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☆ Peloton co-founder and Chief Product Officer Tom Cortese is leaving the company
▼ + stars: | 2023-09-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Peloton co-founder and Chief Product Officer Tom Cortese is leaving the company and will be replaced by longtime Silicon Valley veteran Nick Caldwell, the company announced Tuesday. Cortese, who helped found the connected fitness company alongside former CEO John Foley in 2012, will move into an advisory role beginning Nov. 1, the company said. He'll oversee global product development and will start the new role Nov. 1. "I want to thank Tom for his tireless dedication since launching Peloton nearly 12 years ago as a Co-Founder of the business. "Nick brings impressive engineering, design, and product experience to the Peloton team.

Persons: Tom Cortese, Nick Caldwell, Cortese, John Foley, " Cortese, I'm, Caldwell, He'll, Tom, Barry McCarthy, Nick Organizations: Silicon, Twitter, Google, Microsoft

☆ Fast fashion is leaning into resale, but it may do little to reduce emissions, new study says
▼ + stars: | 2023-09-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Fast-fashion retailers like Zara, Shein and H&M are using resale platforms to reduce their carbon footprints, but the programs are projected to do little to reduce emissions, a new study released Tuesday found. The study analyzed five brand archetypes, spanning fast fashion to premium apparel, and how reselling previously owned items could affect their overall carbon emissions between 2023 and 2040. It found that fast-fashion retailers, which create about 11.5 kilograms (25.3 pounds) of carbon dioxide for every item they make, will only reduce their emissions by 0.7% with resale programs. Outdoor brands, like Patagonia and the North Face, create about 12.5 kilograms of CO2 per item and could reduce emissions by 15.8%, according to the study. Ruben said it takes a lot of work for fast-fashion retailers to implement resale programs, but "you're not getting a lot of juice for the squeeze."

Persons: Andy Ruben, Tory Burch, Ralph Lauren, they're, Ruben, you've Organizations: Trove, Deloitte, McKinsey, University of California, CNBC, Outdoor, U.S . Securities, Exchange Commission Locations: Guangzhou, China, Brazil, Zara, Shein, Berkeley, Patagonia, reselling

Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. Target, which has nearly 2,000 stores in the U.S., has been outspoken about organized retail crime at its stores. When the company reported fiscal second-quarter earnings in mid-May, CEO Brian Cornell said organized retail crime had shot up at its stores. When asked if the company plans to close stores because of rising shrink, Cornell stressed Target's reluctance to shutter locations. Since 2022, at least nine states — six so far this year — have passed similar laws to impose harsher penalties for organized retail crime offenses.

Persons: Brian Cornell, Cornell, We'll, we'll Organizations: Coordination, CNBC Locations: New York, Harlem, Seattle, San Francisco, Oakland, Portland , Oregon, U.S

☆ Adidas CEO says Kanye West didn't mean antisemitic remarks, isn't a bad person
▼ + stars: | 2023-09-20 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Following widespread public outcry, Adidas announced it had ended its relationship with Ye, stopped production of Yeezy-branded products and ended all payments to Ye and his companies. Foot Locker and Gap soon followed suit and announced they would pull Yeezy products from their stores. That can happen with an athlete, it can happen with an entertainer, so it's part of the business," said Gulden. Despite the public comments from its chief executive, an Adidas spokesperson told CNBC that the company's position on Ye "has not changed." Adidas CEO Bjorn Gulden defended Ye, the artist formerly known as Kanye West, and said the rapper didn't mean it when he made a series of antisemitic remarks.

Persons: Nicolai Tangen's, Gulden, Ye, Adi, Bjorn Gulden Organizations: Adidas, CNBC Locations: Chicago, German

Planet Fitness said it is searching for its next chief both internally and externally. He's a franchisee of both Planet Fitness and Dunkin' Donuts and has been on Planet's board for six years. During his time as CEO, Rondeau led Planet Fitness's IPO and tripled its club base from about 700 to about 2,400 locations. "As we enter the next chapter of Planet Fitness' journey, the Board felt that now was the right time to transition leadership," Planet Fitness Chairman Stephen Spinelli Jr. said in a press release. "In today's evolving environment, Planet Fitness is continuing to enhance our competitive advantage, capitalize on our size and scale, and drive further shareholder value."

