Home Depot Buys GMS for $4.3 Billion 🚀

Home Depot has won the bidding war for construction materials distributor GMS, agreeing to acquire the company for $4.3 billion in cash, or $110 per share. Including debt, the transaction is valued at approximately $5.5 billion.

The acquisition was made through SRS Distribution, a Home Depot subsidiary that it purchased last year for over $18 billion. The move beats out a competing $5 billion offer from Brad Jacobs’ QXO.

🔨 Power Tools: Based in Georgia, GMS operates more than 320 distribution centers and 100 tool service hubs, supplying wallboard, steel framing, ceilings, and more to residential and commercial contractors

💪 Double Power: The deal will significantly scale SRS’s footprint, creating a network of over 1,200 locations and 8,000 trucks, enabling thousands of daily jobsite deliveries

Amazon has reached a major robotics milestone with the deployment of its one millionth robot, while also unveiling “DeepFleet,” a new generative AI foundation model designed to optimize movement across its massive fleet of industrial mobile robots. The tech giant says the AI upgrade will improve robotic travel efficiency by 10%, enabling faster deliveries and lower costs.

🤖 Age of the machines: The millionth robot was activated at a fulfillment center in Japan, joining a network that now spans over 300 global sites

💻 Smart code: The AI model is built using Amazon’s internal data and powered by AWS tools such as SageMaker. It learns over time to refine paths, improve efficiency, and store inventory closer to customers

TikTok is actively building a separate version of its app for U.S. users as it prepares for a government-mandated sale of its American operations, according to a report by The Information. The new app is expected to launch by early September, ahead of a September 17 deadline set by the Trump administration.

The move comes as part of efforts to comply with U.S. legislation requiring TikTok’s Chinese parent, ByteDance, to divest the app over national security concerns. If a deal is approved, a consortium of U.S.-based investors will take control of the new version. Existing TikTok users in the U.S. will be able to use the current app until March 2026, after which it will no longer be supported domestically.

L’Oreal has announced a deal to acquire U.S.- and UK-based haircare brand Color Wow, as it looks to strengthen its position in the fast-growing premium haircare market. The French cosmetics giant did not disclose the financial terms of the agreement.

Color Wow is best known for its products targeting frizz control and curly hair, aligning with L’Oreal’s strategy to offer specialized solutions for diverse hair types. Haircare was L’Oreal’s second fastest-growing segment in 2024, trailing only fragrances, with growth driven by innovation and tailored offerings.

The acquisition supports L’Oreal’s broader push to accelerate growth in high-end hair products, which the company sells through digital platforms and salon channels.

The Senate has passed the “Big Beautiful Bill,” which will eliminate the de minimis exemption for goods under $800 from all countries by July 2027. Previously, only imports from China and Hong Kong were excluded.

The change targets low-value direct-to-consumer shipments, which have benefited platforms like Shein and Temu. The International Mailers Advisory Group projects that ending the exemption could generate up to $40 billion in federal revenue. Retailers that depend on direct shipments may shift to U.S.-based fulfillment or bulk shipping models.

Del Monte Foods has filed for Chapter 11 bankruptcy in the U.S. as part of a court-supervised plan to sell the company. The 135-year-old food producer, known for its canned fruits, vegetables, and brands like College Inn and Joyba, cited the move as a strategic step to accelerate its turnaround.

The company has secured $912.5 million in debtor-in-possession financing to support its operations during the bankruptcy process and states that it will continue to conduct business as usual.

Del Monte listed assets and liabilities each in the $1 billion to $10 billion range and has between 10,000 and 25,000 creditors, according to court filings. Non-U.S. subsidiaries are not part of the proceedings and remain operational.

India’s Reliance Industries is carving out its portfolio of consumer brands into a new wholly owned subsidiary as it prepares for the public listing of its retail business. The new unit — Reliance Consumer Products Ltd. (RCPL) — will house brands spanning food, beverages, personal care, and apparel, which were previously scattered across various Reliance entities.

The move, disclosed in a June 25 order by India’s National Company Law Tribunal, is intended to give sharper strategic focus to the consumer goods business, allowing it to operate independently from the broader retail operations. Executives said the separation would also attract a distinct set of investors more aligned with the capital-intensive CPG segment.

