One of my favorite musicals is Hair and over the past few years hair became one of the most active emerging consumer categories.

The start of science-based hair products began with Olaplex and K18, which focused on bond repair. They proved the demand was there. Now investment is flowing into multiple haircare theses, such as science-backed IP brands, clean formulations, and textured hair. Consumers now expect more from their hair products. And the global hair category is projected to reach $150.45 billion by 2033, growing at a CAGR of 7.0%.

I bring this up because over the past couple of weeks, we’ve seen two haircare brands raise capital: California Naturals and Filament. California Naturals produces haircare products that contain natural ingredients and positioned for the mass market. Filament is a science-based bond-building hair treatment. Despite all the activity, science-led and natural haircare brands continue to penetrate different hair categories. It still seems we’re early. Some of the activity from the past couple of years:

M&A:

• K18 → Unilever - acquired 2024, estimated $500-600M

• Not Your Mother’s → Henkel - announced March 9, 2026, completed April 27, 2026 (~$220M+ in sales)

• Olaplex → Henkel - announced March 26, 2026, $1.4B, closing H2 2026

Fundraises:

• Crown Affair - Series C, Stride Consumer Partners, 2026

• The Doux - minority stake, VMG Partners, 2026

• Ruka - $4.5M, Henkel Ventures + Freedom Trail Capital, 2026

• California Naturals - Series B, Align Ventures, L Catterton, 2026

• Filament - $2M seed, Wittington Ventures + Willow Growth Partners, 2026

Before we get to the rest of the consumer news from the past couple of weeks, a word from The Hidden Gems:

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs with top quality and efficiency. Brands get preferred rates. Can’t lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

On to the rest of the news from the week:

🛒 Retailer Earnings & News 🛒

• Dollar Tree Q1 net sales rose 7.2% to nearly $5B — comparable store sales up 3.5% — as value-seeking consumers drove traffic. The chain guides for $20.5–$20.7B full-year and plans 325 net new stores in fiscal 2026 - RetailDive

• Dick’s Sporting Goods Dick’s posted Q1 revenue of $5.17B, beating estimates, with comps up 4.1%; acquired Foot Locker recorded its first positive comparable sales growth (+0.6%) since late 2024. Shares are up ~25% year-over-year despite management trimming full-year earnings guidance - Forbes

• Kohl’s Q1 net sales fell 1.7% with Sephora shop-in-shops posting a rare low-single-digit decline - a reversal for the chain’s key traffic driver. Guidance held at -2% to flat, with GlobalData noting Kohl’s is underperforming in a still-growing beauty market - RetailDive

• Best Buy‘s incoming CEO is repositioning the chain as a retail media and advertising platform - Q1 revenue rose 2% to $8.9B but the company still trails a broader electronics market that grew 3.6% - RetailDive

• Walmart posted Q1 revenues of $177.8B (+7.3% YoY) and plans to funnel expected tariff refunds directly into lower prices for shoppers. Rising fuel costs present a headwind — the retailer warned prices could increase through Q2 and H2 as higher energy expenses flow into cost of goods sold. Full-year guidance maintained - RetailDive

💰 Investor News 💰

• S2G, whose consumer investments include Beyond Meat, Everytable, has closed a $1 billion fund to invest in food tech, oceans, energy, and agriculture companies, aiming to enhance food and energy security - S2G

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Smash Foods, the maker of the popular superfood spreads and snacks, raised $5 million in a funding round, focusing on simplifying its brand story to drive growth - BevNet

• California Naturals, which offers haircare and body care products that contains natural ingredients, has raised $40 million in a Series B funding round led by Align Ventures, with participation from L Catterton, Midnight Venture Partners, Elizabeth Street Ventures, and Able Partners. The funding will help expand its distribution and product categories, following a reported 300% annual growth at Target - Beauty Independent

• Filament raised a $2 million oversubscribed seed round led by Wittington Ventures and Willow Growth Partners. The funding will support its growth in the bond-building haircare category, which is experiencing significant investor interest and market growth - Beauty Independent

• Ryl Tea, which offers sells zero sugar iced tea, raised $20 million in a Series C funding round, led by Purchase Capital, to enhance its retail and distribution capabilities in mass and club channels - BevNet

• ‘Ôrəbella, a fragrance brand founded by Bella Hadid, closed its Series A financing led by Silas Capital to support growth and expansion, with Anish Agarwal appointed as CEO - PRNews

• Feel Peptides, which creates research focused peptide formulations designed to support overall wellness and performance, has raised $3 million to elevate branding and accessibility in the peptide market, led by Sugar Capital and Hyve Ventures - Beauty Independent

• Patti’s Good Life, a soul food brand that was founded by Patti LaBelle, raised a strategic investment from Factory Holdings. The brand has grown to over $80m in annual sales - NOSH

• WeRoad, the Milan-based community-driven travel-tech platform for adventure seekers, raised $58M in Series C funding led by Airbnb to expand to the U.S. - FINSMES

• Sychedelic, which produces headphones that are designed to help individuals relax, sleep, and focus better, raised $3.5M in seed funding to support product development and global expansion of its neuromodulation systems. The product handles three things: music playback, wellness tracking, and neurostimulation - FINSMES

• Campo Grande, which is aiming to become the premium or Wagyu of pork, raised $4M from Valor Equity Partners, Spacestation Investments, Supernatural, Ventures, and Chomps co-founder Pete Malonado - NOSH

• Phytolon closed a $23.6 million Series B round to commercialize its natural food colors, led by an undisclosed strategic investor, following FDA approval of its first product - PRNewswire VC

💸 M&A 💸

• Second Nature Brands has acquired Tillamook Country Smoker, a leader in protein-rich meat snacks. This acquisition marks SNB’s entry into the protein snacks category, complementing its existing portfolio. Tillamook has over $175 million in sales and operates two manufacturing facilities in Oregon - PRNewswire M&A

• Wize Tea, a sparkling iced tea brand, has been sold to an undisclosed acquirer. The transaction details regarding the amount and strategic rationale were not disclosed - BevNet

• The Daily Pour has acquired Whiskey Riot, a leading whiskey festival, marking its third major acquisition in 24 months - BevNet

• Nestlé has acquired yfood Labs GmbH, which sells nutritional supplements in 30 European countries. This follows Nestlé‘s previous acquisition of a 49% stake in the company - BevNet

• Protein Works gets acquired by Lactalis, the world’s largest dairy group. Protein Works was founded in the U.K. and sells protein shakes, meal replacements, supplements and snacks. It ​generates annual revenue of about €65 million - FoodNav

• Trek One Capital is expanding its holdings in plant-based CPG with the acquisition of protein bar maker No Cow and Good Karma Foods, a flax milk brand - NOSH

• Gordon Brothers has acquired the British luxury brand Radley and its intellectual property to expand its global operations. The firm plans to invest in Radley to enhance its international presence and product categories, focusing on markets like the U.S., U.K., Australia, and Asia. This acquisition aims to support Radley‘s growth strategy through strategic investments in marketing and product development - GlobeNewsWire

🚀 Debuts, Distribution & Expansion 🚀

• Bombas, known for its direct-to-consumer model, has opened three stores and partnered with Target and DSW, achieving over $500 million in sales - Glossy

• Popeyes is entering the grocery market with at-home biscuit products, expanding its brand presence beyond restaurants. This move signifies a strategic shift to reach consumers in retail settings - Food Dive

🚀 Product Launches

• Gopuff is launching a new line of premium coconut water in collaboration with Tom Brady called Good Nut. This is the second time Tom Brady and GoPuff have collaborated on a product. This product aims to expand Gopuff’s beverage offerings. - Fox Business

• Nurri has launched an ultra-filtered milk shake for kids exclusively at Sam’s Club, highlighting its new product offering - BevNet

💻 Consumer Technology 💻

💰 Fundraises 💰

• Malama Health closed a $9.2 million seed round led by Acumen America, targeting Medicaid-covered births. The startup aims to address maternal care gaps in the U.S. - Forbes

• GammaTime, a microdrama streaming app, raised a minority stake from Versant Media Group as part of its Series A round. The investment will help adapt parts of Versant’s entertainment library into scripted originals for the app. GammaTime focuses on mobile-native drama content across genres like romance and true crime - Forbes

• CardsHQ, a platform for trading card collectors, received a strategic growth investment led by Shamrock Capital and EnOne Ventures to fund new stores and enhance its technology platform. The investment merges CardsHQ and Sports Card Investor into a single entity, aiming to expand retail locations and improve collector engagement. The merger creates the largest commerce, media and technology platform in the sports card and trading card game industry - PRNewswire M&A

• Garner Health has closed a $100 million Series E round, led by Index Ventures, bringing its valuation to $2.74 billion. The funding will help address the demand for better healthcare provider selection and cost reduction for consumers - PRNewswire VC

💸 M&A 💸

• Brand Velocity Group has acquired RCX Sports, the leading youth sports platform in North America, to enhance access and participation in youth sports. This acquisition is supported by a strategic investor group and aims to strengthen community partnerships and operational resources - PRNewswire M&A

📰 News 📰

• Gopuff is enhancing its shopping experience to be more instantaneous, impacting consumer behavior at checkout - NOSH

• Sephora is enhancing its digital beauty shopping experience by integrating with AI platforms like Google. This move aims to leverage its expertise in beauty product discovery and personalization to meet evolving consumer shopping habits - Glossy

• Meta is rolling out premium subscriptions for Facebook and Instagram under the banner of ‘Meta One’ - Forbes

🛒 Commerce & Retail Tech 🛒

💰 Fundraises 💰

• Scotch, which provides liquor retailers with an all-in-one software POS system, raised $20M in a Series A round led by VMG Partners, with participation from First Round Capital, Lerer Hippeau, and Toba Capital. The funding will support its growth, which has exceeded 500% year-over-year, and has surpassed $1 billion in processed payment volume - Crunchbase

• Paypercut, a payments platform for online merchants, raised €5M in a seed round co-led by Concentric, Passion Capital, and Araya Ventures, bringing total funding to EUR 7M. The funds will accelerate market expansion and product development - PRNewswire VC

• Rep AI has raised $6.2 million in strategic follow-on funding led by Silicon Road Ventures to enhance its AI platform for ecommerce. This funding will support product innovation and market expansion - PRNewswire VC

• Stord raised $250 million in a Series F round at a $3 billion valuation to advance its physical intelligence layer for commerce, with investors including Strike Capital and Kleiner Perkins - PRNewswire VC

Hey friends,

On today’s episode, I chat with Nicolas McCoy, Managing Director of Whipstitch Capital, one of the sharpest observers of consumer health, wellness, food, beverage, and supplement trends.

Nick spends his days studying what separates niche consumer brands from the ones that break into the mainstream. He analyzes everything from M&A activity and retail data to emerging consumer behaviors around GLP-1s, peptides, protein, hormones, wearables, and preventative healthcare.

Today, consumers are becoming the CEO of their own healthcare.

They’re wearing Oura Rings. They’re tracking glucose levels. They’re taking GLP-1s. They’re researching peptides. They’re experimenting with hormone optimization. And they’re making purchasing decisions based on health outcomes rather than traditional brand loyalty.

Nick argues that this shift is creating one of the largest tailwinds consumer brands have seen in years.

As consumers take more responsibility for their health, demand is accelerating across better-for-you food, supplements, functional beverages, protein products, fiber products, wellness services, and preventative healthcare solutions.

We also dive into how strategic acquirers evaluate brands today, why profitability matters more than ever, what makes a brand attractive for acquisition, and why the current M&A environment looks dramatically different than it did a decade ago.

This episode is packed with insights for founders building consumer brands, investors tracking wellness trends, and anyone trying to understand where consumer behavior is heading next.

Here’s what you’ll learn:

✅ Why consumers are becoming the CEO of their own healthcare
✅ How GLP-1s are changing food, supplements, and wellness products
✅ Why better-for-you brands are outperforming the broader grocery market
✅ How wearables are accelerating preventative healthcare adoption
✅ The surprising growth of peptides and what it signals about consumer behavior
✅ Why protein demand may still have room to grow
✅ The overlooked opportunity around fiber products
✅ How hormones and wellness are becoming mainstream conversations
✅ What strategic acquirers actually look for when buying brands
✅ Why profitability matters more than ever in consumer M&A
✅ How investors determine a brand’s “headroom” for growth
✅ Why crossing from natural retail into mass retail is so important
✅ The role private equity is playing in today’s consumer ecosystem
✅ How major acquisitions are attracting more capital into consumer brands

Timestamps

00:00 Intro
01:11 Consumers becoming the CEOs of their healthcare
06:07 The state of consumer M&A today
09:48 Why profitability matters more than ever
12:09 How to know when to sell your company
13:51 Understanding brand headroom
17:11 Which retail channels create the most value
20:00 Crossing from natural to mass retail
24:30 The K-shaped consumer economy explained
27:45 Why lower-income consumers are adopting health trends faster
29:13 The surprising growth of injectable health products
32:40 RFK Jr., MAHA, and peptide awareness
34:42 The future impact of GLP-1 adoption
37:26 Protein's next phase of growth
39:24 The future of peptides and personalized health
42:17 Why injections are becoming more mainstream
44:31 The rise of gummies as a supplement format
48:19 Women's hormone health opportunities
51:31 Mental health, wellness, and consumer behavior
53:23 Are founders selling because they want to or have to?
54:36 Is the consumer market back?
57:06 The growing role of private equity in CPG
59:23 The evolution of billion-dollar consumer exits
01:01:17 Why more capital is flowing into consumer brands
01:02:13 Categories Nick is watching closely
01:07:51 Personal experiences that shaped Nick's career
01:11:15 Closing thoughts

Thanks for listening!

Hey friends,

On today’s episode, I chat with Tony Conrad, partner at True Ventures and one of the earliest investors behind companies like Blue Bottle Coffee, Sweetgreen, Madison Reed, and Modern Animal.

Tony’s career is unconventional. He spent his first 10 years professionally inside Danone, moved into Silicon Valley during the early internet era, founded multiple startups, and eventually became one of the most respected early-stage investors in tech and consumer.

We talk about why he believes founders are raising too much money too early, how inflated valuations quietly destroy companies, and why getting the wrong investor around the table can create problems years later. He also shares what he looks for in founders, why curiosity matters more than polished pitches, and how True Ventures thinks differently about backing companies at the earliest stages.

We also go deep into consumer investing, four-wall businesses, and why Tony still believes there will always be massive opportunities in consumer, even when the market says otherwise.

This episode feels less like a venture capital interview and more like a masterclass on judgment, timing, leadership, and building enduring companies.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs with top quality and efficiency. Brands get preferred rates. Can’t lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Here’s what you’ll learn:

✅ Why Tony left Danone to chase startups in Silicon Valley
✅ How the dot-com crash shaped his investing philosophy
✅ Why Blue Bottle immediately felt like a venture-scale business
✅ How True Ventures evaluates founders at the earliest stage
✅ Why founders should avoid overheating early valuations
✅ The hidden dangers of raising too much money too fast
✅ What separates great founders from bad ones
✅ Why founder quality matters more than market misses
✅ How venture firms think about ownership and fund returns
✅ Why Tony believes consumer never goes out of favor
✅ What excites him most about AI infrastructure and applications
✅ How mega funds change founder-investor relationships
✅ Lessons from building and selling About.me
✅ Why leadership and resilience matter more than ever

Timestamps
00:00 Intro
01:00 Leaving Danone for Silicon Valley
04:00 Why tech felt more exciting than CPG
05:30 The early days of startup investing
08:00 Moving to San Francisco during the internet boom
10:00 Lessons from the dot-com crash
13:00 Is AI in a bubble right now?
15:00 How Tony joined True Ventures
17:00 Building startups while investing simultaneously
20:00 The burnout of being both founder and VC
22:00 Why Tony loves four-wall retail businesses
23:00 The Blue Bottle investment story
27:00 How True Ventures makes investment decisions
29:00 Why being a generalist investor matters
32:00 Angel investing vs venture investing
34:00 What “venture-scale” really means
35:00 The one mistake Tony hates making
36:00 How to identify the right founders
39:00 Why founders shouldn’t rush fundraising
41:00 The danger of inflated valuations
45:00 What founders should look for in investors
47:00 When founders should step aside as CEO
50:00 Balancing founder support with LP responsibility
51:00 Lessons from building About.me
55:00 Why digital identity still matters
56:00 Why consumer investing is underrated
58:00 AI infrastructure vs AI applications
01:00:00 Consumer AI opportunities Tony is excited about
01:02:00 Investing in competing companies
01:05:00 The problem with mega funds
01:07:00 Lessons from Slack & Stewart Butterfield
01:08:00 Favorite books & leadership lessons
01:11:00 AI, job displacement & optimism for the future
01:14:00 Final thoughts

Thanks for listening!