Persons: Chris Rondeau, Craig Benson, He's, Rondeau, William Blair, Sharon Zackfia, Zackfia, Rondeau couldn't, Michael, Marc Grondahl, it's, " Rondeau, Stephen Spinelli Jr Organizations: Planet Fitness, Planet Locations: New Hampshire, Dover , New Hampshire

☆ Retailers are losing $100 billion a year from return fraud, bots and coupon stacking, study says
▼ + stars: | 2023-09-14 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

This type of "friendly fraud" might feel harmless and seem like a small drop in the bucket for powerful corporations. But taken together with more nefarious forms of fraud, it's costing retailers more than $100 billion per year, according to Riskified , which published a new study on the problem on Thursday. Riskified uses artificial intelligence and automation to fight fraud and boost revenue at major retailers including Wayfair , Peloton , Revolve and Canada Goose . For the study, it surveyed over 300 global companies with more than $500 million in total annual revenue. The firm found retail policy abuses, such as return fraud and using fake email addresses for promo codes, is rising for some retailers.

Persons: Robert, there's, they've, Eido Gal, Gal Organizations: Hulu, CNBC Locations: Long, , New York

☆ How much are retailers losing to shrink and theft? In many cases, it's not the main drag on profits
▼ + stars: | 2023-09-08 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

During second-quarter earnings reports in August and September, nearly two dozen retailers said shrink has continued to weigh on profits. During its second quarter earnings call with analysts, the company said shrink was in line with the year-ago period. Over the last few quarters, more and more retailers have called out shrink as a drain on profits and blamed theft for those losses. Others that loosely blame shrink and theft for plummeting profits without providing much more explanation may be trying to obfuscate internal issues, said Lapinsky. Contrary to other retailers, shrink was the largest drag on Ulta's earnings during fiscal 2022, according to a securities filing.

Persons: Lindsey Nicholson, Dick's, Ulta, Sonia Lapinsky, AlixPartners, that's what's, Macy's, CNBC's Courtney Reagan, Jeff Gennette, Gennette, TJX, John Klinger Organizations: Walgreens, Universal, Getty, CNBC, Target, Dick's Sporting Goods, Walmart, Lowe's Locations: Queens , New York

☆ Why the revenue impact of retail shrink may be overblown
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the revenue impact of retail shrink may be overblownSteve Grasso, Grasso Global CEO, and CNBC's Gabrielle Fonrouge join 'Power Lunch' to discuss the scope of retail shrink, the impact shrink has on retail sales numbers, and the struggle to develop a system to combat shrink.

Persons: Steve Grasso, Grasso, CNBC's Gabrielle Fonrouge Organizations: Grasso Global

☆ Quantifying shrink: How much theft is costing retailers
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailQuantifying shrink: How much theft is costing retailersGabrielle Fonrouge, CNBC.com reporter, joins 'Fast Money' to talk the issue of retail theft and how much it is actually costing retailers.

Persons: Gabrielle Fonrouge

☆ New York man was killed 'instantly' by Peloton bike, his family says in lawsuit
▼ + stars: | 2023-09-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California. The family of a New York man claims he was killed by his Peloton bike just six months after buying it, but the company insists that his own negligence caused his death, according to a lawsuit filed in state court. The lawsuit, filed in March 2023 in Brooklyn civil Supreme Court by Furtado's mother Johanna Furtado, is several months old. While at least one child was killed by Peloton's treadmill in March 2021, Furtado's death is the first known fatality linked to the company's ultra-popular exercise bike. Peloton's exercise equipment has gone through numerous recalls over the last few years.

Persons: Gundee, Ryan Furtado, Furtado, Furtado's, Johanna Furtado, Ben Boyd, plaintiff's decedent's Organizations: New York Police, Daily, Consumer Product Safety Locations: San Anselmo , California, New York, Brooklyn

☆ Lululemon sees sales and profit jump 18%, boosts full-year guidance
▼ + stars: | 2023-08-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Lululemon raised its full-year guidance Thursday after reporting an 18% jump in both sales and profit, beating Wall Street's estimates. Lululemon is expecting profits to be between $12.02 to $12.17 per share for the year, compared to a previous range of $11.74 to $11.94. The company's reported net income for the three-month period that ended July 30 was $341.6 million, or $2.68 per share, compared with $289.5 million, or $2.26 per share, a year earlier. Its gross margin was largely in line with expectations at 58.8%, compared to the 58.5% analysts had expected, according to StreetAccount. During its second quarter, inventories were still elevated 14% to $1.7 billion, compared with $1.5 billion in the year-ago quarter.

