Trump Likely to Extend TikTok Ban Deadline, Joyride Lands $30 million, Freestyle Snacks Launches in Target & More
Consumer Roundup #122 – The Latest News in Emerging Consumer Brands, Tech & Commerce Enablement From the Week of June 2nd
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📰 Consumer News📰
A Skechers investor group is suing the company over its $9.4 billion go-private deal with 3G Capital, alleging violations of federal securities law. The suit claims Skechers failed to file a required Schedule 13E-3 with the SEC and names CEO Robert Greenberg and President Michael Greenberg in the complaint. RD
US vodka maker Timeless Spirits sued Bacardi in Texas, alleging trademark infringement over Bacardi’s use of the slogan “Make Moments Matter,” claiming it violates Timeless’ registered trademark “Timeless Vodka Moments Matter, Make Them Timeless” since 2020. JD
Trump is expected to sign an executive order extending the TikTok deadline for a third time, delaying enforcement of a law that would ban or force the sale of the app amid ongoing trade talks with China. WSJ
New York’s Senate passed the Packaging Reduction and Recycling Infrastructure Act to cut single-use plastic packaging by 30%, ban 17 toxic packaging materials, and shift waste management costs from taxpayers to producers; the bill now heads to the State Assembly for approval. JD
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🧃Consumer Brands👚
💰Fundraises💰
Joyride, the sour candy brand backed by YouTube star Ryan Trahan, has raised $30 million, according to an SEC filing. Relaunched in February 2024 with Trahan as chief creative officer, the company—formerly Project 7—offers a low-sugar candy line featuring sour strips, ropes, wedges, and gummy busters. NOSH
💸M&A💸
Coca‑Cola bottler Arca Continental has agreed to acquire Tulsa‑based vending‑machine operator Imperial, expanding its U.S. footprint; financial terms were not disclosed. JD
Michaels has acquired the intellectual property and private label brands of bankrupt Joann, adding over 600 fabric, sewing, and yarn products to its lineup. Joann filed for bankruptcy twice in less than a year and began closing its 790 stores in March 2025. Michaels will also develop Joann’s Big Twist brand as part of its portfolio. RTP
🚀Debuts, Distribution & Expansions🚀
Peloton has launched a beta version of its resale marketplace, Peloton Repowered, in Boston, NYC, and D.C. The platform connects local buyers and sellers of used equipment, with sellers keeping 70% of the sale price and getting discounts on new gear. A national rollout is planned. RD
Farfetch is expanding into South Korea via integration with Coupang’s R.Lux luxury app. The move gives Farfetch access to millions of high-spending South Korean consumers, offering fast delivery and free returns. This partnership aims to boost Farfetch’s presence in one of the world’s top luxury markets, where spending hit $16.8B in 2022. WWD
JW Pei has opened its first New York City pop-up at 42 Crosby Street in SoHo, marking its retail debut and launch into ready-to-wear. The store, open through December, features floral gowns, faux-suede sets, and the brand’s signature vegan handbags and shoes, with exclusive drops planned. WWD
PayMore opened 19 new stores in the U.S. and Canada in Q2, moving closer to its goal of 150 stores by the end of 2025, up from 71 at the start of the year. The franchise retailer, which pays cash for used electronics like smartphones and gaming systems, began its expansion earlier in March by opening 18 locations and aims to more than double its footprint across the U.S., Canada, and the UK this year. RTP
Kurt Geiger has deployed the mobile-based NewStore Omnichannel POS across 70+ stores in the U.S. and UK, including its Carvela brand. This system allows store associates to complete purchases and manage endless aisle, ship-to-store, BOPIS, and BORIS transactions using just an iPhone or iPad anywhere in-store. RTP
Freestyle Snacks, founded by Forbes 30 Under 30 alum Nikki Seaman, is launching in 280 Target stores nationwide on June 8. The brand offers single-serve, no-brine, no-pit pouches of marinated Greek olives in flavors like Lemon Garlic, Green Olive Original, and Kalamata. MSRP: $1.79. Images
🪇Collabs🪇
Disney and Gap Inc. are expanding their partnership with a reciprocal loyalty program, giving Disney+ subscribers access to Gap brand perks and vice versa. Launching in June, the collaboration includes exclusive offers, early product access, and a new Old Navy x Disney summer collection, with pop-up events planned in major U.S. cities. WWD
Five Below has partnered with Uber Eats to offer delivery from over 1,500 stores, featuring toys, games, candy, crafts, tech, room décor, beauty, and graphic T-shirts, with $0 delivery fees for Uber One members. RTP
Sephora has partnered with NielsenIQ in a multi-year data-sharing deal to gain deeper insights into North American beauty shoppers. By sharing its omnichannel sales data, Sephora enhances NielsenIQ’s market coverage and, as a Recommended Insights Partner, gets expanded access to consumer behavior analytics across online and offline channels through NielsenIQ’s Omnishopper and Digital Purchases solutions. RTP
↪️Rebrands & Relaunches↩️
Big Lots will reopen 78 more stores, bringing the total to 219 under new owner Variety Wholesalers. The latest openings span nine states and mark the final wave of the retailer’s store relaunch. RD
🔻Closures, Bankruptcies & Downsizes🔻
Torrid plans to close up to 180 stores—around 30% of its total locations—in 2025, significantly more than originally planned. With e-commerce already making up nearly 70% of sales, the retailer aims to shift further online, expecting stores to account for just 25% of sales next year. RD
CVS plans to close 271 stores in 2025 as part of a multi-year effort to save $2 billion, adding to 900 closures since 2021. Despite this, CVS still operates over 9,000 locations. The pharmacy sector faces challenges, with Rite Aid filing for bankruptcy and Walgreens going private in 2025. So far in 2025, 39 CVS stores have closed or are set to close across 14 states and D.C., with the highest numbers in D.C. and New York. RTP
💻Consumer Software💻
💰Fundraises💰
Auto insurer Crabi has raised $13.6M in a round led by Kaszek and IGNIA, with participation from several other firms. The funds will support the expansion of its distribution network and the development of its AI-powered operations and underwriting tools. LII
Deep Sentinel, an AI-powered security company, has raised $15 million in oversubscribed Series B funding led by Egis Capital Partners, with continued backing from Intel Capital and others, to accelerate growth after doubling year-over-year sales bookings. PRN
Kiwi has raised $7.8 million in Series A funding to scale its AI-driven credit platform for underbanked U.S. Latinos, bringing its total equity funding to over $15 million. FFN
Rosebud has raised $6 million in seed funding to grow its AI-powered journaling app, which offers insights and guidance for self-reflection and personal growth. TC
Clara Home Care, a platform for hiring in-home senior caregivers, has raised $3.1M in seed funding led by Torch Capital, Virtue, and Y Combinator, with plans to expand nationally. FY
London-based indie streamer Mubi has hit $1B valuation after a $100M Sequoia-led round, positioning itself to compete with Netflix, Amazon, and Disney. TFN
🛒eCommerce, Retail Tech🛒
💰Fundraises💰
Nectar Social, a Seattle-based agentic social commerce platform for brands, has raised $10.6M in pre-seed and seed funding co-led by True Ventures and GV, with plans to expand operations and development. FSMS
Ballers, a new hospitality-driven social sports venue, will launch its Philadelphia flagship in July, blending top-tier sports facilities, recovery spaces, and dining to create vibrant hubs for all ages. Backed by Good City Studio and Vero Capital, Ballers plans to expand to Boston and Miami by 2026 with a $30M launch pipeline, tapping into the racquet sports boom. PRN
Thanks for reading!