It’s been another week with a lot more retail information than there is time in the day. Below, we break down some things you might have missed over the week and what we’re still thinking about.
From Walmart’s recent efforts to tackle climate change to yoga mats made from Lululemon mushrooms, here’s our close of the week.
What you might have missed
Pacsun launches into resale
With the goal of being one of the cool kids, Pacsun joins the rest of the retail industry and starts reselling. The company this week introduced PS Reserve – a place for trendy clothes, sneakers and accessories. The articles presented have gone through a screening and authentication process. Currently available brands include Yeezy, Jordan Brand, and Supreme. The products for sale are part of Pacsun’s own inventory, according to a press release emailed to Retail Dive. Plus, if you Google “PS Reserve,” the first thing you’re going to hit is The Private Suite at LAX – a private luxury terminal in Los Angeles – which is completely different.
This week, Pacsun also announced A $ AP Rocky as his first guest artistic director. The rapper will oversee designer collaborations, in-store activations and branding campaigns related to the retailer’s store launches in Los Angeles and SoHo. Rocky’s first capsule collection will be with Vans.
Walmart and other retailers team up to fight climate change
Walmart, H&M, Ingka Group (Ikea) and Kingfisher plc announced a joint initiative Wednesday which aims to limit the rise in global temperatures to less than 1.5 degrees Celsius, called Race to Zero Breakthroughs: Retail Campaign. By joining the pledge, retailers will support climate action within the retail industry and encourage other retailers to develop a plan to meet their climate goals. The initiative is being carried out in partnership with the high-level climate action champions of COP26 and the World Business Council for Sustainable Development.
David’s Bridal loyalty program exceeds 500,000
David’s bride reaches over 500,000 members in its Diamond loyalty program since its launch seven months ago. The wedding retailer has partnered with companies like Blue Nile, Shutterfly, The Ritz-Carlton Spa and The Spa at the St. Regis for its rewards program. David’s Bridal also found that the loyalty program cut the return rate in half compared to non-members.
Lululemon to sell yoga mats and mushroom bags
Lululemon this week unveiled the first products using Mylo, a leather-like material made from mycelium, which is the branching underground structure of fungi. The brand will market yoga mats and bags made from this material in early 2022, according to Women’s Wear Daily. Lululemon first indicated that she would make products from mushrooms in October when she joins Bolt Threads’ Mylo consortium alongside Adidas, Kering and Stella McCartney.
“At lululemon, we are committed to making products and operating our business in ways that are innovative and sustainable for our customers,” said Sun Choe, Product Manager at Lululemon in October. “We firmly believe that innovation and sustainability are the key to the future of retail.”
What we still think about
650 billion dollars
This is the market opportunity that Authentic Brands sees for itself. The brand’s holding company filed for an IPO this week as it contemplates further expansion. Authentic Brands has increased its revenue from $ 1 million since its inception in 2010 to $ 489 million last year.
$ 80 million
This is the amount of beauty brand DTC Glossier lifted during her last turn funding. The company, which abandoned physical retail last year at the height of the pandemic, plans “dozens of new stores” in the United States and abroad, and aims to enter new markets with ” e-commerce approach. . “
What we watch
Instagram says it’s no longer a photo sharing app
Video killed the radio star, and now it’s coming to Instagram. Site manager Adam Mosseri shook users last week when he said Instagram is “no longer a photo-sharing app.” The platform itself appears to have been rocked by the success of TikTok, the Chinese video sharing app adopted by those who miss Vine, among others, and who have a knack for going viral.
“[L]And let’s be honest, there is some really serious competition going on right now. TikTok is huge, YouTube is even bigger and there are a lot of other upstarts as well, ”Mosseri said. “And so people are turning to Instagram for entertainment. There is fierce competition and there is more to do than we have to come to terms with that. And that means change. “
Instagram, which Mosseri says is also shaking up its recommendation algorithm, doesn’t just think of its users; it is also thinking about shopping. “The pandemic has shifted or accelerated the shift from offline to online commerce by several years, and we are trying to build on that trend,” Mosseri said.
Changes are coming to the video on Instagram ????
At Instagram, we’re always trying to create new features that help you get the most out of your experience. Right now, we’re focusing on four key areas: Creators, Video, Shopping, and Messaging. pic.twitter.com/ezFp4hfDpf
– Adam Mosséri ???? (@mosseri) June 30, 2021
Once upon a time, Instagram was the upstart that made competitors nervous. In its early days, users shared its signature Polaroid-like square images on Facebook. To counter the competition, Facebook bought it, a fact that congressional hearings last year on potential antitrust issues in technology.