In today’s top retail news, a luxury products conglomerate said strong demand for luxury products continues to drive sales, while retailers such as Michaels are looking to open digital marketplaces to expand their customer base. Also, Lowe’s is launching a retail media service with a variety of advertising services, and occasion apparel retailers still see a need to have physical locations.
Luxury products group LVMH Moët Hennessy Louis Vuitton saw its revenue climb 46% year-over-year in the first nine months of 2021, including organic growth of 40% from January through September. The company saw double-digit growth in both the U.S. and Asia over that time frame, led by the fashion and leather goods business.
Crafts retail chain Michaels is preparing to launch two different digital marketplaces to attract both creators and consumers, taking a page from Etsy’s playbook as the retailer continues to transition its business after going private six months ago. The first marketplace will allow third-party vendors to sell components, tools and craft materials; the second will be a place for creators to sell finished handmade goods, directly competing with Etsy’s flagship platform.
National hardware chain Lowe’s is creating a retail media service that includes a variety of omnichannel advertising services to boost brands’ positions in the home lifestyle sector. Lowe’s One Roof Media Network will include data-driven insights into customer behavior and home-based trends with a customized advertising program.
Andy Solomon, president of women’s clothing retailer Windsor, said he’s watched as other retailers have succumbed to the digital tide and been forced to shutter some or all their locations, if not their entire business. But Windsor, he said, is benefiting from the buy now, get now (BNGN) consumer given its focus on occasionwear, leading to a doubling down on brick-and-mortar locations.