The Weekly Closeout: GameStop ditches NFTs while Burt’s Bees teams with Hidden Valley Ranch
It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we’re still thinking about.
From Kenmore’s expansion plans to Bath & Body Works reformulating its body care, here’s our closeout for the week.
What you may have missed
Tupperware’s chief commercial officer exits
Hector Lezama, Tupperware’s chief commercial officer, will leave the company Friday, according to documents filed with the U.S. Securities and Exchange Commission.
Tupperware has restructured the role to separate out its sales leadership responsibilities, which will be led by regional leaders that report to CEO Laurie Ann Goldman.
Additionally, the company has named Samantha Lomow to the chief commercial officer role, effective Feb. 1. The position is responsible for innovation, product, marketing and digital commerce. Lomow has been working with the company as a consultant since November and previously was the chief customer officer at Foot Locker.
Bath & Body Works reformulates body care
After customer demand for new formulas without sulfates or parabens, Bath & Body Works announced it has reformulated its entire body care line, according to a press release on Wednesday. All of the body washes, scrubs, creams, lotions and body butters from the retailer have new formulas.
Courtesy of Bath and Body Works
“We know what we put into our products is just as important as what we’re taking out, so we’re thrilled to offer a reformulation across our body care assortment that protects the integrity of our beloved fragrances, provides the ingredients and high level of performance our customers love and expect, while removing the ingredients they no longer want,” President of Bath & Body Works Julie Rosen said in a statement.
The company said the initiative is a part of its ESG commitments, which also include a relaunch of the hand soap category with bottles made from at least 50% recycled plastic and the addition of hand soap refills in a recyclable carton.
GameStop exits NFTs
GameStop announced this week that it is exiting its NFT marketplace “due to the continuing regulatory uncertainty of the crypto space.” Starting Feb. 2, customers will not be able to buy, sell or create non-fungible tokens. Customer’s current NFTs are on the blockchain and will remain accessible and saleable via other platforms.
The retailer launched a beta version of its NFT marketplace in July 2022, shortly after it debuted its own digital wallet for cryptocurrency. GameStop in November ended support for its crypto wallets, also due to regulatory uncertainty. GameStop’s push into blockchain tech started after then-activist investor, now CEO, Ryan Cohen, became board chairman in 2021 and pushed the company to transform into a technology business.
Retail therapy
A kiss of ranch
With the NFL playoffs underway and the Super Bowl fast approaching, Hidden Valley Ranch and Burt’s Bees teamed up to offer up a fresh solution for chapped lips this winter.
The two brands collaborated to create a limited-edition pack of lip balms in four flavors: Hidden Valley Ranch, Buffalo Sauce, Crunchy Celery and Fresh Carrot.
The limited-edition chapsticks come just in time for wing season.
Courtesy of Hidden Valley Ranch
Hidden Valley Ranch has formed unusual partnerships in the past. In 2021, the brand collaborated with Crocs to release a pair of shoes reminiscent of the dressing along with Jibbitz charms.
Chuck becomes a game show host
In another sign of the oncoming apocalypse, Chuck E. Cheese on Tuesday announced a development deal with Magical Elves to create a gameshow series based on the brand’s arcade experience.
The format will feature physical challenges where adults will compete over supersized arcade games, including pinball, air hockey, alley roller and the human claw.
“Chuck E. Cheese is THE place where a kid can be a kid – but as grown adults, we still have dreams of ruling the arcade, taking on the iconic games we love!” Magical Elves co-CEOs Jo Sharon and Casey Kriley said in a statement. “We’re excited to celebrate these legendary arcade games plus the best of today, all with a super-sized twist.”
Magic Elves has produced a number of award-winning programs including “Top Chef” and “Nailed It!”
What we’re still thinking about
10
That’s how many styling leader positions Stitch Fix is eliminating as part of a shift away from full-time stylists. The company, known for its subscription apparel box service, is moving to a part-time only model come March 31. About a quarter of the company’s stylists currently work full time. Stylists will have the choice to shift to a part-time model or leave the company. It’s the latest change in Stitch Fix’s stylist ranks as the company continues to shift how it operates.
2 million
That’s how many products DoorDash now delivers through its service, which has expanded far beyond its restaurant roots. The company recently announced a grouping of new partners for its platform, including Camping World, Golf Galaxy and The Vitamin Shoppe. The new retail launches are aimed at “support[ing] consumers on their active and wellness journeys,” the company said.
What we’re watching
Kenmore to expand US presence
O’Rourke Sales Company is partnering with Kenmore to expand nationwide availability of its major appliances to consumer and commercial customers, the companies said Wednesday.
The partnership gives O’Rourke a long-term, exclusive appointment as a distributor of Kenmore appliances in the U.S. The appliances will be available to O’Rourke’s network of customers across its retail, rent-to-own, e-commerce, hospitality and military exchange channels. Kenmore, which is in the midst of a brand revitalization strategy, said the deal will create “its broadest cumulative distribution network for major appliances in nearly a century of sales.”
“With Kenmore’s focus on the latest in appliance technologies and product advancements paired with O’Rourke Sales’ 59 years of distribution experience and dedicated sales team, we believe Kenmore will once again become a leading household name in the appliance industry in 2024 and beyond,” Tom Jeffries, O’Rourke’s senior vice president of sales and appliances, said in a statement.
