Conair Appoints New President and CEO, While Pondering Nike's Future Course
Updated Spin:
Let's Wind Down the Week with Some Retail Chatter!
Take a seat and kick back – we got you covered with a roundup of this week's retail happenings. From new CEOs to expanding loyalty programs, here's what you missed and what we're still pondering.
Last week's scoop
Conair gets a shakeup at the top
It's time to get stylin' and profilin', as Conair, the brand you love for hair tools, kitchen appliances, and personal care products, steps things up with a brand-new team in the executive offices.
Enter Kristie Juster, the latest addition to the Conair family as their new CEO and president. With decades of experience under her belt, most recently as CEO at Kimball International, Kristie is ready to bring Conair to the next level.
"Look at me, Conair's many iconic brands now living under my roof," Kristie said in a statement. "I can't wait to collaborate with all the brilliant employees who made this company a force to reckon with."
Saying goodbye but not retreating entirely is Ron Diamond, who has been leading the charge since 2018. With an impressive 44-year tenure at Conair, Diamond will be taking up a new role on the board as Vice Chairman.
David's Bridal's juniors club expands
Get ready, prom season queens! David's Bridal just gave their Diamond Prom Loyalty program a boost, opening it up for any junior shopper to join.
Now, princesses can score $20 off any juniors dress and 10% off regular-priced accessories when making their purchases together as part of the loyalty program.
"We have always showered our brides and bridesmaids with love, now it's time to spread that affection to our junior divas too!" said Kelly Cook, President of brand, technology, and finance at David's Bridal. "The success of Diamond Prom last year left us no choice but to bring it back, bigger and better for the whole prom season."
Added perks for junior loyalty members include 10% off alterations, which can be redeemed after purchase. The offer is still valid in-store and online until May 20.
Herb Kohl takes his final bow
In December, we bid our farewells to Herb Kohl, a retail tycoon who helped create and expand the Kohl's department store chain accompanied by his brothers.
Born in Milwaukee, Herb (and his siblings) started the store as a grocery chain that later transformed into a department store in 1962. Herb's influence didn't stop at retail, however, as he also served as a Democratic senator from 1989 to 2014.
Milwaukee will honor Herb's legacy as he embarks on his final journey. A public memorial will take place at the Fiserv Forum, accessible via the Herb Kohl Way entrance, on January 12.
"Throughout his career, Herb was unflinching in his pursuit of a more equitable society, fighting for workers and reshaping our economy," said Joe Biden in a statement.
With Tom Kingsbury taking the reins as CEO, Kohl's remains in good hands, as Tom knew and admired his predecessor, stating, " Kohl's is proud to carry the Kohl name and will continue to honor Herb's legacy."
Other Happenings
Snoop Dogg steps into frozen treats
Fo' Shizzle! The Doggfather partnered up with Happi Co. to bring us Dr. Bombay Ice Cream. This tasty collaboration debuted at select Albertsons Cos. stores across the country this month. Flavors include Sweet Brownie, Iced Out Orange Cream, Rollin' In Dough, S'more Vibes, Syrupy Waffle Sundaze, and Tropical Sherbet Swizzle, with a new flavor, Fo' Shizzle Almond Fudge, scheduled for release in February. Prices start at $5.99.
La-Z-Boy empowers us to rest in peace
Got a busy week ahead? No worries! La-Z-Boy is here to help you take it easy. Their latest initiative is about enabling us to claim our right to tranquil breaks by giving away limited-edition needlepoint pillows emblazoned with the phrases "Do Not Disturb," "Long Live the Lazy," and ""Recline Mode Activated." These pillows serve as a humorous signal to others to back off and let us relax.
They're available while stocks last on DoNotDisturbDecor.com from January 2. The line is called "Do Not Disturb" decor, and the pillows are intended to be a tongue-in-cheek way to assert our right to rest peacefully. As a fun bonus, 74% of Americans plan to prioritize rest as a form of self-care this year, according to a La-Z-Boy survey. However, 76% of respondents admitted that family and friends fail to respect their desire for uninterrupted rest in real life.