Persons: Lululemon, Wall Organizations: Refinitiv

☆ State officials want Shein to prove it doesn't use forced labor before it goes public
▼ + stars: | 2023-08-30 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Fast-fashion juggernaut Shein is facing more scrutiny from elected officials in the U.S. who want the company to prove it doesn't use forced labor before it files for a widely rumored initial public offering. "It is apparent that SHEIN is attempting to launch an IPO before the end of this calendar year. Shein has faced accusations that it used forced labor from the Xinjiang region in China to fuel its meteoric rise as rumors swirl that it is preparing to go public. "These are in raw materials so when we have a raw material positive test, that means that raw material is removed from production," Pernot-Day said. Pernot-Day said one of Shein's primary objectives at the moment is to get its positive test results down to zero.

Persons: Gary Gensler, SHEIN, Austin Knudsen, Shein, Peter Pernot, Oritain Organizations: U.S . Securities, Exchange, Montana's, Sparc Group, Chinese Communist Party, Bloomberg, CNBC, Politico Locations: U.S, Xinjiang, China, Shein

Kevin Plank, now former CEO of Under Armour, during a CNBC interview on Mad Money on Feb. 28th, 2018. That afternoon, Ruhle questioned the Morgan Stanley report on Bloomberg's air and referenced data points that Plank had gathered. A couple of weeks later, when Under Armour reported positive quarterly results, Plank emailed Ruhle "look at that stock!!!" and then helped her arrange an interview with basketball player and Under Armour athlete Stephen Curry the following day, records show. Plank, the current executive chairman of Under Armour, asked Pelkey to help set up the interview with Curry.

Persons: Kevin Plank, Armour, Stephanie Ruhle, Plank, Morgan Stanley, Ruhle, Diane Pelkey, who's, Pelkey, Morgan, Stanley, Stephen Curry, Curry . Plank, Curry Organizations: CNBC, Bloomberg, MSNBC Locations: Maryland

☆ Avon owner Natura & Co considers sale of The Body Shop as revenue declines
▼ + stars: | 2023-08-28 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Brazilian beauty conglomerate Natura & Co is considering a sale of The Body Shop after the skin care and cosmetics line saw another quarter of declining sales, according to a Monday securities filing. Natura & Co, which owns the Avon and Natura brands and is in the process of selling its Aesop line to L'Oreal , wrote in the filing that its board of directors "recently authorized its management to explore strategic alternatives for The Body Shop," the filing said. Late last year, Sao Paulo-based Natura denied rumors that it was considering a sale of The Body Shop. On Aug. 15, the company announced second-quarter results and said sales at The Body Shop fell 12% to 800 million Brazilian reals, or $163.7 million. However, The Body Shop has struggled to hang on to its market share and meet customers where they are after consumer habits shifted during the Covid pandemic, executives said during an August earnings call.

Organizations: Co, Natura, L'Oreal, Retail Locations: Sao Paulo, U.S

☆ Gap reports another period of declining sales across all brands, warns of 'uncertain consumer'
▼ + stars: | 2023-08-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +7 min

In this article GPS Follow your favorite stocks CREATE FREE ACCOUNTPedestrians walk past Old Navy and GAP stores in Times Square, New York City. The company is projecting net sales to decrease in the low double-digit range for the fiscal third quarter compared to last year's net sales of $4.04 billion. Sales declined 6% at Old Navy, on top of a sharp 13.6% decline in the prior-year period. Gap is betting Dickson can breathe new life into Gap's brands: its namesake banner, Old Navy, Banana Republic and Athleta. "We know that regardless of market conditions, strong brands, brands that matter, win," said O'Connell.

Persons: Drew Angerer, Katrina O'Connell, Neil Saunders, StreetAccount, Richard Dickson's, Mattel's Barbie, Dickson, Here's, Chris Blakeslee, Alo Yoga, O'Connell Organizations: Navy, GAP, Refinitiv, Old Navy, Mattel, Banana, Republic Locations: Times Square , New York City, Banana Republic, women's, men's, Gap China, North America

☆ Shein strikes deal with fast-fashion retailer Forever 21 that will expand reach of both brands
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

A Shein App is shown in the iOS App Store in Bargteheide, Germany, May 3, 2021. Fast-fashion competitors Shein and Forever 21 have joined forces. Shein's deal with Forever 21 comes as it tries to distance itself from sharp criticism and gear up for a widely rumored U.S. initial public offering. While Shein and Forever 21 have similar shoppers, they have catered to those customers in different ways. By teaming up, Shein and Forever 21 will have new ways to reach customers.