Hey friends,

On today’s episode, I chat with Michelle Razavi, founder and CEO of Elavi, the better-for-you snack brand known for its protein brownies and dessert-inspired products made with clean ingredients.

Michelle started Elavi while working long days at Sephora and teaching fitness classes at Equinox, struggling to find protein snacks that didn’t upset her stomach. That frustration led her to start making her own products at home, which eventually turned into a fast-growing CPG brand now sold in retailers like Costco, Whole Foods, and H-E-B.

Elavi evolved from protein bars to cashew spreads to protein brownies. But in order to get to protein brownies, Michelle made the tough decision to kill her first product line. They figured out product-market fit through “permissible indulgence.”

She also shares how Elavi scaled quickly through Costco, how she thinks about profitable growth vs vanity retail, and why discipline around unit economics matters more than ever in today’s funding environment.

If you’re interested in building a food brand, retail strategy, or how to navigate product pivots, this episode is a great look at what it really takes to build and scale in CPG.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs with top quality and efficiency. Brands get preferred rates. Can’t lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Here’s what you’ll learn:

✅ Why Michelle killed her first product line (and why it was the right move)
✅ How Elavi found product-market fit with protein brownies
✅ Why “permissible indulgence” is working in today’s market
✅ How to use Costco as a growth and validation channel
✅ The difference between profitable vs vanity retail accounts
✅ How to think about channel strategy across mass vs natural
✅ Why timing matters when expanding into retailers like Whole Foods
✅ How to approach fundraising as a first-time founder
✅ Why building in public can attract the right investors
✅ How to balance growth with profitability in CPG

Timestamps
00:00 Intro
01:00 Working 16-hour days before starting
03:00 The problem with protein snacks
05:00 Building products at home
07:00 Launching right before COVID
10:00 Losing in-person sampling overnight
14:00 Why the first product didn’t scale
18:00 Finding product-market fit with a new category
22:00 Killing the original product line
27:00 The “permissible indulgence” thesis
31:00 Launching protein brownies
35:00 Getting into Costco
39:00 How Costco changed the business
43:00 Retail strategy: profitability first
47:00 The dangers of bad retail deals
51:00 Channel strategy & cash flow realities
55:00 Cold outreach that actually worked
59:00 Why demos matter more than you think
01:03:00 Packaging that converts instantly
01:07:00 Fundraising mistakes founders make
01:11:00 Why chasing investors doesn’t work

Thanks for listening!

I did a quick trip to Chicago last week and am currently in NYC. It was great catching up with Amira Khatib from Bluestein Ventures over a morning coffee at Foxtrot, looking at all the brands on the shelves. Every time I come to Chicago, I seem to always meet with someone from Bluestein Ventures. Such great people. Thanks, Amira, for the hang. I was in Chicago to attend Will Iyawe-Parsons’ Locked In event. If you don’t know Will, he may be the greatest relationship builder in the space. He’s one of the few who loves making connections just because he loves bringing good people together. Thanks for including me in your event, it was an honor. On to the news.

Peptides. So hot right now

Hims’ stock surged last week. Why? RFK Jr. is trying to move some peptides out of an unregulated gray market and make them legally prescribable.

Your body naturally produces peptides; they are made of short chains of amino acids. An easy way to think about them is that they send notifications to molecules to trigger healing and regeneration. Injectable peptides are designed to mimic the peptides in your body to speed up these processes, which help repair the body. This means they send a lot more notifications.

The Brief History of Injectable Peptides

Injectable peptides aren’t new. We’ve been experimenting with them (and have had incredible progress with diabetic patients) for the past 100 years. The first synthetic peptide was created in 1901. In 1921, doctors began extracting animal pancreases and injecting them to diabetic patients. This transformed diabetes from a fatal condition to one that could be managed. Currently, there are 80+ different types of peptide drugs approved. I recommend Acquired’s episode on Novo Nordisk if you want to hear more of the history of insulin.

Getting to Last Week:

Twelve different synthetic peptides are moving from regulatory limbo (Category 2) into formal review for the first time. How did they get there? In September 2023, Biden’s FDA reclassified 17 peptides to Category 2 and removed them from consideration for the 503A Bulks list – the list that allows licensed compounding pharmacies to legally make and prescribe a substance. Category 2 means “Bulk Drug Substances that Raise Significant Safety Risks.” In practice, this means licensed compounding pharmacies could not legally prepare and prescribe these synthetic peptides. Doctors couldn’t write prescriptions for them through normal channels. It wasn’t illegal to buy these peptides – they are very popular in longevity and bio-hacking cultures. But the supply chains for making these compounds were unregulated. Since they were unregulated, the market was less safe. Consumers didn’t know the purity of the peptides they were buying.

Enter RFK Jr. In February 2026, he appeared on Joe Rogan and said he wanted to move 14 peptides back from Category 2 to the 503A Bulks list. And then, on April 15th, he announced that the FDA had scheduled a July meeting to assess whether 12 peptides should be added to a list of substances that compounding pharmacies are allowed to make. But let’s be clear…these 12 peptides aren’t on the 503A Bulks list yet. They’re still pending the PCAC review. Seven will be reviewed in July 2026 and the remaining 5 will be reviewed in February 2027. However, this signals his intention to move these peptides back to 503A Bulks list.

Hims purchased a US-based peptide manufacturing facility in February. Hims’ stock jumping 12% indicates that the market believes these 12 peptides will be coming off the list. What’s most interesting is the breadth of use cases – recovery, cognitive enhancement, longevity, immune health, and body composition. It’s not just one use case, it’s several.

It could also indicate how peptides will be distributed. Hims already owns the prescription relationship and serves millions of customers coming to them for hair loss, GLP-1s, ED. When a new drug gets approved for compounding, Hims can push it through their funnel – online consultation, prescription, compounded drug shipped to your door.

As more peptides become less restrictive, there will be more use cases and more markets created. Hims stock surging is a signal.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs with top quality and efficiency. Brands get preferred rates. Can’t lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Now on to this week’s news – 

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Lucille Health has closed a multi-million dollar funding round led by IRIS Ventures to fund a distribution expansion for its first product line, meal replacement shakes, and support R&D efforts for future category expansion. Earlier backers include New Fare, Able Partners, Amity Supply, Springdale Ventures, Great Circle Ventures, and Good Culture founder Jesse Merrill. Source: BevNet

  • Unlike most emerging health and wellness brands, Lucille targets older adults rather than chasing Gen Z and Millennials. The 75+ year old population in the U.S. is projected to grow 45% over the next decade, with the 85+ year-old cohort on track to double, and yet this segment has been largely overlooked by better-for-you innovation. That's a significant oversight given the considerable and often underestimated buying power this demographic holds.

• Kopi Kenangan, a coffee chain that’s based in Indonesia, is planning a multimillion-dollar expansion in Asia-Pacific to triple its stores to 4,000 by 2030, backed by investors like Jay-Z and Serena Williams. Source: Forbes

  • “Affordable Premium Coffee”. That is what Kopi Kenangan is known for. Somewhere between a Starbucks and instant coffee. In Western markets, being in the middle can be a tough place to be. But that doesn’t seem to be as much of a concern in Southeast Asia. The concern is whether this deeply Indonesian brand will translate to other cultures. We’ve already seen some rebranding when they’ve expanded. Outside of Indonesia, the stores are called “Kenangan Coffee” to make it more universal.

• Ripi, the frozen stuffed pasta brand, raised $2.4 million in a seed funding round led by Cutting Horse, with participation from Great Circle Ventures, Paperboy Ventures, and SuperAngel.Fund. The capital will be used to prepare for a national launch.
  Source: NOSH

💸 M&A 💸

• Home Depot has acquired Simpl Automation to enhance its same-day and next-day fulfillment strategy, improving worker safety and product availability. This acquisition aligns with Home Depot‘s ongoing expansion of its distribution capabilities, having added nearly 200 facilities to support high-demand products.
  Source: RetailDive

• Backcountry, the specialty retailer that sells clothing and gear for hiking and outdoor sports, has acquired Coalatree, the outdoor apparel company.
  Source: RetailDive

  • Backcountry has been closing some of its physical retail locations and has shifted its growth strategy to buying brands and incubating brands.

• Ambienta, the European asset manager that invests in environmentally sustainable businesses, has acquired a majority stake in The Bridge, an Italian-owned plant-based food company that produces plant-based drinks, to support its expansion in the plant-based food sector.
  Source: ESM

• AAVRANI, a hair care and beauty brand known for Ayurvedic formulations, has been acquired by Nivora Group, a consumer private equity firm. The terms of the transaction were not disclosed, but AAVRANI has raised over $15 million in funding and launched in Sephora U.S. and Canada in 2024. This acquisition positions AAVRANI to scale with Nivora’s resources for its next phase.
  Source: PRNewswire M&A

• Function Health, a startup that’s focused on body scans for early disease protection, has acquired Getlabs, a mobile blood panel diagnostics services.
  Source: Glossy

• Vero Broadband has completed its acquisition of Telephone Electronics Corporation, expanding its fiber network across Mississippi, Alabama, and Tennessee. This acquisition enhances Vero’s ability to deliver fiber connectivity to underserved communities, reaching approximately 444,000 households. Vero plans to invest further in TEC’s network to enhance services.
  Source: PRNewswire M&A

• Mark Anthony Group, which owns White Claw, acquired The Finnish Long Drink to expand its presence in the global alcohol market. This acquisition is part of CEO Phil Rosse’s strategy to double the company’s market penetration in RTD alcohol. The Finnish Long Drink has established strong momentum in the ready-to-drink space. Mark Anthony Group will be looking to bring the drink over to the U.S.
  Source: Food Dive

• Mattress Firm parent Somnigroup to buy one of its suppliers for $2.5B.
  Source: RetailDive

🚀 Debuts, Distribution & Expansion 🚀

• Beyond Meat has announced a distribution agreement for its new beverage line, Beyond Immerse, and a nationwide rollout of a reformulated breakfast sausage. The beverage will be available in over 26,000 outlets in New York, enhancing its retail presence.
  Source: Vegconomist

• Walmart continues aggressive store updates and expansion drive.
  Source: RetailDive

• Goop Kitchen expands delivery business with New York City launch.
  Source: Modern Retail

• Asda Partners With Deliverect To Enhance Rapid Delivery Across Asda Express. Asda has strengthened its partnership with Deliverect to support digital commerce operations across Asda Express locations.
  Source: ESM

• Professional Acne Brand Face Reality Opens First Flagship Clinic. Face Reality has opened its first flagship clinic in San Ramon, California, designed to support its network of skincare professionals. The clinic features six treatment rooms and aims to gather insights for refining treatment protocols. The facility cost a seven-figure sum to build and is intended to break even.
  Source: Beauty Independent

• Distribution: Costco Resets Grow Super Coffee, Oatly. Costco is bringing a slate of new innovations to its warehouses this Spring, as several brands have announced expansions in the national club chain.
  Source: BevNet

• Feel Good Foods is expanding to roughly 25,000 doors nationwide and launching new breakfast SKUs, broadening its reach.
  Source: NOSH

• Authentic Brands Group Is Bringing Barneys Back.

• Source: Business of Fashion

🚀 Product Launches

• Little Sesame enters the grab-and-go market with new premium hummus products, expanding its offerings.
  Source: NOSH

• Walmart unveiled redesigned packaging across its Great Value private brand that introduces a more modern visual identity and consistent placement of nutritional claims.
  Source: NOSH

• Nestlé And Starbucks Launch Coffee Concentrate To Meet Rising Cold Coffee Demand.
  Source: ESM

🔻 Closures, Bankruptcies & Downsizes 🔻

• QVC Group follows through on bankruptcy, readies itself for a new live-shopping era.
  Source: RetailDive

🗞️ Other Reads 🗞️

• Oliver Garfield Leaves Cos Bar After 20 Years.
  Source: Beauty Independent

• LIV Golf, a professional golf league, may face shutdown as the Saudi Public Investment Fund could withdraw funding.
  Source: Forbes

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I chat with Krishna Kaliannan, founder of Catalina Crunch - the low sugar, high protein cereal brand built for a new generation of health-conscious consumers.

Krishna started Catalina Crunch after being diagnosed with type 1 diabetes and spending nearly a decade eating eggs for breakfast. But he grew up loving cereal. Frustrated by the lack of good-tasting, low sugar options, he began baking his own cereal, which eventually turned into a fast-growing CPG brand now sold across major national retailers.

We talk about how Krishna went from experimenting in his kitchen to scaling a multi-million dollar business, why DTC doesn’t work for most food brands, and how Catalina Crunch broke into retail starting with Whole Foods.

He also shares lessons on product development, balancing taste vs function, and why word of mouth matters more than most founders think when it comes to driving velocity in-store.

If you’re interested in building a food brand, understanding distribution strategy, or how to think about trends vs real consumer demand, this episode is a great breakdown of what actually works.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs with top quality and efficiency. Brands get preferred rates. Can’t lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Here’s what you’ll learn:

✅ Why DTC is hard for food brands (and when it breaks)
✅ How Krishna validated demand before scaling
✅ Why retail became the core growth channel
✅ What actually drives sales in grocery stores
✅ How to balance taste vs function in product development
✅ The difference between trends and fads in CPG
✅ Why word of mouth is the biggest growth driver
✅ How to think about category expansion
✅ What founders get wrong about functional products
✅ When it makes sense to raise capital

Timestamps
00:00 Intro
01:00 The problem with DTC food economics
02:00 Krishna’s diabetes diagnosis
05:00 Changing diet and lifestyle
07:30 Getting tired of eating eggs
08:00 Why cereal became the focus
10:00 Experimenting with protein ingredients
12:00 The first “aha” business moment
14:00 Realizing the market opportunity
17:00 Launching online from his kitchen
19:30 Early demand and validation
22:00 Scaling beyond a home kitchen
24:00 Raising capital from angel investors
27:00 The original DTC strategy
29:00 Why DTC didn’t work long-term
32:00 The shift to retail
34:00 Getting into Whole Foods
37:00 What actually drives shelf velocity
40:00 Expanding into new categories
43:00 Managing complexity in CPG
46:00 The time he almost quit
49:00 Building in-house manufacturing
52:00 Taste vs function trade-offs
56:00 The rise of functional foods
59:00 Trends vs fads (keto, protein)
01:03:00 Rebranding Catalina Crunch
01:06:00 When to follow trends vs ignore them
01:09:00 Book recommendations & final thoughts
01:12:00 Outro

Thanks for listening!

• Unilever acquires Grüns for $1.2 billion.

  • They say there is no overnight success, especially in CPG, but this might be the closest version of overnight success we’ve seen as it’s the fastest company to $1B+ outcome in the space. The timeline is unbelievable:

    • Founded in August 2023

    • Profitable in 14 months

    • Last year raised $35m at $500m valuation (2.4x markup this year)

    • Sells 10 million gummies/day

  • Fernando Fernández, Unilever’s CEO, mentioned last December that they have allocated 1.5B euros each year to acquisitions. If Grüns is their 2026, what do you think will acquire in 2027?

