It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we’re still thinking about.
From Sephora’s new birthday gift policy to former Etsy strike members prepping to launch a new artisan marketplace, here’s our closeout for the week.
What you may have missed
Sephora tweaks birthday gift policy
Sephora last week announced an update to its birthday gift loyalty perk to “limit the number of gifts that can be shipped to a single address per year in the US and Canada,” the company said in an email to shoppers. The change goes into effect Nov. 1 and sets the limit at 150 birthday gifts per address.
“No more than 150 Birthday Gifts will be shipped to any one shipping address (or variation of that address) per year including but not limited to residential buildings, office buildings or parcel forwarding companies,” the beauty retailer’s terms and conditions read. “Orders that include a Birthday Gift and are sent to a shipping address that has exceeded this limit will be cancelled by Sephora.”
The company notes that each Beauty Insider loyalty member is eligible for one birthday gift “per year per mailing address.”
Tupperware is now at Target
As of this week, a curated selection of Tupperware products can be purchased in Target stores and on Target’s website.
Tupperware has historically been a direct-to-consumer company, selling through in-person Tupperware parties, on its website and through its Amazon storefront. But, the more than 75-year-old brand has been on a “transformation journey” for the past two years to reinvent its business model.
“[T]he brand is reimagining core elements of its business to create more opportunities for new and existing customers to engage with the brand and its products, especially among younger consumers who are less familiar with direct sales models,” the company said in an emailed announcement.
Etsy strikers prep to start their own marketplace
In the spring, thousands of Etsy sellers went on strike in protest over a 30% seller transaction fee hike. In the earnings following the strike, CEO Joshua Silverman said less than 1% of sellers chose to put their shop on vacation mode and the company “saw no material impact” to churn.
But, something did change. A group of artists dubbed The Artisans Cooperative that met due to that event announced they are going to build a new marketplace, according to details emailed to Retail Dive. The effort is currently growing its community and fundraising.
“I was an active Etsy seller until they went public in April of 2015. I knew it was no longer a community I wanted to be a part of and I closed my shop,” artist Thera Langham Knapp of Atypically Artistic, said in a statement. “I sell on Ko-fi now, but I know a better platform could exist and I want to be a part of the solution. It was a breath of fresh air to find a group of creatives with the same thought and a collective vision of what that marketplace could be.”
Retail Therapy
Lab-grown diamonds…maybe
Looking for lab-grown diamonds that don't include natural diamonds? Odd, not sure why you would expect that.
The affordability and sustainable claims associated with lab-grown diamonds are certainly a draw in for consumers — but it looks like Kay Jewelers is having issues with them. Some lab-grown diamond products on Kay Jewelers’ website have a pretty unique disclaimer: “Due to supply constraints, these earrings may include natural diamonds.”
Kay Jewelers did not immediately respond to Retail Dive’s requests for comment and clarity on this disclaimer.
Art, but make it fashion
In a surprise pairing, Pacsun this week debuted a capsule collection with The Metropolitan Museum of Art. It features fall and winter pieces including sweatsuits, T-shirts, hats and socks, and draws inspiration from late 19th-century paintings.
“The arts continue to be important to our consumers and community, and partnering with such an iconic museum that has resonance in the fashion world, felt like a natural collaboration for us,” Brieane Olson, president of Pacsun, said in a statement. “We were grateful that several of The Met’s most notable and important works were made available to us for this collection.”
Pieces are “portrayed through a gender-free lens,” range in size from XS to XL, and are available at 200 Pacsun stores and on the retailer’s website.
What we’re still thinking about
500
That’s how many more jobs are being cut by pandemic darling Peloton in a new round of layoffs. According to information shared with Retail Dive on Thursday, Peloton is cutting about 12% of its workforce in order to reach break-even cash flow by the end of the year. Another staggering statistic from the news? A memo from CEO Barry McCarthy to employees noted the company lost more than $100 million in its retail business last year. The job cuts are part of an effort to restructure the company.
50%
That’s how much Hasbro is planning for its operating profit to grow over the next three years, the company said in a release Tuesday. The toy manufacturer is hoping to expand operating profit margin to 20% by 2027 and has its sights set on generating $8.5 billion or more in revenue by 2027. Direct to consumer and digital are two investment priorities for the company, along with licensing, which is set for “major expansion.” The goals are part of a new strategy that will “focus investment on [Hasbro’s] most valuable franchises across toys, games, entertainment and licensing.”
What we’re watching
What’s the future of Poshmark?
In a deal that caught some analysts by surprise, Poshmark this week said it will be acquired by South Korean internet giant Naver in a deal that gives Poshmark an enterprise value of $1.2 billion.
Naver CEO Choi Soo-Yeon said that the company’s “technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark’s global growth.” Naver also said that its livestream shopping market, which did $25 billion in gross merchandise value last year, would “transform the shopping and selling experience” and strengthen the Poshmark community.
