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☆ Streetwear brand Supreme is getting a surprising new owner
▼ + stars: | 2024-07-17 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Supreme, the trendy streetwear clothier adored by celebrities and cool kids alike, has been sold to an eyewear manufacturer for substantially less than it sold for just four years ago. Italian company EssilorLuxottica announced Wednesday that it’s buying Supreme for $1.5 billion in cash from VF Corp. (VFC), the parent company of Vans and Dickies, which bought the brand for $2.1 billion in 2020. Supreme “perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity,” EssilorLuxottica said in a statement. The company added that the brand will have its “own space” in its portfolio and marks its first-ever apparel brand acquisition. “Buying a streetwear brand at a time when that aesthetic has gone off the boil is risky, and it is not clear what EssilorLuxottica intends to do to revive Supreme’s fortunes,” Saunders said.

Persons: EssilorLuxottica, ” EssilorLuxottica, Oliver Peoples, Ban, Oakley, Neil Saunders, ” Saunders Organizations: New, New York CNN —, VF Corp, Vans, Chanel, Gabbana, Carlyle Group, Corp, CNN, ” Observers Locations: New York

Learn moreFor those after luxury deals during Prime Day, Amazon is actually serving some really good promotions on the most coveted brands. Best Prime Day Luxury DealsAltuzarra Medallion Coin Bag $240.00 $695.00 Save 65% This calf-leather logo-embossed crossbody bag is available in red, white, or black. View at AmazonSenreve Mini Maestra $596.00 $745.00 Save 20% The Mini Maestra is a mini version of our beloved Maestra Bag. View at AmazonBest Prime Day pre-loved luxury dealsWhat luxury brands can you shop on Amazon? Shopping for more great Amazon Prime Day deals?

Persons: Dior, Gucci, Yves Saint Laurent, Louis Vuitton, Barbara Sturm, Oscar de la, Bottega, Celine, Chanel Organizations: Business, Chanel, Best, Candy Arco, HBX Archives, Amazon, Bottega Veneta, Amazon Prime

Prime Day TV dealsThis Prime Day, we're seeing some of the biggest price drops of the year on top TV models from our favorite brands. Prime Day laptop dealsLaptops go on sale year-round, but Prime Day is traditionally the best time of year to make a purchase. Prime Day mattress dealsMattresses go on sale several times a year, but few sales offer as lucrative mattress discounts as Prime Day. Prime Day Amazon device dealsDuring Prime Day, many of the best Amazon devices see their lowest prices ever. Prime Day travel dealsSummer travel is underway, and so are the best Prime Day deals on luggage and backpacks.

Persons: We've, AirPods, we've, Siri, Samsung's, They're, you’ll, He's, Jonathan Adler, it's, dehumidifier, Dyson, vacs, Crisp, we're, Fryer, Foodi, Fry, fryer, they're, Bose Smart, Ray Soundbar, Ray, Anker, You'll, iPhones, MagSafe, Kate Spade, scoped, Amazon Nathan James Hugo Wood Nightstand, Nathan James, waddle, Inaba, haircare, ”, Gabrielle Chase, “, haven't Organizations: Business, Apple, Amazon Apple, Apple Health, Amazon, Amazon LG, Amazon Samsung, Sony WH, Sony, Amazon Sony WH, Amazon Anker, Amazon Bose, Amazon Beats, Samsung, Clarks, Casper, Pillow, Morris, Morris & Co, Dyson, Upright, Toshiba, FlexBrew, Hamilton, LG, Dell, Alexa, Amazon Alexa, Hatch, Amazon Belkin, Apple Watch, Logitech, Seagate, ASUS, Meta, Nintendo, Nova, Nova Pro, Lightspeed, Mac, Google, Galaxy, lounging, packers, Amazon Fisher, Prime, today's, Chatelet Air, Amazon Canada, Amazon Philips, Philips, Amazon Prime, Deal Locations: November's, PopSockets, York

