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90 Second News Issue #37
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0:06- Expensive makeup and discount clothes
Sephora announced yesterday that they would be installing more than 850 shops inside of Kohl’s ($KSS) stores across the nation by 2023. This marks the end of their relationship with J.C. Penney ($JCPNQ), who declared bankruptcy in May, and is a direct mimic of Ulta Beauty’s ($ULTA) move to partner with Target ($TGT) in over 100 stores by the end of next year. 200 of the 850 stores will open by next fall, and Sephora items will also be available on Kohl’s website. Get that Kohl’s Cash ready!
0:30- Even Black Friday wasn’t immune to the effects of the pandemic
U.S shoppers spent about 14% less from Thanksgiving through Cyber Monday than they normally do, spending slightly less than $312 per person. A much more significant portion of that was online though, as in-store shopping tanked by more than 37% from 2019 numbers. This was fueled largely by retailers either being closed or limiting the amount of shoppers inside their stores.
0:46- Nasdaq demands diversity
Nasdaq reached out to the SEC (no, not the football conference) yesterday asking permission to adopt a new set of requirements for companies on its exchange. Among those proposed regulations are requirements that the companies must have one woman, and one “diverse” director in their boardroom, and consequently report statistics on boardroom diversity. If they don’t comply, they would face delisting.
1:02- Salesforce makes it official
The rumors were confirmed yesterday as Salesforce officially announced that they would be buying Slack for a combined $27.7bn in cash and stock. This comes off the news that Slack has struggled with growth during the pandemic compared to Microsoft Teams, their main competitor. Teams has added more than 75 million users since March, and Slack… has not.
1:18- Some food related news for the holidays
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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