Kris Jenner

Kim Kardashian Reveals the Rare Fashion Item Daughter North West Will Inherit from Kris Jenner’s Will

Kim Kardashian Reveals the Rare Fashion Item Daughter North West Will Inherit from Kris Jenner’s Will

Photo: Instagram.com/kimkardashian
With a closet full of rare and exclusive clothing and accessories, it’s no surprise that Kim Kardashian will pass some of them on to her four children. However, the beauty mogul and entrepreneur has recently revealed that her oldest daughter, North West will be the future owner of a special Chanel bag as part of matriarch and momager Kris Jenner‘s will.
Appearing on The Late Late Show with James Corden, Kardashian recalled her first shoot with late designer Karl Lagerfeld in 2013, and how her mother Kris Jenner was the center of attention during it. Kardashian shared the anecdote and said how her mother showed up for her debut shoot with Chanel’s then-creative director, dressed head-to-toe in the brand’s vintage collection. “In walks none other than Kris Jenner, decked in head-to-toe vintage Chanel. Like, next level — the boots, the gloves, every accessory she can find, earrings, headband, hat, glasses, fanny pack, bag, backpack,” Kardashian said. “So, he falls in love with her. Doesn’t hardly even acknowledge that I’ve been like, sitting there, it’s all about Kris Jenner.”

The Skims founder shared that she had been excitedly anticipating a previously heard rumor that Lagerfeld gifted people a bag after their first shoot with him and her happiness catapulted after she saw him walk in with a unique crystal, Lego clutch. But to her dismay, Lagerfeld walked right past Kardashian and went over to Jenner, and handed her the bag. “I went into the bathroom, started hysterically crying. And I’m like pregnant, hormonal, flew all the way to Paris for this,” the mother-of-four said speaking of the incident. She also talked about how she hoped to gift the bag to her daughter one day and display it in her room. “I had this whole plan that this was gonna be the bag and it was gonna be displayed in her room. So my mom has a provision in her will that North gets the bag.”
Although Lagerfeld presented the crystal clutch to Jenner, he eventually also gifted Kardashian with her own Chanel bag at the end of another shoot.
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Walmart Earnings Fall Short Thanks to Rising Gas and Food Prices

Walmart Earnings Fall Short Thanks to Rising Gas and Food Prices

Walmart is proving that even the nation’s largest retailer may not be immune to the economic pressures that are causing consumers to reevaluate their spending habits. 

Rising food prices meant more shoppers flocked to Walmart in the most recent quarter in search of grocery deals.
Courtesy Photo

The Bentonville, Ark.-based firm revealed quarterly earnings Tuesday before the market opened, improving on top-line revenues, but failing to meet Wall Street’s expectations after falling short on bottom-line profits. Company shares fell nearly 9 percent at the start of Tuesday’s trading session. 
“Bottom-line results were unexpected and reflected the unusual environment,” Doug McMillon, president and chief executive officer of Walmart, said in a statement. “U.S. inflation levels, particularly in food and fuel, created more pressure on the margin mix and operating costs than we expected. We’re adjusting and will balance the needs of our customers for value with the need to deliver profit growth for our future.”  

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For the most recent quarter, or the three-month period ending April 30, total revenues grew 2.4 percent to about $141 billion, up from more than $138 billion a year ago. Comp sales at Sam’s Club grew 10.2 percent, and 17.4 percent on a two-year stack. Membership income rose 10.5 percent. 
Walmart U.S. e-commerce sales increased 1 percent, or 38 percent on a two-year stack. Last August, McMillon said the company’s global e-commerce business was on track to reach $75 billion in revenues by the end of the year. The company still hasn’t said whether it has reached that goal yet.
Meanwhile, ​​net sales at Walmart International fell $3.5 billion during the most recent quarter, or 13 percent to $23.8 billion, negatively impacted by $5 billion, due to divestitures. The retailer logged $2.05 billion, down from $2.73 billion during last year’s first quarter, as a result. 
The results are a mixed bag. Walmart’s affordably priced food selection means consumers are increasingly flocking to the mass channel for their grocery needs. But McMillon added on Tuesday morning’s conference call with analysts that inflation is also lifting the average ticket price. Shoppers are responding by purchasing fewer discretionary items, resulting in smaller overall basket sizes. 
“As expected, consumers are increasingly drawn to the lower price points that Walmart can offer for groceries and Walmart is taking market share in food, but higher food sales is also putting pressure on gross margin,” Moody’s retail analyst Mickey Chadha wrote in a note. He added that the higher inventory levels “could lead to increased promotional cadence in the coming quarters if consumers continue to pull back, which could increase pressure on earnings. It is increasingly difficult to pass on higher prices to consumers while dealing with higher wages and employee costs.”
In terms of food costs, McMillon said there’s been double-digit inflation. “And I’m concerned that inflation may continue to increase. As it relates to Walmart U.S. general merchandise sales, we knew that we were up against stimulus dollars from last year, but the rate of inflation in food pulled more dollars away from [general merchandise] than we expected as customers needed to pay for the inflation in food,” he said.

