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  • INDUSTRY NEWS

    • On April 14, 2021, it was reported, in a move that speaks volumes about its approach to growth, Stitch Fix announced that on Aug. 1, President Elizabeth Spaulding will become CEO, replacing founder Katrina Lake. Spaulding joined the company early last year from management consulting firm Bain & Co., where she was a partner. Her focus has been on growth, including inventory management, international expansion and developing "the next generation of consumer shopping experiences," the company said. Lake will become the board's executive chairperson, according to a company press release. She will also remain an employee, focusing "on Stitch Fix's social impact efforts, in particular the intersection between sustainability and technology in apparel retail."
    • On April 13, 2021, it was reported, in an April 9 prospectus that emphasizes its reliance on just three retailers, The Honest Co. filed for an initial public offering with the Securities and Exchange Commission. Its placeholder IPO target is $100 million, according to the filing. Last year the consumer products company generated 45% of its revenue from retail partners (including their e-commerce), and about 55% of 2020 revenue came from digital channels, with a third coming from its own website. The company said Target accounts for about 23% of its revenue, Amazon about 22% and Costco about 8%, according to the filing. The Honest Company also said it has "incurred net losses each year since [its] inception and ... may not be able to achieve or maintain profitability in the future." But in 2020, the company's revenue rose 27.6% year over year to $300.5 million, as operating loss narrowed by 57% to $13.5 million and net loss narrowed 53.5% to $14.5 million.
    • On April 09, 2021, BJ's Wholesale Club announced that president and CEO Lee Delaney passed away unexpectedly on April 8 due to presumed natural causes. He was 48. Christopher Baldwin, executive chairman of the board of directors, described Delaney as "a brilliant and humble leader who cared deeply for his colleagues, his family and his community." He added, "We extend our most heartfelt condolences and sympathy to his family, especially his wife and two children. We will honor his legacy and remember the extraordinary impact he had on so many." Bob Eddy, EVP/chief administrative and financial officer, has been named interim CEO, effective immediately. Eddy joined the company in 2007 and was named EVP/CFO in 2011. He assumed the role of CAO in 2018.
    • On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, On March 16, 2021, it was reported, New York-based brand acquisition and management firm, WHP Global acquired a controlling interest in Tru Kids Inc., the parent company of Toys "R" Us, Babies "R" Us, Geoffrey Giraffe, and more than 20 brands, consumer brands, including Animal Alley, Animal Zone, Avigo, Bruin, Dream Dazzlers, EduScience, FastLane, Imaginarium, Just Like Home, Just Like Home Workshop, Journey Girls, Koala Baby, Pavillion, Sizzlin' Cool, Stats Sports, Totally Me!, True Heroes, and You & Me. "Our investment in Toys "R" Us reflects our belief and passion for the brand, says Yehuda Shmidman, chairman and CEO at WHP. "We are thrilled to be taking the reins of the world's leading toy brand at a time when the category is up 16% and consumer demand for toys is at an all-time high. This is a natural fit for WHP, as we can leverage our global network and digital platform to help grow Toys "R" Us and Babies "R" Us around the world." Shmidman has served as vice chairman of Tru Kids since 2019. Despite its struggles to relaunch Toys "R" Us in the U.S., Tru Kids generates more than $2 billion in global retail sales annually through its licensing agreements for the Toys "R" Us and Babies "R" Us brands. The brands maintain a presence in more than 25 countries for both physical retail locations and e-commerce sites.