Thanks for joining us again. Just a friendly reminder that Retail Brew is on the ground for the National Retail Federation’s Big Show in New York City this week. We’d love to see you there, but don’t overlook the other retail conference right next door.
Let’s get into it.
In new hires: Today, Christopher Metz takes over as CEO of Solo Brands, replacing John Merris in a move announced just last week. Metz has 25 years of experience in the consumer and durable goods spaces—mostly recently as CEO of Vista Outdoor.
Solo Brands’ Q4 results didn’t meet expectations, and the company lowered its fiscal year 2023 guidance.
- Last year, Solo Brands leaned more heavily on its wholesale business, with mixed results; sales increased 114.3% in Q3, but DTC fell 11.5%.
- Previous CEO John Merris told Retail Brew that the apparent cannibalization was a short-term thing, and the DTC business could see tailwinds in the long term.
In earnings: There will be a lot to dig into when Birkenstock reports its Q4 earnings Thursday. The company has had a whirlwind past few months leading up to and since its IPO.
- Birkenstock started trading on Oct. 11 at $41 per share—below its IPO price of $46—and the stock closed at $40.06 that day, a 12% dip. In the following days, the stock dropped to as low as $35.83.
- Luckily for the company, the stock turned around and started climbing back to its $46 IPO price in late November, likely because of the holiday shopping season, Reuters noted. On Friday, shares opened at $48.39.
In events: Today, Rethink Retail and Microsoft are hosting the AI in Retail conference, next door to NRF’s Big Show at the Javits Center. The event is “dedicated to equipping retail executives with AI knowledge and tools for operational integration.”
- Right after the conference, Rethink Retail is getting fancy with a gala that will bring together heavy hitters in fashion for an AI showcase.
- Some of the brands in attendance will include Adidas, Kate Spade, Ralph Lauren, and Saks Off 5th.
Retail news that keeps industry pros in the know
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