In today’s top retail news, SIGNA Sports United (SSU) made a deal to go public by partnering with a blank check company, while Signet Jewelers reported that its revenues had almost doubled compared to last year. In addition, the market for vintage 1st Dibs products has gone public.
SIGNA Sports United to go public by merging with SPAC
SIGNA Sports United (SSU) has reached an agreement to merge with a publicly traded Special Purpose Acquisition Company (SPAC), Yucaipa Acquisition Corporation (YAC). The deal also involves the purchase of WiggleCRC Group, the online bicycle retailer. It is expected to close in the second half of 2021, according to an announcement.
Signet Jewelers revenue nearly doubled on higher same store sales
Signet Jewelers, which operates around 2,800 sites under names such as Zales and Jared, said its revenues had nearly doubled from last year. For the three months ending May 1, 2021, the retailer said comparable store sales increased about 107% from a year ago. In total, Signet reported non-GAAP earnings per share (EPS) of $ 2.23.
Dibs’ first IPO reflects increased competition and demand for all things vintage
While it may have been overshadowed and oversized by monday.com’s commercial debut, 1st Dibs Initial Public Offering (IPO) was the surprise winner of the week. The vintage goods market, which is likened to a Parisian flea market, has more than a million jewelry, art and furniture products. Its IPO follows Etsy’s purchase of Depop.
Chewy focused on growing the portfolio share in the US ahead of its global expansion
Even with a shortage at its distribution centers and an increase in out-of-stock products, pet supply retailer Chewy announced this week that it is effectively adding new customers and increasing its share of spending from consumption were an important part of its framework for growth. The company said its first-quarter sales rose 32% to $ 2.1 billion, which was better than expected for the three months ending May 2.
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