New York—News from this week centered for the mightiest and the smallest as well.
Nothing in the discount world will seem mightier than the new Dollar Tree which acquired Family Dollar in a merger that will create an $18 billion, 13,000-store chain covering 48 states and five Canadian Provinces.
Kering, the luxurygoods conglomerate behind Gucci, reported sales at its flagship brand were down 2.4% in comp sales. Meanwhile, smaller brands, Saint Laurent were up 29% exceeding the 22% gain predicted. Gucci’s overall decline in revenue was offset by strong performances by some of Kering’s other luxury brands, including Bottega Veneta and Yves Saint Laurent. Bottega Veneta’s revenue was up 13%, while Yves Saint Laurent’s rose 26%.
Athleticwear giant Under Armour continues to report strong sales momentum. Net revenues jumped 34% to $610 million from $455 million a year ago. Apparel revenues grew 35%, and footwear revenues increased 34%, with its Highlight ClutchFit and SpeedForm “resonating” with consumers. Then with its bullish forecast, Under Armour is well position to assume the No. 2 spot behind Nike.
As for small things that grow bigger and bigger. Just ask Bella Weems, the teen entrepreneur who founded Origami Owl, a home selling concept. Last week Weems performed before 5,000 of her company’s “designers,” the men and women who sell more and more of her customized jewelry concept.
Other stories not to miss from the week include: