News Briefs

L'Occitane International is being acquired by its controlling shareholder group.

The beauty brand, which operates more than 1,300 namesake stores worldwide and is also available in over 3,000 retail doors, said controlling shareholder L'Occitane Groupe S.A. has offered to acquire all shares in the company that is does not already own. The group, which owns 72.64% of the shares, is led by Reinold Geiger, chairman and director of the company.

The group, which plans to plans to take L'Occitane private and delist it from the Hong Kong Stock Exchange, has offered 34 Hong Kong dollars, or $4.34, per share in cash. The bid values the company at about $6.42 billion.

“The cosmetics sector is undergoing profound changes, and our company has significantly transformed into a geographically balanced multi-brand group,” said Geiger. “The transaction we are launching today will enable us to focus on rebuilding the foundation for the long-term sustainable growth of our company."

In a release announcing the news, L'Occitane said, as a privately owned company, it would be free from the pressures of the capital markets' expectations, regulatory costs and disclosure obligations, share price fluctuations, and sensitivity to short-term market and investor sentiment. Plans include significant furthers investment in marketing, store refurbishment, IT infrastructure and attracting talent are of vital importance.  

L’Occitane noted that the group has stated its intention to continue operating the company's business and retain employees across all geographies, “other than the changes that would occur in the ordinary course of business.”  Also, the current management team would remain in place.

Follett Higher Education Group has tapped a technology and infrastructure expert to join its c-suite.

Mani Suri joined North America’s largest campus retailer as its new chief information officer on April 22, and will serve as the senior leader responsible for the coordination of information technology functions.

Suri has more than 25 years of experience in IT. Prior to joining Follett, he served as chief information officer at Ulta Beauty, where he helped modernize in-store and digital experiences for customers. Previously, Suri was chief information officer for 7-Eleven and modernized the company's global retail platform. 

Suri also held leadership positions at global commercial real estate firm CBRE, multinational information conglomerate Thompson Reuters, and spent 17 years as a software engineer at Capital One where he played a key role in the development of Capital One's Innovation Lab.

“In a world of rapidly-changing technology, Mani has a demonstrated track record of solving complex challenges, leading strong teams, and generating value for customers," said Emmanuel Kolady, CEO of Follett Higher Education, who recently spoke with Chain Store Age about the retailer’s frictionless shopping rollout. "As CIO, Mani will implement technological solutions throughout the organization, elevating the customer experience for the 6+ million students Follett serves."

Follett Higher Education supports over 6 million students through its 1,000+ physical and online collegiate retail stores across North America.

North America’s largest shopping mall has announced a trendy new tenant.

Digitally-native apparel brand Edikted will soon open at Mall of America, marking its third location in the United States and first in Minnesota. Edikted launched in 2021 and has since grown its presence on social media, gaining popularity on TikTok and becoming a favorite of Gen Z consumers. 

Edikted has gone viral after celebrities and influencers such as Hailey Bieber, Olivia Rodrigo, and Addison Rae were spotted wearing the brand. Edikted offers a variety of closet staples, including statement pieces, swimwear, and accessories.

“Edikted has created a strong community of fashion enthusiasts and trend seekers online, and we’re excited to unite this fanbase in-person for the opening of the brand’s first Minnesota location,” said Carrie Charleston, VP of leasing at Mall of America. “This viral digitally native brand is in tune with their audience and what is trending in the fashion world, and their fun retail space will be just as social media worthy as their clothing.”

The new Edikted store will further grow Mall of America’s fashion offerings. Last month, the mall hosted a limited-time sample sale from Rent the Runway. 

At 5.6 million square feet, Mall of America, located in Bloomington, Minn., is the largest shopping and entertainment complex in North America with up to 520 world-class retail stores and restaurants, and several entertainment attractions.

A $8.5 billion acquisition of three luxury brands may be in jeopardy.

The Federal Trade Commission (FTC) is getting ready to sue to block the proposed merger of Tapestry Inc. and Capri Holdings, reported the New York Times Deal/Book, citing people familiar with the matter. Tapestry, whose portfolio includes Coach, Kate Spade and Stuart Weitzman, entered into an agreement in August 2023 to acquire Capri Holdings, which is made up of Michael Kors, Versace and Jimmy Choo in a deal with an enterprise value of  approximately $8.5 billion.

The deal would create a U.S.-based luxury powerhouse with operations in more than 75 countries. Industry experts said is would also help both companies better compete against their European rivals, particularly LVMH, whose 75 brands include Tiffany, Fendi, Louis Vuitton and Dior.

The acquisition, which has been approved by regulators in the European Union and Japan, has been under scrutiny from the FTC for months, according to the Times report. FTC.’s commissioners are expected to meet next week to discuss the case, a move that could precede a formal vote on whether to file a lawsuit, the report said, noting it is still possible that the agency could decide not to sue.

7-Eleven has expanded its footprint in three states.

The convenience store giant said it has completed its acquisition of 204 stores from Sunoco LP, which includes Stripes convenience stores and Laredo Taco Company restaurants.  Located across West Texas, New Mexico and Oklahoma, the stores join the more than 13,000 7-Eleven Speedway and Stripes locations that 7-Eleven already operates, franchises and/or licenses across the U.S. and Canada.

With the closing, 7-Eleven now owns and operates all Stripes and Laredo Taco Company locations across the U.S.

"Stripes and Laredo Taco Company have been a great addition to our family of brands since they first joined us back in 2018,” said Joe DePinto, CEO of 7-Eleven. “That deal provided us a valuable brand to grow our restaurant offering. We're excited to welcome the remaining Stripes stores and Laredo Taco Company restaurants to the family, and we look forward to serving customers across West Texas, New Mexico and Oklahoma."

Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 13,200 stores in the U.S. and Canada. 

A retailer dedicated to selling the products of local sports teams is growing across the U.S.

Fan Outfitters, a business unit of Lids Sports Group, opened its latest new store in North Tampa, Fla. in January 2024. The retailer describes itself as a "one-stop shop" for sports fans offering an “extensive and varied” product selection catering to local consumers. Stores also offer a comprehensive range of championship products after major sporting milestones and events like the Super Bowl, World Series, Stanley Cup, NBA Finals, MLS Cup and NCAA Championships. 

Focusing on localization at scale, Fan Outfitters seeks to provide merchandise of  professional, minor league, collegiate and, in some cases, high school teams popular in the local area. 

The stores also aim to offer retail experiences that enable engagement between teams and their supporters. According to Fan Outfitters, its stores will host various events, including player meet-and-greets and talent appearances.

"Fan Outfitters’ mission is to create a space where fans can unite through the excitement and passion of their team's traditions while also finding the newest and most extensive range of products," said Sean McCabe, senior VP, corporate development & strategy, Lids. "We are committed to being the go-to destination for all your favorite team’s gear while providing fans with a tangible way to represent and engage with their local teams."

[Read More: Lids opens its largest store yet]