Today In Retail: eCommerce Tech Firm Fabric Notches $43 Million; Sephora Elevates BIPOC-Owned Brands Via Incubator
In today’s top retail news, Fabric has raised $43 million in a Series A funding round led by Norwest Venture Partners, while Sephora has relaunched its incubator program. Plus, Hasbro said its gaming and entertainment units powered sales last quarter.
Fabric, the headless commerce technology provider, has notched $43 million in a Series A funding round headed up by Norwest Venture Partners, with participation from Redpoint Ventures in addition to Sierra Ventures. Fabric has an application programming interface (API)-powered, modular system built to assist direct-to-consumer (D2C) and business-to-business (B2B) brands with growth.
Sephora has relaunched its incubator initiative with a new focus on elevating BIPOC-owned beauty brands. The Sephora Accelerate program is geared toward providing a formidable curriculum, mentorship, merchandising assistance, potential funding and investor connections to participants. Each of the 2021 participants applied to the program last fall.
Rhode Island-based toy manufacturer Hasbro said its gaming and entertainment divisions fueled sales last quarter, as shoppers stuck in their residences in U.S. and Canada purchased more games to keep children occupied amid pandemic-related closures and limitations. The firm said its $1.7 billion in holiday quarter revenue was up 4 percent from a year prior.
In a good year, Valentine’s Day is a madhouse for the nation’s 13,000-plus florists. In a bad year, it can be downright frustrating. Even though research indicates that the count of retail flower shops in the U.S. has fallen by 40 percent during the last 15 years, the pandemic’s economic downturn has sped up that decline and left a fragmented vertical in which the 50 biggest flower merchants account for under 10 percent of total sales.