Target Announces Launch of 'Wager on Dark Horses' Business Pitch Event
It's been another wild week in retail land, and we've got the lowdown on all the juicy news you might've missed. From competitions for Black-owned startups to IPOs galore, buckle up and let's dive in!
Everyone wants a piece of the Black-owned startup pie
Target's throwing down with a new competition series, "Bet on Black," featuring 12 ambitious entrepreneurs. This partnership with the multimedia platform Revolt promises mentorship and a whopping half-million dollars in funding for the lucky winners. If you've got an incredible idea and a knack for pitching, don't miss your chance to make a mark and take home the prize!
Symbotic shoots for the stars
Robotics and automation company Symbotic, backed by Walmart, is going public via a SoftBank-sponsored SPAC, aiming for a mining merger with SVF Investment Corp. 3. This move will likely raise a cool $725 million in gross proceeds, giving the company a jaw-dropping pro forma equity value of $5.5 billion. Keep your eyes on this one -- it's gonna be a game-changer!
Janie and Jack gets a new boss
Upscale children's apparel brand Janie and Jack, now under the wing of brand investment platform Go Global Retail, has recruited former J.Jill CEO Linda Heasley as its new leader. With extensive experience in the clothing industry and a proven track record, Heasley is poised to take this brand to new heights and grow its presence.
** What else is happening out there?**
Sports giant Nike is stepping into the college athletics sponsorship game by signing UCLA women's soccer star Reilyn Turner as its first college athlete sponsor. Turner, Pac-12's Freshman of the Year, will work with Los Angeles-based community partners and contribute to her local community.
Bark, known for its subscription services BarkBox and Super Chewer, has landed REI as its latest wholesale partner. Expanding its brick-and-mortar presence is a growing trend for DTC brands, as the costs of acquiring customers online become increasingly steep.
Still thinking about...
Retail sales are on the rise, with November sales up 16.4% year over year and surging 26.7% compared to 2019. All sectors, from apparel to electronics, are seeing growth. However, seasonal hiring is down 7.5% compared to last year, raising concerns about labor shortages and operations strain.
Watch this space
Neiman Marcus' CEO has made it clear that the company is not interested in splitting its e-commerce and brick-and-mortar operations, contrary to the approach at rival luxury department stores like Saks Fifth Avenue. Macy's and Kohl's are reportedly contemplating the same move, but industry observers question the practicality and impact on both brands and consumers.
Stay tuned for more updates on the ever-evolving retail world. Subscribe to our free daily newsletter for the latest insights and developments!
- The rise of Black-owned startups has caught the attention of major corporations, with Target launching a competition for entrepreneurial ideas called "Bet on Black", offering funding and mentorship.
- Robotics and automation company Symbotic, financed by Walmart, is planning to go public through a SoftBank-sponsored SPAC, aiming to raise $725 million and achieve a pro forma equity value of $5.5 billion.
- Upscale children's apparel brand Janie and Jack has undergone a change in leadership, with former J.Jill CEO Linda Heasley taking the helm, bringing extensive experience in the clothing industry.
- Nike entered the college athletics sponsorship game by signing UCLA women's soccer star Reilyn Turner, expanding its roster of athletes and committing to work with local community partners.
- Bark, a company known for its subscription services, has recently secured a partnership with REI, increasing its presence in brick-and-mortar stores and following the trend of DTC brands looking to expand offline.
- Retail sales are experiencing a surge, with November sales up 16.4% year over year and 26.7% compared to 2019, but there is concern over labor shortages due to a 7.5% decrease in seasonal hiring compared to last year.
- Neiman Marcus has declared that it will not split its e-commerce and brick-and-mortar operations, unlike some of its competitors, sparking discussions about the practicality and impact of such a move on both brands and consumers.
