The Weekly Closeout: Small businesses sue over tariffs, Under Armour adds PE exec to board

It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we’re still thinking about. 

From Revlon naming a president of North America to LoveShackFancy’s summer collab, here’s our closeout for the week.

What you may have missed

Under Armour adds private equity exec to board of directors

As one of three additions to its board of directors Tuesday, Under Armour said Sycamore Partners President Robert Sweeney joined the governing body. Sweeney has been president of the private equity firm since 2019 and prior to that spent more than 20 years at Goldman Sachs, most recently in its consumer and retail investment banking group.

While at Goldman Sachs, Sweeney provided financial guidance to Under Armour, including for its 2005 IPO. Sycamore Partners, where Sweeney currently works, is a frequent acquirer of retailers, including a deal last month to take Walgreens private. Some previous acquisitions of Sycamore — and other private equity firms — have gone on to struggle financially or even file for bankruptcy due to debt obligations from their buyouts.

At the same time as Sweeney, Dawn Fitzpatrick and Eugene Smith also joined Under Armour’s board. Fitzpatrick is the CEO and chief investment officer of Soros Fund Management, an investment management firm, and has 25 years of experience at UBS, again in investments and asset management. Both Fitzpatrick and Sweeney went to the Wharton School of Business at the University of Pennsylvania. Smith was the athletic director of Ohio State University until last year and served on numerous committees and working groups for the NCAA.

Revlon appoints president of North America

Dana Medema was named Revlon’s president of North America, the beauty company announced on Wednesday. She joins Revlon May 5, reporting directly to CEO Michelle Peluso.

Medema recently held the role of senior vice president and head of personal health for North America at Philips. There she accelerated growth for Phillips’ oral healthcare, mother and childcare, women’s health, grooming and beauty categories.

Medema also has experience in consumer goods across various leadership roles for Clorox, Colgate-Palmolive and Philips in North America and Europe.

Geralyn Breig, who joined Revlon in 2023 as the president of North America, will return to corporate board work, according to the company. 

Amazon loves books and pets

Amazon is gearing up for two big sales. 

First, its book sale will run from April 23 through April 28, and will offer some of its “best book deals of the year,” the company said. Shoppers will be able to get up to 80% off thousands of e-books, up to 65% off hundreds of print books, and hundreds of audiobooks will be available for under $8. 

Amazon Pet Day runs on May 13 and May 14 and offers deals on a variety of products including food, treats, toys, grooming supplies and accessories, among other items.

Retail therapy

LoveShackFancy’s toast to summer 

Fashion brand LoveShackFancy this week announced a partnership with winemaker Santa Margherita to launch a limited-edition rosé bottle. The vintage-inspired design features LoveShackFancy’s floral prints, complementing the wine’s pink hue.

“Our worlds align so naturally. Both Santa Margherita and LoveShackFancy are recognized for their passion for pink – from our Rosé to LoveShackFancy’s signature feminine aesthetic,” Jane Scott, vice president of marketing at Santa Margherita USA, said in a statement. “This partnership felt like the perfect way to celebrate the magic of summer in a way that is both beautiful and delicious.”

The collaboration arrives just in time for the unofficial kickoff to rosé season, landing in select retailers on May 20. The 1.5 liter magnum bottles will sell for $50.

Mickey Drexler wants (other people) to write a book 

Former CEO of Gap Inc and current chairman of Alex Mill is ready to write a book. Or really, have other people write a book about him. 

This week Drexler took to LinkedIn and said that he’s often asked to write a book, but “for whatever reason – schmoozing, being a detective, lack of patience – I haven’t been able to commit.” 

Instead, Drexler said that he would like the book to be written by people he’s worked with over the years. People are invited to send in quotes, stories or lessons they have learned to an Alex Mill email address.

What we’re still thinking about

$1.3B 

That’s how much Lowe’s agreed to pay with cash on hand to acquire Artisan Design Group, the retailer announced on Monday. The deal is expected to close in the second quarter of 2025.

The acquisition will expand Lowe’s pro services. ADG offers interior design, distribution and installation services for flooring, cabinets and countertops. 

“The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion,” Marvin Ellison, Lowe’s CEO, said in a statement.

5%

That’s how much Rent the Runway’s active subscriber base shrank in Q4 compared to the year-ago period, reaching 119,778. The company this week reported fourth-quarter revenue was essentially flat year over year, rising 0.8%, to $76.4 million. Net loss for the period narrowed to $13.4 million.

Looking ahead, Rent the Runway expects to notch double-digit active subscriber growth for the fiscal year.

What we’re watching

Small businesses take Trump administration to court over tariffs

Many smaller companies, including made-in-America brands, are already taking the brunt of tariff policy. On Monday five small businesses banded together to challenge the tariffs in the U.S. Court of International Trade, saying the Trump administration can’t slap such global levies without congressional approval. 

Retailers in general haven’t said much about the changeable U.S. trade policy. But Fitch Ratings Senior Director David Silverman expects more detailed commentary in upcoming Q1 reports, slated around May. They’ll probably remain rather unclear “on consumer pricing, sales volumes and profitability given changing policies and lack of historical comparables,” though, he said in emailed comments. 

A scramble by U.S. consumers to acquire goods ahead of tariffs helped drive a strong March retail sales report: In the segments covered by Retail Dive, sales rose 3.6% year over year. But the situation remains cloudy.  

“Consumers loosened spending amid elevated tax refunds and warmer weather, but some of this growth was driven by early purchases ahead of tariff hikes, adding uncertainty to future trends,” Colliers analysts Nicole Larson and Anjee Solanki said in a Thursday report.