. In its latest quarter, net revenue skyrocketed 39.1% to $120.2 million, although advertising and marketing costs grew 31.8% to $17.1 million. Keep an eye out for Bark's future growth as it navigates through a C-suite shakeup and continues to expand across multiple channels.
Did You Know?
Don't let David Hasselhoff's Chia Pet become a white elephant party conversation
Want to make waves at your holiday party? Snag a David Hasselhoff Chia Pet! The Chia Pet craze returned with a twist, featuring characters like WILLIE FREAKIN NELSON, Pennywise the Clown, Elvira, RuPaul, Richard Simmons, and even Baby Yoda (a.k.a The Mandalorian). You can find these retro terracotta planters at retailers like Walgreens, Walmart, Target, and Amazon. Brush up on the ch-ch-chia tune while you wait for your new plant buddy!
- Target's competitive spirit extends beyond retail with its launch of "Bet on Black," offering mentorship and $500,000 in funding to 12 outstanding Black-owned startups.
- Symbotic, the robotics and automation company partnered with Walmart, is set to go public through a merger with SoftBank, potentially raising $725 million and giving the company a pro forma equity value of $5.5 billion.
- Linda Heasley, a seasoned retail veteran known for her work with The Limited, Lane Bryant, and J.Jill, has been appointed as the new CEO of Janie and Jack, an upscale children's apparel brand.
- In a groundbreaking move, Nike has signed its first college athlete, UCLA sophomore Reilyn Turner, marking a new era in sports endorsements following the Supreme Court ruling allowing college athletes to monetize their name, image, and likeness.
- Bark, a company offering a wide range of pet services, has partnered with REI, expanding its retail presence and making its products accessible in REI stores and online.
- Rite Aid has sold a number of stores to various retail giants, Hudson's Bay has sold its intellectual property to Canadian Tire Corp. for over $21M, and more operational updates can be found in the latest edition of Retail Dive's free daily newsletter.
- Bark, despite facing a C-suite shakeup and increasing advertising and marketing costs, saw a 39.1% increase in net revenue in its latest quarter, demonstrating its continued growth and adaptability in the market.