Persons: Shein, Brooks, Lucky Brand, — CNBC's Gabrielle Fonrouge Organizations: Sparc Group, Sparc, Authentic Brands, Simon Property Group, Wall Street Locations: Bargteheide, Germany, Shein, China, Singapore, Dallas, Los Angeles

☆ Nike falls for record 10th straight day as Foot Locker woes, China slowdown hit stock
▼ + stars: | 2023-08-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Nike's stock tumbled Wednesday for the 10th day in a row after Foot Locker reported dismal quarterly results and consumers continue to pull back from the footwear sector. "This became much more evident through the second quarter including a weaker start to back to school. The store traffic and conversion challenges we began to see in late Q1 persisted through the second quarter as our customer remained cautious with their discretionary dollars," she said. China's uneven recovery could also be weighing on Nike's stock. However, it's unclear if that growth is continuing and what the results will look like when Nike next reports earnings.

Persons: Foot Locker, We've, Rick Patel, Raymond James, There's, We're, Foot, Patel, Locker, Mary Dillon, John Donahoe Organizations: Nike, CNBC, Dick's Sporting Goods, StreetAccount Locations: U.S, China

☆ Foot Locker shares plunge 30% as it slashes guidance and blames 'consumer softness'
▼ + stars: | 2023-08-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

The dismal quarter prompted Foot Locker to lower its forecast again – just five months after introducing it. Those heavy markdowns have weighed on Foot Locker's margins, which dropped 4.6 percentage points compared with the year-ago period. Shrink, a retail industry term that refers to merchandise lost by theft, damage or other means, also weighed on profits, Foot Locker said. It didn't disclose how much shrink cut into its margins compared with promotions. But Foot Locker has been trying to reduce its reliance on Nike and balance its vendor mix.

Persons: Locker, Foot, Mary Dillon, Foot Locker Organizations: Refinitiv, Nike

☆ Peloton shares drop 25% after posting wider than expected loss, falling sales
▼ + stars: | 2023-08-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Peloton on Wednesday reported a wider than expected loss and a quarterly drop in new subscribers that it blamed on its recall of its Bike seat post and seasonality, sending shares plunging about 25% in premarket trading. It ended the quarter with 3.08 million subscribers, up 4% year over year and in line with the company's expectations. But compared to last quarter, subscribers declined by 29,000. The former Netflix and Spotify executive has spent the last three months focusing on new strategies aimed at getting the fitness company back on a path to growth. Clients include Volvo, which has Peloton bikes in its company fitness center and offers employees access to the Peloton app, its all access membership and discounts on hardware, including the Bike, Bike+, Tread and Guide.

Persons: Barry McCarthy, McCarthy, Leslie Berland Organizations: Refinitiv, Consumers, Netflix, Spotify, Business, Volvo, Dropbox, University of Michigan, Big Locations: Dusseldorf, Germany

☆ Recalled products linked to more than 100 infant deaths still for sale on Facebook, lawmakers say
▼ + stars: | 2023-08-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Recalled baby products linked to more than 100 infant deaths are still widely sold on Facebook Marketplace despite thousands of requests from federal regulators to take down the items, four members of Congress said. Lawmakers wrote that the Consumer Product Safety Commission has sent Facebook parent Meta about 1,000 requests a month since 2022 to remove the recalled Boppy Newborn Lounger, but the product keeps cropping up for sale on the platform. In June, the CPSC's commissioners sent a letter to Zuckerberg calling on him to do more to prevent the sale of the recalled products. In the letter, the members of Congress asked for more information about Meta's product safety policies, how it monitors recalls and how many staff members are dedicated to consumer-product safety issues. But they did not accuse the companies of selling recalled products.

