Layoffs at Shopify, Glossier goes wholesale

Shopify lays off 10% of workforce

About 1,000 people were let go Tuesday at the ecommerce software company. The reason: Shopify's growth strategy hinged on ecommerce continuing to gain share of retail at the same rate as the early pandemic boom. But now that the trajectory has pulled back closer to its pre-pandemic trend line, it’s “clear that bet didn’t pay off,” CEO Tobi Lütke said.

Glossier is embracing in-person retail 

After playing an outsize role in creating the direct-to-consumer playbook used by many startup brands, Glossier is embracing a more traditional route to growth under new CEO Kyle Leahy. The beauty brand is adding wholesale through its first retail partnership with Sephora in a move that will see its products on shelves early next year. Meanwhile, it is planning to expand its own collection of stores, including a new location opening in Washington, DC, this week.

More signs emerge that inflation is altering shopping habits

After Walmart’s profit warning on Monday, Unilever executives said Tuesday that “peak cost inflation” wasn't likely to come until the second half of the year. The consumer goods company’s prices rose 11% year-over-year in the second quarter. It also spent more on marketing to raise brand awareness at a time of potential switching to private label.

Consumer confidence slips for third straight month

In this month's reading, the Conference Board’s measure of consumer attitudes and expectations was at its lowest level since February 2021. Amid inflation, intentions to purchase cars, homes and major appliances all fell. "Looking ahead, inflation and additional rate hikes are likely to continue posing strong headwinds for consumer spending and economic growth over the next six months,” said the Conference Board’s Lynn Franco.

On the Move: New CEOs at Calares, Depop and Hanna Andersson

This week, Amazon's top policy and PR executive is heading to Airbnb, while Instacart’s founder is departing the board. Plus, Depop, Calares and Hanna Andersson have new CEOs. Check out the latest executive-level hires at Mars Wrigley, Saucony, Nordstrom and more.

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