The Weekly Closeout: Conair names new president, CEO and what’s the path forward for Nike?
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 David’s Bridal expanding its loyalty program for juniors to sales growth during the holiday season, here’s our closeout for the week.
What you may have missed
Conair names new CEO and president
Conair — known for its hair tools, kitchen appliances and personal care products — this week named a new CEO and president.
Kristie Juster joins the company on Monday with decades of experience, most recently serving as CEO of Kimball International.
“Today, Conair’s many brands are household names. It is the opportunity of a lifetime to be a part of Conair’s next chapter and to work with all the talented employees who have built the company,” Juster said in a statement.
Juster succeeds Ron Diamond, who has been CEO and president since 2018. Diamond, who has spent 44 years at Conair, will become vice chairman of the company’s board.
David’s Bridal expands its Diamond Prom Loyalty program
David’s Bridal on Wednesday announced it would expand its Diamond Prom Loyalty program to give juniors access to special discounts, according to a press release. This means shoppers are now eligible for $20 off any juniors dress and 10% off any regular price accessories when purchased at the same time as part of the loyalty program.
"We are so excited to be rewarding our junior members in all the ways we do our brides and bridesmaids,” Kelly Cook, President of brand, technology and finance at David’s Bridal, said in a statement. “After the remarkable success of Diamond Prom last year, it was a no-brainer to bring back the program with additional offers as we head into prom season. We can’t wait to see how our junior occasion customers show off their personalities through our stunning collection of dresses, as they take advantage of the unmatched benefits of our loyalty program.”
Members will also earn 10% off alterations that can be redeemed after purchase. The Diamond Prom offer is valid in-store or online for purchases through May 20.
Kohl’s founder dies at 88
In late December, Herb Kohl, who with his brothers founded Kohl’s (first a grocery chain that in 1962 morphed into a department store), died at 88 at his home in Milwaukee, according to several news reports. A public memorial will take place Jan. 12 at Fiserv Forum, the Bucks arena, accessible via the Herb Kohl Way entrance.
In addition to helping create a major retailer whose stores dot the U.S. landscape, Kohl made his mark nationally as a Democratic politician, serving from 1989 to 2014, alongside now-President Biden in the U.S. Senate. He also owned the Milwaukee Bucks for decades and launched philanthropies.
“Throughout his career, Herb was unafraid to stand up to the business community that he’d come from, seeking to level the playing field for workers and make our economy more efficient and fair,” Biden said in a statement from the White House.
The retailer’s current chief executive, Tom Kingsbury, said that he knew and admired Kohl, who he said leaves a lasting legacy in Wisconsin.
“Founded by his father more than 60 years ago and grown greater under Herb's leadership decades ago, this company is proud to carry the Kohl name,” Kingsbury said in a statement. “We mourn the loss of a great Wisconsinite and a kind and compassionate man. And, we join a long line of people thanking him for his impact on this state.”
Retail therapy
Fo’ Shizzle, Snoop Dogg dips into frozen treats
Snoop Dogg is teaming up with Happi Co. for one of his sweetest partnerships to date. The rap artist and entrepreneur has teamed up to bring Dr. Bombay Ice Cream to Albertsons Cos. grocery stores, including Safeway, Albertsons, ACME, Jewel-Osco, Shaw's and Vons starting this month, according to a press release.
Bonus Track Brownie, Iced Out Orange Cream, Rollin' In the Dough, S'more Vibes, Syrupy Waffle Sundaze and Tropical Sherbet Swizzle are among the original flavors. A seventh flavor, Fo' Shizzle Almond Fudge, is exclusive to Albertsons and expected to drop in February. Prices start at $5.99.
This latest venture is among other deals involving Snoop Dogg. His most recent announcement included the promotion of Solo Stove’s smokeless fire pits.
"At Albertsons Cos., we are always looking for innovative and exciting products to share with our customers. Snoop's line of fun and flavorful ice cream is sure to delight shoppers across the country," said Matthew Boyd, vice president of merchandising for Albertsons Cos.
A rested body is a rested mind
La-Z-Boy wants to help elevate respect for claiming your right to rest peacefully.
The furniture maker said this week that it plans to give away limited-edition needlepoint pillows that feature phrases like “Do Not Disturb,” “Long Live the Lazy” and “Recline Mode Activated.”
The free pillows will be available while supplies last at DoNotDisturbDecor.com starting Monday. La-Z-Boy has dubbed the offering Do Not Disturb Decor. The pillows are meant to serve as a cheeky and amusing signal to others that you’re taking it easy.
According to a La-Z-Boy survey, 74% of Americans said they plan to prioritize rest as a form of self-care this year. While nearly half of Americans set their phones to do not disturb when they want a break, 76% of respondents said that family and friends don’t always respect their desire for uninterrupted moments of rest in real life.
“With nearly all Americans (88%) agreeing that they deserve uninterrupted rest, we knew we were the brand to help them reclaim and protect that time,” said La-Z-Boy’s Vice President and Chief Marketing Officer Christy Hoskins.
What we’re still thinking about
$743 billion
That’s last year’s total merchandise returns, according to survey data from the National Retail Federation and customer data from analytics firm Appriss Retail. The $743 billion figure works out to a rate of 14.5%. According to the survey’s respondents — who represent over 60 of the top 100 U.S. retailers — $101 billion, or 13.7%, of returns were fraudulent.
The NRF and Appriss said fraudulent returns includes the use of counterfeit receipts, shoplifting and organized retail crime activity. They also noted that retailers are implementing strategies to limit or discourage returns, like reducing the timeframe, implementing return fees, limiting refunds to store credit or requiring identification.
3.1%
That’s how much U.S. retail sales grew during the holiday season, according to a Mastercard SpendingPulse report. Online retail sales grew 6.3% year over year, while in-store sales were up slightly at 2.2%. Apparel was one of the top categories for shoppers, with the sector up 2.4% from the previous year.
“Retailers started promotions early this season, giving consumers time to hunt for the best deals and promotions,” Steve Sadove, senior advisor for Mastercard, said in a statement. “Ultimately it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic.”
What we’re watching
Nike’s path forward
In late December, Nike announced a three-year cost-savings plan aimed at generating $2 billion to reinvest in growth, innovation and profitability. One of the reasons for the initiative? The company’s push toward a direct-to-consumer model. Chief Financial Officer Matt Friend said on a call with analysts last month that investments in DTC had added millions of new members and created $12 billion in incremental revenue.
“However, we have also added complexity and inefficiency,” Friend said of the pivot. “In this competitive environment, we need to accelerate our pace of innovation, elevate our marketplace experiences, maximize the impact of our storytelling, and increase our speed and responsiveness.”
In the short term, that means layoffs, but the retailer is also pursuing a host of other initiatives to trim down spending. Among them, Nike plans to increase its use of automation and simplify its product portfolio. But what happens to its DTC-first ethos? Recently, signs have been pointing to a renewed interest in wholesale, with Nike returning to previous wholesale partners like DSW and Macy’s.
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter.
