Designer Brands Says the Consumer Is 'Under Pressure'
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we're discussing Designer Brands' latest earnings. Plus, REI named a new new chief people officer and Jennifer Lopez launched a new shoe line with Revolve.
Let's get into it.
Designer Brands Inc. posted weaker-than-expected sales in the fourth quarter amid declining consumer demand.
For the full year, results were largely in line with the company’s previously lowered outlook from December, which took into account headwinds related to a highly promotional environment and inventory excesses, especially in sneakers.
“As other companies across our space have been sharing, we are continuing to see a consumer under pressure as we enter the new year," DSW president and incoming DBI CEO Doug Howe said.
REI?Co-op has hired Apple Musni as its new chief people officer. She starts March 20.
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In her new role, Musni will oversee the teams shaping the company’s compensation and benefits offerings, employee experience, talent strategies and racial equity commitments.
Zoom out: The news comes over a month after?REI announced staffing cuts?amid a rough economic environment, laying off 167 employees and restructuring its headquarters in Kent, Wash.
Jennifer Lopez today?launched the JLO Jennifer Lopez footwear line, exclusively with Revolve.
The collection, which includes 16 styles, will launch in three drops. For the first capsule, Lopez designed a variety of sky-high platforms, knee-high boots, strappy sandals and kitten heels seen in various materials, such as suede, leather, mesh and satin. Standout styles in this first drop include the Calle boot, which is embellished in crystals, as well as the Beverly platform heel in silver.
Background: This isn’t Lopez’ first foray into footwear. In 2020, the singer?partnered with Designer Brands?to develop and produce the JLO Jennifer Lopez collection sold exclusively at DSW stores. She also collaborated?with Guiseppe Zanotti?on a capsule in 2017.
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