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Persons: Reddit, Dyson, We've, It's, we've, Anker, Philips Organizations: Business, Amazon, nutritionists, Apple, Pro, SBC, AAC SBC, Philips

☆ It looks like the party's over for luxury goods in China
▼ + stars: | 2024-07-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewHugo Boss, Burberry, Richemont, and Swatch have all called out slumping sales in China this week as consumers cut back on luxury spending. Swiss watch group Swatch said it expects the Chinese market "to remain challenging for the entire luxury goods industry until the end of the year." But much of this spending has been overseas, and sales in China have fallen for some of the world's biggest luxury brands. AdvertisementBefore the pandemic, about two-thirds of Chinese luxury spending occurred outside mainland China, plummeting to less than 10% in 2021 and 2022 because of travel restrictions, according to data from Bain. The consultancy said that this started to rebound in 2023 with the return of overseas tourism, with an estimated 30% of luxury spending taking place outside mainland China.

Persons: —, Hugo Boss, Burberry, Gerry Murphy, they've, Bain, Luca Solca, Vacheron Constantin, Marc Jacobs, Versace, Richemont Organizations: Service, Swatch, Business, Bain & Company, Richemont, Cartier, Burberry, Financial Times, Bain, Prada, The Financial Times, Luxury Summit Locations: China, Swiss, Americas, Hong Kong, Macau, Japan, South Korean, East

☆ I tried out Amazon's new AI shopping assistant Rufus. One feature stood out as a game changer.
▼ + stars: | 2024-07-17 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewAmazon finally rolled out its AI assistant Rufus to all US customers after announcing the new feature in February. AI shopping assistants are becoming more popular, with various online retailers adding them to their sites. AdvertisementAmazon's shopping assistant uses information from listing details, reviews, and Q&As. Amazon/screenshotI wouldn't have thought to ask questions about the noise level or whether it oscillates, but these ended up being determining factors for the fan I selected. AdvertisementIt's a game changer for warehouse shoppingThe AI assistant has received some lackluster reviews from those who have tried it.

Persons: —, Rufus, it's, I've, Fitbit Organizations: Service, IBM, Business, Amazon, Apple Watch

☆ This key measure of the US economy held surprisingly steady
▼ + stars: | 2024-07-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

US retail spending has been mostly flat since the beginning of the year, holding steady in June, the Commerce Department reported Tuesday. Consumer spending is American’s main economic engine, powering two-thirds of the US economy. Retail sales, which capture spending on goods and food services, make up a big chunk of overall spending. Unemployment has crept up in recent months as evidence mounts that the American shopper is spending more cautiously nowadays. Retailers have said in recent months that a growing number of shoppers are now opting for cheaper alternatives.

Persons: Washington CNN — It’s, aren’t Organizations: Washington CNN, Commerce Department, Federal Reserve, Wall

Below, our tech experts have curated a running list of all the best Prime Day TV deals so far, and we've compiled even more savings across all categories in our full Prime Day deals roundup. The best Prime Day TV deals are expected to remain active through July 17 while supplies last. TCL 55-inch Q7 4K QLED TV $448.00 $598.00 Save 25% The Q7 is one of the top midrange QLED 4K TVs. View at AmazonLG 65-inch C4 OLED 4K TV $1,796.99 $2,699.99 Save 33% The C4 is LG's latest midrange 4K OLED TV. View at AmazonHisense 85-inch U8N QLED 4K TV $1,798.00 $2,799.99 Save 36% The U8N is Hisense's 2024 flagship QLED TV.

