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Weekly Round Off With HTE ✨
🌟 Hey there, dear readers! It's that time of the week again when we gather around to catch up on the latest and greatest in the Direct-to-Consumer (DTC) world. 🚀
So, let's get this party started! 🎉
Welcome back to another exciting edition of our DTC (Direct-to-Consumer) Insider newsletter. 📰 Our mission: to serve you the freshest news and insights straight from the heart of the DTC universe. 💡 With every update, we're arming you with the knowledge to be the smartest one in the room. 🤓
Newcomers welcome to HTE's hub! Join 35k+ CEOs, CMOs, and marketers for game-changing insights. Get ahead, sign up for brilliance, and let's rise together! 🚀
📉 Allbirds Q3 Revenue Drops Over 21%, 🎄 Forecasts Soft Holiday Season
🏦 General Mills Acquires Fera Pets, Inc., 🌱 Introduces Growth Fund
🛋️ Ikea Is Discontinuing In-Store Discounts For Loyalty Members
🛍️ Beyond Amazon, the strengths of the top retail media networks
🔍 Exclusive: Google in talks to invest in AI startup Character.AI
📉 Allbirds Q3 Revenue Drops Over 21%, 🎄 Forecasts Soft Holiday Season
9 November 2023, Retail Dive
Allbirds' Q3 net revenue fell 21.2% YoY to $57.2 million, attributed to a drop in average selling price due to promotions. Net loss increased 25% to $31.6 million, and gross profit decreased 23% to $24.9 million.
Marketing expenses dropped 20%, SG&A expenses fell 2%, and inventory decreased 37% to $79.9 million. Predicting a 15-22% drop in Q4 revenue ($66-72 million), Allbirds cites the impact of transitioning to a distributor model in Canada and South Korea and increased promotional activity.
CEO Joey Zwillinger remains optimistic, emphasizing progress in cost control and strategic transformation despite criticism and uncertain product impact.
🏦 General Mills Acquires Fera Pets, Inc., 🌱 Introduces Growth Fund
9 November 2023, Business Wire
General Mills has acquired Fera Pets, Inc., a vet-founded pet supplement company, marking its entry into the pet supplement category. The acquisition aligns with the growing trend of pet food humanization, catering to pet parents' demand for trustworthy and healthful products. Fera Pets, Inc. offers vet-created, science-backed supplements combining Eastern and Western medicine.
The company will join General Mills' new growth equity fund, aimed at scaling and incubating strategically aligned businesses. Fera Pets, Inc. co-founder Dr. Michelle Dulake expressed excitement about the partnership and the opportunity to further their mission. General Mills' Gold Medal Ventures focuses on disruptive innovation in the food value chain.
🛋️ Ikea Is Discontinuing In-Store Discounts For Loyalty Members
6 November 2023, Retail Dive
Starting this month, Ikea is shifting its pricing strategy to embrace everyday low pricing, eliminating the 5% discount for Ikea Family loyalty program members on furniture and décor purchases from Feb. 1, 2024.
The move is part of a broader initiative to offer more value to customers, introducing lower prices on hundreds of products in November 2023 and planning new offers in 2024. Ikea, which recently invested $2.2 billion in its U.S. omnichannel strategy, aims to adapt to evolving consumer behaviors. Despite changes, members can enjoy other benefits like exclusive offers and discounts on certain delivery options.
🛍️ Beyond Amazon, The Strengths Of The Top Retail Media Networks
9 November 2023, Modern Retail
Modern Retail+ Research's latest briefing highlights the competitive landscape of retail media networks, focusing on Walmart Connect, Target's Roundel, and Kroger Precision Marketing. Walmart Connect rebranded in 2021, and showed significant growth, with a 125% YoY increase in click-through rates and a 40% increase in return on ad spend in Q2 2023.
Target's Roundel, emphasizing data collection from first-party customer data, is the third most-used retail media network. Executives reported a 60% growth in Target's ad business over the last two years during Q4 2022 earnings. The report analyzes strategies, challenges, and key trends for marketers in this space.
🔍 Exclusive: Google In Talks To Invest In AI Startup Character.AI
11 November 2023, Reuters
Google is reportedly in discussions to invest hundreds of millions of dollars in Character.AI, an AI chatbot startup. The investment aims to support Character.AI's model training and meet growing user demand. The potential investment may take the form of convertible notes, deepening the existing partnership where Character.AI uses Google's cloud services and Tensor Processing Units.
Founded by former Google employees, Character.AI allows users to interact with virtual celebrities and create their chatbots. The company, targeting users aged 18 to 24, is also exploring equity funding that could value it at over $5 billion. Talks with Google and other investors are ongoing.
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As we wrap up this edition of our newsletter, we hope you found the blend of news and insights as invigorating as we did. The world of DTC and beyond continues to evolve, and staying informed is the key to success. Keep those entrepreneurial spirits high, and remember, we're here to keep you ahead of the game. 🚀🌟📰
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