In today’s top retail news, Wolverine World Wide said its reported revenue in the first quarter of 2021 climbed by about 16 percent, while the Visa U.S. Spending Momentum Index (SMI) reported a reading of 136 in April 2021. Plus, TikTok is reportedly experimenting with in-app commerce.
Wolverine World Wide, whose portfolio includes labels such as Merrell and Saucony, said its reported revenue in the first quarter of 2021 increased by roughly 16 percent from the prior year. Chairman and CEO Blake W. Krueger said in an announcement that Merrell revenue grew by almost 25 percent in Q1, while Saucony revenue was up almost 60 percent from last year.
The Visa U.S. Spending Momentum Index (SMI) posted a reading of 136 in April 2021, showing that the American economic recovery remains on steady ground. Visa Chief Economist Wayne Best said the SMI’s newest reading “provides evidence that consumer confidence is building as the pace of vaccinations increases and restrictions are eased across the country.”
TikTok, the social media platform, has started working with merchants in Europe to pilot in-app sales, an action that will likely increase its rivalry with Facebook. TikTok is reportedly working with brands that include a streetwear label to discover ways it can sell merchandise to the app’s millions of European users.
Even though last year might have been a washout for the wedding sector, this year is seeing a surge in marriages in the aftermath of the pandemic as more and more couples are in a rush to get married. And David’s Bridal rolled out a new 24/7 YouTube channel that provides nuptially-inclined consumers an around-the-clock video stream of other people’s weddings.
May 12, 2021 at 05:28PM