Persons: we've, 60Hz, HLG, 120Hz, it's, OLEDs Organizations: Business, Samsung, LG, Dolby, HLG Smart, Google, Amazon, Amazon Samsung, Amazon LG, Sony, Toshiba, Amazon Prime Locations: TCL, QLED

☆ Macy’s rejected a takeover offer and is betting on itself
▼ + stars: | 2024-07-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Macy’s management ended talks with private investors attempting to take over the company and will pursue its own turnaround strategy to remake the chain. The investors planned to take Macy’s private and consider spinning off its real estate assets or separating its online operations from brick-and-mortar stores. But Macy’s rejected a previous offer to buy the company at $21 a share in January. In March, the investors upped its offer to $24 a share, and Macy’s agreed to enter into talks about the bid. Macy’s will instead stick with its own strategy, led by new CEO Tony Spring, which includes closing underperforming Macy’s stores and investing in its luxury Bloomingdale’s and Bluemercury chains.

Persons: Macy’s, Tony Spring, Neil Saunders, ”, –, CNN’s Chris Isidore Organizations: New, New York CNN, Arkhouse Management, Brigade Capital Management, Investor, Sears, Walmart, Target Locations: New York

The Macy's company logo is seen at the Macy's store on Herald Square on January 19, 2024 in New York City. Macy's department-store chain announced that they will be laying off roughly 2,350 employees which is about 3.5% of their workforce. Arkhouse and Brigade had for months been attempting to buy out the storied retailer. Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's. But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers become more selective about spending on discretionary items.

Persons: Michael M, Macy's, Macy, Paul Varga, Arkhouse, Tony Spring, It's, Maxx, Spring Organizations: Getty, Brigade, Target Locations: New York City, Macy's, Bloomingdale's

☆ Wendy's CEO got ripped for pushing dynamic pricing. It could be coming to a store near you.
▼ + stars: | 2024-07-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

With digital price tags, big retailers, in theory, could do the same. Federal Reserve Chair Jerome Powell has said that type of dynamic pricing is "incredibly important in our economy." AdvertisementSome experts agree, saying dynamic pricing practices could benefit consumers who are able to gain some understanding of the system and shop around. After customers complained online that those changes would surge prices, a spokesperson announced the company did not intend to implement surge pricing. How does dynamic pricing impact you?

Persons: There's, Uber, it's, Greg Cathey, Elizabeth Pancotti, Pancotti, Jerome Powell, Powell, John Zhang, Wendy's, Sen, Sherrod Brown, Zhang, — Organizations: Service, Walmart, Business, Roosevelt Institute, Federal, Wharton School, University of Pennsylvania, Democratic, SNAP

☆ Jim Cramer says Amazon stock is a buy ahead of its Prime Day event — here's why
▼ + stars: | 2024-07-15 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Amazon is a buy ahead of its annual Prime Day starting Tuesday — even as the stock has rallied hard this year. One potential catalyst for the stock is Amazon's annual Prime Day event and its ripple effects. JPMorgan, for one, said Prime Day will help Amazon "rationalize inventory levels" ahead of higher consumer demand in the second half of the year. They also said Prime Day should be a driver for Amazon's advertising business, particularly on Amazon Prime Video ad spend. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Andy Jassy, Cramer, Jim Cramer's, Jim, Michael Kappeler Organizations: CNBC, Amazon, Shoppers, Adobe Analytics, JPMorgan, Bank of America, Amazon Prime, Getty Locations: Manhattan

☆ One likely reason Costco is hiking its membership fee
▼ + stars: | 2024-07-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Retailers' profits are seeing a pinch as inflation cools — and in some categories, even reverses. For Costco, raising membership fees can offset some of that deflationary bite. The wholesale club prides itself on ultra-low markups, and membership fees help it do that. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . A fall in prices (known as deflation) can put a pinch on retailers' profits as they must offer better promotions and discounts to keep shoppers coming back.

Persons: — Organizations: Costco, Service, Business

☆ Even though I'm single, I love shopping in bulk at Costco. Here are 8 items I like to buy.
▼ + stars: | 2024-07-14 | by ( Quierra Luck | ) www.businessinsider.com time to read: +1 min

I'm a single woman who loves shopping in bulk at Costco. I love grabbing household items like Kirkland Signature trash bags. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . At the end of every month, I head to the store for free samples, Costco pizza, and household essentials. Here are nine products I love picking up as a single woman who shops at Costco.

