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☆ Temu's meteoric rise is fueled by social media, but some accounts promoting the shopping app appear to be fake — here's what experts say
▼ + stars: | 2023-05-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Insider found hundreds of Twitter profiles of people claiming to be Temu ambassadors. Experts say these accounts are likely created by individuals or organizations who want to exploit coupon codes to earn commission. A display name – that includes a nickname or a seemingly real name – alongside a couple of emoticons, and the words: "Temu Ambassador, "Ambassador of Temu," or "Campus Ambassador of Temu." An example of one of the many Twitter profiles we found. All of the profiles we checked shared a link to a $20 coupon to be used on Temu's site.

☆ Temu is America's new dollar store
▼ + stars: | 2023-05-27 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +6 min

Temu is the internet's new discount store with bargain prices that rival dollar chains. Most of these products wouldn't look out of place at a dollar store. "If Amazon and Dollar Tree had a baby it would be Temu," one Twitter commenter wrote. "Temu is basically an online dollar store," another said. This is especially pertinent as stores like Dollar General and Dollar Tree continue to come under inflation-related pressures and raise their prices.

☆ Adidas and Yeezy staff were told to carry on as usual and ignore Kanye West's antisemitic rants, new report says
▼ + stars: | 2023-05-25 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Adidas and Yeezy staff were told to carry on as usual after Kanye West made antisemitic comments. A new Bloomberg report sheds light on the unraveling of the Adidas-Yeezy partnership. One unnamed source told Bloomberg that after Kanye West – now known as Ye – made antisemitic comments that led him to be suspended from Twitter and Instagram, Adidas was slow to react. Yeezy and Adidas workers were reportedly told "to keep working as if nothing unusual was happening," Bloomberg's Eugene Kim and Tim Loh wrote. "I can say antisemitic things and Adidas can't drop me.

☆ Ultra-cheap Chinese shopping site Temu is becoming the new online dollar store
▼ + stars: | 2023-05-22 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +6 min

Temu is the internet's new discount store with bargain prices that rival dollar chains. Most of these products wouldn't look out of place at a dollar store. "Temu is basically an online dollar store," another said. This is especially pertinent as stores like Dollar General and Dollar Tree continue to come under inflation-related pressures and raise their prices. "You're unlikely to find the things you really need on Temu, you're much more likely to find throwaway items, which you won't perhaps always need.

☆ TJX Companies is taking note of what consumers are shopping for at closing Bed Bath & Beyond stores, as it looks to lure customers for its HomeGoods chain
▼ + stars: | 2023-05-18 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

It is looking at what categories were successful at nearby – and closing – Bed Bath & Beyond stores. The off-price giant has been called out frequently by analysts as being one of the key beneficiaries of Bed Bath & Beyond's recent demise. Herrman said it is "re-ranking" its assortment only at its HomeGoods stores that are located near to any closing Bed Bath & Beyond locations, rather than making broad changes across all of its network. It's not just TJ Maxx and HomeGoods that are teeing up for a Bed Bath & Beyond-related windfall, however. Amazon, Walmart, and Target are also in line to capitalize from these closures and have been slowly chipping away at Bed Bath & Beyond's market share for many years.

☆ Target expects to take a $500 million hit this year due to missing inventory, and says shoplifting and organized crime is largely to blame
▼ + stars: | 2023-05-17 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Target says it expects to take a $500 million hit in profits this year because of missing inventory. It said that this is largely due to theft and organized crime. Inventory shrink refers to when the company has fewer products on its shelves than what is reported in its inventory. Last November, the company said that missing inventory had cost it $400 million in profits so far that year and that this number could reach $600 million by year-end. According to research from the National Retail Federation, retail shrink cost retailers $94.5 billion in 2021, up from $90.8 billion in 2020.

☆ Victoria's Secret is bringing back its infamous fashion show as a movie, 4 years after canning it after criticism of its lack of diversity and inclusion
▼ + stars: | 2023-05-09 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Victoria's Secret is releasing a movie in the fall. The movie is a reimagining of the brand's famous fashion show, which was axed in 2019. The show was canceled after it came under increasing criticism for its lack of diversity and inclusion. Victoria's Secret has been discussing the return of its fashion show for some time. "This film is the ultimate expression of the Victoria's Secret brand transformation," Raúl Martinez, creative director at Victoria's Secret, said in a statement to the press.

