American Eagle invests in hot online company
American Eagle Outfitters is taking its partnership with Dormify to a new level.
The teen retailer is the lead investor in a $3.45 million Series A investment in Dormify. The online retailer that caters to college and dorm supplies plans to use the investment to scale talent, expand pop-up locations, and enhance the online experience for their customers.
Specifically, Dormify plans to use the funding to create an even more personalized online shopping experience. Dormify also plans to launch additional pop-up locations in the spring of 2019 to coincide with the excitement of college decision day.
Dormify’s first three pop-up stores opened in May in New York City, Chicago, and Washington, D.C. Each store enabled customers to explore merchandise and styling ideas before making a purchase, as well as order merchandise in-store, and have items shipped directly to their dorm.
In addition to these ventures, the retailer will continue to scale its “Dormifam” on-campus ambassador program, a move that will enable the company to stay engaged with its devoted college following, according to the company.
The deal is an extension of an existing relationship between the two companies. In addition to co-developing bedding sets with Dormify, American Eagle sells the collections online and at its Union Square store in New York City.
“We are thrilled to have the support of AEO as Dormify continues to build the ultimate destination for college and small spaces,” said Amanda Zuckerman, Dormify’s co-founder and creative director. “This investment will allow us to continue to make our mark within the back-to-college industry, and through our strong partnership with American Eagle, Dormify will have the opportunity to connect with even more students across the country.”
Private brand joins an exclusive club at Target
Target Corp.’s decision to focus on owned and exclusive brands seems to be resonating with shoppers.
The discounter said that its A New Day apparel brand, which just celebrated its first anniversary, has reached an impressive milestone: $1 billion in sales. The label has become Target’s most expansive owned-brand across women’s apparel and accessories, with a continuous roll out of new styles. It joins other billion-dollar Target owned brands Cat & Jack, Threshold. Up & Up, Market Pantry and Room Essentials.
“A New Day is the foundation of our women’s apparel and accessories assortment, and we’re pleased with the love we’ve built in just one year — but we’re not stopping there,” said Mark Tritton, Target’s executive VP and chief merchandising officer. We’re continuing to refine our offerings to bring guests the quality, value and style they’ve come to expect from only-at-Target brands.”
Giant Food Stores expands its store network
Supervalu continues to shed its retail assets.
Giant Food Stores has entered into an agreement with Supervalu Inc., which was acquired by United Natural Foods this past summer, to acquire five corporately-owned Shop ‘n Save locations. Two of the stores are located in West Virginia, one in Virginia, one in Pennsylvania and one in Maryland.
The terms of the deal were not disclosed. Once the sale is completed, Giant plans to convert the Shop ‘n Save stores to its Martin’s Martin’s Food Markets banner.
“This acquisition demonstrates our continued commitment to the long-term growth strategy we announced earlier this year,” said Nicholas Bertram, president, Giant Food Stores. “We look forward to expanding the Martin’s brand along the Interstate 81 Corridor and within the Eastern Panhandle of West Virginia.”
This acquisition comes on the heels of a series of strategic investments that Giant has recently made in its store fleet and family of brands within Pennsylvania, including the introduction of the new Giant Heirloom Market in Philadelphia, the acquisition of Darrenkamp’s Willow Valley Square location and a new e-commerce hub, both in Lancaster, plus new stores planned for the East Stroudsburg and Walnutport communities.
The sale is currently expected to close during the first quarter of 2019, subject to customary closing conditions.