Tesla pulls plug on Home Depot solar plan
Tesla had big plans to sell its residential clean energy products at Home Depot. The plan called for about 800 of the retailer’s stores to carry renewable energy merchandise, including solar panels.
But that’s not the case anymore. In an email to employees, Tesla CEO Elon Musk revealed that his company is pulling out of its arrangement with Home Depot. Instead, Tesla will sell the products at its own store and online.
The move is conjunction with a 9% workforce reduction plan Tesla disclosed yesterday.
“In addition to this company-wide restructuring, we’ve decided not to renew our residential sales agreement with Home Depot in order to focus our efforts on selling solar power in Tesla stores and online. The majority of Tesla employees working at Home Depot will be offered the opportunity to move over to Tesla retail locations,” Musk told Tesla employees.
After the email was leaked to the media, Musk shared the entire memo via his Twitter feed.
“Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are difficulty to justify today,” Musk wrote.
Tesla bought SolarCity Corp., a national solar panel installer, in 2016 for $2 billion. SolarCity sold products through The Home Depot under its own brand, which was later folded into the Tesla banner.
In the past 15 years, Tesla has yet to turn an annual profit and has only posted two quarters of profits during that span.
This past February Tesla said it was setting up kiosks in 600 Home Depot stores with a total of 800 planned. The kiosks will now be removed by the end of the year, according to Tesla.
The Home Depot operates 2,200 locations in the United States.
Trending Stores: Cuyana, New York City
Online women’s apparel brand has opened its first store in New York City, in Manhattan’s SoHo neighborhood.
It’s the third permanent physical location for the start-up, which also has an outpost in its San Francisco hometown and another in Los Angeles. With its minimalist aesthetic, the SoHo space reflects the brand’s philosophy of “fewer, better,” and features a curated selection of wardrobe essentials, as well as on-sit monogramming.
Founded in 2013 by two young female entrepreneurs, Cuyana describes the New York store “as an experience created by women, for women.” According to a report by psfk, every aspect of store was planned and created with Cuyana shoppers in mind—it even has dedicated spaces for shoppers to put their purses down.
Cuyana combines its simple but stylish merchandise with a strong social message. Shoppers who select the “Lean Closet” option at checkout will receive a linen bag from the company to fill with the things they no longer want. After mailing the bag back to Cuyana with the included shipping label, the shopper will receive a $10 credit towards their next purchase. The donated clothing is given directly to victims of abuse, to help them get a fresh start.
As for the brand’s name, Cuyana means “to love” in the native language of co-founder and CEO Karla Gallardo, who hails from Ecuador.
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Suitsupply hits store milestone
A Dutch menswear brand known for its affordable, expertly tailored suits and stylish vibe continues to expand its store footprint.
Suitsupply has opened its 100th store, on Newbury Street in Boston. The 9,000-sq.-ft., four-level store, the company’s 37th location in North America, reflects the brand’s destination location strategy and features a terrace where customers can relax and a cafe. The merchandise selection includes both off-the-rack and made-to-measure suits as well as separates and accessories. Services include on-the-spot alterations made by in-store tailors.
Founded online in 2000 as a vertically integrated brand, Suitsupply soon expanded into brick-and-mortar. It opened 27 new outposts in 2017. So far this year, the retailer has set up shop in Sydney, San Diego, St. Louis, Helsinki, Stockholm and Boston. It will open its first store in Frankfurt – and its sixth in Germany – this summer.
Moving forward, Suitsupply plans to continue to expand its physical footprint and grow its in-store and online business across North America, Europe and Asia. The company sees significant opportunity worldwide and expects the business will continue to grow.
“In a time when many brands are closing stores, we believe there is more growth ahead of us than behind us,” said Fokke de Jong, Suitsupply’s founder and CEO. “People are drawn to Suitsupply because of the energy and flair we bring to tailoring. They want to experience our brand and product both in person and online. We’re excited for the future and see much opportunity ahead.”
Click here for a video on Suitsupply.