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs with top quality and efficiency. Brands get preferred rates. Can’t lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

📰 Consumer News 📰

• A2Z Cust2Mate demonstrates how modern shoppers research online before visiting stores, changing in-store experiences.
  Source: ESM

• The US-Iran War’s Bill Comes Due. Fast Retailing, owner of Uniqlo, reports results amid US inflation concerns affecting consumers. The report highlights economic impacts on retail.
  Source: Business of Fashion

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Cadootz, the kids’ savory snack brand founded by Rachel Mansfield and her husband Jordan Carpenter, has raised $3 million in a seed funding round led by Selva Ventures.
  Source: NOSH

• Fermtech has raised £2.5m in seed funding to scale Koji Cocoa, which uses fermentation to enhance cocoa supply chains. The investment will help them produce affordable, nutritious foods for consumers.
  Source: FoodNav

• Aurivo has announced a €12 million investment in its dairy ingredients facility in Ballaghaderreen to reduce its carbon footprint and enhance operations.
  Source: ESM

• Mezza raised seed funding to enhance its platform that helps restaurants access upfront capital and increase customer footfall.
  Source: FINSMES

💸 M&A 💸

• CK Snacks has acquired Keystone Food Products to enhance its private-label snack production capabilities. Keystone specializes in a variety of snack products, including tortilla chips and extruded snacks. This acquisition follows CK Snacks‘ previous purchase of Axium Foods, further expanding its portfolio in the snack market.
  Source: FoodNav

• Unilever is acquiring Grüns, a supplement company known for gummy bear multivitamins, for $1.2 billion. Grüns has surpassed a $300 million annualized run rate, and Unilever sees significant opportunities to scale the brand within its Wellbeing business.
  Source: Modern Retail

• Coop Estonia has agreed to acquire Prisma Peremarket and its 13 stores in Estonia from SOK.
  Source: ESM

• Bed Bath & Beyond is acquiring F9 Brands, which includes Cabinets To Go and Lumber Liquidators, to enhance its home renovation services. The deal includes $40 million in financing and a potential $25 million earnout based on performance. This acquisition aims to create full-service home project centers for customers.
  Source: RetailDive

• Nykaa confirmed negotiations to acquire a majority stake in the clean skincare brand 82°E to strengthen its position in the Indian beauty market.
  Source: Business of Fashion

• Olaplex is to be acquired by Henkel for $1.4B, expanding Henkel‘s premium hair care portfolio.
  Source: RetailDive

• Wacoal acquires Glamorise to strengthen its U.S. market position and enhance its DTC and e-commerce operations.
  Source: RetailDive

🚀 Debuts, Distribution & Expansion 🚀

• MUSH, the ready-to-eat overnight oats brand, is launching in Starbucks, 7-Eleven, and Target, enhancing its distribution channels.
  Source: NOSH

• Carrefour Spain has expanded its online grocery coverage to reach 90% of potential customers across the country.
  Source: ESM

• Koia is launching its clear protein line in Target, introducing a chain-exclusive flavor called Golden Whip.
  Source: BevNet

• Foot Locker partners with DoorDash for on-demand delivery.
  Source: RetailDive

• Cozey, a Canadian furniture brand, is expanding its presence in the U.S. market by opening up their own retail stores to attract more shoppers.
  Source: Modern Retail

• Legally Addictive Foods has partnered with JetBlue to offer cookies to premium-tier passengers on domestic flights.
  Source: NOSH

• Laoban is gearing up for a major retail expansion, rolling out multiple items to over 1,500 Target stores in May.
  Source: NOSH

🚀 Product Launches

• Michaels partners with Jonathan Adler to give its home decor section an upgrade.
  Source: Modern Retail

• Dairy Farmers of America launched a new cottage cheese brand called MULU that features a proprietary two-layer formulation with more protein than competitors. This new product aims to enhance consumer nutrition with its unique formulation.
  Source: NOSH

• Bubly Wine Refresher Launch Shows Pepsi’s Blue Cloud Dream Isn’t Done Yet. Last year, Blue Cloud’s bev-alc crossover portfolio of Hard MTN Dew and Lipton Hard Iced Tea grew revenue 30%, as the new business model takes hold.
  Source: BevNet

• GateDrop Bets on Gummies as Next Wave in Energy. GateDrop is launching a line of energy gummies designed as a precise, portable alternative to traditional caffeinated drinks.
  Source: NOSH

• Netflix Expands kids programming, launches new app. Netflix has launched a new advertising-free app for kids, featuring mobile games with familiar Netflix faces.
  Source: Forbes

• Kylie Jenner’s vodka soda brand Sprinter expands into hydration.
  Source: Food Dive

• Boisson Teams with Gut Oggau to Launch ‘Gut Feeling’ NA Brand. Gut Feeling, a new botanical herbal drink brand, will be Boisson’s exclusive partner. This partnership highlights Boisson‘s role in the non-alcoholic beverage market.
  Source: BevNet

• Dollar Shave Club launches first women’s product push, positioning itself as the “anti-Venus, anti-Billie, anti-Flamingo”according to the company’s CEO.
  Source: RetailDive

🔻 Closures, Bankruptcies & Downsizes 🔻

• Kombucha Town, a brand that produces kombucha beverages, has been acquired by The Better For You Company (BFYC) after filing for bankruptcy protection.
  Source: BevNet

• Saks Global snags $500M in financing, expects to exit bankruptcy this summer.
  Source: RetailDive

🗞️ Other News 🗞️

• Ipsy joins the WNBA craze as the official beauty partner of the Las Vegas Aces. Ipsy, a beauty subscription service, announced a partnership with the Las Vegas Aces, aiming to reach new audiences beyond traditional beauty channels.
  Source: Glossy

Long overdue, but a huge thank you to everyone who came out to our Expo West morning event. This was our third year hosting it, and it’s been incredible to see how much it’s grown, both in attendance and in the feedback we’ve been hearing.

We’re planning a series of events across the country, bringing together the investment community and consumer companies. We’ve started opening up sponsorship opportunities for this year. If you’d like to get involved, shoot me a note.

This week:

Will drones deliver our food instead of cars?

Manna Air Delivery, an Irish drone delivery startup, just raised $50M to expand across the U.S., targeting suburban communities. They’ve already completed 250,000+ drone deliveries and partner with Uber Eats, Deliveroo, Just Eat, and DoorDash. Manna also has an app that you can order food and everyday products on. Meanwhile, GrubHub is piloting drone delivery in New Jersey. Seems like lots of momentum.

Brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs with top quality and efficiency. Brands get preferred rates. Can’t lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Peachy, the beauty-services multi-unit retail business providing treatments by certified Nurse Practitioners, eeceived a minority investment from Stride Consumer Partners.
Source: FINSMES

• Standing Ovation, a French ingredient producer that uses precision fermentation technology to produce next-generation proteins, has secured a $28.5 million Series B led by the Ecotechnologies. The raise is to scale dairy protein production
Source: NOSH

• Create Wellness, Inc. the creatine gummy brand that’s expanding to powdered beverages raised $20M in Series B funding led by Alliance Consumer Growth, with participation from Impact Capital and Unilever Ventures. The funds will be used to accelerate growth, expand retail distribution, and invest in consumer education.
Source: FINSMES

💸 M&A 💸

• E&J Gallo has acquired Four Roses Bourbon from Kirin Holdings, expanding its portfolio in the spirits market.
Source: ESM

• Keurig Dr Pepper has completed its acquisition of JDE Peet’s after securing 96.22% of the company’s shares.
Source: ESM

• Constellation Brands has acquired Hopwtr to expand its nonalcoholic beverage portfolio.
Source: Food Dive

• McCormick has acquired Unilever’s food business for $45 billion, creating a global spice and condiments giant.
Source: Food Dive

• Sysco is acquiring Jetro Restaurant Depot for $29.1 billion, which will reshape how independent restaurants source food and could impact pricing. This acquisition allows Sysco to access over 725,000 independent restaurants, enhancing its distribution capabilities.
Source: Forbes

• Once Upon a Coconut, a premium coconut water brand, has acquired Punch’d Energy. The company has also named Matt Merson as President after his tenure as Chief Sales and Strategy Officer.
Source: BevNet

• Eagle Park Brewing & Distilling has acquired SoulBoxer Cocktail Co. to expand into canned cocktails, including THC-infused options.
Source: BevNet

🚀 Product Launches

• Khloud, the protein popcorn brand founded by Khloé Kardashian, expands to protein chips
Source: Food Dive

• Protein2o Aims for ‘Elite’ Consumer Set with P2X Advanced Hydration Launch. Protein2o is launching a new premium ‘Advanced Hydration’ line called P2X this month in Target stores.
Source: BevNet

• Hershey’s plans to return real chocolate to select Reese’s and Hershey’s products by 2027, indicating a shift towards higher-quality recipes.
Source: FoodNav

• FDA Approves Eli Lilly’s Weight Loss Pill—Second Weight GLP-1 Drug In Pill Form.
Source: Forbes

🗞️ Other News 🗞️

• Home Depot has partnered with The Weather Company to leverage weather intelligence in hyperlocalized marketing this gardening season.
Source: Forbes

💻 Consumer Technology 💻

💰 Fundraises 💰

• Manna Air Delivery raised $50M in Series B funding to expand its drone delivery platform across the United States. Investors in the round include ARK Invest, the Ireland Strategic Investment Fund (ISIF) and Schooner Capital, alongside existing investors Coca-Cola HBC and Molten Ventures.
Source: Business Wire

• estaie. a Dubai based hospitality tech startup that provides an extended-stay platform, raised 7-figure Pre-Seed funding to improve its extended-stay platform, which includes over 400 hotels and 1,000 holiday homes.
Source: Rerun

🛒 Commerce & Retail Tech 🛒

📰 News 📰

• Associated Wholesale Grocers (AWG) has announced a $110 million investment in its distribution facility in Louisiana.

For those who attended, I hope you had a wonderful time at Expo West. It’s always one of my favorite weeks. This past week, I went to the Global Pet Expo and also had a good time. I appreciate Nate Swanson and Nomit Shah for letting me tag along and walk around with them as I’m still new to pet. Thanks also to Encore Consumer Partners for letting me come at the last minute to your awesome happy hour. Very grateful for this community and appreciate the generosity. On the Consumer VC events side, I know I’ve been quiet about our plans for the rest of the year. We’re busy planning our calendar, more to come in the coming weeks.

This was a BUSY week/month in consumer. Here’s the full recap – 

👚Consumer Brands🧃

💰Fundraises 💰

• KilgourMD, a Sacramento, CA-based scalp health and hair growth brand, raised an undisclosed amount in Series A funding. The round was led by Prelude Growth Partners with participation from Willow Growth, Joyance Partners, and Able Partners. Prelude Growth Partners’ Managing Partner Alicia Sontag will join the board.
  Source: FINSMES

• Sigmas, a Los Angeles, CA-based wear brand for fitness, raised $1M in Seed funding co-led by Mucker Capital and HongShan Capital. The company intends to use the funds to expand operations and development efforts for its activewear and tools.
  Source: FINSMES

• Stellar Snacks, a Carson City-based pretzel brand, received a minority growth investment from Main Post Partners, though the amount was not disclosed. The funds will support expanded distribution, enhanced brand marketing initiatives, and continued investments in innovation and operations.
  Source: FINSMES

• Nopalera, a San Antonio-based beauty and lifestyle brand, raised $4M in funding led by Morgan Stanley’s Next Level Fund and L’ATTITUDE Ventures, with participation from several investors. The funds will be used to expand operations and development.
  Source: FINSMES

• Foreverland, Italian food ingredient company focused on creating sustainable, cost-effective alternatives to cocoa and chocolate, raised €6M in funding from Kost Capital, Maia Ventures, Accelerator Fund, Italia Venture II Fund, Linfa agrifoodtech fund, and Newtree Impact.
  Source: FINSMES

• Just Date has partnered with private equity firm Contour Ridge to accelerate expansion of its natural sweeteners.
  Source: NOSH

• Good Girl Snacks, which produces snacks, including pickles, aimed at consumers, raised $3M from Strand Equity, RiverPark Ventures, Nucleus Ventures, and Collaborative Fund.
  Source: NOSH

• Flourish Care, a provider of a maternal healthcare platform based in Boston, MA, raised $5.7M in Seed funding led by Zeal Capital Partners with participation from Create Health Ventures, Collide Capital, Rogue Women’s Fund, Symphonic Capital, Slater Technology Fund, Catalytic Impact Foundation, Capita3, and others.
  Source: FINSMES

• Qatar Investment Authority Eyes 10% Stake in Golden Goose. Qatar’s sovereign wealth fund is preparing to buy a stake in Italian sneaker maker Golden Goose.
  Source: Business of Fashion

• Laoban, a frozen dumpling and bao brand, has raised $7M in funding, details on investors not specified.
  Source: NOSH

💸 M&A 💸

• Molson Coors Beverage Company has acquired Atomic Brands, Inc., the creator of the ready-to-drink brand Monaco Cocktails. This acquisition aims to enhance Molson Coors’ portfolio in the growing RTD beverage market.
  Source: ESM

• Henkel has entered a definitive agreement to acquire Olaplex for $1.4 billion, a hair-care brand known for its popular shampoos and treatments.
  Source: Business of Fashion

• Valeo Foods Group has agreed to acquire Bulgarian baked-goods manufacturer Prestige, enhancing its portfolio in the snack sector.
  Source: ESM

• So Good So You, a beverage company co-founded in 2014, focusing on health-oriented drinks, was acquired by private investment firm Bansk Group, with co-founders retaining equity and board seats.
  Source: BevNet

• Puig is a Spanish company known for its fragrances and cosmetics, owning brands like Byredo and Rabanne. Puig‘s shares surged 16% after announcing talks for a potential merger with Estée Lauder.
  Source: Business of Fashion

• "I and love and you" Acquires Made by Nacho, the cat food brand that was founded by Bobby Flay. Together, the brands are now available at 30,000+ retail locations nationwide, including Walmart, PetSmart, Chewy, Sprouts, and Amazon.

