NRF Survey: Holiday Spending To Be Even With 2020 Levels

Consumers plan to spend $997.73 on gifts, holiday items and other non-gift purchases for themselves and their families this year, on par with consumer spending last year, per the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.

VF Corp. Reaffirms Outlook Despite Slight Quarterly Miss

VF Corp. reported revenue climbed 23 percent in its second quarter ended October 2, led by a 31 percent gain at The North Face. Vans sales grew 8 percent and Dickies grew 21 percent. Companywide earnings and sales were slightly below Wall Street’s targets but VF reaffirmed its full-year earnings outlook.

Adobe Forecasts Record Online Sales, Continued Supply Chain Issues

Adobe expects U.S. holiday sales online to hit $207 billion from November 1 to December 31, setting a record high. This represents a 10 percent increase from 2020, a strong growth rate after a year where the pandemic made e-commerce an essential service. On the negative side, a weakened supply chain is leading to a hike in out-of-stocks and driving up online prices.

Spanx Sold To Blackstone

Spanx Inc. announced a definitive agreement for a majority investment from funds managed by Blackstone, the global investment business. The firm has agreed to buy a majority stake in the women’s shapewear company at a valuation of $1.2 billion, with founder Sara Blakely maintaining a significant equity stake in the business. 

Minus33 Appoints President

Lawson Glidden was named president of Minus33 and the L.W. Packard company. A business spanning five generations and dating back to 1916, Glidden assumes the role of president from his father, John Glidden.