In today’s top retail news, VF Corporation has closed on its acquisition of international streetwear brand Supreme, while Returnly reported a dramatic rise in returns on Dec. 26 compared to an average return day in the United States. Plus, Amazon is reporting a record-breaking holiday shopping season amid the pandemic.
VF Corporation Wraps Up Purchase of Supreme
VF Corporation has completed its purchase of Supreme for an aggregate base purchase price of $2.1 billion that is “subject to customary adjustments for cash, indebtedness, working capital and transaction expenses,” according to the company. Supreme, a global streetwear brand, has become a wholly-owned subsidiary of VF Corporation with the arrangement. VF Corporation, which was begun in 1899, is one of the world’s largest attire, footwear and accessory companies.
Returnly Reports Surge In Returns On Dec. 26
Returns made via Returnly’s infrastructure rose by more than three times on Saturday (Dec. 26) compared to an average return day in the United States. The company also pointed out that the return journey starts on Dec. 26 as customers start returns through the web, although brands should foresee longer-than-usual wait times for their items to ship.
Amazon Delivers Record-Breaking 1.5 Billion Holiday 2020 Packages
Amazon is reporting a blockbuster holiday shopping season that saw over 1.5 billion toys, electronics and household items delivered amid the pandemic. “Amazonians around the world have truly shown what it means to be customer-centric and support our communities this year,” Jeff Wilke, chief executive of worldwide consumer at Amazon, said in a press release.
Data Shows Department Stores Struggle In Digital-First Economy
As the holiday shopping season is complete and the return season is starting, the department store doomsayers are back. With Mastercard’s recently released holiday spending report, the numbers for the sector stand in stark contrast to the rest of retail. Overall sales were up 3 percent, while department stores were down 10 percent.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More