Aside from rising consumer food and gasoline prices, executives on the call told analysts that additional headwinds came from higher-than-expected inventory levels (up 32 percent for the quarter, year-over-year), added fuel costs in the supply chain and increased labor expenses. 
“As the Omicron variant case count declined rapidly in the first half of the quarter, more of our associates [who] were out on COVID-19 leave came back to work faster than we expected,” McMillon said. “We hired more associates at the end of last year to cover for those on leave. So we ended up with weeks of overstaffing. That issue was resolved during the quarter, primarily through attrition.”
In addition, U.S. fuel cost the retailer more than $160 million more during the quarter than originally expected.

Doug McMillon, president and chief executive officer of Walmart
Courtesy Photo

Still, McMillon expressed optimism for the future. 
“Across our businesses, we had a strong top-line quarter,” he said. “There were some things that happened during the quarter that were different than we expected and we’re trying to be very transparent about those things. There seems to be more uncertainty now in a very fluid environment. And so, we’ll just deal with that.”
One way will be by slashing prices in high-margin areas, such as apparel, in an effort to manage excess inventory. While this might seem counterintuitive, McMillon said shoppers on a budget are more likely to notice. 
“Part of what’s at play here is [that] you’ve got food inflation moving up, but we’ve got general merchandise categories, like apparel and some of our hardlines categories, to play with,” he said. “And the beauty of it is [that] customers are even more price sensitive right now. They’re attention to fuel prices and high-food prices is high. And so when you bring [a price of] something down in sporting goods or hardware, one of these other categories, they notice even more than they would notice before and that makes the elasticity impact be different than it would be otherwise, which blends the mix up.” 
In addition, some tailwinds for the quarter included things like game consoles, as well as patio furniture, grills and gardening supplies, thanks to warming temperatures.

“In terms of the consumer themselves, we’ve seen strong growth with higher-income consumers, middle-income and lower-income, but we do see a definite strength with high-ticket items,” John Furner, president and CEO of Walmart U.S., said on the call. “With some consumers and others, we do see some switching, which would include switching specifically from brands to private brands. And where we see the switching from brands to private brands, we’ll continue to watch that for a group of customers, but we’ve got to all work harder to keep prices low for the American consumer.”
McMillon added: “It’s important to recognize that there’s more than one consumer. We serve the whole country. [With] the U.S. in particular, we’ve got a breadth of customers and they behave differently. [With] some customers, we are seeing some indications of change throughout the quarter, but that’s not true for all of them.”

Pieces from Walmart’s Love & Sports brand.
Courtesy Photo

Walmart has worked hard over the last few years to expand its assortment of merchandise, particularly in fashion. The big-box retailer now sells more than 1,000 third-party apparel, accessories, and beauty and wellness brands — such as Levi’s, Reebok, Free People, Jordache, Eloquii, Space NK and Kris Jenner’s home cleaning brand Safely — and continues to add to the scale and breadth of its portfolio of brands each quarter. Earlier this month, the firm expanded its distribution of period-panty brand Proof to approximately 4,000 Walmart stores.
In addition, Walmart has an extensive list of its own apparel brands, three of which are worth more than $2 billion, although the company declined to say which ones. The list includes sustainable innerwear and maternity brand Kindly, swimwear and activewear brand Love & Sports, and apparel brands Free Assembly and Scoop, of which luxury designer Brandon Maxwell serves as creative director.
“Maintaining price competitiveness is the key risk for Walmart in today’s inflationary environment,” Landon Luxembourg, senior analyst at research firm Third Bridge, wrote in a note. “As consumer wallets come under pressure, private brands will likely take the stage as consumers trade down from a pure decision of opting for lower-cost items. Walmart’s private brand portfolio, which was a focus area over the last four to five years, has now doubled its assortment. However, it has not grown consumer mind share and lack recognizability versus Target and Costco’s competing private assortment, which may be more sought after by consumers.”

