Photo: Stefanie Keenan/Getty Images for Olive & June
These are the stories making headlines in fashion on Friday.
Helen of Troy acquires Olive & June
Helen of Troy will add nail brand Olive & June to its portfolio in a $240 million deal. The deal includes an initial $225 million at closing and an estimated $15 million earnout over the next three years. Founded in 2013, Olive & June is sold in Walgreens, Walmart and Target with net revenue estimated to reach $92 million in 2024. “As we join the Helen of Troy family, a company known for elevating everyday experiences with innovative consumer products, I could not be more thrilled to lead this next chapter of growth for the brand,” Olive & June founder and CEO Sarah Gibson Tuttle said in a statement. {Fashionista inbox}
Hearst Magazines faces backlash over layoffs
Hearst Magazines, the parent company of Elle, Cosmopolitan, Harper’s Bazaar and more is facing backlash after a series of rumored layoffs came to fruition on Thursday. Company President Debi Chirichella linked the layoffs to a “reallocation of resources” in a staff memo. Sam Wheeler, Writers Guild of America East Executive Director responded, saying the layoffs were “needless, irresponsible and cruel.” “Readers go to Hearst because of the talent and craft of its editorial employees,” said Wheeler. “These workers make Hearst what it is. Until Hearst and the rest of the media industry recognize that the workers are the most valuable part of their companies and brands, they will continue their race to the bottom with no one to blame but themselves. These workers deserved better.” {The Hollywood Reporter}
Retailers struggle in the fight against organized shoplifting
Organized retail crime has seen major upticks post-pandemic. Potentially violent shoplifting mobs pose an increasing threat to retail workers and inventories, with groups like the “California Girls” reselling millions of dollars worth of stolen products online. Federal legislative action against such groups is in the works, but in the meantime, retailers have locked up their products. While locked shelves are effective in preventing theft, the displays deter 16-26% of paying customers from making purchases, a lose-lose for retailers. {WWD/paywalled}
“Wicked” tests the staying power of “Barbie” marketing
Fashion brands and retailers, including Bloomingdale’s, Target, H&M, Crocs and several others, took a page from the “Barbie” playbook ahead of the “Wicked” movie release. They launched “Wicked”-themed collections, collaborations and curations, which drove foot traffic, social media engagement and press — but consumers may soon tire of these all-encompassing tactics. {Business of Fashion/paywalled}
Saks Fifth Avenue refreshes marketing strategy for the 2024 holiday season
For the holiday season of its 100th anniversary year, Saks Fifth Avenue has cut back on its light show and attuned its strategy to its consumers’ desires, including offering a wider range of jewelry products and more “holiday experiences.” Said experiences range from private shopping sessions for $1,500 to having one’s dog featured in an online Saks Fifth Avenue campaign, which costs $10,000. The company also published a 1,900-item gift guide after it received survey responses indicating that 82% of holiday-celebrating consumers expect to spend the same or more than last year during the holiday season, 7% higher than in 2023. {Modern Retail}
Source: Fashionista.com
