RetailBoss is streamlining its retail news with our weekly retail roundup, including updates from around the globe. Here are today's top stories from this week; if you want to get this news in your inbox, sign up for our free retail newsletter and follow us online at @retailboss on Instagram, Facebook, Twitter and Linkedin.
- Jacquemus CEO exits Bastien Daguzan has announced his departure from the role of CEO and President at Jacquemus, the French luxury brand known for its modern aesthetic and independent spirit.
- Prada Buys Fifth Avenue Retail Building for $425M Italian luxury fashion house Prada has purchased the building housing its flagship store on New York City’s prestigious Fifth Avenue.
- Americans are engaging in 'doom spending' despite economic concerns, a trend where consumers continue to spend money amidst inflation and high interest rates.
- Cart.com Secures $30 Million to Expand Its E-Commerce Platform Cart, a Houston-based commerce and logistics solutions provider, has announced a significant boost to its operations with a $30 million infusion from Trinity Capital.
- China’s DHGate Experiences Record-Breaking Sales China’s leading B2B cross-border e-commerce marketplace, DHGate reported it doubled its Gross Merchandise Value (GMV) over the Black Friday and Cyber Monday 2023 period, setting a breaking sales record for the platform.
- Walmart's shares slid as the retailer provided a cautious outlook, reflecting weakened consumer spending towards the end of the fiscal third quarter.
- Best Buy's sales fell by 8% as demand for electronics stumbled, leading to a lowered annual guidance from the company.
- Zulily Takes Legal Action Against Amazon in a New Lawsuit The online retailer Zulily has initiated a lawsuit against the e-commerce giant Amazon. This move comes amidst various antitrust allegations and legal challenges that Amazon has faced from various entities, including the Federal Trade Commission (FTC) and 17 states.
- Home Depot's sales continued to slide, but the company still topped expectations, with shares jumping more than 5% despite a narrowed outlook for the year.
- Plaintiffs Drop Greenwashing Lawsuit Against H&M Two plaintiffs have voluntarily dismissed their lawsuit against the global fashion retailer, H&M which had accused the company of misleading consumers with false sustainability claims.
- Amazon will allow auto dealers to sell cars on its platform, starting with Hyundai, marking a significant shift in how consumers can purchase vehicles.
- U.S. retail sales grew by 3.1% during the holiday season, with online sales increasing by 6.3% year over year.
- The restaurant sector saw a 7.8% increase in sales year over year, as people gathered to celebrate the holidays.
- Mastercard SpendingPulse reports indicated that the economic backdrop remains favorable, with healthy job creation and easing inflation pressures.
-
Holiday spending sets new record $222.1 Billon spent online: report The 2023 holiday season has set a new benchmark in e-commerce spending, with Adobe Analytics revealing a significant surge in online consumer expenditure.
