🛍 Sarah's Retail Diary - Week of September 2nd (Stitch Fix acquires Finery, WalMart taking a stand on guns and more)
I'm obsessed with retail, merchandising and fashion. I'll share what I find most interesting in the past week here!
This Week's Topics:
Stitch Fix buys Finery (what is that all about? Let's break it down.)
Thank you WalMart!
Store and Brand News
Favorite podcasts, articles and quotes from the week
Stitch Fix buys Finery
Let's start at the beginning. What is Finery? They connect to your email receipts to see purchases and help you build your digital wardrobe with your purchases and manage returns. They will also style you based on what is in your digital closet.
Co Founded by Brooklyn Decker (model and actress) and Whitney Casey (who had worked in Media for CNN.) This WSJ article about their 2018 $5M raise led by NEA explains more.
I also loved this podcast (my favorite business podcast! Second Life from Hillary Kerr of Clique Media/Who What Wear) that interviewed Casey and Decker.
Finery has been compared to Cher's closet in the movie Clueless seriously, everyone's dream! (Check out this Rent The Runway article that compares their Unlimited Subscription service to the Clueless closet.)
Back to Stitch Fix, they haven't announced yet how they plan to use it. My two cents - a pain point is that the stylist don't actually know what is in your closet already. So you could be sent a dark denim jacket when an identical one is already hanging in your closet. With Finery, Stitch Fix can use the platform to view what is in your closet from other retailers that aren't in your Stitch Fix profile.
More to read: Retail Dive
Thank You WalMart!
The largest retailer in the US has announced that it will no longer sell ammunition used for hand-guns and military-style weapons.
Last month there was a mass shooting at a WalMart in El Paso, TX killing 22 people.
I am encouraged by the stance they are taking - no guns may be carried in their stores (even in open carry states.) WalMart is also pushing our politicians to do more to protect people.
We need business to help push the changes that we want to see.
Shannon Watts (check out the conversation on her linked Twitter feed) from Moms Demand Action is a great example of a consumer and activist using her voice to make change happen.
The Daily (NYTimes Podcast) also dove into this story on September 5, 2019.
Store & Brand News
I actually love the new name of Kim Kardashian West's shapewear line so much better than the original (Kimono.) The new name is Skims. It helps explain what it is and still have the "Kim" wink in the name. Alice Marie Johnson (the inmate that KKW lobbied to get clemency is one of the "real" models.)
Coach Original pop-up shop in NYC for NYFW. Where you can also rent a Coach bag. Also this week Coach was in the news for ousting their CEO. The parent company, Tapestry, has struggled after acquiring the Kate Spade brand.
Tracee Ellis Ross, an actress and fashion and beauty style setter - what else would you expect from Diana Ross' daughter?!?!) launched a haircare line. One of the details I love, they are launching with larger conditioner bottles for women who need more than a quarter size of conditioner at a time.
Burberry and Apple are partnering up to improve the customer service experience (around client relationships and styling/personal shopping.) These two companies have had a long history of working well together. Apple's recent head of retail, Angela Ahrendts, was the Burberry CEO prior to moving to Apple. I love how fashion/retail brands are looking to improve the customer experience and really think multi-channel. Customers need to have the same experience with a brand online and offline and it should all meld together seamlessly.
Glossier x Barkbox (pretty cute!!)
Fashion Influencer news from the week, Olivia Palermo (from the original The Hills and a fashion model) is relaunching her site with more of an editorial shop-able feel.
Personal Favorites From This Week
This Lumi podcast with Dan Frommer from New Consumer was fantastic! Listen to it and then lets chat all things retail.
Peter Lindbergh, fashion photographer, passed away. He shot some of the most iconic images of the Supermodels. One of my favorite photos was his picture for Anna Wintour's first cover of Vogue Magazine as editor in chief.
Millennials leading fashion.
And in a similar vein, YouTube is working on its fashion footprint.
What's Next?
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Thanks for reading Edition 6!! Sarah