☆ This is what you need to know about ultra-cheap Chinese shopping app Temu, which sells a huge variety of weird things — and has some wondering if it's for real
▼ + stars: | 2023-05-08 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

It's listed as the top free app in both the Google Play store and the Apple App Store, ahead of TikTok, Amazon, and Instagram. These cost savings can then be passed on to the consumer, a spokesperson for Temu told Insider. But for the average North American shopper, such low prices can actually be disconcerting, especially when they don't know much about Temu. A spokesperson for Temu told Insider that it uses its parent company's supply chain and logistics network to ship these items. Read more: I ordered my first 4 items off Chinese e-commerce app Temu and came away annoyed with the dozens of marketing emails sent after making a single purchase

☆ From 'baguette' bags to velour tracksuits: these are the trends that teens are bringing back from the dead
▼ + stars: | 2023-05-08 | by ( Mary Hanbury | Avery Hartmans | ) www.businessinsider.com time to read: +1 min

Ugg bootsUgg's $150 ultra mini platform boot. Piper Sandler's latest semi-annual survey of over 5,000 teens had similar findings: Ugg boots ranked as the No. Ugg's parent company, Deckers, is seeing the trend pay off. The company reported a 21% spike in new customers during its most recent quarter, particularly among 18 to 34-year-olds. That newfound popularity is partly tied to the release of its $150 mini platform boots.

☆ Adidas still doesn't know what to do with its $1.3 billion mountain of unsold Yeezy stock, 6 months after cutting ties with Kanye West
▼ + stars: | 2023-05-05 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Adidas doesn't know what to do with its mountain of Yeezy stock. The company cut ties with Ye, formerly known as Kanye West, in October after a string of controversies, including numerous antisemitic comments. Adidas said it has already factored a 1.2 billion euro ($1.3 billion), sales loss into its annual guidance if it were not to sell the stock. "You cannot sell Yeezy for reputational risk reasons. Experts say that way around this could be to deface these products before donation to curb their resale value, though it would cost Adidas more.

Shopify announced Thursday that it is cutting 20% of staff and selling off its logistics business. Shopify's CEO Tobi Lütke announced early Thursday that the company is cutting 20% of its workforce and selling the majority of its logistics business to supply chain technology company Flexport. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with. Analysts and insiders had also been expecting a major change to Shopify's logistics division, Insider reported Wednesday. But 6 River Systems, a warehouse automation and robotics company Shopify purchased in 2019 for $450 million, is being sold to UK grocery firm Ocado for an undisclosed sum.

☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
▼ + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."

☆ Bernard Arnault, the French luxury tycoon, gathers his 5 kids monthly for a private work lunch and drills them on company strategy, report says
▼ + stars: | 2023-04-19 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Bernard Arnault is the billionaire behind LVMH and was recently crowned the world's richest man. Arnault reportedly hosts a monthly private lunch with his five children to discuss strategy, per WSJ. "At no moment did he [Bernard Arnault] tell me, 'I must prepare my children for my succession," Toledano told The Journal. Toledano told The Journal that Arnault taught kids to prize the company over personal disagreements from a young age. Arnault overtook Jeff Bezos and Elon Musk to become the world's richest person this year.

☆ A $20 viral handbag that's an affordable take on the 'quiet luxury' trend was just named the hottest fashion item of 2023 so far
▼ + stars: | 2023-04-19 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

A $20 Uniqlo bag that went viral on TikTok has been named the hottest product of the year so far. There are more than 87 million views of the "Uniqlo bag" on TikTok. This bag is an affordable take on the "quiet luxury" trend that is dominating fashion. There are more than 87 million views of the "Uniqlo bag" on TikTok, for example. The bag falls neatly into the quiet luxury — or stealth-luxe trend — that has become a major talking point in the fashion industry in recent months.

The Walmart heirs' combined worth is roughly $234 billion, according to Bloomberg. The family grants money and resources to support education, environmental efforts, and their home community through the Walton Family Foundation. In public, the Waltons live pretty modest lifestyles despite their wealth. Sam Walton, the original man behind the company that now encompasses both Walmart and Sam's Club, set his family up for financial success when he divided the ownership before he died. He wasn't a man of flashy luxury, but you can see how his children are living a slightly more lavish life now.

☆ Brands and trends Gen Z brought back from the dead, from wraparound sunglasses to the 'baguette' bag
▼ + stars: | 2023-04-07 | by ( Mary Hanbury | Avery Hartmans | ) www.businessinsider.com time to read: +1 min

☆ L'Oreal plans to buy luxury skincare brand Aesop — known for its $90 serums and $40 hand wash that wealthy millennials can't get enough of — in a $2.5 billion deal
▼ + stars: | 2023-04-04 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

French cosmetics giant L'Oreal plans to buy Aesop for $2.5 billion. Aesop is an Australian skincare brand, known for its simple marketing and gender-neutral products. Aesop is an Australian brand that dates back to 1987 when founder Dennis Paphitis opened a Melbourne hair salon and began mixing essential oils into hair products. Today, it's known for luxurious home fragrances, hair oils, and skincare products, which are served up in apothecary-style brown bottles. It has become an aspirational brand for wealthy millennials who are happy to spend $40 on its hand wash to make their bathrooms look more upmarket.

