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☆ Target’s Sales Hit by Pride Month Merchandise Backlash
▼ + stars: | 2023-08-16 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: 1 min

Target on Wednesday said its sales declined in the second quarter, which a period in which the retailer faced boycotts and right-wing backlash over its Pride Month collection. Target said its comparable sales fell 5.4 percent in the second quarter, which ended July 29, versus the same period last year. E-commerce sales fell 10.5 percent. Despite the sales decline, the company reported higher profit margins than analysts expected, as it offered fewer discounts and reduced its inventory costs. In May, Target faced criticism and calls for boycotts for its displays and products tied to Pride Month, the annual celebration for the L.G.B.T.Q.

Persons: Target Organizations: Pride

☆ In Retail’s Top Echelons, Female C.E.O.s Lose a Bit of Ground
▼ + stars: | 2023-08-14 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +2 min

“It reminds me of the Barbie movie,” said Kimberly Lee Minor, who is the chief executive of the consulting firm Bumbershoot and has been working in the retail industry for 30 years. Of the 86 retail companies in the Fortune 1000, 13 had a woman as chief executive as of July 2023, down slightly from the year before, according to the executive recruiting firm Heidrick & Struggles. Retail executives have long been quick to note that purchases are largely driven by women, who make most of the spending decisions for their households. Seventy-two percent of cashiers are women, and about half of retail salespersons are women, according to data from the Bureau of Labor Statistics. That tends to perpetuate previous hiring decisions and lead to companies seeking those with experience leading a turnaround.

Persons: ”, Kimberly Lee Minor, Bumbershoot, “, haven’t, Kathy Gersch Organizations: Fortune, Retail, Bureau of Labor Statistics, Kotter Locations: U.S

This summer, she and Taylor Swift seemed to prove it. Some estimates suggest that Beyoncé’s world tour could gross even more than that by the time it wraps in October. Taylor Swift and Beyoncé fans have been shelling out on everything from secondhand tickets that cost more than a flight to Europe to fancy fingernails to match the singers’ wardrobe. Beyoncé’s shows are expected to spur $4.5 billion in spending, based on a separate QuestionPro survey. Both the hotel and its neighbors reported surging demand that pushed up room rates and sold out many properties.

Persons: Beyoncé, Taylor Swift, Swift’s, Swift, Haze Organizations: Beijing Locations: Europe, North America, Shade, Manhattan Beach, Calif

☆ Coach Owner to Buy Parent of Versace in Luxury Mega Merger
▼ + stars: | 2023-08-10 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

The companies said the merger also presented an opportunity to increase their direct-to-consumer business and save them $200 million in operating and supply-chain costs within three years. Tapestry’s stock was down 3 percent before the market open on Thursday. On Wednesday, before the news was announced, Capri’s stock closed at just under $35. “This has put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth. There is more security in embarking on bold international plans as a larger entity.”

Persons: ” Joanne Crevoiserat, ” John D, ” Neil Saunders Organizations: Capri

☆ Gap, Looking for Barbie Magic, Hires Mattel’s President as C.E.O.
▼ + stars: | 2023-07-26 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Gap hopes its new chief executive can help it achieve a Barbie-like turnaround. Just days after the blockbuster opening weekend of “Barbie,” Gap, announced on Wednesday that it had hired Richard Dickson of the toymaker Mattel Inc. to become its chief executive officer. Mr. Dickson is Mattel’s and president and chief operating officer and has been at the toymaker since 2000. Over the weekend, the Greta Gerwig-directed “Barbie” brought in $162 million at the North American box office. That success followed months of a can’t-miss-it marketing campaign that put Barbie at the top of mind for a wide range of consumers, from children to adults.

Persons: “ Barbie, Richard Dickson, Dickson, Greta Gerwig, Barbie ”, Barbie, ”, Jonathan Reid, “ Richard Organizations: Mattel Inc, American, Mattel, Fitch

☆ Banana Republic Wants to Outfit Your Home, Too
▼ + stars: | 2023-07-13 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Inside Banana Republic’s design studio in San Francisco, Sandra Stangl, the company’s chief executive, pointed to an item that had been creating buzz in stores. Instead, Ms. Stangl walked toward a king-size bed with a parchment-colored backboard. The company has started putting these bed frames, which sell for around $5,000, near the front of its stores in Los Angeles and New York. Enough shoppers have asked if they were for sale — the answer: Not yet, but Ms. Stangl and her team are taking a limited number of pre-orders for the fall. Shoppers usually think about outfitting themselves, not their homes, when they walk into Banana Republic.

Persons: Sandra Stangl, Stangl, ” Ms Organizations: Shoppers Locations: San Francisco, Los Angeles and New York, Republic

Kathryn Keeler and her husband, Stuart de Haaff, own an olive oil company in the hills of central California. The couple spend their days harvesting olives, bottling the oil, labeling the glass bottles and shipping them out, relying primarily on UPS to get their product to kitchens throughout the United States. UPS handles about a fourth of packages shipped each day in the United States, according to the Pitney Bowes Parcel Shipping Index, many of them for small businesses like Ms. Keeler’s company. Some are preemptively turning to FedEx, the next largest private carrier in the United States, or the U.S. Postal Service, which generally handles lighter packages.

Persons: Kathryn Keeler, Stuart de Haaff Organizations: UPS, Pitney Bowes Parcel Shipping Index, FedEx, U.S . Postal Service, DHL Locations: California, United States, y Oro

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