Persons: I'm, —, I've Organizations: Costco, Service

☆ Amazon sellers lose coveted buy box ahead of Prime Day after Target discount snafu
▼ + stars: | 2024-07-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +7 min

Even though Fishman is the owner of the VitaCup brand, he said he lost the buy box to a reseller of his coffee products. That meant it was indexed by Amazon's pricing algorithms, Fishman said, causing him to lose the buy box. Angus Mordant | Bloomberg | Getty ImagesWinning the buy box is paramount to a seller's success on Amazon. Nearly 98% of sales made on Amazon go through the buy box button, the FTC alleged in its suit. "The only way to get back the Amazon buy box is to lower our price on Amazon," Arnold said.

Persons: Tom Williams, Brandon Fishman, Fishman, I've, David Zapolsky, Amazon's, Target, Angus Mordant, Mason Arnold's, Arnold, Sunwink, we're Organizations: Washington , D.C, Cq, Inc, Target, Amazon, Walmart, Federal Trade Commission, JPMorgan, Bloomberg, Getty, FTC Locations: Washington ,, Harriman , New York

☆ An Amazon Flex worker explains the biggest challenges of Prime Day deliveries
▼ + stars: | 2024-07-13 | by ( Alex Bitter | ) www.businessinsider.com time to read: +5 min

But for one Amazon Flex delivery worker in Alabama, work started picking up this past week. The Flex worker, who made deliveries for Amazon during Prime Day in 2023, asked not to be identified by name, but Business Insider has verified her identity and work for Amazon. For many Amazon delivery workers, Prime Day has become one of the busiest times of the year. AdvertisementBut in the run-up to Prime Day, those higher offers come up sooner — even a full day before the shift, she said. Do you work for Amazon Flex, Whole Foods, Amazon Fresh, or another part of Amazon's retail operations and have a story idea to share?

Persons: —, It's, she's, Branden Baribeau, Baribeau Organizations: Service, Business, Amazon, Whole Foods, Workers, deactivating, Flex, Foods Locations: Alabama

☆ Costco is a master at building customer loyalty
▼ + stars: | 2024-07-13 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Read previewCostco announced this week that it's raising its membership fees — and Reddit users seem indifferent. This story is available exclusively to Business Insider subscribers. Another Redditor wrote that membership prices had only gone up by $10 since they first joined 13 years ago. AdvertisementSuperfan Susan Schwartz previously told Business Insider that the retailer was "inherently modest." AdvertisementCostco also says it will refund membership fees if customers are "dissatisfied."

Persons: —, I've, aren't, Susan Schwartz Organizations: Service, Costco, Business, Gold Star

☆ Tech giants like YouTube and TikTok are trying to shake up affiliate marketing. Startup LTK shares its greatest weapon to fend them off.
▼ + stars: | 2024-07-12 | by ( Amanda Perelli | ) www.businessinsider.com time to read: +5 min

Read previewCreator-commerce company LTK thinks platforms like YouTube and TikTok are at a major disadvantage as they push into affiliate marketing. These platforms are betting big on social shopping and have introduced a suite of in-app shopping tools and features for creators and customers. Now, the platform offers a variety of shopping tools, including an affiliate-marketing program that pays creators commissions for the sales they drive through clickable affiliate links. Still, Yazdian said creators want to have all their shopping links in one place. LTK also offers several tools tied to specific platforms to help creators move their followers to their LTK storefronts.

