All Access

Retail Deals

Standard

Retail Deals Alerts

Alert

Retail Deals Thought Bubble

Thought Bubble

mustard

BFD Expert Voices - Retail Deals

BFD Expert Voices

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

pittsburgh

atlanta

san-diego

charlotte

boulder

washington-dc

kansas-city

dallas

denver

detroit

des-moines

austin

boston

chicago

cleveland

columbus

houston

indianapolis

miami

nashville

new-orleans

nw-arkansas

philadelphia

phoenix

portland

richmond

salt-lake-city

san-antonio

san-francisco

seattle

tampa-bay

twin-cities

raleigh

huntsville

axios-local

axios-pro

axios-live

the-axios-show

Outdoor brand Cotopaxi will book more than $150 million in revenue this year, CBO Brad Hiranaga tells Axios.

Why it matters: That's despite outdoor retail sales declining 3% last year following a pandemic sales boom, per the Denver Post.

Sector leader VF Corp. has reported significant declines across its portfolio and is conducting a turnaround after selling streetwear brand Supreme for $1.5 billion.

Reality check: Hiranaga notes growth has been slower than expected for the Utah-based company — though in early 2023, Cotopaxi announced that it had passed $100 million in revenue in 2022.

The downturn in outdoor buying didn't affect the brand until the second half of last year, he says.

The big picture: COVID got more people outside and built demand to an unsustainable level, but long-term it's a boon for the industry, Hiranaga says.

Catch up quick: Cotopaxi, less than a decade old, reportedly conducted layoffs earlier this year, per the Salt Lake City Tribune.

The company raised $45 million in 2021 from Bain Capital Double Impact, the impact investment arm of the PE firm, per reports.

Industry sources told Axios that Cotopaxi sought to raise additional capital last year.

The latest: Hiranaga says the company has ongoing discussions, particularly for early or long-time investors that may want to exit, but nothing is imminent.

The intrigue: Cotopaxi wants to build momentum around social impact and protecting the environment and is taking steps to become more sustainable, Hiranaga says.

What they did: Financial and impact targets are entwined, so if executives don't hit both, they don't earn their incentives, Hiranaga says.

Cotopaxi's foundation awards 1% of the company's revenue to groups that alleviate extreme poverty in Latin America, he says, for example.

It also has products, such as The Del Dia Collection, made from leftover deadstock fabric.

In addition, the Certified B Corp. introduced its re-commerce platform Más Vida, which is in partnership with Trove, he says.

What they found: The brand has attracted top talent that it wouldn't have otherwise, Hiranaga says.

Current Cotopaxi CEO Daniel Huang, who came aboard in 2022 as president before being promoted last year, led Eddie Bauer.

He also served as vice president of design and merchandising for Patagonia and product director at The North Face.

What's next: The company recently launched the Allpa travel pack, a backpack that folds out like a butterfly to store more items and can function as a carry-on for plane travel.

The idea is to offer more products that solve products via innovative design, Hiranaga says.

It plans to add bottoms and sportswear to its core jacket offering, he adds.

Cotopaxi growing amid outdoor headwinds

Illustration of a tent made out of money.

Amulet raised a $5.8 million Series A to bring its allergy detection product to more consumers and businesses, CEO Abigail Barnes tells Axios exclusively.

Why it's the BFD: The kind of wearable tech the company is developing lets people test for food allergens on the go.

Zoom in: The round was led by HealthX Ventures, with participation from Incite Ventures, AllerFund, Mendota Venture Capital, Great Oaks Venture Capital, Daydream founder Julie Bornstein, and investor Diede van Lamoen.

Amulet raised a $3.3 million seed round in 2020.

How it works: The company provides individuals and businesses with portable sensors that can rapidly detect allergens, toxins and contaminants in foods.

In addition to its wearable tech, it has Amulet Scientific, which allows restaurants, suppliers, manufacturers, and other food-related businesses to detect a range of food toxins and environmental contaminants.

The company offers better speed and price over competitors because it uses an electrochemistry-based sensor detection system instead of an antibody assay, Barnes says.

The big picture: In the U.S., a food allergy reaction sends a person to the emergency room every three minutes, according to the Allergic Disease & Asthma Center.

What's next: The company plans to use the funds to fully launch its consumer detection product and add to its business line.

