Today In Retail: Levi Strauss Benefits from Need for New Clothes; Best Buy Rolls Out New Subscription Nationally
In today’s top retail news, Levi Strauss & Co.’s sales continue to grow as consumers seek refreshed wardrobes, while Lululemon is preparing to bring its connected fitness platform Mirror to its home country of Canada. Also, Best Buy is pushing its new Totaltech membership to customers across the U.S., and Target is partnering with Affirm and Sezzle to offer buy now, pay later (BNPL) payment options.
Consumers Continue to Seek Refreshed Wardrobes, Boosting Levi Strauss Sales
Increased casualization and a need for new clothes are driving continued growth for apparel giant Levi Strauss, with the company citing its diversified supply chain as helping it avoid the worst of the global supply chain crisis. Officially, Levi Strauss recorded $1.5 billion in revenue in the third quarter, up 41% compared to the same period last year and up 3% versus 2019.
Lululemon to Launch Mirror in Canada
Athleisure apparel company Lululemon plans to bring Mirror, the interactive home gym, to almost 40 Canadian stores, with the connected fitness equipment available for in-store and online purchases starting Nov. 22. Canadian shoppers can sign up in store to buy Mirror when it’s available and register for a limited time offer as part of the lead-up to its unveiling. Lululemon purchased Mirror for $500 million in July 2020.
Best Buy Rolls Out Tech Support Subscription Nationwide
Best Buy is rolling out its Totaltech membership across the U.S., letting users access 24/7 Geek Squad support, two years of product protection, members-only prices, free delivery and standard installation. The program also lets them access the Member Monday event series, which comes with exclusive deals, and will also let members access rarer tech goods in the holiday season. The program costs $199.99 annually.
Target’s Twin Announcements Show Nuances of How BNPL is Used
Commerce giant Target said this week announced not one, but two agreements with BNPL providers, Sezzle and Affirm, showing that not all programs are created alike, focus on the same customers, or are used by consumers interchangeably. Affirm, for instance, can only be used at Target for purchases over $100, while the Sezzle integration is meant for smaller ticket items such as party supplies and pajamas.