NGA Supports CBD Legislation | News

The National Grocers Association has offered support for bipartisan legislation that would allow CBD to be regulated as a dietary supplement. The Hemp and Hemp Derived CBD Consumer Protection and Market Stabilization Act of 2020, introduced September 4 and sponsored by U.S. Reps. Morgan Griffith (R-VA) and Kurt Schrader (D-OR), would eliminate regulatory confusion and establish product manufacturing standards to support the growing market for CBD products. “NGA members are experiencing significant consumer demand for CBD products,” said Chris Jones, senior vice president of government relations and counsel at NGA,…

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Latin-Inspired Food Platform Launches | News

Investment firm Berkshire Partners and experienced food executive Javier Vélez-Bautista have formed El Dorado Foods, a multi-category platform to acquire and develop innovative Latin-inspired food and beverage brands. Vélez-Bautista was recently the CEO of Mission Foods, a leading producer of fresh tortillas and other Mexican food products. He will serve as the CEO of El Dorado Foods. “Latin-inspired foods are some of the fastest growing categories in grocery today, and the landscape is rich with authentic, beloved brands with unique products,” said Vélez-Bautista. “I look forward to applying my experience…

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Walmart Pilots Drone Delivery | News

Walmart is piloting on-demand delivery by partnering with Flytrex, an end-to-end drone delivery company. The pilot, taking place in Fayetteville, North Carolina, focuses on delivering select grocery and household essential items from Walmart stores using automated drones. In addition, the drones will provide insight into customer and associate experience, from picking and packing to takeoff and delivery. “From being an early pioneer of universal bar codes and electronic scanning cash registers to our work on autonomous vehicle delivery, we’re working to understand how these technologies can impact the future of…

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Whole Foods Launches Mini-Farm | News

Manhattan’s Farm.One vertical farm has launched its latest mini-farm at the newly opened Whole Foods Market Manhattan West. The on-site mini-farm supplies the store’s prepared food and beverage departments with fresh grown and harvested Blue Spice Basil. The mini-farm takes up 32 square feet and features 150 plant sites on three growing levels. It’s capable of supplying at least 8 pounds of basil every month. “Every kitchen knows the difference that freshness and quality of ingredients can make to the food they serve,” said Rob Laing, founder and CEO of Farm.One, in…

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Peloton Founder Hits Billionaire Status on Home-Workout Boom | News & Analysis

NEW YORK, United States — Peloton Interactive Inc. founder John Foley is now a billionaire, thanks to a stunning rally in his home-fitness company’s shares since the pandemic began. After posting a video to Kickstarter in 2013, Foley, a cycling enthusiast, raised $307,000 to help get his fledgling in-home exercise startup off the ground. The former e-commerce president at Barnes & Noble wanted to bring the indoor cycling classes like those he was taking at New York boutiques SoulCycle and Flywheel into people’s homes. He had high hopes for Peloton,…

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J.C. Penney Posts Steep Sales Decline for Second Quarter | News & Analysis

J.C. Penney Store | Source: Shutterstock PLANO, United States — J.C. Penney Co. sales plunged 45 percent in the second quarter as the department-store chain entered bankruptcy and struggled with an accelerated shift away from physical stores and the Covid-19 outbreak. Net sales fell to $1.39 billion in the period ended August 1 from $2.51 billion a year earlier, the company reported in a regulatory filing Thursday. The retailer’s lenders have agreed to team up with landlords Simon Property Group Inc. and Brookfield Property Partners to buy the troubled company,…

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Prada Says China Sales To Date Well Above 2019 Levels | News & Analysis

MILAN, Italy — Italian luxury goods group Prada’s sales in China have recovered strongly since shops reopened there and to date have risen well above last year’s levels, Chief Executive Patrizio Bertelli told Reuters on Friday. Bertelli said the appetite of Chinese customers for luxury goods remained very strong despite the fallout from the coronavirus pandemic, which has tipped the global economy into recession and frozen international travel. The virus first emerged in China late last year and then spread to the rest of the world, forcing high-end retailers to…

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Amidst Tumult, Everlane Raises $85 Million | News & Analysis, BoF Professional

LONDON, United Kingdom — It’s been a tumultuous few months for Everlane, but a major new investment round led by LVMH-linked L Catterton is giving the brand a much more stable outlook. The direct-to-consumer company known for its promise of radical transparency announced an $85 million funding round led by the private equity powerhouse Friday. The terms of the transaction were not disclosed. It’s a major cash infusion and big endorsement from a financing firm known in the industry for its expertise scaling up young, buzzy brands. L Catterton’s other…

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Katie Grand’s New Project: ‘It’s Not Just Another Magazine’ | BoF Exclusive, News & Analysis, BoF Professional, Tim’s Take

LONDON, United Kingdom — Last Friday, Katie Grand quit LOVE, the magazine she’d birthed and raised for 11 years. On Saturday morning, she leapt out of bed at 7 am and started typing names into Instagram. Down the rabbit hole she went. Fifteen minutes later, she had it. The Perfect Magazine. By 7:20 am, she’d got the Twitter handle, by 8 am, TikTok. By the end of the day, she’d nailed the URL, the domain name and YouTube: “By Sunday, I was sat in my kitchen with Catherine Russell, my old…

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StockX Co-Founder Josh Luber Exits | News & Analysis, BoF Professional

DETROIT, United States — Josh Luber is leaving StockX, the marketplace for sneakerheads and collectors he co-founded five years ago. Luber was the face of StockX, touting the platform’s sneakers-as-stocks approach on the travelling speaking circuit and on podcasts. But he played a diminished role internally as the company grew. In June 2019, as StockX announced its latest funding round at a $1 billion valuation, he was replaced as chief executive by Scott Cutler, formerly of eBay and Stubhub. After Cutler joined, Luber focused on new business lines, including trading cards,…

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