The Weekly Closeout: Adidas left with $1.3B in Yeezy shoes, Dick’s Sporting Goods, NCAA partner for March Madness

It’s been another week with far more retail news than the day has to offer. Below we round up some things you may have missed during the week and things we are still thinking about.

From Adidas trying to figure out what to do with leftover Yeezys to limited edition mini basketballs from Pizza Hut, here’s our sale for the week.

What you may have overlooked

Helen of Troy’s CFO resigns

The parent company of Hydro Flask, OXO and Osprey announced this week that its chief financial officer, Matt Osberg, has done so resigned from the company valid from 27.04.

Helen of Troy said Osberg accepted another opportunity “closer to his family in Minnesota,” according to a company press release.

Osberg joined the company in 2016 as Senior Vice President of Corporate Finance and was appointed CFO in 2021.

Helen of Troy said Brian Grass, who was previously the company’s CFO, will return on March 21 to become senior vice president and assistant chief financial officer. We will then move to interim CFO on April 28th. The company has begun searching for a permanent CFO.

“I’m delighted to welcome Brian back in his interim role. In his seven years as Helen of Troy’s CFO, he has proven many times to be a valued partner to me and our global leadership team,” CEO Julien Mininberg said in a statement. “I appreciate his expertise, his integrity, his ambitious standards and the countless contributions he has made during his 15-year career at Helen of Troy.”

Skechers unveils capsule collection Martha Stewart and names her best friend Snoop Dogg

Skechers may not have time for Yeezy, who was summarily escorted out the casual sneaker headquarters last year when he showed up there unannounced. But lifestyle expert Martha Stewart, known for her perfect home cooking, is a different story.

Stewart and Skechers teamed up for a campaign for the first time last year Skechers Arch Fit collection. Now the relationship has been expanded to include a separate collection. in one opinionSkechers President Michael Greenberg called it “the perfect match.”

The Spring 2023 capsule, launched on International Women’s Day, is titled “A Day in the Life of Martha”. The collection includes comfortable slip-ins, slides and sandals, according to a press release, in which the company also managed to name names Stewart’s sidekick Snoop Dogg.

Dick’s, NCAA tip on partnership during March Madness

Dick’s Sporting Goods and the NCAA announced a corporate partnership this week. Under the terms of the agreement, Dick’s is the official sporting goods retail partner for the NCAA’s 90 men’s and women’s championships.

The partnership begins during the first four of the men’s NCAA tournament beginning March 14. Dick’s will leverage its sponsorship through media investments that include the production of pitch-side content and signage. According to Dick’s, the partnership will reach millions of fans.

Dick’s will also have exclusive category sponsorship rights to select fan events during the men’s and women’s Final Four games, including the Women’s Final Four open practice sessions and the Kids Zone at the Final Four Fan Festival of men.

As an Official Retail Partner, Dick’s is granted exclusive access to NCAA-licensed merchandise for promotional purposes. CBS Sports and Warner Bros. Discovery Sports jointly administer and collaborate on the NCAA’s Corporate Champions and Partners program. Dick’s said it will also receive category-exclusive rights to historical footage owned by the NCAA to create custom content.

“Dick’s Sporting Goods and the NCAA form a wonderful partnership that will help improve all 90 championships,” said Dan Gavitt, senior vice president of basketball for the NCAA. “We look forward to working together on our common goals, which focus on supporting student-athletes and their overall achievements.”

Shopping Spree

Meet me at the Pizza Hut basketball court

Speaking of basketball, Pizza Hut announced it will be releasing its Limited edition mini basketballs in time for NCAA March Madness.

The $7 balls feature a black and red design and were last offered by the pizza chain in the 1990s, according to a press release Wednesday. Available March 14th, Pizza Hut has brought them back along with its 16-inch pizza pie, The Big New Yorker.

Don’t have a tire? Pizza Hut designed a limited edition box that transforms into a backwall hoop for The Big New Yorker.

Claires opens a (another) store in Paris

Claire announced this on Monday opened a new store in Paris, on rue Faubourg St Antoine.

The 1,200-square-foot store was “designed for full brand immersion,” features an ear-shaped “chandelier ear,” and has two dedicated ear piercing studios and a content creation studio. The store will be a place where the company launches exclusive products and tests product lines. There will also be experiential and pop-up events.

Claire’s has eight locations in Paris, 230 stores in France and is expanding to other cities in Europe.

What else are we thinking about?

2 billion dollars

That’s what the fast fashion retailer Shein is said to be collecting this month in its latest round of funding, according to a report by Reuters, citing unnamed sources.

For the round, the Chinese apparel company cut its valuation to $64 billion, according to the report. Last year was the retailer’s rating pegged closer to $100 billion. Shein has also appeared to have resumed its IPO efforts, contacting “several investment banks” to prepare for a U.S. IPO, Reuters reported.

Competitors H&M and Zara are grappling with slacking demand amid rising consumer preference for more sustainably made clothing and some signs that younger shoppers are less interested in on-trend styles. Yet Shein has share with one of the devoured fastest production cycles and cheapest assortments of all time.

$4.4 billion

That’s how much the Prada Group’s sales grew year after year. In fact, the 21% increase in sales is the luxury brand’s best-ever sales year.

The great successes of the Italian luxury group followed a change in management at the beginning of this year. Andrea Guerra was appointed Group CEO at the January board meeting. Former co-CEO Miuccia Prada stayed with the company along with Raf Simons as creative director of Miu Miu and co-creative director of Prada. Patrizio Bertelli has been appointed Chairman of the Board of Directors. Former CEO Paolo Zannoni has moved to become Deputy CEO.

Leadership credits its success to the strong retail sales and organic growth of Prada’s brands, most notably Miu Miu, which has attracted the attention of celebrities and influencers.

what we observe

Adidas debates what to do with Yeezy shoes

There are still $1.3 billion worth of Yeezy shoes at Adidas after the decision to halt sales over Ye’s anti-Semitic comments and rhetoric, and the sports brand doesn’t know what to do about it. Five months ago, the two split after a series of controversial TV appearances and Ye’s social media posts. Adidas CEO Björn Gulden told analysts this week that the brand is under pressure not to destroy stock for sustainability reasons, but also not to sell it for reputational reasons. The missed opportunity has already impacted Adidas’ earnings, with the company reporting its first annual loss in three decades.