Persons: —, Allison Yazdian, LTK, Yazdian, It's, Instagram Organizations: Service, Business, US, YouTube, Target, Walmart Locations: Dallas, SoftBank

☆ Costco unexpectedly sold out of chickens this week — 22-inch garden statue roosters, that is
▼ + stars: | 2024-07-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

It's often said that you can buy anything at Costco, and that includes 22-inch chicken statues. A comically proportioned steel garden chicken has apparently struck a chord with Costco shoppers. The $38 product unexpectedly sold out online, leaving some Costco fans feeling left out. AdvertisementIf there are two things Costco is well known for, it's finding items you didn't know you wanted, and selling a lot of chickens. This week, those two things converged — in a way — when the company unexpectedly sold out of a 22-inch tall garden statue of a rooster.

Persons: It's, — Organizations: Costco, Service, Business

☆ Stop & Shop is closing 32 locations. Here’s where
▼ + stars: | 2024-07-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Stop & Shop is closing 32 underperforming grocery stores across the US northeast as part of the company’s efforts to improve its financial performance. Shoppers are also being squeezed by higher prices at the grocery store, with food prices experiencing modest upticks last month, according to the newest inflation report. Ahold Delhaize, the chain’s Dutch parent company, revealed the locations Friday adding that they will close in early November. Stop & Shop said it “remains committed to serving its communities through other store locations, online shopping and home delivery services.” Employees impacted by the closures will be offered other opportunities in the company. In addition to operating Stop & Shop, Ahold Delhaize owns Food Lion and Giant grocery stores in the US.

Persons: ”, Gordon Reid, Ahold Delhaize, Albertson’s, “, Delhaize, Newton, Jackson, Johnston, Pittman Organizations: New, New York CNN, Aldi, Kroger, Federal Trade Commission, ” Employees, Food, Here’s, St, Stamford, Plymouth St, Needham St, Highway, Boston Turnpike, Cooley St, Paterson, Edison, Howell, Phillipsburg, Fulton, Sanford, West Haverstraw Rhode, Pittman St Locations: New York, Dutch, New Jersey, Massachusetts, Connecticut, Rhode Island, Ansonia, Danbury, Bridgeport, Milford, High, Torrington Massachusetts, North Montello St, Brockton, Plymouth, Halifax, Needham, St, Pembroke, Raynham, Shrewsbury, Cooley, Springfield, Lincoln St . Worcester New Jersey, Franklin Township, County, Piscataway, Richmond, Pleasant Beach, Ringwood New York, Brooklyn, Hempstead Turnpike, East, ., Hempstead, Mt, Vernon, West Haverstraw, Providence, Eastside

☆ Snackers are tired of high prices
▼ + stars: | 2024-07-12 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Higher prices have gone too far even for salty snacks. PepsiCo’s snack unit Frito-Lay posted a dip in revenue in its second quarter Thursday after multiple quarters of price increases. While inflation has slowed down, American customers still haven’t recovered from higher prices in everyday categories like snacks. Certain products, like unsalted potato chips or tortilla chips, could see a “value reset” and have lower prices, Laguarta said. The company said it would offer broader price tiers, using its variety multipacks that are often cheaper per bag, as an example.

Persons: Lay, Joe Biden, “, Ramon Laguarta, Laguarta, ” Laguarta Organizations: New, New York CNN, CNN, Federal Reserve, PepsiCo, Frito Locations: New York

☆ PepsiCo earnings beat estimates, but U.S. demand weakens
▼ + stars: | 2024-07-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

PepsiCo reported mixed quarterly results Thursday, hurt by declining demand in North America for its drinks and snacks. Pepsi now expects organic revenue growth of approximately 4%, a more cautious outlook than its previous forecast of at least 4%. The company reiterated its guidance for core constant currency earnings growth of at least 8%. Frito-Lay North America's volume declined 4%, while Pepsi's North American beverage unit saw volume shrink 3%. Executives said volume for Pepsi's North American drinks has improved sequentially, signaling that its attempts to lure back shoppers have begun working.