Persons: Mark Zuckerberg, Fisher, Price, Boppy Newborn, Cathy McMorris Rodgers, Frank Pallone Jr, Gus Bilirakis, Jan Schakowsky, Meta didn't, Zuckerberg, Meta Organizations: Facebook, Lawmakers, Consumer Product Safety Commission, Washington Republican, House Energy, Commerce, New, New Jersey Democrat, CNBC, Target, Walmart, eBay Locations: Washington, New Jersey

☆ Dick's shares fall 20% as retailer slashes outlook over theft concerns
▼ + stars: | 2023-08-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Dick's now expects earnings of $11.33 to $12.13 per share for the year, compared to a previously issued guidance of $12.90 to $13.80. During the quarter, Dick's used promotions to offload inventory from the category. Overall, inventories were down about 5% in the quarter compared to the year ago period. While the quarter is a bit rough compared to Dick's usual reports, the retailer is still holding on to its pandemic-gains. Same store sales were up 1.8% in the quarter, compared to down 5.1% in the year ago period, and were driven by a 2.8% uptick in transactions.

Persons: Dick's, Lauren Hobart, Ed Stack, It's, We've, Stack, CNBC's Courtney Reagan Organizations: Sporting Goods, Refinitiv, CNBC

☆ Retailers blame theft for significant losses: How big is the problem?
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetailers blame theft for significant losses: How big is the problem? CNBC's Courtney Reagan and Gabrielle Fonrouge join 'Fast Money' to discuss retailers blaming theft for loses and if it is really as big of a problem as retailers are reporting.

Persons: CNBC's Courtney Reagan, Gabrielle Fonrouge

☆ Several Buy Buy Baby, Harmon stores to reopen after buyers scored deals on the bankrupt brands
▼ + stars: | 2023-08-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

(The new Buy Buy Baby will operate independently from Dream on Me.) What will the new Buy Buy Baby offer? A display of diaper bags at a Buy Buy Baby location in Brooklyn, New York in January 2023. In order to survive this time around, Buy Buy Baby will need to focus on offering a unique value proposition, said Saunders from GlobalData. "It's not only Buy Buy Baby that failed.

Persons: Patrick T, Harmon, Avish Dahiya, Dahiya, Jonah Raskas, Raskas, Overstock, Curtis Nagle, Neil Saunders, they've, Glen Cary, Cary, Melissa Gonzalez, that's, Gonzalez, there's, Gabrielle Fonrouge, Saunders, It's, There's, What's, David Abrams, Abrams Organizations: Fallon, Bloomberg, Getty, CNBC, Harmon, Bank of America, Target, Walmart, Lionesque, Bed Bath Locations: Los Angeles, U.S, New York , New Jersey, Pennsylvania, Bath, Brooklyn , New York, GlobalData, New York, New Jersey, Manhattan

☆ Shoppers are spending big at T.J. Maxx, HomeGoods as Target sales slide
▼ + stars: | 2023-08-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Cash-strapped consumers may be pulling back on discretionary purchases at Target , but they're spending big on name brands and home goods at off-price TJX Cos. Shares of TJX Cos. reached a new 52-week high on Wednesday, spiking more than 4%. TJX Cos., which runs T.J. Maxx, Marshalls, HomeGoods, Sierra and Homesense in the U.S., raised its full-year outlook for comparable store sales, pretax profit margin and earnings per share following the strong quarter. It anticipates pretax profit margin in the range of 10.7% to 10.8%, and earnings per share between $3.66 and $3.72. Even so, TJX's HomeGoods posted a 4% comparable sales increase as consumers still sought out home decor, throw pillows and other furnishings.

Persons: Cash, Cos, Neil Saunders, TJX Cos, Ernie Herrman, TJX's HomeGoods Organizations: Target, Refinitiv Locations: Cos, Maxx, HomeGoods, Sierra, U.S

☆ The 'internet's favorite underwear' goes mainstream: Gen Z brand Parade agrees to be bought
▼ + stars: | 2023-08-15 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Privately owned Ariela & Associates International has agreed to buy Parade, the VC-backed intimates startup that created "the internet's favorite underwear," CNBC has learned. "Consolidation is the big opportunity, especially for big, traditional brands to acquire more digitally savvy upstarts. It quickly became a favorite among Gen Z consumers eager for comfortable and affordable underwear that fit their body style and personal values. As part of Ariela, Parade will now be able to tap on the firm's manufacturing muscle to scale up and become more of a mass-market brand, said Jessica Ramirez, a senior analyst with Jane Hali and Associates. I think Parade hasn't as much … this would make sense to propel it on a larger level."

Persons: that's, Nikki Baird, didn't, Cami, Jessica Ramirez, Jane Hali, It'll, Ramirez Organizations: Associates, CNBC, Associate's, Columbia University, Parade, FullBeauty Brands, Walmart, Target, Smart Locations: U.S, Ariela

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