Caleres Outlines Strategic Business Plan

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

In today's news, Caleres outlines a new strategic business plan, Vivaia launches an NYC pop-up store and we take a look at Adobe's online holiday sales forecast.

Here's what you need to know.

Caleres Outlines Three-Year Growth Plan, Expects Q3 Sales at Low End of Guidance

Ahead of its Investor Day on Thursday, Caleres announced updated longer-term financial targets and a new strategic plan for growth through fiscal 2026.

The St. Louis-based parent company to Famous Footwear, Sam Edelman, Allen Edmonds and more brands said by 2026, it expects to deliver:

• Net sales at a three-year compound annual growth rate (CAGR) of between 3 and 5 percent
• Diluted adjusted earnings per share growth at a three-year CAGR of between 11 and 13 percent
• Annual total shareholder return in the low to mid teens

Caleres also introduced a three-year strategic plan focused on four pillars and reiterated its financial outlooks for the third quarter and fiscal year 2023.

Vivaia Launches NYC Pop-Up Store Amidst Rapid Growth

Rising DTC brand Vivaia is in full growth mode. Since launching in 2020 by footwear industry veteran Marina Chen, the women’s shoe brand has grown 300% year-over-year and has experienced a five times revenue uptick.

What’s resonating with consumers? According to Chen: Vivaia’s “vision, choice of materials, and commitment to innovation.” The brand offers a vast assortment of heels, boots, loafers, sneakers and sandals made from yarn from recycled plastic bottles. Vivaia’s shoes are also connecting with consumers for its affordability, starting at $97.

What's new? Now, the eco-friendly company is dipping its toes into brick-and-mortar retail with the opening of its first physical pop-up in NYC’s SoHo neighborhood today.?The space will remain open through Oct. 22.

In addition to New York, the brand will launch a Los Angeles pop-up in November.

Adobe Sees Holiday Sales Online Up 4.8% to $221.8?Billion

According to Adobe, 2023 holiday shopping online in the U.S. will include deep discounting, more mobile shopping and moderate sales gains.

Overall, Adobe predicts that U.S. online sales from November to Dec. 31 will rise 4.8 percent year-over-year to $221.8 billion.

Looking back: Shoppers spent $211.7 billion online in the 2022 holiday season, a 3.5 percent rise from the year before, Adobe said.

What does it mean? The holiday outlook from Adobe is generally positive, but the expected gain is nowhere near the 13 percent in 2019. As the software giant indicated, retailers continue to contend with an uncertain spending environment and consumers are still dealing with rising costs, particularly in areas such as food and gas. Inflation in the U.S. is currently 3.7 percent.

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