  Source: PRNews

• Salt & Stone has been acquired by Advent International in a deal expected to close in April 2026. The premium body care brand, founded in 2017 by former professional snowboarder Nima Jalali, surpassed $165M in revenue in 2025 and has been profitable since launch. Financial terms were undisclosed.
  Source: BOF

• 3G Capital, a global investment firm focused on long-term value creation, announced its acquisition of Skechers for $9.4 billion, marking a significant investment move.
  Source: FINSMES

• Huel, a nutrition company known for its meal replacement products, has agreed to be acquired by Danone in a deal worth about $1.2 billion. The acquisition, announced Monday morning, deepens Danone’s roster of functional nutrition brands, with Huel‘s product portfolio spanning from its flagship powder-based shakes to ready-to-drink beverages and snack bars.
  Source: Business of Fashion

• Sazerac acquires canned cocktail brand Dirty Shirley to expand its RTD portfolio.
  Source: Food Dive

🚀 Debuts, Distribution & Expansion 🚀

• Truekind, known for its comfort-first bras, makes its brick-and-mortar debut in Belk Stores. This move follows its successful direct-to-consumer model in the U.S. intimates category.
  Source: PRNews

• Hiyo Goes National with Target. Non-alcoholic social tonic maker Hiyo is rolling out to nearly 2,000 Target stores nationwide.
  Source: BevNet

👩‍💻 Consumer Technology 🧑‍💻

💰Fundraises 💰

• Conntour, a Miami, FL-based provider of an AI video intelligence platform, raised $7m in seed funding. Backers included General Catalyst, Y Combinator, SV Angel, and Liquid 2 Ventures. The funds will be used to enhance their AI video analytics capabilities.
  Source: FINSMES

• eMed, a Miami, FL-based digital healthcare company, raised $200M in funding at a valuation of over $2 billion. The round was led by AON Consulting, with participation from notable investors including Tom Brady, Jeff Aronin, and Linda Yaccarino. The funds will be used to further advance its platform.
  Source: FINSMES

• Prickly Pear Health, a Phoenix, AZ-based digital health company focused on women’s brain health, expanded its Pre-Seed funding to over $600K. Emmeline Ventures joined existing investors Bayless Ventures and AZ Venture Capital to accelerate user growth and platform deployments.
  Source: FINSMES

• Moda raised $7.5M in Seed funding to enhance its AI platform for design professionals. The round was led by General Catalyst, with participation from Pear VC and others.
  Source: FINSMES

• Payy Network raised $6M in seed funding to expand its team and deepen integrations across financial institutions and fintech platforms. The round was led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto.
  Source: FINSMES

• Blossom Health, a NYC-based provider of an AI operating system for psychiatry, raised $20M in Series A and Seed funding. Headline led the Series A with participation from Village Global, TA Ventures, Operator Partners, and Correlation Ventures. The funds will enhance their AI capabilities in psychiatry.
  Source: FINSMES

• Mirage, a New York City-based developer of an AI-powered video editing and creation platform, raised $75M in growth financing from General Catalyst’s Customer Value Fund, bringing total capital raised to over $175M. The funds will be used to accelerate global expansion, particularly in high-demand markets in Asia.
  Source: FINSMES

🛍️ Commerce & Retail Technology 🏬

💰Fundraises 💰

• Tazapay closed its Series B extension led by Circle Ventures, bringing total Series B funding to $36M. New investors CMT Digital and Coinbase Ventures joined existing backers including Ripple and Norinchukin Capital.
  Source: FINSMES

• Glimpse, a dispute-tracking automation platform serving CPG brands and retailers, raised $35M in Series A funding led by Andreessen Horowitz (a16z), with participation from 8VC and Y Combinator. The YC graduate automates the dispute tracking process for consumer packaged goods brands and retailers.
  Source: TechCrunch

• Lidl Romania is increasing its investment in national expansion, allocating over €285 million towards its 2026 financial year.
  Source: ESM

• Grub Lab, a startup improving traditional kids’ menus with engagement AR-powered experiences based in Kurri Kurri, Australia, raised $6M in funding led by Quantaco to accelerate its U.S. expansion and support a national brand launch.
  Source: FINSMES

• DOSS raised $55M in Series B funding to enhance its AI-native Operations Cloud for inventory-based businesses. The round was co-led by Madrona and Premji Invest, with participation from Greyhound, Commerce Ventures, and Intuit Ventures, among others.
  Source: FINSMES

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I chat with Manica Blain, founder of Top Knot Ventures and co-founder of Campfire Capital — one of the earliest dedicated early-stage consumer funds. Over the past decade, Manica has backed breakout consumer brands like FIGS, Cotopaxi, Everest, and Sweet Chemistry.

Recently, she also started writing a Substack called You Win Some, You Lose Some, where she shares lessons from more than ten years of investing in early-stage consumer companies.

In this episode, we dive into a topic that’s been debated a lot lately: whether the traditional venture capital structure actually works for early-stage consumer investing.

Manica shares why the typical GP-LP fund model may create misaligned incentives, how management fees can sometimes overshadow investment outcomes, and why smaller, more hands-on investing models might make more sense in consumer.

We also talk about her personal investing approach through Top Knot Ventures, where she writes checks with her own capital and works closely with founders as an advisor and operator.

If you’re interested in venture capital, early-stage consumer brands, or how investors actually think about backing founders, this episode offers a candid look at the realities behind the model.

Brought to you by:

The Hidden Gems: There's a lot of bull$#!+ in the Agency landscape. That's why Founders and Executives of brands both big and small trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any brand goals with top quality and efficiency. Brands get preferred rates. Can't lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.

Get Started Here –> thehiddengems.com

Here’s what you’ll learn:

✅ Why the traditional VC fund structure may not work for early-stage consumer
✅ How GP commit size affects investor incentives
✅ The difference between European and American waterfalls in venture funds
✅ Why management fees can distort fund behavior
✅ The pros and cons of SPVs for early-stage investing
✅ How Manica structures advisory work with founders
✅ Why slow, steady brand growth can be better than early viral success
✅ What strong consumer retention really looks like
✅ Why she stopped investing in food & beverage
✅ How beauty and wellness investing has evolved

Timestamps
00:00 Intro
01:05 Manica Blain’s investing journey
03:00 Why she started writing on Substack
05:15 Her first major portfolio exit
07:30 What makes founders who actually win
09:30 Is early-stage consumer venture broken?
12:30 The GP-LP structure problem
17:30 Why investor “skin in the game” matters
20:05 Why VC carry structures can create misalignment
23:30 The management fee problem in venture funds
27:00 Are SPVs a better investing model?
31:20 Why Manica refuses to run SPVs
34:00 Why VC fund structures pull investors away from founders
37:20 Building Top Knot Ventures with her own capital
41:00 How she structures advisory relationships with founders
44:20 Why founders must be able to fire advisors
48:00 Why slow growth can actually be a good sign
52:00 What makes a truly sticky consumer brand
55:00 Why she stopped investing in food & beverage
57:00 The future of beauty and wellness investing

Thanks for listening!

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I chat with Craig Dubitsky — founder of Hello Products, early force behind Method, and now co-founder of Happy, the coffee brand he’s building with Robert Downey Jr.

Craig has built brands in some of the most entrenched categories in CPG: cleaning supplies, oral care, lip balm, and now coffee. His edge isn’t better features. It’s emotional innovation.

This might be the longest interview I’ve done. I’m grateful how generous Craig was with his time. I loved hearing his point of view on building brands.

We talk about how Hello started with a simple observation: why are toothpaste boxes covered in extracted teeth and fear-based messaging? Instead of “kills” and “eliminates,” Craig chose one word — Hello — and flipped the entire tone of the category.

With Happy, he’s doing it again. Not positioning coffee as fuel or ritual, but as a delivery system for happiness. And that mission goes deeper than marketing. Happy partners directly with NAMI (National Alliance on Mental Illness), puts mental health resources on every package, and even gave NAMI equity in the company.

We also dive into how Craig met Robert Downey Jr., why Downey is a true co-founder — not a spokesperson — and how they built blends together across time zones while Downey was filming overseas.

If you care about building brands people join — not just buy — this episode is packed with insight.

Brought to you by:

The Hidden Gems: Hiring agencies is risky — most overpromise and underdeliver. The Hidden Gems connects founders with highly vetted, brand-beloved boutique agencies across media, creative, dev/design, events, social, and more — at preferred rates. They’ve supported brands like Dr. Squatch, Monster Energy, Gorilla Mind, FIGS, and Saatva

Get Started Here –> thehiddengems.com

Here’s what you’ll learn in today’s episode:

✅ Why “common” categories are often the biggest opportunities
✅ Why overanalyzing kills great ideas
✅ The power of naming and emotional positioning
✅ How Hello disrupted oral care
✅ Why Happy put NAMI on its cap table
✅ What real celebrity partnership looks like
✅ How to expand into retail at scale
✅ Why simplicity is much harder than it looks

Timestamps

• 00:00 Intro

• 02:00 Craig’s early career & first entrepreneurial instincts

• 05:00 The idea behind EOS

• 10:00 Making lip balm emotional & design-led

• 15:00 Scaling EOS into mass retail

• 20:00 The power of playfulness in branding

• 25:00 Founding hello products

• 30:00 Reinventing toothpaste & oral care

• 35:00 Competing in commoditized categories

• 40:00 Packaging as a strategic weapon

• 45:00 How to win shelf space in mass retail

• 50:00 Why most brands overcomplicate messaging

• 55:00 Emotional connection vs functional benefits

• 01:00:00 Retail relationships & long-term brand building

• 01:05:00 Mistakes founders make scaling too fast

• 01:10:00 How Craig evaluates new ideas

• 01:15:00 The origin of Happy Coffee

• 01:20:00 Rethinking coffee positioning

• 01:25:00 What Craig is doing differently this time

• 01:30:00 Lessons from building multiple brands

• 01:34:00 Advice for consumer founders

• 01:37:00 Final thoughts

Thanks for listening!

Hope you’re having a great start to the weekend. The BIG news is that Donald Trump’s emergency tariffs have been ruled illegal and unconstitutional by the Supreme Court in a 6-3 vote. This will, of course, have major implications across global trade, supply chains, and consumer product businesses. What happens to the $130 billion that’s already been collected since this policy went into effect?

📰 Consumer News 📰

• Once Upon a Farm goes public at a $724M valuation, raising $198M in its IPO. The better-for-you kids’ nutrition brand could open a new exit lane for mission-driven CPG companies that have historically leaned on strategic acquirers. Worth watching how this performs in the aftermarket. Forbes

  • The stock’s IPO price was $18/share and is now trading at $24.05. If the momentum holds, are more consumer brands next in line to go public? Will this become a viable path to exit?

• Etsy sells Depop to eBay for $1.2B. The move lets Etsy refocus on its core handmade marketplace while giving eBay a much-needed foothold with younger, fashion-forward consumers. A meaningful signal that the resale market remains hot — just not always with the original acquirer. BBC

• McDonald’s is adding energy drinks and craft sodas to McCafe beverage assortment nationwide, a concept it tested through its CosMc’s spinoff. Fast food continues to blur the line with functional beverage. Restaurant Dive

🧃 Consumer 👚

💰 Fundraises 💰

• Osmo raised $70M in Series B. The AI-powered scent digitization company is expanding its technology into beauty and fragrance. CEW

• Pat McGrath Labs secured $30M in new financing from GDA Luma Capital to recapitalize the business. A new chapter for one of beauty’s most iconic brands. Retail Dive

• Willie’s Remedy+ raised $15M to commercialize its hemp-derived THC drinks at retail. DigitalFoodLab

• Green Rebel Foods raised $12.5M to scale its Asian-style plant-based alternatives across Southeast Asia. Protein Production

• Throne Sport Coffee raised $10M in Series A. The Patrick Mahomes-backed functional coffee brand is launching DSD with Big Geyser in New York. BevNET

• Just Ice Tea raised $9M in Series B, backed by Total Wine co-founder Robert Trone. Funds will support a 40% retail expansion. FoodBev

• Epetōme secured a multi-million-pound investment led by Active Partners and Redrice Ventures. The gut health brand was founded by nutritionist Emily English. BeautyMatter

💸 M&A 💸

• eBay acquires Depop from Etsy for $1.2B in cash. A landmark deal for the resale market — Etsy refocuses on its core, eBay gets a Gen Z fashion audience it’s been chasing for years. TechCrunch

• Refresco is acquiring SunOpta for ~$1.1B ($6.50/share), taking the plant-based food and beverage producer private. A significant consolidation in co-manufacturing. ESM Magazine

• Investindustrial acquires TreeHouse Foods for $2.9B, taking the largest U.S. private-label manufacturer private. A massive deal for the CPG private label space. FoodNavigator-USA

• Beast Industries (MrBeast) acquires Step, the teen-focused banking app with over 7 million users. The creator economy continues to expand its financial services ambitions. TechCrunch

• Essity completes acquisition of Edgewell’s Feminine Care business for $340M, picking up Carefree, Stayfree, and o.b. in North America. Essity

• FabFitFun acquires Paya Health, the functional wellness and supplements brand. The subscription box giant continues building its multi-brand portfolio. BeautyMatter

• Tastee Apple Inc. acquires Art of Sucre, adding gourmet cotton candy to its caramel apple business. Wholesome Goods

🚀 Debuts, Distribution & Expansion 🚀

• Crocs plans to open 200–250 new international stores in 2026. Retail Dive

• Dutch Bros expanded its CPG at-home product line to Amazon, Walmart, H-E-B, and Albertsons. PR Newswire

• Lulus expanded from 60 stores to all Nordstrom locations nationwide. A big step in the DTC-to-wholesale playbook. Retail Dive

• Instacart partnered with Lush to offer same-day delivery from 250 Lush stores. PR Newswire

• South Forty is now in ~2,600 ALDI stores nationwide. Wholesome Goods

• Nurri is launching its protein creamer exclusively at Walmart. Wholesome Goods

• Hourglass launched DTC in Australia and New Zealand. B&T

• Helix Sleep launched a retail partnership with Urban Mattress, extending its DTC brand into physical retail. Bedtimes Magazine

• Ernesta opened its sixth showroom, in Dallas. Retail Dive

🚀 Product Launches

• Clarins entered the foundation category with its Double Serum Foundation — a major extension of its iconic skincare franchise into a new product type. WWD

• Fly By Jing launched the first-ever Hot Pot Bomb, simplifying Sichuan-style hot pot for at-home cooks. FoodBevy

• Topo Chico Hard Seltzer debuted new glass bottles and a stronger, Margarita-inspired flavor. Parade

🛍️ Retail, Commerce Tech & Supply Chain

• Simile raised $100M in a Growth round led by Index Ventures. The AI platform predicts human behavior — with clear applications across retail and consumer. Lazarev Agency

• Credit Key raised $90M in Growth capital from Barings to expand its B2B buy-now-pay-later platform. LA Times

• GrubMarket raised $50M in Series H at a $4.5B valuation. The AI-powered food supply chain platform continues to scale. Davis Wright Tremaine

• Made With Intent raised £2.4M in Seed. The UK-based ecommerce tech platform takes a ‘Moneyball approach’ to online retail. UK Tech News

🔻 Other Notable News 🔻

• Kraft Heinz paused its planned business split and appointed Nicolas Amaya as its new President of North America. Progressive Grocer

I can’t believe Expo is only a few short weeks away. If you’re attending, we’re bringing back “Rise, Roast, & Meet CPG”, our morning event on Thursday, March 5th from 8am-10am. This is our third year doing it, and I’m so grateful for the response. Thus far, we have over 300 RSVPs, with many brand operators and equity investors attending…but don’t worry, we still have room. RSVP Here

On to the news from the week.

