Planet Fitness CEO says he was blindsided

Abrupt firing is causing stocks to plummet

Welcome to the Retailist Roundup - As summer winds down, the transition to fall brings with it a surge in back-to-school trends and an uptick in business news. Here, we provide you with the latest updates in ecommerce, retail, and DTC brands, curated directly by our editors.

We've distilled the past week to present the most significant headlines, emerging trends, and insights from global retail experts. Here's a look at the standout topics this week:

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In the News: This week’s top headlines

SKU’d: Will 2023 be the year Under Armour realizes that women exist (and have money)? Kaarin Vember expresses initially positive feelings towards Under Armour but criticizes its past corporate culture, likening it to a "frat house." A 2018 Wall Street Journal expose revealed allegations of sexual misconduct by executives and challenges faced by women in advancing at the company. Founder and then-CEO Kevin Plank acknowledged these issues and vowed to improve the company's culture. [Retail Dive]

Starbucks has wrongly become a hated stock, Jim Cramer says. CNBC's Jim Cramer expressed that Starbucks (SBUX) is unfairly viewed as a "hated stock" due to concerns about its growth in China. Cramer, whose Charitable Trust owns Starbucks shares, believes this negative sentiment is a mistake. This comes after Starbucks reported a 7.6% rise in its quarterly dividend, resulting in an annual payout of $2.28 per share. [CNBC]

Toy Brand Melissa & Doug Opens First Retail Store. Melissa & Doug, a renowned toy brand, is set to open its inaugural retail store on October 6, 2023, in The Westchester mall in White Plains, NY. This 1,600-square-foot store, the first physical location in the company's 35-year history, will showcase a broad range of their top-selling toys and offer unique in-store experiences, such as measuring kids' heights in "scoops of ice cream." The grand opening will feature prize giveaways, product demos, and special surprises for early visitors. [Ris]

Coty moves ahead with Paris stock listing plans. Coty, the parent company of CoverGirl cosmetics, is progressing with its plan to list on the Paris Stock Exchange, potentially in the coming weeks, with BNP Paribas and Citigroup assisting in the deal. The move aims to strengthen its European presence and attract new investors. Recently, Coty increased its annual sales forecast due to rising prices and robust demand, especially in its premium segment featuring brands like Hugo Boss, Gucci, and Burberry. [Reuters]

Amazon adds RFID to cashierless tech. Amazon tested its Just Walk Out technology with RFID at the Climate Pledge Arena in Seattle and later at Lumen Field, enhancing the fan experience by offering a quick shopping method. While Amazon has expanded the cashierless technology to various locations, including universities and its own store concepts, it has reduced its brick-and-mortar presence, focusing more on specific store types and the Just Walk Out tech. Retailers like Uniqlo are also adopting RFID tools for inventory management and self-checkout as they grow internationally. [Payments Dive]

Planet Fitness’ longtime CEO says he was ‘blindsided’ by an abrupt firing that sent the gym's stock plummeting. Former Planet Fitness CEO Chris Rondeau was unexpectedly asked to resign by the company's board, leading to a nearly 20% drop in the company's shares and a loss of over $1 billion in market cap. Rondeau, who remains on the board, expressed surprise at the decision and is restricted from discussing details due to a confidentiality clause. Despite the company's statement that the management change wasn't due to financial events, Wall Street analysts have downgraded the stock over concerns about the executive transition. [Insider]

Pangaia Launches ‘ReWear’, Making Resale Seamless Thanks To Digital IDs. Pangaia, an apparel brand, has introduced "Pangaia Rewear," a resale platform that uses QR-coded digital passports on garments for easy reselling. This initiative taps into the booming second-hand fashion market, projected to hit $350 billion by 2027, and promotes a sustainable, circular approach to fashion. [Forbes]

Consumer goods firms’ pricing woes may spread beyond France. Consumer goods companies such as Nestle, Lindt, and Unilever are facing potential pricing pressures in Europe after being targeted by French retailers and politicians. Carrefour, a leading supermarket chain, has issued price warnings on products from these companies ahead of upcoming contract negotiations. Amidst this, the French government is contemplating advancing annual price discussions between food producers and supermarkets, aiming for price reductions by mid-January. [Reuters]

Job Board: This week’s Top Openings in DTC, RetailTech, and more

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