Today In Retail: Abound Lands $22.9 Million In Series A; Kirkland’s Projects 1.8 Pct Comp Sales Increase
In today’s top retail news, Abound landed nearly $23 million in a Series A funding round, while Kirkland’s, Inc. anticipates a comparable sales rise of 1.8 percent. Plus, Hermès posted a 12.3 rise in fourth-quarter sales.
Wholesale Marketplace Abound Notches $22.9 Million in Series A
Abound raised $22.9 million in a funding round headed up by Left Lane Capital, with additional support from RiverPark Ventures, All Iron Ventures and Red Antler. Every product on the firm’s platform is listed at wholesale price, which could be as much as 50 percent under retail. “In a very short period of time, Abound has been able to attract thousands of brands and retailers across the U.S. and U.K.,” Abound CEO and Co-Founder Bill Shope said in a release.
Home Décor Retailer Kirkland’s Anticipates 1.8 Pct Comp Sales Rise
Kirkland’s, Inc. announced as part of its preliminary Q4 results that it foresees a comparable sales increase of 1.8 percent. The home décor specialty retailer said it foresees adjusted earnings per diluted share in the range of $1.35 to $1.45, along with net sales of approximately $195 million. Kirkland’s presently runs over 370 shops in 35 states in addition to an eCommerce site. Its stores provide merchandise including home décor, furniture and wall décor.
Hermès Outpaces Luxury Rivals as Q4 Results Show Chinese Demand for $15K Purses
Formidable Asian demand for leather bags, wallets and even $900 sneakers saw Hermès register a 12.3 percent rise in fourth-quarter sales. The surprisingly formidable sales at Hermès come at a time when most of its competitors have not been as fortunate. “With over 20 percent retail revenue growth in the fourth quarter, Hermès appears to be in a different league,” Citi Analyst Thomas Chauvet told Vogue Business.
Tanger’s Open-Air Outlet Malls Recover 90 Pct of Q4 Customer Traffic
Tanger Factory Outlet Centers said that customer levels at its three-dozen high-end open-air shopping campuses reached 90 percent of pre-pandemic traffic levels in the fourth quarter, and 99 percent for the month of January. The North Carolina-based company said the attraction of fresh air along with a very good value proposition for merchants and consumers was a combination that couldn’t be replicated by online shopping or other physical formats.