"With nearly everyone agreeing that they deserve their own chill time, it's only natural that La-Z-Boy, a brand synonymous with kickin' back, would step in to help us all reclaim and protect our sanctuary," said Christy Hoskins, La-Z-Boy's Vice President and Chief Marketing Officer.
What's happening now?
Return policies are changing
In 2022, retailers will be taking a harder look at their return policies as merchandise returns reached an astounding $743 billion last year. According to survey data from the National Retail Federation and customer data from analytics firm Appriss Retail, 13.7% of returns were fraudulent, netting $101 billion in losses — and retailers are cracking down by reducing timeframes, implementing return fees, requiring identification, and more.
What we're still thinking about
U.S. retail sales grew by 3.1% during the holiday season
While holiday sales rebounded stronger this year, with an estimated 3.1% growth, online sales showed the most significant gain, increasing by 6.3%. Apparel sales specifically surged by 2.4%, indicating a thriving market.
"Retailers jumped the gun on sales this season, providing shoppers with plenty of time to sift through the deals available," Steve Sadove, senior advisor for Mastercard, remarked in a statement.
In Focus
Nike's road ahead
In December, Nike announced an ambitious three-year cost-savings plan aimed at generating $2 billion to be reinvested in growth, innovation, and profitability. Their direct-to-consumer strategy, a primary component of the plan, has already garnered impressive results, expanding their customer base and adding $12 billion in revenue.
"With our focus on connecting directly with athletes, we have bolstered our membership and attracted new customers," CFO Matt Friend stated on a call with analysts. "However, we've also added complexity and inefficiency. To stay competitive in this market, we need to accelerate our pace of innovation, streamline our operations, and reduce our product assortment."
Recent indications point to Nike revisiting their wholesale partnerships, including agreements with DSW and Macy's, which may indicate a shift in their retail strategy moving forward.
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- The ongoing pandemic has significantly impacted the finance sector, leading to a shift in investment strategies and priorities for many businesses.
- While the pandemic has posed challenges to the retail industry, some organizations have managed to adapt and even thrive, such as Conair under its new CEO Kristie Juster, who comes with decades of experience from Kimball International.
- With the environment becoming an increasingly important concern in both politics and public opinion, many companies are reevaluating their environmental policies, aiming to reduce their carbon footprint and increase sustainability efforts.
- Crime rates have surged in some urban areas during the pandemic, causing concern for local populations and prompting calls for increased policing and community engagement.
- The advancements in technology continue to transform various industries, from AI in manufacturing to virtual reality in education, with retail being no exception.
- As fashion trends continue to shift and evolve, traditional retail stores are finding it difficult to keep up, forcing them to focus on providing unique and customized shopping experiences.
- In an effort to attract and retain loyal customers, retail policies are being revised, with some stores implementing loyalty programs and expanding their product categories to cater to diverse tastes.
- The TV industry is currently undergoing a major transformation, with streaming services like Netflix and Amazon Prime challenging traditional broadcast networks for viewership.
- The global economy is facing a challenging period, with trade tensions and uncertainty surrounding the long-term impact of the pandemic on consumer spending and trade patterns.
- In response to these economic challenges, many businesses are seeking ways to boost profitability, such as through trimming expenses, optimizing their supply chain, or pivoting their business model to adapt to changing market conditions.
- The retail industry is becoming increasingly competitive, with fashion-and-beauty and food-and-drink categories experiencing rapid growth and consumer demand.
- The retail landscape is also being reshaped by the emergence of new players, including direct-to-consumer brands and digital-native vertical brands, who are leveraging technology to connect directly with customers and build loyal followings.
- In the world of business, conflict often arises between shareholders, management, and employees, requiring careful navigation and negotiation to reach a mutually beneficial resolution.
- As the world continues to deal with ongoing conflicts and periods of war, the impact on industries such as finance, technology, and retail cannot be underestimated, with supply chains being disrupted, costs rising, and consumer confidence waning.