This Week In Consumer

📰 Consumer News📰

• Retailers are accelerating bets on agentic AI commerce in 2026, partnering with platforms like Google’s Gemini, Microsoft’s Copilot and previously OpenAI’s ChatGPT to make products purchasable through external AI assistants. While companies like Amazon and Walmart are also promoting their own AI tools, experts warn that selling through third-party AI platforms could cost retailers valuable customer data and direct relationships, signaling a potentially game-changing shift for the industry. RD

• Aritzia is facing higher costs after the end of the U.S. de minimis exemption and new tariffs, prompting the retailer to shift all U.S. order fulfillment to Ohio. On its Q3 earnings call, CFO Todd Ingledew said trade-related challenges created a 410-basis-point margin headwind, with about one-third tied to de minimis changes and the rest to tariffs. Despite this pressure, gross margin still rose 30 basis points year over year, helped by lower markdowns, freight benefits and better fixed-cost leverage. RD

🧃Consumer👚

💰Fundraises💰

• Coco5 has raised $10 million to fuel growth and expand beyond the sports drink category. The athlete-backed coconut water brand will use the funding to hire senior leaders, scale operations, and drive product innovation as it positions itself at the intersection of sports nutrition and mainstream wellness. RM

• Simon Property Group revealed it invested $100 million in Saks Global in late 2024 during the retailer’s $2.7 billion acquisition of Neiman Marcus, but Saks filed for bankruptcy this month after a turbulent year of financial struggles and market share losses. Simon also told the court the luxury retailer owes it more than $7 million in unpaid rent. RD

• Live Tinted, a community-driven beauty brand by Deepica Mutyala that’s in 1,400 Ulta stores, raised an undisclosed amount in a strategic investment from Curate Capital, L’Oréal’s venture arm. WWD

• Oats Overnight, the breakfast oats brand, raised $45M from Astō Consumer Partners. This takes their total funding to roughly $130m – Nosh

• Milliways, the plastic-free chewing gum raised $3M from chewing gum veterans for U.S. expansion. Total funding now $10M – Nosh

• Bawi raised $6M in Seed/Early Stage. Agua fresca maker closing on $6M round, has raised $4.1M so far – BevNet

• Elorea, the Korean-inspired fragrance brand, raised $5M led by Willow Growth Partners with participation from Era VC. Instead of focusing on wholesale channels, Elorea is expanding its own brick-and-mortar stores. Total funding now $7.75M – Beauty Independent

• Good Bacteria, the gut health probiotic supplement brand, raised a $3.2M seed round from BAM Ventures, BrandProject, RiverPark Ventures and Listen – Beauty Independent

• Topicals raised an undisclosed amount in strategic Investment from WNBA star Angel Reese and Nigerian music star Rema. The Black-led skincare brand receives investment from WNBA star Angel Reese and Nigerian music star Rema. The Business of Fashion

💸M&A💸

• The Marzetti Company acquires Bachan’s, the Japanese Barbecue Sauce brand, for $400M. Early investors in Bachan’s include Prelude Growth Partners and Sonoma Brands. BusinessWire

• Authentic Brands Group has acquired a majority stake in Guess’ intellectual property in a deal valued at about $1.4 billion including debt, paying $16.75 per share. Existing shareholders, including co-founders Maurice and Paul Marciano, retain a 49% stake in the IP, while current management now owns 100% of the operating company and will continue running the business from Switzerland. With the deal completed, Guess has officially gone private. RD

• L Catterton has taken a significant minority stake in Paris-based fragrance house EX Nihilo. Founded in 2013, the niche brand is known for blending modern aesthetics with traditional French craftsmanship, with cult favorites like Fleur Narcotique and Blue Talisman driving its rapid growth in luxury fragrance. BND

• Anta Sports is acquiring a 29% stake in Puma for €1.5 billion ($1.8B), becoming the sneaker brand’s largest shareholder. The deal, expected to close by year-end, does not include a full takeover, though Anta may deepen the partnership in the future. RD

• Prime Matter Labs, backed by Monogram Capital, has acquired struggling makeup contract manufacturer Mana Products, ending a period of furloughs and operational shutdowns for the company. BI

• WHP Global is paying $300 million in cash for a 50% controlling stake in Lands’ End through a new joint venture. The deal transfers Lands’ End’s intellectual property and licensing business to WHP, while the apparel brand will continue running its direct-to-consumer and B2B operations. Lands’ End plans to use the proceeds to pay off about $234 million in debt and for general corporate purposes, including annual royalty payments starting at $50 million in the first year. RD

• Saltaire Brewery’s owner has acquired the assets of UK-based Keystone Brewing Group following Keystone’s move to appoint administrators in November. JD

• Puratos has acquired US-based Vör Foods, a specialist in clean label nut pastes and fillings, to strengthen its presence in the fast-growing sweet goods segment and expand its US manufacturing footprint. The deal enhances Puratos’ ability to offer traceable, high-quality pistachio, hazelnut, almond and other nut-based ingredients to industrial and artisanal bakers. FBM

• After acquiring Skyn Iceland in October 2024, Amerikas has revamped the brand with updated packaging, formulas, and brand architecture, emphasizing its Icelandic inspiration and science-driven approach to appeal to U.S. consumers. BI

• Poland’s United Beverages Group has acquired the JJ gin-and-vodka brand from UK-based Halewood Artisanal Spirits, with Halewood remaining the exclusive UK distributor as part of its ongoing brand portfolio refinement. JD

• Next has acquired shoe retailer Russell & Bromley in a pre-pack administration deal for £2.5 million, plus £1.3 million for part of its stock, leading to the closure of 33 stores and nine concessions, pending court approval. RG

• Inkbox co-founders Tyler and Braden Handley are exploring a buyback of the temporary tattoo brand as BIC plans to shutter it and dismantle its Skin Creative division, four years after acquiring Inkbox for $65 million. BI

• HEINEKEN is acquiring FIFCO’s beverage and retail businesses for an undisclosed amount. Some of FIFCO’s brands include Magic Hat, Labatt USA, and Lipton Hard Iced Tea – The Heineken Company

• Kimberly-Clark is acquiring Kenvue (Tylenol, Band-Aid maker) for $48.7B. to create consumer health and wellness powerhouse. NJBiz

• Rich’s is acquiring pizza establishment Uno Foods for an undisclosed amount. Food Manufacturing

• Western Smokehouse Partners is acquiring Junior’s Smokehouse for an undisclosed amount. Better-for-you meat snack maker Western Smokehouse Partners acquires Texas-based hand-crafted jerky producer Junior’s Smokehouse. Nosh

• Clorox is acquiring GOJO, makers of Purell hand sanitizer, for $1.9B in order to expand B2C reach. LinkedIn

• Suave Brands + Elida Beauty merge to create Evermark, a new global personal care platform for. Some of their brands include Chapstick, Q-tips, and Ponds –  Cosmetics Business

• MPearlRock is acquiring The Good Crisp Company, the BFY chip company, for an undisclosed amount. Gibson Dunn

• Rich Products is acquiring Great Kitchens Food Co., the largest manufacturer of Take & Bake pizzas, for an undisclosed amount. Food Business Network

• Tuyyo Foods has acquired Nemi, Tuyyo, Todo Verde for an undisclosed amount. Female-led CPG brands Nemi (cactus snacks), Todo Verde (seasoning blends), and Tuyyo (powdered beverages) merge under Tuyyo Foods name and will be based out of Los Angeles. Nosh

• SPINS is acquiring MikMak for an undisclosed amount. SPINS acquires commerce intelligence and omnichannel orchestration platform MikMak to enable measurement across physical, digital, and agentic shelves. BevNet

↪️Rebrands & Relaunches↩️

• Ulta Beauty is rebranding its Wellness Shop into the immersive, education-focused Wellness by Ulta Beauty, launching boutiques in three stores on Jan. 26—Columbus, Ohio; Short Pump, Va.; and Peabody, Mass.—with a Naperville, Ill. location opening in April. RTP

🚀Debuts, Distribution & Expansion🚀

• Stripes Beauty has launched at Ulta Beauty, expanding nationwide through select Wellness by Ulta boutiques and online. The partnership strengthens Ulta’s focus on wellness while giving Stripes a larger platform for its pro-ageing products designed for women navigating midlife, menopause, and healthy ageing. BND

• Ralph Lauren has opened a new 5,829-square-foot store and its first-ever Ralph’s Coffee in California at Fashion Island in Newport Beach. The location features collections including Polo Ralph Lauren, Double RL, women’s Collection, men’s Purple Label and curated accessories, marking the brand’s continued West Coast expansion. WWD

• Uniqlo will open its first Miami stores this fall and expand in Texas, entering Austin for the first time and adding a Houston Galleria location, reflecting strong demand since its 2024 Texas launch. RTP

• Moleskine has opened a 280-square-foot neighborhood concept store on New York’s Upper East Side, marking a strategic shift in its U.S. retail approach. The boutique is the brand’s sixth in Manhattan and part of plans to expand and renovate additional U.S. locations this year. RD

• Men’s grooming brand Viking Revolution, projected to generate $59 million this year, is making its first national mass-market retail debut by entering Walmart after nearly a decade online. BI

• De Beers London unveiled its largest store yet, a 5,000-square-foot flagship on Paris’s Rue de la Paix, marking the culmination of its 2025 rebranding. The location, in a renovated 19th-century Haussmann-style building across from Cartier, features the jeweler’s new moniker, tagline, and campaign. WWD

• Aldi plans to open over 180 U.S. stores in 2026, including its first in Maine and 10 in Phoenix, bringing its total to nearly 2,800, with further expansion toward 3,200 stores by 2028. RTP

• Quince has officially expanded into Canada with the launch of a dedicated website, marking its first international move after a soft launch in November. Canadian customers can shop a curated selection of apparel, accessories, and home essentials online and via the Apple App Store, with Google Play access coming soon. RD

• Tractor Supply opened its 2,400th store in Aiken, S.C., kicking off 2026 as part of its plan to add about 100 new stores this year, celebrating with community events and a $2,400 donation for equine rescue. RTP

• Target expands beauty assortment with 60 new brands as it winds down Ulta partnership. Retail Dive

• Starbucks plans to open hundreds of new stores and add seating capacity at thousands more. Food Manufacturing

• Ethique expands to Target. Bansk Group-owned solid haircare brand reenters Target with new look and efficacy focus. Beauty Independent

• Dollar General extends reach of rural same-day delivery service to underserved communities. Retail Dive

• The Zero Proof lands in Target with a national partnership. BevNet

• Odyssey Functional Energy, the functional energy drink brand, partners with Canteen to expand into 8,100 micro-markets nationwide. BevNet

🚀 Product Launches

• Mid-Day Squares launched their latest product – No Bread PBJ – that features no chocolate in the hopes of expanding beyond its core chocolate functional snack bars. Nosh

• Crocs launched Wonderfully Unordinary Platform, a new global brand narrative with anthem film emphasizing self-expression over algorithmic sameness. PR News Wire

• Grüns launched Ü Snacks Platform. Grüns founder Chad Janis launches Ü Snacks, a broader platform encompassing functional gummy brands including Nütrops, Immün, Jüced and additional innovations. Nosh

• Lucky Energy launched Energy Gummies as it platforms the brand into new use occasions, formats and value propositions. Nosh

• Lundberg Farms launched Sweet Cakes. The regenerative rice brand Lundberg Farms expands into crunchy snackable sweets with new dessert-inspired line Sweet Cakes. Nosh

  ---

🪇Collabs🪇

• CJ Olive Young, South Korea’s largest beauty and wellness retailer, is partnering with Sephora to expand K-beauty globally. The collaboration will introduce dedicated K-beauty zones in Sephora stores and online, curated by Olive Young using its expertise in trend-driven selection, brand incubation and data-led merchandising — a model that has shaped Korea’s beauty market for over 20 years. BND RD

• H&M has partnered with e.l.f. Cosmetics on a limited-edition eau de parfum collection, marking H&M’s first beauty collaboration and e.l.f.’s fragrance debut as well as its first global fashion partnership. BND

🔻Closures, Bankruptcies & Downsizes🔻

• Pat McGrath Cosmetics has filed for Chapter 11 bankruptcy, citing an unsustainable capital structure, legacy liabilities, and liquidity constraints, with estimated liabilities between $50 million and $100 million. Court filings also state that a lender began auctioning the brand without founder and CEO Patricia McGrath’s consent, despite ongoing consumer demand. RD

• Amazon will close all Amazon Fresh and Amazon Go stores, shifting its physical retail focus to Whole Foods Market. Some locations will convert to Whole Foods as the company plans to open 100+ new stores in the coming years, while expanding its same-day grocery delivery service in 2026. RD

• Macy’s is laying off 993 employees as it shuts down its two Cheshire, Connecticut fulfillment center locations, with job eliminations occurring in phases starting March 14. RD

• Women’s retailer Francesca’s is reportedly preparing to close all stores and liquidate its inventory, with staff recently let go and liquidation expected to begin around Jan. 16, 2026. RTP

• Nike is laying off about 775 employees in Tennessee and Mississippi as it consolidates its U.S. distribution centers. The move aims to streamline operations, boost automation and efficiency, and support its broader turnaround plan to improve long-term profitability and margins. RD

• American Eagle Outfitters is closing its Quiet Logistics business, ending operations at its Boston and Dallas fulfillment centers. The third-party logistics provider, acquired in 2021 alongside AirTerra, struggled to attract enough business and will discontinue services in the coming months. RD

• Home Depot has cut about 800 jobs at its Atlanta store support center, primarily impacting its technology teams, as the retailer also mandates a full-time, five-days-a-week return to office for corporate employees. RD

• Cover FX has announced it is closing after more than 25 years, citing mounting industry pressures including tariffs and a challenging global market. Founded in 1999 by chemist Victor Casale, the brand was created to provide makeup solutions for sensitive, reactive, and post-procedure skin. BND

• Pinterest is cutting less than 15% of its workforce and reducing office space as part of a global restructuring to reallocate resources toward AI-focused roles and products. The move, expected to cost $35 million to $45 million, aims to support AI-driven capabilities and a revamped go-to-market strategy, with completion targeted by Sept. 30. RD

• GameStop plans to close 475 stores across 43 states by Jan. 31, 2026, significantly expanding its previously reported store reduction of up to 200 locations. RTP

• Allbirds will close all of its U.S. full-price stores by the end of February, leaving just two outlet locations domestically and two full-price stores in London. The company, which once operated more than 60 stores at its peak, is shifting focus to e-commerce, wholesale partnerships and international distributors to improve reach and efficiency. RD

• AS Beauty has closed Cover FX and Mally Beauty, withdrawing from two legacy makeup brands amid industry competition and rising costs. BI

• Amazon is cutting 16,000 more jobs as part of a broader downsizing effort first announced in October, bringing total planned reductions to 30,000 roles. The company says the move is aimed at streamlining operations and reducing bureaucracy, though it continues to hire and invest in select areas. RD

• Lactalis will close its South Brisbane milk plant in July 2026, impacting 202 employees and shifting production to its upgraded Nambour facility, as part of efforts to improve efficiency and modernise its Australian operations. FBM

💻Consumer Software💻

• Mia Labs, Inc., the company behind Mia, the AI-powered conversational platform for automotive dealerships, today announced it has raised a $20 million Series A, bringing its total capital raised to $29 million. The round was led by Permanent Capital Ventures, with participation from Norwest alongside earlier investors Eniac Ventures, Vine Ventures, Analog Ventures (formerly J Ventures), and Logos Fund, as well as strategic automotive investors and industry leaders, including Yossi Levi of Car Dealership Guy. PRN

• Inference startup Inferact, built on the open-source vLLM project, has raised $150 million in seed funding at an $800 million valuation to commercialize its technology, in a round co-led by Andreessen Horowitz and Lightspeed Venture Partners. TC

• San Francisco–based startup GIGR (Playad.ai) raised $5.4M in pre-seed funding, led by BRV Capital and Mirae Asset, to develop AI marketing agents that streamline ad creation, testing, and optimization. PRN

• Lightning AI and Voltage Park have merged to create an AI-focused cloud platform combining software and on-demand GPU infrastructure, enabling developers and enterprises to build, train, deploy, and run AI models all in one place. BW

• Mews has raised $300 million in a Series D round led by EQT Growth, valuing the hospitality operating system at $2.5 billion, reinforcing its position as a leading provider for hotels worldwide after a year of 55% SaaS gross profit growth. PRN

• Phia, the AI personal shopping agent, raised $35M in Series A led by Notable Capital, with participation from Khosla Ventures and returning investor Kleiner Perkins at $185M valuation. Business Insider

• Zenblen, a tech-enabled kiosk for healthy smoothies, raised $2.5M from undisclosed investors – Silverwood Partners

Commerce Tech

• Swap Commerce, the AI-powered platform that helps brands build web storefronts and handle cross-border transactions, inventory management, and returns, raised $100M in Series C from DST Global and Iconiq just six months after $40M Series B. Tech Crunch

• Yozo.ai raised $1.7M in Pre-Seed. AI-native revenue engine for e-commerce merchants. Wamda

• Consio AI raised $3.3M in Seed. The voice platform automates phone-based engagements for e-commerce brands. The SaaS News

• Yellow Wood Partners has merged Suave and Elida Beauty to create Evermark, a new $1.9 billion global beauty platform. BI

Thanks for reading!

Listen on YouTube, Spotify

Hey friends,

On today’s episode, I chat with Brian Tate, Founder and CEO of Oats Overnight, the protein-forward, drinkable oatmeal brand that’s grown from a scrappy side project into a vertically integrated food business selling both DTC and through major retailers.

Before starting Oats Overnight, Brian spent years as a professional poker player, and that background heavily shaped how he thinks about risk, iteration, and decision-making. In this conversation, we talk about why Brian chose to own manufacturing from day one, how DTC data informed product development, and why systems—not branding—became the foundation of the company’s growth.