Organizations: Pepsi, PepsiCo, LSEG, Pepsi's, Frito, Quaker Foods Locations: Las Vegas, United States, North America, Quaker Foods North America

☆ PepsiCo just admitted that snackflation might have gone too far
▼ + stars: | 2024-07-11 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +4 min

As food inflation rose over the last few years, companies like PepsiCo have been able to push through price increases to retailers and consumers — and then some. Food inflation has increased at a steady pace over the last few months. While PepsiCo is one of the largest food manufacturers in the world, it's far from alone in hiking prices. McMullen told investors last month he expects more discounts coming from national brands this year. Of course, national brands have been bragging about strong profits in recent years, which would suggest they're now in a position to offer discounts and promotions without breaking the bank.

Persons: —, Cheetos, Jefferies, Ramon Laguarta, Laguarta, Crisman White, Rodney McMullen, McMullen, John David Rainey, Christina Hennington, they're Organizations: Service, Frito, PepsiCo, Business, Quaker Foods, Pepsi, Kroger, Walmart Locations: Quaker Foods North America

☆ Tractor Supply warned climate change and a lack of diversity would hurt business. Now it’s ignoring those risks
▼ + stars: | 2024-07-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Hal Lawton, the chief executive of the Brentwood, Tennessee-based company, had said these initiatives “make great business sense for Tractor Supply.”But Tractor Supply has decided that all of those risks are now worth ignoring. By walking away from diversity and climate goals, Tractor Supply has become the latest corporate giant to retreat from progressive initiatives it once promoted, joining Bud Light, Target and others. Tractor Supply declined to comment on these statements. Tractor Supply’s customer base has historically been primarily older men, who lean Republican, but Tractor Supply has increasingly tried to draw Millennials and women, who tend to favor Democrats. Tractor Supply’s reversal could hurt it with these customers, who could be crucial as the company’s historic base ages out of the market.

Persons: Hal Lawton, Bud, ”, Nooshin Warren, “ They’re, ” John Boyd, Steve Helber, Robby Starbuck, “, It’s, ” Boyd, Donald Trump, Joe Biden, ” Lawton, ” Eric Bloem, George Floyd, Bill Ackman, Elon Musk, They’ve, Chick, Bud Light, Jeff Chiu, Bud Light’s, influencer Dylan Mulvaney, CNN’s Eva Rothenberg Organizations: New, New York CNN, Tractor Supply, Supply, Human Rights, Bud Light, University of Arizona, National Black Farmers Association, AP Tractor Supply, Human, Tennessee’s, Congressional District, ”, Black Farmers Association, CNN, “, Tractor, Republican, Pew, Democratic, Disney, Nike, Anheuser, Busch InBev, Target Locations: New York, Brentwood , Tennessee, United States, America, Minneapolis

☆ Your bank is about to reveal key information about the US economy’s health
▼ + stars: | 2024-07-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Dave Sekera, chief US market strategist at Morningstar, says that he’s watching for insights on banks’ delinquency rates. Consumers have increasingly fallen behind on or missed payments in recent months as they get squeezed by high interest rates. But banks could see higher losses compared to 2023 if the economy were to experience a downturn, the Fed warned. Investors are wagering that the central bank will begin easing rates as soon as September, according to the CME FedWatch Tool. “The worst outcome for all of us is what you call stagflation: higher rates and recession,” Dimon said in an interview with CNBC.

Persons: Wells Fargo, Goldman Sachs, Dave Sekera, Stocks, JPMorgan Chase, Jamie Dimon, Dimon, Matt Egan, it’s, ”, Joe Brusuelas, Mark Zandi, ” Zandi, “, Jerome Powell, Erika Tulfo, “ It’s, Neil Saunders, Abrigo, Gen Organizations: CNN Business, Bell, New York CNN, United, United States ’, JPMorgan Chase, Citigroup, Bank of America, Morningstar, Federal Reserve Bank of New, Fed, Federal Deposit Insurance Corporation, JPMorgan, CNBC, Federal, RSM, “, Moody’s, CNN, GlobalData, Apple Locations: New York, United States, Federal Reserve Bank of New York, China

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