News Briefs

Walmart Inc. has made another big investment in Indian e-commerce giant Flipkart.

The retailer, which led a $1.2 billion financing round in Flipkart Group in 2020, paid $1.4 billion to buy out U.S. hedge fund Tiger Global’s remaining holding of Flipkart.  The Wall Street Journal first reported the deal, which values the company at about $35 billion. 

Walmart paid $16 billion for a 77% stake in Flipkart in 2018. In 2020, the retailer led a new $1.2 billion financing round in the company. With its latest investment, Walmart will hold about 77% of Flipkart, according to reports. 

The new investment comes as India continues to play a crucial role in Walmart’s global growth. The company expects India to overtake China as its largest international market this year.

The finance head of GameStop is leaving after one year on the job.

The video and electronics game retailer said that Diana Saadeh-Jajeh, chief financial officer, will resign on August 11.  GameStop has appointed  Daniel Moore, currently  VP and corporate global controller, as principal accounting officer and interim principal financial officer, effective as of August 11. 

Saadeh-Jajeh joined GameStop in 2020 and has served as CFO since July 2022. In a filing, the company said that her departure does not relate to any disagreement with the company on its operations, policies, or practices, including around its accounting

In June, GameStop said that its board has elected Ryan Cohen as executive chairman, effective immediately. In conjunction, GameStop said its former CEO — Matt Furlong — has been “terminated.”

The news about  Furlong's departure came almost at the same time as the company reported a net loss of $50.5 million, or a loss of $0.17 per share, for the quarter ended April 29, down from a loss of $157.9 million, or $0.52 a share, in the year-ago period. Revenue fell to $1.24 billion, down from $1.38 billion.

Bath & Body Works has named a seasoned financial executive as its next finance head.

The personal care and home fragrance retailer has appointed Eva C. Boratto as CFO,  effective August 1. She succeeds Wendy Arlin, who, as previously announced, will step down from the role on July 29, 2023.  

Boratto  most recently served as CFO of life sciences company Opentrons Labworks. Prior to that,  she was  executive VP and CFO at CVS Health Corp. During her 11-year tenure at CVS Health, Boratto played a key role in the development of the company’s growth plan, including investment in digitization efforts and new businesses, and supporting the integration of its $69 billion acquisition of Aetna, according to a release.

Prior to joining CVS Health in 2010, Boratto spent 20 years at Merck & Co. in roles with increasing responsibility, including VP, U.S. market finance leader.

“We are pleased to welcome Eva to Bath & Body Works at such an exciting time for the company, and we look forward to benefitting from her strong financial expertise, retail knowledge and leadership experience,” said Gina Boswell, CEO, Bath & Body Works. “Eva is a results-oriented leader with a strategic and innovative mindset, which will be integral as we continue to take actions to elevate the Bath & Body Works brand and build on the capabilities that will drive profitable growth.”

Bath & Body Works has more than 1,800 company-operated locations in the U.S. and Canada and more than 435 international franchised locations to an online storefront.

 

Casper Sleep is shoring up its sales, product and marketing strategy with two new C-suite additions.

The company has appointed Brad Bailey as chief sales officer. He will oversee the retail and wholesale functions for both Casper’s owned retail stores and partners.

Most recently, Bailey served as VP of sales at Emery Jensen Distribution. Prior to that, he was sales director at Tempur Sealy International.

Bailey also served as executive VP of sales and marketing at VIP Cinema Seating, and as executive VP of sales at Serta Simmons Bedding.

In addition, Casper named Jeff Willard as chief growth and marketing officer. He will oversee all marketing and product development functions, driving the company’s product assortment and leveraging data-backed consumer insights to further the brand.

 Most recently, Willard served as president of boutique health & wellness lifestyle brand and business incubator Healthy Lifestyle Brands. Prior to that, he was CEO of Zac Brown Collective, and executive VP of marketing at Simmons Bedding Company.

“We are delighted to welcome Brad Bailey and Jeff Willard to our team — two tenured executives with proven leadership track records, deep experience, and brand acumen,” said Emilie Arel, president and CEO at Casper. “Their exceptional talent and expertise will be invaluable as we optimize our wholesale and retail strategy, further solidifying Casper’s position as an industry leader.”

Casper, which launched online in 2014 and was acquired by Durational Capital Management in 2022, pioneered the mattress-in-a-box concept and is credited with helping to reenergize the mattress category. The company has expanded its offerings beyond mattresses in recent years to include pillows, bedding, furniture and more. 

 

BuyBuy Baby may live to see another day in brick-and-mortar.

Dream On Me Industries, the Somerset, N.J.-based baby goods company which recently purchased BuyBuy Baby’s intellectual property from its bankrupt parent Bed Bath & Beyond,  has bought up to 11 BuyBuy Baby store leases and is well-positioned to reopen stores, reported CNBC, which cited court records.

Dream On Me Industries bought the leases at a bankruptcy-run auction last week for a total price of approximately $1.17 million, the report said. Four of the leases are in New Jersey, specifically in Paramus, Bridgewater, Woodbridge Township and Cherry Hill. Two are in New York, with the remaining in Maryland, Delaware, Massachusetts, Connecticut and Virginia. 

Dream On Me’s $15.5 million purchase of BuyBuy Baby included the chain’s  trademark, digital properties, the mobile platform, business data, and advertising and marketing assets.  It did not include BuyBuy Baby's physical stores. 

Dream On Me sells its merchandise through retailers that range from Amazon to Walmart to Kohl’s. (It was also one of BuyBuy Baby’s suppliers.) According to its website, the company’s brands include Dream On Me, Evolur Baby, Sweetpea Baby, TailZzz; Hannah & Sophia and Slumber Baby.

 

When it comes to buying home appliances, stores win out.

Nearly three-fourths (71%) of home appliance purchases happen in-store and 75% of appliance purchases occur on the first visit to the store, according to the J.D. Power 2023 U.S. Appliance Satisfaction Study. Though 29% of purchases take place online, most shoppers still want to see the appliance in person.

In other findings, Menards ranks highest (887) in customer satisfaction among appliance retailers, followed  by The Home Depot (867) and Best Buy (865).

“This year’s data shows us that 56% of home appliance shoppers are doing their research online before heading in store to purchase,” said Christina Cooley, home intelligence lead at J.D. Power. “Though price is almost always going to be the main driver of whether someone decides to purchase an appliance or not, one-third of buyers did not purchase because they were seeking specific options and features and one-fifth indicated they couldn’t purchase, as their desired appliance wasn’t in stock.”

The 2023 Appliance Satisfaction Study is based on 21,062 evaluations from customers who purchased home appliances during the past 12 months. The study was fielded from December 2022 through March 2023.

For more information about the J.D. Power Appliance Satisfaction Study, click here .