We also get into the realities of scaling an asset-heavy business, how subscriptions actually work behind the scenes, and why vertical integration unlocked faster innovation and better unit economics. Brian shares what worked, what failed, and how his team thinks about long-term profitability in a category where most brands try to outsource complexity instead of embracing it.

If you’re building a food brand or thinking about how to scale beyond marketing tactics, this episode offers a clear look at how process, data, and ownership can drive sustainable growth.

Here’s what you’ll learn:
✅ How a pro poker mindset translates to building a consumer brand
✅ Why Brian chose vertical integration instead of co-manufacturers
✅ How Oats Overnight scaled DTC with subscriptions and creative testing
✅ Why iteration is a core operating principle, not a buzzword
✅ How DTC data informs product development and retail strategy
✅ The real economics of owning manufacturing facilities
✅ When raising venture capital makes sense for asset-heavy CPG
✅ Why retail and DTC work better together than most founders think
✅ How Brian thinks about risk, process, and long-term profitability

Timestamps:

00:00 Intro
01:00 From Magic: The Gathering to Pro Poker
03:00 When Poker Became a Real Career
05:00 Walking Away After Reaching the Top
07:00 The Idea Behind Oats Overnight
09:00 Early Scrappy Days & Vertical Integration
12:00 Learning Manufacturing the Hard Way
15:00 Why Iteration Became a Core Value
18:00 Scaling DTC with Subscriptions
21:00 What Makes Oats Overnight Work Online
24:00 Using Data to Test and Improve SKUs
27:00 Moving From DTC to Retail
30:00 The Walmart Buyer Story
33:00 Designing a Retail-Friendly Product Format
36:00 Managing Channel Conflict
39:00 Expanding Manufacturing Facilities
42:00 Why Asset-Heavy CPG Is Back
45:00 Venture Capital, Profitability & Payback Periods
48:00 High-Risk Experiments That Failed (and Why They Still Mattered)
51:00 Growth Marketing Without Brand Guidelines
54:00 The Long-Term Vision for Oats Overnight
56:00 Book Recommendations & Closing Thoughts

Thanks for listening!

📰 Consumer News📰

• U.S. shipping tech firm Bluspark Global exposed decades of customer shipment data and its logistics systems online due to basic security flaws, including plaintext passwords and remote access vulnerabilities. Security researcher Eaton Zveare discovered the issues and struggled to reach the company until a maritime cybersecurity nonprofit intervened; the flaws have since been fixed. The incident highlights ongoing cyber risks in the global shipping industry, where hackers have been linked to cargo theft. TC

• Tyson Foods will pay $82.5M to settle a class-action lawsuit claiming it inflated beef prices for years, alongside earlier settlements from JBS and Cargill; the deal still requires court approval. FD

• The FTC alleged that Walmart received unfair pricing advantages from PepsiCo, claiming the CPG giant gave Walmart lower prices, promotional payments, and allowances not equally offered to competitors, violating the Robinson-Patman Act. FD

🧃Consumer Brands👚

💰Fundraises💰

• SEMCAP has completed the final close of its first food and nutrition-focused growth equity fund at $125 million, marking its entry into the sector with a dedicated vehicle to invest in companies across the food and nutrition space. AA

💸M&A💸

• Coca-Cola has paused plans to sell Costa Coffee after a lengthy auction failed to attract offers meeting its expectations, with bids from private equity firms reportedly falling short of the company’s valuation. FBM

• Inkbox co-founders Tyler and Braden Handley are considering a buyback as BIC plans to close the temporary tattoo brand and dismantle its Skin Creative division, four years after acquiring Inkbox for $65M. BI

• The Compleat Food Group has completed its acquisition of Greencore’s sauces and soups business in Bristol, adding a 50,438-square-foot facility with 300 employees to its portfolio, expanding its chilled foods presence and bringing total turnover to £1.4 billion. FBM

• MPearlRock has acquired The Good Crisp Company, a clean-label salty snack brand that offers healthier versions of classic snacks, as part of its strategy to build high-growth CPG brands using data-driven decision-making, merchandising expertise, and strong operational support, though financial terms were not disclosed. BW

• Prime Matter Labs, backed by Monogram Capital, has acquired struggling makeup contract manufacturer Mana Products, which had furloughed staff and paused operations before the sale. BI

• Laird Superfoods is expanding its health and wellness portfolio by acquiring Navitas’ organic nutritional powders, berries, and seeds for $38.5 million, funded via a $50 million Series A convertible stock sale, with the deal expected to close in Q1 2026. FD

• Seattle Cider Co.’s production facility and taproom will close next month following its acquisition by Oregon-based 2 Towns Ciderhouse. BI

• Explorer Cold Brew has acquired Savorista, a specialty brand focused on decaf and half-caff coffee, to expand its caffeine-conscious portfolio, boost product innovation, and offer high-quality coffee options across a wider range of caffeine levels and formats. CT

↪️Rebrands & Relaunches↩️

• Amerikas, after acquiring Skyn Iceland in October 2024, is relaunching the brand with updated packaging, formulas, and storytelling that emphasize its Icelandic inspiration and science-driven approach. BI

🚀Debuts, Distribution & Expansion🚀

• Digg, rebooted by founder Kevin Rose and Reddit co-founder Alexis Ohanian, has launched its public beta as a Reddit rival, offering community feeds, posts, and upvoting features. TC

• Beyond Meat is launching a new sparkling protein drink line called Beyond Immerse, offering 10g or 20g of plant-based protein, 7g of fiber, plus antioxidants and electrolytes, in flavors like peach mango, lemon lime, and orange tangerine, as the company expands beyond meat into beverages to tap into growing consumer demand for protein. FD

• Tubby Todd has expanded from DTC into national retail, launching in over 1,100 Target stores and online, marking a major milestone for the baby and toddler skincare brand known for gentle, eczema-friendly products. BND

• Ernesta has opened a new showroom in Birmingham, Michigan, and plans stores in Dallas and Manhasset, NY, this year, expanding its brick-and-mortar footprint to seven locations with more planned. RD

• Aldi plans to open 180+ U.S. stores in 2026, reaching nearly 2,800 locations, with further expansion to 3,200 by 2028. The openings include 10 Phoenix stores and its first in Maine. The retailer also plans new distribution centers and digital upgrades to support growth. RTP

• Jones Road is expanding beyond face products into bodycare with The Body Collection, a five-product lineup (cream, lotion, oil, scrub and shower gel) focused on simple, barrier-supporting formulas enriched with ceramides for everyday use. BND

• Amazon has launched portable Just Walk Out units that can be set up in hours, enabling pop-ups and event retail. Seventeen pilot locations debuted in 2025, including a music festival and a racetrack store. RTP

• Cheree Ashley, a former heroin addict and founder of three recovery centers, launched Osier to connect addiction recovery with skincare, aiming to give back after her own journey to sobriety. BI

🪇Collabs🪇

• Walmart and Wing are expanding their drone delivery partnership to 150 U.S. stores over the next year, reaching more than 40 million customers, with plans to scale to over 270 locations by 2027 across major cities like Los Angeles, Cincinnati, St. Louis and Miami. RD

🔻Closures, Bankruptcies & Downsizes🔻

• Saks Global filed for Chapter 11 bankruptcy after a year of financial struggles, bringing in former Neiman Marcus CEO Geoffroy van Raemdonck and a $1.75 billion financing package to support restructuring. RD

• J&J Snack Foods is closing three manufacturing sites in Atlanta, Holly Ridge (NC), and Colton (CA) by the end of Q1 2026 as part of a business revamp aimed at simplifying production, improving distribution, and generating $20 million in annualized savings. FD

• Bob’s Discount Furniture has filed for an IPO on the NYSE under the ticker “BOBS” to help pay down debt and fund long-term expansion, reporting $2 billion in revenue and $119 million in net income for the year ending Sept. 28, 2025, and aiming to grow from 200+ stores to over 500 by 2035. RD

• Anheuser-Busch is closing two breweries in Fairfield, CA, and Merrimack, NH, and has sold its Newark, NJ, plant as part of a U.S. manufacturing overhaul, affecting 475 employees who will be offered other roles, while shifting production to remaining facilities and investing further in its brand portfolio. FD

• Macy’s will close its Tulsa, Oklahoma fulfillment center this spring as part of efforts to modernize and simplify its supply chain, with affected employees offered transfers or severance. RD

• Coca-Cola is starting a corporate restructuring in 2026, beginning with 75 layoffs at its headquarters on Feb. 28, with additional phased cuts expected in the coming months. FD

• American Signature Inc. is closing its last 89 Value City Furniture and American Signature Furniture stores after filing for Chapter 11 bankruptcy, with going-out-of-business sales now underway. RD

• GameStop plans to close up to 200 stores this month, following 590 closures in FY 2024, while unveiling a $35B performance-based pay package for CEO Ryan Cohen, tied to a 10X market cap growth and $10B cumulative EBITDA. RTP

• Macy’s is closing another 14 underperforming stores as part of its long-term turnaround plan, which aims to shut about 150 locations in total while streamlining operations and focusing investment on more productive stores. RD

💻Consumer Software💻

• UPS’ Happy Returns is piloting AI tools to combat returns fraud, including a risk-scoring system that flags suspicious returns and a “Return Vision” feature that compares returned items to retailer catalog images to detect mismatches, with brands like Everlane already using the technology. RD

• Buzzy launched an AI platform that helps creators and brands generate viral content ideas by analyzing social media trends and performance data, focusing on ideation rather than production. BW

• Listen Labs raised $69M Series B led by Ribbit Capital to scale its AI-driven customer research platform, which has grown 15x in nine months and now serves hundreds of enterprises including Microsoft and Robinhood. PRN

• Traini raised $7.5M to develop pet emotional intelligence technology, including its Cognitive Smart Collar—a generative AI–powered wearable translating pets’ emotions into human-understandable signals. BW

• Quadric, an inference engine for on-device AI chips, raised $30M Series C led by ACCELERATE Fund, bringing total funding to $72M, to scale its platform across edge LLMs, automotive, and enterprise. PRN

• Speechmatics and Sully.ai partnered to deploy AI-powered healthcare agents and scribes globally, leveraging NVIDIA infrastructure to cut administrative burden and add 30M+ workforce minutes for clients like Oshi Health and Tebra. BW

• Atomic Insights, a payments and workflow automation platform for RIAs and family offices, raised $10M in seed funding led by Aquiline to modernize wealth management infrastructure. PRN

• Novee launched from stealth with $51.5M to tackle AI-powered cyberattacks using a proprietary AI hacker, aiming to automate offensive security at machine speed and close gaps left by human-scale penetration testing. BW

🛒eCommerce & Retail Tech🛒

• Walmart is integrating its products into Google’s AI chatbot Gemini, letting users discover and buy Walmart and Sam’s Club items directly through Gemini, starting in the U.S. and later expanding internationally. RD

💰Funds Raising Funds💰

• Danone is investing $4M to expand its Fort Worth, Texas plant, boosting production of Danimals, Activia, and YoCrunch to meet rising demand for high-protein yogurts. FD

Thanks for reading!

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I chat with Tyler Mayoras, Managing Partner at Manna Tree, a growth equity firm focused on investing in food, beverage, and wellness brands that actually improve human health.

Tyler has spent decades investing across food and agriculture, from early plant-based pioneers like Boca Burger to today’s next generation of better-for-you brands. In this conversation, we talk about how the category has evolved, why many plant-based brands lost consumer trust, and what investors really look for when evaluating health claims, ingredient labels, and unit economics.

We also dig into why frozen is one of the hardest categories in retail, how founders misjudge when to scale, and why profitability matters more today than it did a decade ago. Tyler shares how strategic buyers think about M&A, what oversaturated categories get wrong, and where real opportunity still exists in food and wellness.

If you’re building or investing in food and beverage and want a more honest view of what works beyond the hype, this episode is a grounded look at how durable brands are actually built.

Here’s what you’ll learn:

✅ Why many plant-based brands lost their way
✅ What “better-for-you” actually means to serious investors
✅ How ingredient labels matter more than marketing claims
✅ Why frozen is one of the hardest categories in grocery
✅ When brands should (and shouldn’t) expand into mass retail
✅ Why profitability now matters more than growth at all costs
✅ How strategic buyers really think about M&A today
✅ The biggest mistakes founders make when scaling too early
✅ Where Tyler sees the next opportunities in food and wellness

Timestamps:

• 00:00 Intro

• 01:00 Tyler’s path from private equity to food & agriculture

• 03:00 Early lessons from investing in Boca Burger

• 05:30 The rise and fall of plant-based burgers

• 09:00 What “better-for-you” really means

• 12:00 Ingredients, labels, and investor red flags

• 15:00 Sugar alternatives, sweeteners, and health tradeoffs

• 18:30 Why sustainability messaging often comes second

• 21:00 The realities of launching food brands in retail

• 24:00 Why frozen is such a difficult category

• 27:00 When brands should expand into mass retail

• 31:00 Natural vs conventional grocery shoppers

• 35:00 Why M&A expectations have changed

• 38:00 What strategic buyers want today

• 41:00 Growth equity vs venture investing

• 45:00 Revenue and profitability benchmarks

• 49:00 Category creation vs smart trade-ups

• 53:00 Oversaturated categories and the protein boom

• 57:00 Where Tyler sees future opportunity

• 01:00:00 Lessons learned and advice for founders

Thanks for listening!

Hope you had a great week. I’ll be at Fancy Faire in San Diego next week. Sooo stoked to check out new brands and connect with friends. If you’ll be there we’re throwing a morning event prior to the show starting on the Monday. Here’s the link to RSVP.

