News

Leadership shakeup, layoffs at Etsy
There’s been a couple of change in the C-suite of hand-made goods marketplace Etsy. The company said chairman and CEO Chad Dickerson is stepping down, to be succeeded as CEO by board member Josh Silverman, effective May 3. Fred Wilson, who has served as lead independent director of the Etsy board, since October 2014, will succeed Dickerson as chairman.
Coach profit tops Street as efforts to reduce discounting help bottom line
Coach reported better-than-expected profit for its third quarter as its turnaround efforts to reduce discounts on its goods sold in the United States gain increased traction. The upscale retailer reported net income of $130 million, with earnings per diluted share of $0.46, in the quarter ended April 1, compared to $124 million in the year-ago period. Its results exceeded Wall Street expectations.

Men’s grooming concept has big plans for growth

A men’s grooming shop that provides hand and foot care, haircuts and shaves in a “man cave nirvana” has ambitious designs for expansion.
CVS profit declines but still beats Street

CVS Health Corp. reported lower profit in its first quarter amid pressure by more generic drugs and softer customer traffic. Net income for the three months ended March 31 decreased 16.9% year over year to $953 million. CVS said the decline was primarily driven by the decline in operating profit, partially offset by lower interest expense of $31 million related to refinancing activity in the prior year as well as the improvement in the effective income tax rate, from 39.4% to 37.3%.
Crayola Experience heading to Texas

The Lone Star state is set to get a big dose of Crayola color. The iconic brand will open a Crayola Experience at The Shops at Willow Bend, Plano, Texas, in spring 2018. This is the fourth location for the attraction, which also has locations in Orlando, Fla., Bloomington, Minn. (at Mall of America), and its hometown of Easton, Pa.
Bankrupt games and puzzle retailer acquired

The company responsible for last year’s hottest holiday toy has bought Marbles: The Brain Store. Toronto-based Spin Master Corp., creators of hit toy Hatchimal, said its purchase of Marbles builds upon Spin Master's increased presence in the games and puzzles category. Under the terms of the sale, Spin Master will acquire the company's brand name, e-commerce business, portfolio of games and other assets.
Nine West exec to head up IT at department store chain

The Bon Ton Stores has a new technology leader. Norm Veit has joined the company as executive VP, CIO, responsible for the chain’s IT strategy and operations. Veit bring more than 35 years of experience to Bon-Ton, having held a variety of leadership roles in retail companies throughout his career. Most recently, he served as CIO and executive VP, distribution, real estate and facilities for Nine West Holdings, Inc.
Pizza giant links deliveries to customers’ smart technology

Domino’s Pizza now lets customers sync their smart home devices with the ETA of their pizza deliveries. The pizza giant is partnering with If This, Then That (IFTTT), a free platform that allows users to create connections — or applets — between digital devices and services. By integrating its digital Domino's Tracker, which enables customers to monitor orders from preparation to delivery, into the platform, the company has created Domino’s-branded applets.
Bankrupt Gander Mountain acquired

The largest U.S. chain dedicated to recreational vehicles and a group of liquidations have come together to thrown a lifeline of sorts to outdoor retailer Gander Mountain.
Trendy online sneaker brand eyes physical stores

Following in the footsteps of Warby Parker, Bonobos and the like, another online startup is ready to plant some brick-and-mortar roots. Brooklyn, New York-based sneaker brand Greats plans to open at least 10 locations over the next two years, according to The New York Business Journal.