Industry News

BUSINESS NEWS

Trading in Pier 1 Imports stock halted for a short period on Monday following a 30 percent decline in shares. The precipitous drop was a reaction to the news that the beleaguered retailer will close 450 stores, half of its current retail footprint, reported Furniture Today. Store closures weren’t the only bad news: Pier 1 wrote off a $59 million loss in its third quarter, and investors are speculating that the company may file for Chapter 11.

LAUNCHES, PARTNERSHIPS AND COLLABORATIONS

Online plant shop Bloomscape announced an exclusive partnership with West Elm today. The two brands are teaming up to deliver an impressive range of house plants directly to buyers from its greenhouse in Grand Rapids, Michigan.

IN MEMORIAM

John Baldessari passed away on Thursday at his home, reported The New York Times. The iconic Los Angeles artist brought a playful spirit to conceptual art (among his experiments: In the 1970s, he “cremated” all of his prior work and pronounced the old John Baldessari deceased) and was lauded by the international community—in 2014, he received the National Medal for the Arts from President Barack Obama. Also a beloved teacher, Baldessari taught at Cal Arts and UCLA, mentoring a who’s who of contemporary artists.

AQUISITIONS

French brand LVMH bought Tiffany & Co. for $16.2 billion in an all-cash deal announced Monday—one of the biggest in LVMH’s history. While Tiffany has resisted acquisition for years, it has struggled in the past few years due to less demand, reported Business of Fashion.

RECOMMENDED READING

The New York Times takes a look at the increasing power of mom influencers, and what happens when they slam a brand online—especially one started by another influencer. “With influence comes responsibility, and some have raised questions about when and how mom influencers should use their power. How much research should be done before discussing a brand? What constitutes an experience worth sharing? What is, in other words, proper mom influencer etiquette?”

 

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