Marks & Spencer is on track to have its online business fully operational by the end of July following a major cyberattack that has cost the British retailer an estimated $412 million this year. The company confirmed the timeline as it continues to recover from the disruption, which affected everything from e-commerce logistics to customer service operations.

The attack has been one of the most financially damaging incidents in the UK retail sector this year. M&S has been working to rebuild its digital infrastructure while maintaining in-store operations, and says it is now in the final stages of restoring full functionality to its online platform

Big 5 Sporting Goods is set to become a privately held company following a $112.7 million all-cash acquisition by investment firm Capital Hill Group and golf retail chain Worldwide Golf. The deal, which includes $71.4 million in assumed debt, offers shareholders $1.45 per share—a 36% premium over the company’s 60-day average stock price.

The acquisition has already received board approval and is expected to close in the second half of 2025. Once finalized, Big 5 will delist from the Nasdaq, ending its run as a public company. The chain operates 414 stores across the western U.S., offering a mix of athletic footwear, apparel, and equipment.

Giorgio Armani reported a 24% decline in core profit for 2024, with EBITDA falling to €398 million as revenue dropped 5% to €2.3 billion. The slowdown reflects broader challenges in the luxury sector, with softer demand in China and the U.S., and rising concerns over a potential recession.

Despite the dip, the privately held fashion house has doubled down on long-term resilience. It invested €332 million last year—three times its recent average—primarily to upgrade flagship stores and take direct control of its e-commerce operations. Europe remains Armani’s biggest market, accounting for 49% of total sales.

Chairman and CEO Giorgio Armani emphasized the brand’s commitment to independence and steady growth over short-term gains.

German fashion e-commerce giant Zalando has received merger clearance from the European Commission to proceed with its acquisition of rival retailer About You. The deal, valued at €1.21 billion ($1.24 billion), aims to strengthen Zalando’s dominance in Europe’s online fashion market.

Originally announced in December 2024, the acquisition moved forward in January 2025 with a public tender offer. Zalando has since secured over 90% of About You’s share capital and intends to complete a full takeover via a squeeze-out process.

Shareholders who accepted the offer will receive €6.50 per share, with final settlement expected by July 11. The deal marks a major consolidation move in Europe’s e-commerce space.

Pop Mart has skyrocketed to the top of TikTok Shop’s U.S. rankings, thanks to the viral demand for its Labubu collectible figures. In April alone, the brand generated $4.8 million in TikTok Shop sales—an 89% increase from March. By May, year-over-year growth hit 1,000%, even as the broader platform saw declining sales, according to Charm.io.

The frenzy extends well beyond TikTok. On Amazon, Labubu-themed merchandise—including apparel, plush toys, and stickers—generated $7.34 million in the past 12 months, up 1,930% from just $361,000 a year earlier, per Jungle Scout data.

Meanwhile, eBay recorded over 450 global searches for “Labubu” every hour in May, placing it among the top 10 most-searched collectible terms—alongside Pokémon, LEGO, and Barbie.

Giant Eagle has finalized the $1.6 billion sale of its GetGo convenience store business to Canada’s Alimentation Couche-Tard, parent company of Circle K. The deal includes roughly 270 GetGo and WetGo locations across five states, allowing Giant Eagle to sharpen its focus on its core supermarket and pharmacy operations.

The sale marks a major strategic shift for Giant Eagle and strengthens Couche-Tard’s U.S. footprint, adding to its nearly 17,000-store global presence. In a separate move, Giant Eagle also sold its wholesale fuel distribution arm to Cary Oil Company, further streamlining its business.

French regulators have fined Shein €40 million ($47 million) for deceptive pricing tactics and unsupported environmental claims. After an 11-month investigation, authorities found that Shein's local entity, Infinite Style E-Commerce, had raised prices before applying discounts and failed to honor prior promotions, thereby misleading consumers about the platform’s actual savings.

Regulators also concluded that Shein could not substantiate sustainability claims on its website. According to reports, the company accepted the fine but has not issued a public comment.

The penalty adds to growing regulatory scrutiny of Chinese fast-fashion retailers across Europe, with the EU having already warned Shein about potential violations of consumer protection rules earlier this year.