Today in retail, Estee Lauder’s online growth is helping the company sustain itself as brick-and-mortar stores reopen, while point-of-sale (POS) and eCommerce software platform Lightspeed welcomes a new CEO amid a difficult time for the sector.
Plus, GameStop is getting into the non-fungible token (NFT) game with Immutable X, and Ralph Lauren’s quarterly earnings call highlights a potential shift in its customer base.
From Roblox to Red Sox, 55-Year-Old Ralph Lauren Is Reinventing Itself
Designer-retailer Ralph Lauren, the official outfitter of the U.S. Olympic team and 55-year-old maker of the Polo brand, played up its efforts to attract the next generation of customers in its quarterly earnings call Thursday (Feb. 3).
CEO Patrice Jean Louis Louvet told investors that while the Polo brand and “elevated sportswear” still sit at the heart of what Ralph Lauren does, the company is also aggressively seeking new, young customers that do things like skateboard, play Roblox in the metaverse and wear logos from professional sports teams.
Estee Lauder Sees Online Potential Amidst Brick-and-Mortar Recovery
In its update for the second quarter of fiscal 2022, Estee Lauder said its financial success can be attributed to the reopening of most of its brick-and-mortar stores, adding that its growing online presence has continued to sustain the company.
Per the release, Estee Lauder saw brick-and-mortar sales in the Americas increase by double digits as more customers returned to physical retail locations. Additionally, online sales made up 38% of the company’s sales in the region for the three months ending Dec. 31.
In Asia, net sales grew both in brick-and-mortar department stores and online.
Is GameStop’s New NFT Marketplace Diversification or Distraction?
GameStop partnered with Australian blockchain startup Immutable X Pty Limited on Thursday (Feb. 3) to create a fund worth up to $100 million in Immutable X’s IMX tokens, which it will use to create NFT content and technology.
Immutable X will also become a layer-2 partner and platform for GameStop and its NFT marketplace, which is likely to launch later this year. Additionally, Immutable X will provide up to $150 million in IMX tokens to GameStop upon the achievement of certain milestones.
GameStop hired more than 20 people to run its new NFT- and cryptocurrency-related division last month, according to The Wall Street Journal. Activist investor and GameStop Chairman Ryan Cohen has said the company must become more tech-centric and has vowed to make that happen.
Investors, Retailers Wildly Disagree Over Fate of Battered eCommerce POS Companies
Lightspeed, a Montreal-based company that has seen its stock and valuation drop over 75% in the past four months, announced Wednesday (Feb. 2) that its 44-year-old founder was relinquishing the CEO role of the company he’s built and led since 2005.
President JP Chauvet was elevated to CEO, effective immediately, while founder and former CEO Dax Dasilva will continue as executive chair, playing an active part in the company’s social and environmental policy initiatives.
Meanwhile, Lightspeed raised its guidance and delivered better-than-expected fiscal Q3 results for the three months ending Dec. 31, with 165% revenue growth on more than $20 billion in transactions at 315,000 eCommerce customer locations.
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