The Weekly Closeout: Levi’s adds Target vet to board, plus more Black Friday ‘standouts’

Company Updates - Levi Strauss & Co. appointed Jeffrey Jones to its board, effective January 21, with a focus on governance and compensation committees [2] - Jeffrey Jones, CEO of H&R Block since 2017, will retire on December 31 and has a background in brand and digital strategy from his time at Target [3] - Jones is expected to leverage his experience in consumer insights and brand building to enhance Levi's transformation into a direct-to-consumer retailer [4] Industry Developments - The Athlete's Foot launched an e-commerce platform in the U.S., expanding its reach beyond physical retail for the first time in over 50 years [5] - The new platform aims to grow the brand's footprint and attract new customers, complementing its existing 400+ stores worldwide [5] Product Launches - Playboy, in partnership with Fire Brands, introduced a new line of energy drinks featuring the iconic Playboy branding, available in five flavors [6][8] - Each Playboy Energy Drink contains 200mg of caffeine and 30 calories, targeting a younger demographic of creators and tastemakers [8] Consumer Spending Insights - Moody's analysts project a 1.5% growth in consumer spending for the next year, a decline from 2.5% in 2023 and 3% in 2024, with retail expected to be particularly affected [9][10] - Factors contributing to this slowdown include rising unemployment, stagnant wage growth, and increasing costs in healthcare and childcare [10] Retail Performance - Early indicators from the holiday shopping season show that On and Hoka performed well, with significant increases in sell-out percentages during Black Friday and Cyber Monday [12] - On's sell-outs improved by 650 basis points, while Hoka's grew by 550 basis points, indicating strong consumer interest [13] - Nike's running category also saw growth, with sell-outs improving by 380 basis points, attributed to successful product launches and category realignment [14]