The rumors turned out to be true: Amazon is leading a $700 million investment in Rivian, a Michigan company that is developing electric “adventure” vehicles — a pickup truck and SUV. “The automaker announced the new round of investment on Friday, offering few details but saying it would remain independent,” per The New York Times. General Motors is also reportedly considering an investment in the company.
General Motors’ Pontiac division has been has gone since 2010, but the blue Pontiac sign still hangs above a shop in Norwell, Massachusetts, and a handful of Bonnevilles, Torrents, and the odd Aztek can often be found. The family-owned dealership doesn’t have any new Pontiac models on the lot, but the business has survived by dealing in used cars and relying on the service center, according to GM Authority.
Esketamine, developed by Johnson & Johnson, is a nasal spray that delivers the active ingredients of ketamine, a recreational drug from the 1980s and 1990s. It could be a new treatment for severe depression and suicidal ideation after an expert panel recommended that federal regulators approve it. “The Food and Drug Administration typically follows the recommendations of its expert panels,” according to The New York Times.
Adidas has pulled a sneaker it was selling in honor of Black History Month after getting slammed on social media. The all-white shoe is part of a broader collection of clothing and sneakers inspired by the Harlem Renaissance. Adidas said in a statement that the shoe does "not reflect the spirit or philosophy of how Adidas believes we should recognize and honor Black History Month. After careful consideration, we have decided to withdraw the product from the collection.''
The CEO of outdoor gear retailer REI is stepping down after an inquiry into a personal relationship that appeared to be a conflict of interest. Jerry Stritzke, who has been president and CEO since 2013, will leave the company March 16. “An outside law firm had been looking into Stritzke's relationship — described by REI as 'personal and consensual' — with the head of another group that operates in the outdoor space,” according to USA Today. No financial improprieties were uncovered during the investigation.
Amazon and General Motors are in talks to invest in Rivian Automotive in a deal that would value the so-called “electric adventure vehicle” at between $1 billion and $2 billion, sources told Reuters. “It would be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first carmaker to the U.S. consumer market with an electric pickup,” per Reuters.The deal would come as another electric car manufacturer, Tesla, struggles to stabilize production and deliver consistent profits.
L'Occitane Group has signed a deal with Loop Industries to supply the company with 100% sustainable PET plastic. The beauty products company joins other major brands including Nestlé, PepsiCo, Unilever, Procter & Gamble and The Body Shop in the pilot program with Loop that will introduce refillable packaging made from glass, stainless steel or durable plastic. The beauty company also signed the Ellen MacArthur Foundation's New Plastics Economy Commitment to work on plastic waste and pollution solutions.
Bloomingdale’s is discontinuing a T-shirt with the term “fake news,” The move came after a journalist posted a photo of the shirt on Twitter and criticized the retailer for selling it. “Bloomingdale’s isn’t the only store to profit off the term 'fake news,' which has transformed from describing deliberately false online news stories to an anti-press cudgel wielded by Trump and other leaders around the world,” according to Poynter.
Chicago stands ready to swoop in on a bid for Amazon’s HQ2 if the retailer ditches its planned New York City site. Illinois’ governor has already called Seattle-based Amazon following a Washington Post story detailing the company's desire to reassess its plan to bring a new headquarters and 25,000 jobs to New York City. WaPo reports that Amazon has not leased or bought office space in New York City, where some politicians have come out against the headquarters.
The plus-size era is over before it began, according to Retail Dive. Replacing it is a new standard: inclusive sizing. Retailers that haven't woken up to those changes risk losing billions in sales. One-third of female consumers identify as plus-sized, according to NPD Group's Consumer Tracking Service. "So many women cannot purchase fashion because it's not available to them," Shawn Grain Carter, professor of fashion business management at The Fashion Institute of Technology, told Retail Dive. "It's another reason why you will see aspirational customers reach for handbags and shoes from haute couture houses because they're easier to purchase.” ...