On to the latest news – 

This Week In Consumer

📰 Consumer News📰

• Tesla’s global vehicle deliveries fell 9% in 2025 to 1.63 million, marking a second straight annual decline as competition from Chinese automakers—especially BYD, which sold 2.26 million EVs—intensified and the U.S. federal EV tax credit was removed. Fourth-quarter sales dropped 15.6% year over year, hitting Tesla’s stock, while CEO Elon Musk continues pushing the company toward AI and robotics even though most of its revenue still comes from EV sales. TC

• The UK’s CMA has fast-tracked its review of AB Foods’ acquisition of Hovis, moving straight to a Phase 2 investigation under the 2024 competition law, aiming to speed up regulatory clearance while ensuring thorough scrutiny. FBM

• The White House has delayed planned tariff hikes on kitchen cabinets, vanities, and upholstered furniture for a year, keeping the current 25% rate in place amid ongoing negotiations with trading partners. RD

• Kenyan distributor Bia Tosha has asked the High Court to block Diageo’s $2.3 billion sale of East African Breweries (EABL) to Asahi, citing a long-running dispute over alleged anti-competitive practices and contract breaches; the court has set a hearing for 9 January 2026. FBM

• U.S. online holiday spending hit $257.8 B, up 6.8% from 2024, with buy-now-pay-later purchases reaching $20 B and generative AI driving a 693% surge in site traffic, according to Adobe Analytics. RD

• Saudi Arabia is cautiously easing its alcohol ban, allowing limited access for certain non-Muslim expatriates under strict controls, signaling to global food and beverage companies the potential for a new, regulated market. FBM

• Irish food, drink, and horticulture exports hit a record €19 billion in 2025, driven by higher prices in beef, dairy, and prepared foods, despite geopolitical, weather, and market challenges. FBM

• Proximo Spirits reshuffles its US distribution, ending partnerships with RNDC in all territories except Georgia and New Mexico. JD

🧃Consumer Brands👚

💸M&A💸

• L Catterton has acquired a majority stake in Good Culture, valuing the brand at over $500 million. Good Culture is a category-defining cultured dairy brand best known for its cottage cheese – Private Equity Wire

• Unilever Indonesia is selling its tea business, including the SariWangi brand, to Savoria Kreasi Rasa (part of Djarum Group) for $89 million, as part of a portfolio strategy to focus on larger, higher-growth categories. FBM

• Oregon’s 2 Towns Ciderhouse has acquired Seattle Cider Co., previously owned by French agri-food co-op Agrial, for an undisclosed sum. JD

• AB InBev will reacquire a 49.9% stake in its US metal container operations from Apollo-led investors for $3 billion, gaining full control of seven facilities across six states; the move, expected to close in Q1 2026, aims to boost operational efficiency, supply security, and long-term shareholder value. FBM

↪️Rebrands & Relaunches↩️

• Tree Hut has refreshed its branding to better match the viral, indulgent bodycare culture that helped fuel its recent popularity, especially among Gen Z and the “Everything Shower” trend. The update, which rolled out across packaging, digital and social channels on Christmas Day 2025, aims to make the brand as recognizable as its bestselling Shea Sugar Scrub and cult-favourite scents like Vanilla and Jelly Bear. BND

🚀Debuts, Distribution & Expansion🚀

• Selena Gomez’s Rare Beauty will launch at Ulta Beauty online and in stores on Feb. 1, featuring Ulta-exclusive kits, co-branded gift cards, and a donation campaign supporting the Rare Impact Fund and Ulta Beauty Charitable Foundation. RD

• Fenty Beauty and Fenty Skin are launching at Space NK from 19 January, with a curated range available in-store and online. The edit includes fan favourites like Eaze Drop Skin Tint, Gloss Bomb Lip Luminizer, Butta Drop Body Cream and the new Fenty Treatz Lip Oil. BND

• Tubby Todd Bath Co is moving from DTC to retail, debuting at Target and marking a key step for the premium baby skincare brand after over a decade of online growth. BI

• Moroccanoil is stepping into skincare with its first lip product, a $22 Lip Balm, extending its signature argan-oil expertise beyond haircare into nourishing, textured beauty products. BND

• Sexual Wellness Group launches as a vertically integrated holding company, bringing together Hello Cake, Wet and Turn On lubricants, and manufacturer Trigg Laboratories. BI

• Aveda is refocusing on high-performance skincare with its five-piece Advanced Botanical Kinetics range, using Phytotech Vegan Collagen, a Vegan Peptide Complex and Kinetic Energy Infusion to support hydration, firmness and skin vitality within a vegan, sustainable framework. BND

• Pinterest is launching a shoppable DIY lifestyle TV series, Bring My Pinterest to Life, on Roku in March. Across six episodes, creators help real people turn their Pinterest boards into real spaces, while viewers can save ideas and shop products from partners like Wayfair, Eos, and Michaels seamlessly. RTP

• Constellation Brands launches Modelo’s first non-alcoholic beer in the US, Modelo Chelada Limón y Sal, joining its existing non-alc Corona offering. JD

• Tower 28 is entering bodycare with its first product, the SOS Rescue + Relief Body Wash, designed for sensitive and eczema-prone skin. Inspired by founder Amy Liu’s experience with adult eczema and the dermatologist practice of bleach baths, the wash offers a gentler, more convenient way to help calm and care for irritated skin while cleansing. BND

• Nespresso has opened its largest flagship in NYC’s Flatiron, featuring a first-floor boutique, a Hidden Cup Coffee Bar with trend-driven drinks and coffee mixology experiences, and a Nespresso Lounge for testing barista skills and exploring professional machines. RTP

• Target is expanding its wellness assortment by 30%, adding thousands of items—many under $10—including protein products, nonalcoholic drinks, and performance apparel, alongside in-store events and an updated online “Wellness Hub.” RD

• Ciroa, the Australian bodycare brand founded in 2021 by Alex and Sophie Liddy, has secured its first UK retail partner with a nationwide launch in Boots just four months after entering the market. The brand is bringing its bestselling shower gels, scrubs, and body butters — priced under £10 and available in popular fruity and dessert-inspired scents — as it continues to grow from a viral export into a mainstream beauty player. BND

• Amazon return kiosks are rolling out across 140 Save Mart, Lucky, and FoodMaxx stores in California and Western Nevada, letting customers return eligible Amazon items during grocery trips without needing a shipping box or label; full chainwide availability is expected by February 2026. RTP

• Sarah Chapman has launched a new Longevity division focused on functional medicine and personalised health optimisation. Led by Dr Miriam Mikicki and Elena Rolt, it targets underlying issues like hormone balance, inflammation and gut health to support healthier ageing and skin performance. BND

• Albertsons Media Collective has launched store-level measurement tools that compare ad-exposed stores with control stores to determine which sales were driven by advertising, providing a statistically validated view of true ad impact. RTP

🔻Closures, Bankruptcies & Downsizes🔻

• A U.S. judge dismissed plus-size retailer Ashley Stewart’s bankruptcy filing, ruling it lacked proper corporate authority, after a newly reconstituted board had tried to challenge a November 2025 foreclosure sale of the company’s assets. RTP

• Ahold Delhaize USA will close six centralized fulfillment centers—five in Pennsylvania and one in Virginia—as it shifts to local, store-based ecommerce fulfillment for Giant Food and The Giant Company; affected employees will be offered other positions, and the closures will incur $50 million in non-cash impairment charges. RTP

• GameStop plans to close up to 200 U.S. stores this month, continuing its brick-and-mortar downsizing, while approving a $35 billion performance-based pay package for CEO Ryan Cohen tied to hitting $100 billion market cap and $10 billion cumulative EBITDA. RTP

💻Consumer Software💻

• Clicks Technology is launching a $499 BlackBerry-style smartphone called the Communicator, designed as a secondary “work-focused” device with a physical keyboard, limited access to social media, and a customizable Signal Light for message alerts, alongside a new $79 slide-out keyboard accessory for smartphones, both debuting ahead of CES in Las Vegas. TC

• Amazon has launched Alexa.com, a dedicated website for its AI-powered Alexa+ assistant, allowing early access users to research, plan, and take actions—like controlling smart home devices or ordering groceries—while syncing seamlessly with their in-home Alexa devices. RD

• PepsiCo is using AI-powered digital twins of its U.S. manufacturing and warehouse facilities to simulate and optimize operations before physical changes, boosting throughput by 20%, speeding design cycles, and cutting capital expenses 10–15%, with plans to scale the technology globally. RTP

🛒eCommerce & Retail Tech🛒

• Holiday ecommerce sales in 2025 hit $257.8 billion in the U.S., up 6.8% YoY, with mobile driving 56% of transactions. Aggressive discounts pushed margins down, while AI influenced 20% of retail sales, helping generate $262 billion through personalized recommendations and doubling traffic from AI search channels compared to 2024. RTP

• E.l.f. Beauty has launched “Glow Up,” a virtual makeup experience on Roblox where players create looks for avatars celebrating women in business, sports, music, and gaming, with new characters added monthly. RD

Thanks for reading!

Glimpse and PRESENCE Marketing announced an official partnership to bring AI deductions management to their brand partners.“We’re constantly looking for innovative partners that drive real results for our clients,” said Andi Hendricks, VP of Professional Services at PRESENCE. “Glimpse’s AI technology directly addresses one of the biggest challenges our brands face, deductions, empowering them to recover revenue faster and focus on growth.”To help brands experience the platform firsthand, Glimpse offers a risk-free trial, including a 12-month audit look-back and dedicated recovery team to ensure success.

👉👉👉 Get started with Glimpse Here

Hey everyone,

Happy New Year! I hope you all were able to have some downtime over the past couple of weeks with family and friends. Here’s all the news in consumer from the end of 2025.

This Week In Consumer

📰 Consumer News📰

• Novo Nordisk’s FDA-approved Wegovy pill, the first oral GLP-1 weight-loss treatment, will hit US shelves in January, offering a convenient alternative to injections like Wegovy and Mounjaro. The pill is expected to reduce appetite, creating challenges for food and beverage makers while boosting demand for protein- and fiber-rich options. Experts see both short-term volume pressure on high-margin products and opportunities for companies to adapt to changing consumer needs. JD

• Instacart agreed to pay $60 million in consumer refunds to settle an FTC lawsuit alleging deceptive practices around delivery fees, refunds and Instacart+ trial disclosures. The settlement resolves claims that the company misled customers with hidden costs and made refunds unnecessarily difficult. RD

• The UK-South Korea trade deal, finalized on 15 December, secures tariff-free access on 98% of goods, benefiting around £2 billion in exports. Scottish salmon and Guinness are set to gain from South Korea’s growing import demand, projected to rise 26% by 2035. FBM

• Dollar Shave Club has launched its first AI-generated ad, poking fun at legacy razor brands by making AI the joke rather than the hero. The 60-second spot features a fictional rival cutting absurd perks before turning to AI, reinforcing Dollar Shave Club’s message that it invests in products, not gimmicks. RD

🧃Consumer Brands👚

💰Fundraises💰

• Mosa Meat has raised an additional €15 million to support regulatory approvals and move toward first meaningful revenues, even as fellow cultivated meat startup Meatable shuts down. The round was backed by Invest-NL, LIOF, PHW Group, and Just Eat Takeaway founder Jitse Groen. The company says it has cut production costs by 99.999% since its first €250k burger, signaling major progress toward commercialization. EUS

• Syremis Therapeutics has launched with $165 million in Series A funding to develop next-generation medicines for mental health conditions. The round was co-led by Dexcel Pharma and Third Rock Ventures, with participation from Bain Capital Life Sciences, GV, QVT, and Pictet. The funding will advance its clinical-stage pipeline, targeting underserved disorders like schizophrenia. BW

💸M&A💸

• TikTok has agreed to sell a majority stake in its U.S. operations to an investor consortium, including Oracle, Silver Lake, and Andreessen Horowitz, keeping ByteDance limited to a 20% share. The deal, approved by President Trump in September 2025, ensures TikTok and its TikTok Shop division continue operating in the U.S., following years of legal and regulatory pressure for a divestment. RTP

• The CMA is set to accept remedies in Vandemoortele’s acquisition of Délifrance, after concerns the deal could reduce competition in the UK frozen viennoiserie market. The proposed solution involves selling Délifrance’s UK business and two French production facilities to an approved buyer. FBM

• Laird Superfood is acquiring US organic brand Navitas for $38.5M, with private-equity firm Nexus Capital Management investing $50M in Series A stock to become a majority investor. JD

• The planned $950 million sale of nearly 120 J.C. Penney stores to private equity firm Onyx Partners has fallen through after repeated delays. The deal, first announced in July, was part of efforts to sell off real estate held by a trust formed during Penney’s 2020 bankruptcy. RD

• Savencia Fromage & Dairy is expanding its footprint in Brazil through the acquisition of Quatá Alimentos, a well-known family-owned cheese and dairy producer. The deal adds trusted local brands like Quatá and Glória to Savencia’s portfolio. Quatá’s strong heritage and sourcing from key Brazilian dairy regions strengthen Savencia’s position in the market. FBM

• Vacation has hired investment bank Raymond James to explore a minority stake deal, with a formal fundraising process expected to begin next year. Sources say the nostalgic sun care brand is most likely seeking capital from a financial sponsor as it looks to scale its lifestyle-driven positioning beyond DTC. BI

• Varun Beverages will acquire South Africa’s Twizza for R2.09 billion ($125.4M) in an all-cash deal. JD

• Nexture has acquired Italy’s Sipral Padana to expand its portfolio of value-added, semi-finished food ingredients. The deal strengthens Nexture’s capabilities in fat-based creams, nut ingredients and gelato products. Sipral employs 130+ people, generates over €80M in revenue, and serves customers in 20+ countries. FBM

↪️Rebrands & Relaunches↩️

• Anastasia Beverly Hills has completed a recapitalization anchored by a $225 million equity investment from founder and CEO Anastasia Soare, who remains the company’s majority owner. The deal, backed by lenders and TPG, significantly reduces debt and strengthens the brand’s long-term financial position. It follows TPG’s recent $600 million exit from the company. GCIM

🚀Debuts, Distribution & Expansion🚀

• BamJam is set to launch confidentially on Jan. 14 with a streamlined lineup of three flavors: Blueberry, Strawberry and Wild Berry. The spread will offer 8 grams of protein per serving and 60–70 calories, positioning itself as a low-calorie, high-protein option without added sugar, chalky textures or food dyes. The brand will ship nationwide via DTC and will debut in physical retail exclusively at Pop Up Grocer in New York starting next month. BJ

• Celsius is expanding its UK and Ireland lineup with four new zero-sugar fruit flavors—Raspberry Peach, Mango Lemonade, Kiwi Guava, and Strawberry Watermelon—set to launch in January 2026. RM

• Drmtlgy is entering brick-and-mortar retail for the first time with a nationwide rollout at Ulta Beauty starting Dec. 26, both in stores and online. The move strengthens Ulta’s science-backed skincare lineup with dermatologist-developed, medical-grade products at accessible price points. BND

• Foreo is launching a more affordable sub-brand aimed at younger shoppers, offering beauty tech products priced under $30 to attract cost-conscious consumers who may not splurge on its premium $200 devices. BI

• Lululemon will expand into six new markets in 2026—Greece, Austria, Poland, Hungary, Romania, and India—through franchise partnerships, even as it searches for a new CEO following Calvin McDonald’s departure on Jan. 31, 2026. The announcement comes after the company posted $2.6 billion in Q3 2025 revenue, up 7% year-over-year, driven by international sales despite recent market share losses. RTP

• French fashion brand Sandro is expanding in Latin America, opening new stores in Chile and Argentina, and planning a Mexico flagship in Los Cabos, aiming to strengthen its presence in high-growth regional markets. FBM

• Pacsun is ramping up brick-and-mortar expansion, opening its first new U.S. stores in 18 years and planning 20–35 locations over the next three years as foot traffic rises. The brand is also going international for the first time, with a Dubai debut in 2026 and up to 20 Middle East stores planned through a Majid Al Futtaim partnership. RD

• Brazil Edition has launched as a performance-driven haircare brand blending Amazonian butters with peptides, debuting with a $38 hair mask and $29 leave-in to target damage in the fast-growing prestige hair market. BI

• Women’s health start-up Evelyn has launched The PMS Bar, a hormone-free snack specifically designed to support mood, cravings, and energy during the luteal phase, featuring 11 active ingredients like complex carbs, prebiotic fiber, magnesium, vitamin B6, and L-tryptophan. RM

• Barnes & Noble plans to open 60 new stores in 2026, expanding its footprint across nine states and Washington, D.C., following dozens of openings in 2025. RTP

• Loonen, a new California-based bottled water brand, launched in select retailers and on Amazon after raising $6 million led by Brand Foundry Ventures. Founded by Clara Sieg and David Kimmell, the brand emphasizes safety amid concerns over PFAS, lead, and microplastics, sourcing water from protected mountain springs and providing lab-tested results via QR codes. FBM

• Zales has unveiled a new next-gen retail concept called The Edit, focused on personalization, self-purchase and digital integration. The stores feature open layouts, customization areas, one-on-one consultations and a digital companion tool using QR codes to connect shoppers to Zales’ full assortment. The concept is live in four U.S. markets, with another location opening early next year. RD

• Former Goop, Memebox and Kendo executive Jaimee Holmes has launched Fel Beauty at Sephora, debuting with a playful kiss-shaped lip-and-cheek balm that signals her confidence in the continued growth of the lip category. BI

• Build-A-Bear is launching an animated series, KABU, debuting Dec. 26, 2025 on its YouTube channel. Set in Kabuville, the show follows stuffed animal friends navigating friendship and growing up, with characters like Bearmey and Pawlette redesigned in a Japanese “kawaii” style. The series coincides with a new plush collection available in Build-A-Bear Workshops worldwide. RTP

🪇Collabs🪇

• Vinarchy has partnered with ASC Fine Wines to make them the exclusive importer and distributor of Jacob’s Creek wines in China starting 1 January, covering the full range from the accessible AU888 Series and Winemaker’s Selection to the premium Chosen Rows and Barrel Selection. JD