The company will also explore how restaurants can incorporate the tech in both the front and back of the house, Barnes, the CEO, says.

Allergy detection tech Amulet raises $5.8M

Illustration of an apple on a "Good/Bad" scale, with the scale arm hovering over "Good".   

☕️ Another activist is after Starbucks.

Starboard Value has reportedly taken a stake in the coffee giant and is demanding it take actions to lift its stock price, per the Wall Street Journal.

This comes as the company is in talks to settle with Elliott Investment Management, which recently acquired a sizable stake, over calls for changes, too.

Elliott could push for a proxy fight if Starbucks doesn't willingly give it a board seat.

🇮🇳 Pernod Ricard's legal head in India, Bijoya Roy, is leaving the liquor giant for Google, per Reuters.

The move comes as the company faces several legal battles.

India represents about a 10th of Pernod's sales.

Retail therapy

an illustration of a hand in a meditative pose holding four orange shopping bags

Our Axios Pro Deals Tracker can now be used on your mobile phones! Want more retail deals? Go deeper into our full database in the Axios Pro Deals Tracker.

• Balderton Capital, a European VC firm, raised $615m for its ninth early-stage fund and $685m for its second growth fund. axios.link/4dCgrM1

• Placer.ai, a location-based analytics provider, has closed a $75m round, valuing the company at nearly $1.5b. Go deeper

• Blitzscale Technology, the parent of WMall and ShopDeck, raised $7.85m in funding led by Bessemer Venture. Go deeper

• Boostly, a Lehi, Utah-based marketing platform for restaurants, raised $5.6m in seed funding led by Trestle Partners, along with  Relish Works, Singularity Capital, and Y Combinator. Go deeper

• Avoli, a volleyball shoe brand, raised $2.1m in seed funding. Go deeper

• Rōz, the hair care brand backed by celebrity stylist Mara Roszak, closed a seed round led by Silas Capital, with G9 Ventures participating. Go deeper

• KKR invested $850m to take a minority stake in Quick Quack Car Wash, a Roseville, Calif., car wash operator with 230 locations in five states, from Seidler Equity Partners. dontdrivedirty.com

• Meaningful Partners acquired Fitness Ventures, the second-largest Crunch Fitness franchisee. meaningfulpartners.com

• Arcadea Group has invested in PICit, a Danish provider of port, rail, and intermodal logistics management software. picit.dk

• Ares Management is mulling an offer for Form Technologies, a Charlotte-based contract manufacturer owned by Partners Group, per Bloomberg. Go deeper

• Lindsay Goldberg agreed to acquire a majority stake in Golden State Foods, an Irvine, Calif., distributor of food to the foodservice and retail sectors. goldenstatefoods.com

• Thoma Bravo is mulling a sale of ABC Fitness Solutions, a Sherwood, Ark., fitness club software provider that could fetch around $3b (including debt), per Reuters. axios.link/4ddbo5d

Retail transactions

• David Kamo is stepping down as global co-head of financial sponsor M&A at Goldman Sachs, to join Evercore, per Bloomberg. axios.link/3SLGk43

• John W. Atkinson, a retired audit partner from KPMG, was appointed to the board of Designer Brands (NYSE: DBI). Go deeper

• Rashida La Lande was named EVP and general counsel at Estée Lauder Cos. (NYSE: EL). Go deeper

• Kate Mora was named mid-Atlantic division president at Kroger, succeeding Lori Raya. Go deeper

• Eric Liedtke, a co-founder of Unless Collective, was named VP of brand strategy at Under Armour. Go deeper

• Eva Erdmann, formerly global president of Urban Decay Cosmetics at L'Oréal, was named CEO and brand president of Tapestry's (NYSE: TPR) Kate Spade. Go deeper

• Sairam Krishnamurthy, formerly COO at More Retail, was named SVP and COO at Swiggy Instamart. Go deeper

It's Personnel

🍽️ What we're eating: Kim left Austin with fond memories of the juicy brisket at La Barbecue.

✏️ Big thanks to newsletter editor Claire Rychlewski and copy editor Mickey Meece for today's edits.

🙏 Thank you for reading Retail Deals. Please ask your colleagues, friends and family to sign up.

August 12, 2024

1 big thing: Cotopaxi growing amid outdoor headwinds