Today in Retail: Birkenstock Tries to Eliminate Copycats; Off-White Accepts Crypto
Today in retail, Birkenstock pressures retailers not to stock look-alikes, while Off-White accepts cryptocurrency payments. Plus, 3D and augmented reality tools are boosting sales and conversion rates for CORT; Hypebeast is crashing the streetwear and sneaker party with a special purpose acquisitions company (SPAC) listing; Ted Baker is for sale; and Mattel debuts a carbon-neutral MEGA BLOKS line.
Birkenstock Pressures Retailers, Suppliers Not to Stock Look-Alike Shoes
Sandal maker Birkenstock is pushing retailers to pull similar styles from other brands from their shelves — and Nordstrom and Zappos.com have begun to comply with the request. The two retailers have pulled some of Birkenstock’s so-called “copycats,” sold by Mephisto, Naot, Freedom Moses and Viking Sandals.
Luxury Label Off-White Embraces Crypto Payments
Luxury label Off-White has begun accepting bitcoin, Ethereum, Binance Coin and Ripple cryptocurrency payments at its stores in London, Paris and Milan. In addition, customers will also be able to use stablecoins Tether and USD Coin to purchase Off-White products, with no payment limit following a fraud check.
3D + AR ‘Immersive Shopping’ Drive Sales, Conversion Spikes at Furniture Rental Firm CORT
Virginia-based furniture rental firm CORT more than doubled its sales and conversion rates within three months of adding 3D and augmented reality (AR) immersive shopping tools to offset the temporary COVID-19-related closure of its showrooms alongside the general consumer migration to digital commerce. Since launching the dual tech on its website and mobile app in early January, CORT said shoppers who were able to visualize new beds, sofas and such led to a 111% lift in conversion rates and 122% increase in revenue per visit.
Hypebeast’s Star-Studded SPAC Deal Set to Roil Sneaker and Streetwear Markets
Hong Kong-based media company Hypebeast has announced that it is moving forward with a back-door SPAC listing with Iron Spark on the Nasdaq. The listing is expected to launch in the third quarter with an implied valuation of $530 million. Hypebeast is already listed in Hong Kong and makes money, a rarity among the blank-check SPAC set.
UK Clothing Retailer Ted Baker Now Open to Sale
One week after declining a pair of takeover offers from Sycamore Partners Management, an American private equity investor, British fashion retailer Ted Baker released a statement saying its board “has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the Board considers attractive relative to the standalone prospects of Ted Baker as a listed company.” Last week, Ted Baker said the takeover offers did not “compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company.” Sycamore’s first offer proposed 130 pence per share. The investor followed that with a 137.5-pence-per-share pitch, valuing Ted Baker at 253.8 million pounds (about $333.7 million).
Mattel Launches MEGA BLOKS CarbonNeutral Green Town Line, 99% Recycled Matchbox Tesla Roadster
Toymaker Mattel has taken another step forward in its sustainability efforts with the launch of a MEGA BLOKS Green Town line of products and the release of a Matchbox Tesla Roadster that’s made from 99% recycled materials. Mattel has set a goal of 100% recycled, recyclable or bio-based plastic materials in all its products and packaging by 2030. The line of four MEGA BLOKS Green Town sets is the first toy line available at mass retail to be certified CarbonNeutral.