In today’s top retail news, Faire has landed $260 million in funding headed up by Sequoia Capital, while Miley Cyrus has become a creative advisor to Hims & Hers. Plus, the National Retail Federation (NRF) revised its yearly forecast for 2021.
Faire, a digital wholesale marketplace for retailers and brands, has notched $260 million in funding led by Sequoia Capital at a $7 billion valuation. The infusion comes on the heels of the firm announcing its Series E round at a $2.5 billion valuation in November, which Sequoia also led. “This latest round is validation that our vision of a more democratized future for retail is resonating with many of the best investors in the world,” the firm said in a press release.
Miley Cyrus has signed onto Hims & Hers as a creative advisor. “In this new advisory role, I hope to work closely with the company and introduce my fans to an easier, more personalized skincare journey,” Cyrus said in a press release. The star will work with the company on the Hers line of prescription skincare items, beginning with new promotional campaigns and social content. Hims & Hers, for its part, recently began trading on the New York Stock Exchange.
The NRF has revamped its yearly forecast for 2021, now saying that retail sales are likely to expand in the range of 10.5 percent to 13.5 percent, totaling more than $4.44 trillion. “The economy and consumer spending have proven to be much more resilient than initially forecasted,” NRF President and CEO Matthew Shay said in an announcement.
In as much as a 5 percent stock price move is usually headline news for most public firms, in the world of meme stocks — where GameStop remains the reigning champ — single-digital trading gains and losses are viewed as yawners. So, when the firm revealed that it was staffing its front office with two eCommerce and tech leaders from Amazon, investors were clearly happy, yet they took a much more wait-and-see approach until the firm’s new CFO and CEO arrive.