🔻Closures, Bankruptcies & Downsizes🔻

• Saks Global says it’s exploring all options to stabilize its finances and has not ruled out a potential bankruptcy filing, following reports it’s considering Chapter 11 as a last resort. The company emphasized that the luxury market remains strong and that it continues to see a long-term role for itself, as it faces a major debt payment due at the end of December. RD

• AB InBev plans to close its Fairfield, CA and Merrimack, NH breweries and sell its Newark, NJ facility to Goodman Group, aiming to consolidate operations and invest in remaining sites. Over 400 employees will be offered roles elsewhere as production shifts to other facilities. FBM

• Heineken is ceasing production at its north-eastern Brazil brewery and relocating output to another site in the region. JD

• The Honest Company will stop selling directly through its website on Dec. 28 and shut down its mobile app as part of a broader turnaround plan. The brand will shift fully to wholesale, selling through retailers like Walmart, Target and Amazon, while its website becomes an informational hub rather than a sales channel. RD

• AB InBev will close two U.S. breweries in Fairfield, California and Merrimack, New Hampshire, and sell its Newark, New Jersey site to Goodman Group as part of an operational consolidation. The closures, planned for early 2026, will affect more than 400 employees, with roles offered elsewhere in the company. AB InBev says the move will allow greater investment in its remaining facilities and growing brands. FBM

• Halewood Artisanal Spirits cut over 40% of its UK workforce, reducing headcount from 390 to 225, as sales faced pressure and inflationary costs rose. JD

💻Consumer Software💻

• Former Tesla associate Ghezal Ebrat has launched SearchBeaute.ai, a beauty-focused AI platform designed to personalize product discovery, positioning it as a ChatGPT alternative built specifically for beauty shoppers. BI

• Meta has acquired Singapore-based AI startup Manus for around $2 billion, following its rapid rise and strong commercial traction. Manus, known for AI agents that handle tasks like hiring, travel planning and financial analysis, reportedly generates over $100M in ARR. Meta plans to keep Manus independent while integrating its agents into Facebook, Instagram and WhatsApp as part of its broader AI strategy. TC

• Vibranium Labs raised $4.6M in seed funding to scale Vibe AI, the first 24/7 AI incident engineer, which proactively monitors and resolves IT issues to improve uptime. PRN

• Octopus Energy Group has raised €850M in its first standalone funding round for Kraken, valuing the AI-driven utility platform at €7.3B and formally spinning it out as an independent business. The round was led by D1 Capital Partners with participation from Fidelity, Durable Capital and Ontario Teachers’. Kraken powers energy and utilities operations globally and marks a major tech-focused demerger from Octopus Energy. EUS

• Vitalis Ventures has made a $15 million strategic investment in Drive Health to accelerate Avery, its Google-powered clinical workflow AI, bringing total funding to over $26 million. The capital will support product expansion, deeper collaboration with Google, and position the company for a Series A in 2026. PRN

• Buzzy has launched an AI-powered platform that helps creators and brands generate viral content ideas by analyzing social media trends and performance data. Instead of focusing on production, it tackles the biggest pain point: knowing what content to create. The platform aims to make viral success more repeatable by translating trends into emotionally resonant ideas. BW

• Architect Financial Technologies raised $35M in a Series A to expand AX, its centralized exchange for perpetual futures on traditional assets, serving institutional clients under Bermuda’s regulatory framework. PRN

• Luum has unveiled an upgraded version of its AI-powered lash extension robot and announced plans to expand across the U.S. The brand will open new shop-in-shop studios at Ulta Beauty and Nordstrom, with more locations rolling out through early 2026. BND

• Arcads.ai raised $16 million in seed funding led by Eurazeo to accelerate its U.S. expansion. Founded in 2024, the AI platform helps marketing teams quickly create social-ready videos — from UGC-style ads to product demos — and is already used by thousands of brands worldwide. PRN

• Traini raised $7.5M to develop AI systems that understand pet emotions and will launch the Cognitive Smart Collar, the first AI-powered human–dog “language” translator, available for pre-order. BW

• BriefCatch raised $6M in Series A funding to expand its AI-assisted legal writing platform, supporting law firms and courts with secure, expert-guided editing and drafting tools. PRN

Thanks for reading!

Glimpse and PRESENCE Marketing announced an official partnership to bring AI deductions management to their brand partners.“We’re constantly looking for innovative partners that drive real results for our clients,” said Andi Hendricks, VP of Professional Services at PRESENCE. “Glimpse’s AI technology directly addresses one of the biggest challenges our brands face, deductions, empowering them to recover revenue faster and focus on growth.”To help brands experience the platform firsthand, Glimpse offers a risk-free trial, including a 12-month audit look-back and dedicated recovery team to ensure success.

👉👉👉 Get started with Glimpse Here

This Week In Consumer

📰 Consumer News📰

• TJX, Ross and Burlington largely protected margins from new U.S. tariffs in Q3 by tightly managing inventory and pricing. TJX fully offset tariff pressure, while Ross and Burlington limited the impact through opportunistic buying and selective pullbacks. All three expect even stronger tariff mitigation in Q4. RD

• The Starbucks “Red Cup Rebellion” barista strike, which began on Nov. 13, has spread to 130+ cities, involving 3,800 union workers at over 180 stores, with solidarity actions in major cities worldwide including London, Paris, and Toronto. RTP

• Starting in 2027, Whole Foods will convert in-store food scraps into nutrient-rich chicken feed using Mill Commercial’s on-site technology, aiming to reduce waste, cut carbon emissions, and support a circular supply chain for its private-label egg suppliers. RTP

🧃Consumer Brands👚

💰Fundraises💰

• YSE Beauty has raised $15 million in Series A funding led by Silas Capital, with participation from L Catterton and existing investors. The funding will support expansion across all U.S. Sephora stores and continued growth of the brand’s direct-to-consumer business. BND

💸M&A💸

• Diageo has agreed to sell its 65% stake in East African Breweries (EABL) to Japan’s Asahi Group for $2.3 billion, marking Asahi’s largest investment in an African alcohol business. The deal includes Diageo Kenya Limited and its stake in spirits producer UDVK, while EABL will continue producing and distributing key Diageo brands under long-term licensing agreements. FBM

• Office Depot has officially gone private after an $842 million acquisition by Atlas Holdings, valuing ODP’s retail and B2B operations at about $1 billion. The deal includes new leadership, with Craig Gunckel appointed CEO following the departure of Gerry Smith. RTP

• Plus-size apparel retailers DXL and FullBeauty Brands have agreed to merge, with the deal expected to close in the first half of 2026. Led by FullBeauty CEO Jim Fogarty, the combined company will serve 34 million households, operate 296 stores and target $25 million in annual cost savings by 2027. RD

• Italian plant-based food company Valsoia has entered the European kefir market by acquiring a 70% stake in Slovenia’s Kele & Kele for about €3 million, valuing the business at €5.4 million. The deal marks Valsoia’s move into dairy and fermented foods, with an option to acquire the remaining stake in the future. FBM

• Gordon Brothers has acquired a majority stake in the Rachel Zoe brand’s intellectual property as part of its growth-through-licensing strategy. Rachel Zoe will remain a key shareholder and continue as founder, chief creative officer and board member. RD

🚀Debuts, Distribution & Expansion🚀

• Saudi-born haircare brand Clara has launched in the UK with a range of colorful, tech-led hair tools designed for quick, effortless styling. Priced between £120 and £220, the tools feature universal voltage and are suitable for all hair types. BND

• Ami Paris has opened its first Canadian store at Toronto’s Yorkdale Shopping Centre, marking a key step in its North American expansion. The 970-square-foot flagship will carry menswear, womenswear, and accessories, signaling the brand’s aim to grow North America to 20% of its business. WWD

• Polite Society has entered skincare with the launch of French Rose Milk Moisturizing Glaze Mist, a 3-in-1 serum-infused spray for hydration, prep, and makeup finishing. Formulated in Korea, the vegan, alcohol-free mist features French rose extract, hyaluronic acid, and niacinamide for a dewy, glass-skin effect. BND

• L.L. Bean plans to open eight new stores in 2026, including its first locations in Alabama and Tennessee, following strong performance from stores opened this year. The outdoor retailer also expects to add eight to 10 more stores in 2027 as it continues its retail expansion. RD

• Kroger has rolled out digital screens in the wine and spirits sections of nearly 600 stores, using Looma’s in-store media network to boost sales and shopper engagement, following a successful pilot and Looma’s broader expansion across 1,100 retail locations. RTP

• UK coffee brand Grind has opened its first railway station café at London’s Waterloo, expanding its travel retail presence. Developed with One Retail, the site adds to Grind’s partnerships with British Airways and Dubai International Airport and brings its total UK locations to 15. RM

• Walmart has launched drone delivery from six stores across metro Atlanta, expanding its partnership with delivery tech company Wing. The service covers groceries, household essentials and over-the-counter medicine, signaling Walmart’s push to make drone delivery a practical, everyday option for shoppers. RD

• Wine Enthusiast has opened its first brick-and-mortar store in Manhattan’s SoHo, offering wine lifestyle products like refrigerators, furniture, and glassware, marking a strategic step to complement its long-standing DTC and editorial presence. RTP

• Von Maur will open its first New Jersey store next fall at Freehold Raceway Mall, taking over a former Nordstrom space. The 164,000-square-foot, three-level location will be the chain’s 40th store, continuing its steady expansion while many department store rivals downsize. WWD

• Clarks has opened its first U.S. Cloudsteppers store in Corpus Christi, Texas, marking the brand’s shift from flip-flops into a broader lifestyle concept. Cloudsteppers is adding apparel, accessories and a new mens line, with more than 10 additional stores planned across the U.S. and Asia in 2026. RD

• Universal Music Group has expanded its UMusic Shops with new locations in New York and London, offering fans exclusive merchandise, artist-inspired collections, immersive experiences, and pop-ups, joining existing shops in Madrid and Tokyo. RTP

🪇Collabs🪇

• Ruggable has partnered with Anthropologie to launch a new rug and doormat collection available online and in Anthropologie Home Design Centers. The collaboration includes seven tufted rugs and three doormats at accessible-to-premium price points and reflects Ruggable’s broader distribution expansion strategy. RD

• Uber Direct has partnered with Shopify to offer U.S., Canadian, and French merchants on-demand delivery options—like one-hour, same-day, and scheduled deliveries—directly at checkout, helping retailers boost sales during peak moments while keeping costs and complexity low. RTP

🔻Closures, Bankruptcies & Downsizes🔻

• iRobot has filed for Chapter 11 bankruptcy and will be acquired by its main Chinese manufacturer, Picea, through a restructuring deal. The agreement wipes out most of iRobot’s debt, but shareholders will receive nothing, and the company will go private and delist from Nasdaq. RD

• U.S. vertical farming company AeroFarms will cease operations and close its Virginia facility after its largest investor withdrew funding, resulting in the loss of 173 jobs. FBM

• Rad Power Bikes filed for Chapter 11 bankruptcy and plans to sell the business within 45–60 days, while continuing operations to preserve relationships with riders, suppliers, and partners. TC

💻Consumer Software💻

• Coursera will acquire Udemy in a $2.5 billion all-stock merger, combining two major online learning platforms to strengthen growth and shareholder value, with the deal expected to close next year pending approvals. TC

• Google has launched Gemini 3 Flash, a fast and affordable version of Gemini 3, making it the default in the Gemini app and AI search, with strong benchmark performance rivaling top models like Gemini 3 Pro and GPT-5.2. TC

• MoEngage raised an additional $180 million in its Series F round, bringing total funding to $280 million, to expand its Merlin AI platform, grow teams across North America and EMEA, and pursue strategic acquisitions, while also completing a $15 million employee and investor liquidity event. PRN

• Radiant Nuclear has raised over $300 million for its semi-sized 1 MW reactor, valuing the company at more than $1.8 billion, in a funding round led by Draper Associates and Boost VC, amid a surge of investment in nuclear startups driven by growing tech and data center power demands. TC

• Australian medtech Ferronova raised $6 million to advance its nanoparticle image-guided surgery technology, designed to improve cancer cell detection and reduce recurrence risk; the Series A round brings total funding to $17.5 million, supporting ongoing trials in stomach and esophageal cancers with plans to expand research to the U.S. PRN

• Google’s vibe-coding tool Opal is now integrated into the Gemini web app, letting users create custom AI-powered mini apps, called Gems, through a visual editor that converts natural language prompts into app workflows without coding. TC

🛒eCommerce & Retail Tech🛒

• Temu has launched a Shopify app allowing nearly 3 million U.S. merchants to list and sell products directly on its marketplace, aiming to expand its U.S.-based assortment amid rising import costs and regulatory scrutiny. RTP

• Target is launching a new shopping app within ChatGPT, letting users get product ideas, build baskets, shop for groceries, and choose fulfillment options like curbside or in-store pickup, with future features including same-day delivery and Target Circle integration. MR

• Bookkeeper360 launched a mobile and web app featuring BOLT, its AI-powered virtual CFO, providing small businesses with real-time financial insights, personalized guidance, and seamless integration with QuickBooks, Xero, and Gusto. BW

• Urban Outfitters’ parent company URBN is adopting Inspectorio’s AI-powered supply chain platform to navigate complex global regulations, including France’s Anti-Waste Law, the EU Deforestation Regulation, and upcoming Digital Product Passport rules. RTP

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Hey friends,

On today’s episode, I chat with Michael Duda, Founder and Managing Partner of Bullish, the consumer-focused investment firm behind brands like Peloton, Warby Parker, Harry’s, and Hims.

This is the third time Michael has been on the podcast and he also was our keynote for our Austin Summit in October. I’m very grateful for Mike’s early support of this platform.

Michael has spent more than a decade backing consumer companies through multiple cycles, and this conversation is a grounded look at what actually works in venture when the hype fades. We talk about why consumer has fallen out of favor in recent years, why the industry’s obsession with 100x outcomes misses the point, and how Bullish thinks about power-law returns in a category that’s often labeled “boring.”

We also dig into how Michael evaluates founders versus ideas, why great products matter more than great marketing, and when celebrity involvement helps—or hurts—a brand. He shares his perspective on how AI is changing consumer businesses behind the scenes, and why the shrinking middle class is forcing founders to rethink who they’re really building for.

If you’re building or investing in consumer and want a clearer, more honest view of venture outside the hype cycle, this episode is a thoughtful conversation with someone who’s been doing it for a long time.

Here’s what you’ll learn:

✅ Why consumer can generate power-law returns (if you invest early enough)
✅ The difference between moonshots and real venture outcomes
✅ Why most founders raise too much capital—and regret it
✅ How Bullish underwrites founders vs. ideas at pre-seed and seed
✅ Why great products beat great marketing every time
✅ When celebrity involvement actually helps a brand
✅ How AI is speeding up consumer innovation without replacing taste or judgment ✅ Why the shrinking middle class is changing who brands are really built for
✅ What Michael has changed his mind about after 15+ years in venture

Timestamps

• 00:00 Intro

• 01:00 Can Consumer Produce Power-Law Returns?

• 04:45 Why 100x Outcomes Are Rare in Consumer

• 08:00 Stability vs Moonshots in Venture

• 12:00 Bullish’s Consumer-First Investment Strategy

• 15:30 How Much Capital Is Too Much Capital

• 18:00 Founder vs Idea: What Matters More

• 21:00 How Bullish Uses Consumer Insights

• 24:30 Product vs Marketing (and Why Marketing Fails)

• 27:30 Celebrity & Creator-Led Brands Explained

• 31:30 Why Bullish Is Shifting Back to Pre-Seed

• 36:00 When Pre-Launch Investing Makes Sense

• 39:00 AI’s Real Impact on Consumer Businesses

• 44:10 The Shrinking Middle Class & Consumer Spending

• 48:30 How Founder Profiles Are Changing

• 52:30 What Michael Has Changed His Mind About

• 55:00 Final Thoughts on Consumer VC

Thanks for listening!