Today in retail, Chewy is half the size it was in January 2021, while Mattel partners with Universal. Plus, consumers alter their meal preparation because of rising food costs, Kaiyo looks to make furniture retail a part of everyday life, and Victoria’s Secret and Bread Financial team up on a co-branded Mastercard.
Chewy Is Half of What It Used to Be as It Prepares to Report Q4 Results
The economics of the pet care industry are robust and growing, and in many circles are seen as more defensive to inflation-driven belt-tightening by consumers than those of the more human-oriented, non-discretionary variety such as groceries. Meanwhile, Miami-based digital pet care platform Chewy is literally half the size it was 15 months ago, having fallen 50% from its January 2021 peak of $120 per share, good for a $20 billion market capitalization.
Mattel Teams With Universal on Global Licensing Deal for DreamWorks’ ‘Trolls’
Mattel has signed a multiyear global licensing deal with Universal Brand Development for DreamWorks Animation’s “Trolls” franchise. As part of the agreement, Mattel has the licensing rights to develop a full line of Trolls toys, including dolls, vehicles, games and more. The new collection is expected to be released around the world in fall 2023, ahead of the release of a new Trolls movie in theaters in November 2023.
Rising Food Costs Create Anxiety, Change Menus
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Rising costs of everything from meat to feed is making it difficult for producers to keep up with demand, making many vegetable oils unaffordable and making some food businesses switch up the formula to cut back on high-cost items. The U.S. Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) shows that in February, prices for groceries increased 8.6% year over year. This increase marks the greatest 12-month increase since April 1981.
With Fundraise, Kaiyo Aims for Furniture Resale to Take Its Rightful Place Behind Houses, Cars
While the secondhand car market is larger than the new vehicle segment because “people keep transacting,” Kaiyo Founder and CEO Alpay Koralturk told PYMNTS, furniture resale is only a “fraction of a fraction” of the spending done on retail. While first-time buyers on Kaiyo frequently go on to become first-time sellers within two years, Koralturk said the other side of that metric is not as easy, since people tend to sell and then move away to a place where Kaiyo is not available.
Victoria’s Secret and Bread Financial Unveil Co-Branded Mastercard
Financial services company Bread Financial has debuted a co-branded credit card program with intimate apparel specialty retailer Victoria’s Secret through Mastercard. The Victoria’s Secret Mastercard, which uses tap-to-pay technology, is compatible with all digital wallets and features anti-fraud security. It also offers rewards for cardmembers spending at Victoria’s Secret stores and other stores.