☆ Dollar General has close to 20,000 stores across the US. Here's how it keeps prices so low.
▼ + stars: | 2023-04-02 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +6 min

Dollar General sells items at 20% to 40% less than full-price retailers, with most under $10. Dollar General, one of the best-known discount chains, is growing rapidly and now has more than 19,000 stores across the US. Justin Sullivan/Getty ImagesDollar General leases – rather than owns – most of its stores, which helps it to keep costs down. According to a 2021 survey done by the nonprofit think tank, Economic Policy Institute, 92% of Dollar General workers earn less than $15 an hour. It has a limited assortment of groceries, though this is on the riseThe fresh food section at a Dollar General store.

☆ Levi's says AI models are not a substitute for action on diversity following backlash
▼ + stars: | 2023-03-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Levi's responded to backlash over its decision to use new AI-generated diverse models. The denimwear label said it did not regard AI models as a substitute for real action. Levi's was criticized for using AI as a replacement for hiring and paying diverse models. However, critics said AI-generated models were a lazy way to address diversity issues, and meant that diverse models would miss out on opportunities to be hired and paid by Levi's. Levi's addressed some of the concerns raised in its statement Wednesday but did not provide further details on how it planned to address diversity issues.

☆ Macy's CEO Jeff Gennette to retire after 40 years at the department store
▼ + stars: | 2023-03-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Macy's CEO Jeff Gennette will retire and step down from his role in February 2024. Gennette has been at the department store chain for 40 years. Jeff Gennette joined Macy's in 1983 as an executive trainee and worked his way up the ranks, becoming CEO in 2017. Macy's said Wednesday that Tony Spring, CEO of Macy's sister company Bloomingdale's, will take over Gennette's role. CFO Adrian Mitchell will add the role of COO to his responsibilities – overseeing stores, tech, and supply chain needs, Macy's said.

☆ Forget luxury goods, US shoppers are now using buy-now-pay-later services to pay for groceries
▼ + stars: | 2023-03-23 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

New data shows that US shoppers are increasingly using buy-now-pay-later services to buy groceries. Historically, these services have been used as a way to cover the cost of non-essential or pricier items – like luxury goods, for example. While the number of online purchases made using BNPL services grew in the last two months, revenue fell by 19% year-over-year — indicating that customers are using these services for cheaper items. A spokesperson for Klarna did not comment on whether it has seen an uptick in its users using BNPL for grocery shopping when contacted by Insider. This includes cutting back on non-essential items, trading down from pricier products to store own brands, shopping at cheaper chains, and now, using BNPL services in different ways.

☆ Everything we know about Chinese app Temu. It sells a weird variety of things for cheap — and has some wondering if it's legit.
▼ + stars: | 2023-03-23 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

☆ Shoppers say secondhand stores like Goodwill are getting too expensive as Gen Z makes thrifting cool
▼ + stars: | 2023-03-21 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

TikTokers are complaining about high prices in secondhand stores like Goodwill and Salvation Army. The US thrift market has grown substantially in recent years and thrifting has become a popular pursuit of Gen Z shoppers, who have been credited with championing a more sustainable way to shop. But Gen Z shoppers aren't only buying secondhand items for themselves. That is a dubious delineation when it comes to major secondhand clothing corporations," Jennifer Le Zotte, an assistant professor at the University of North Carolina Wilmington told Vox. 23-year-old Stefani Colvin, who has been thrifting since 2016, told Insider that prices have been gradually on the rise in thrift stores.

☆ Dollar General is luring more shoppers with its cheap groceries — but it might be backfiring
▼ + stars: | 2023-03-16 | by ( Mary Hanbury | Alex Bitter | ) www.businessinsider.com time to read: +4 min

While more people are shopping for groceries at Dollar General, other categories are suffering. Dollar stores, in general, have been gaining market share in the grocery sector as inflation bites and shoppers look for cheaper alternatives. According to a recent report from Coresight Research, Dollar Tree and Dollar General ranked in the top five retailers from which consumers bought food in 2022. Dollar General shoppers are still employed but are "relying more on savings, credit cards, and, quite frankly, borrowing money from friends," Dollar General CEO Jeff Owen said on Thursday during the company's fourth-quarter earnings call. "While Dollar General has been steadily improving the offer ... there is still more work to do to improve the proposition," he said Thursday.

☆ TikToker shows people how to live off Dollar Tree groceries that cost $35 a week as Americans flock to dollar stores for cheaper food
▼ + stars: | 2023-03-09 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +5 min

More people are shopping for food at dollar stores as inflation bites and food prices soar. Dollar Tree Dinners, a TikTok page run by Rebecca Chobat, shows shoppers how to cook on a budget. Chobat says it's possible to eat a varied weekly diet using $35 worth of Dollar Tree groceries. According to a recent report from Coresight Research, Dollar Tree, and Dollar General ranked in the top five retailers from which consumers bought food in 2022. Dollar Tree stores have mostly sold non-perishable items in the past.

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