Walmart anticipates current quarter revenues will increase more than 5 percent, excluding divestitures. U.S. comp sales are also expected to grow — between 4 percent and 5 percent — excluding fuel, while earnings per share are expected to be flat to up slightly, excluding divestitures.  
For the full year, the company expects net revenues will rise about 4 percent, excluding divestitures. Walmart U.S. comp sales are expected to increase roughly 3.5 percent, excluding fuel, while earnings per share for the year will decrease about 1 percent, excluding divestitures.
The company ended the quarter with $11.8 million in cash and cash equivalents and more than $32 million in long-term debt. 
Shares of Walmart, which closed up 0.11 percent Monday to $148.21, are up 6.7 percent, year-over-year.
“We don’t expect this miss to become a norm, seeing that Walmart has historically outperformed competition during tough economic times,” Arun Sundaram, senior equity analyst at CFRA Research, wrote in a note. His firm maintained its “buy” position on Walmart’s stock, but cut the 12-year price target by $3 to $162 a share. “The good news is most of these issues seem to be isolated to the quarter and margins should improve in the second quarter and the back half of the year as Walmart works through excess inventory and better matches pricing with costs.”

EXCLUSIVE: Kardashian Kloset to Open First Retail Store in Las Vegas

EXCLUSIVE: Kardashian Kloset to Open First Retail Store in Las Vegas

Kardashian Kloset is getting into brick-and-mortar.
The Kardashian-Jenner resale site is opening its first retail location in Las Vegas at the strip’s new Resort World Hotel. The location will open on June 24, the same date as the hotel’s opening.
“Las Vegas is an international destination,” said Cynthia Bussey, the co-owner of the site and Kris Jenner’s cousin. “And this will allow our customers and fans from all over the world to experience first-hand Kardashian Kloset in person.”
The location will offer apparel and accessories items from the Kardashian-Jenner family’s closets that are already available on the e-commerce site, with new pieces added weekly. The Kardashian-Jenner family also has plans to expand their offerings beyond fashion once the store is open.

Kardashian Kloset launched in October 2019 and has quickly gained a loyal customer base, spurring a trend on YouTube of influencers posting unboxing videos with their Kardashian Kloset hauls and presenting side-by-side photos of themselves with the Kardashian-Jenner family member wearing the same look.
Since launch, Kardashian Kloset has had a 40.3 percent repeat customer rate and has sold nearly 9,000 pieces. The site’s success can be attributed to the Kardashian-Jenner family and their social media influence. According to the company, an Instagram Story post from Kylie Jenner last month about Kardashian Kloset drove over 250,000 people to the site and increased sales by 400 percent that weekend.

“Everyone is obsessed in some way, shape or form with the Kardashians,” Bussey said. “With what they do, with what they wear, where they go, and they follow them. I think that’s been the success of [Kardashian Kloset] because there is an obsession out there.”
Kardashian Kloset is broken up into “collections” from each Kardashian-Jenner family member. The site first launched with three collections from Kris Jenner, Kim Kardashian and Kylie Jenner, and now offers collections from all sisters and sections for kids and men’s offerings from an array of designer labels.
The e-commerce site is curated by Bussey and the Kardashian-Jenner family, who offers up pieces they no longer want to keep and others that were requested by customers.
“Kris has always said that she’ll wear something on [“Keeping Up With the Kardashians”] and people see it and I get lots of emails going, “can you let me know when Kris’ Diane von Furstenberg green dress with the fringe she wore in St. Tropez with Dee Hilfiger is up?’” Bussey said. “We get a lot of requests.”
Bussey also stated that the family tries to make sure they don’t post anything on Kardashian Kloset that was gifted to them, but that sometimes pieces “slipped through the cracks” as a mistake.
In June 2020, designer Christian Cowan called out the Kardashian-Jenner family for posting one of his dresses on the e-commerce site — in Khloé Kardashian’s collection — for $1,300 that he claimed was a runway sample. The dress was later removed from the web site.
Prices on Kardashian Kloset go for as low as $25 for athleisure offerings, like New York Mets-branded sweat shorts in Kim Kardashian’s collection, and as high as $55,000 for a rare Hermès Birkin bag from Kylie Jenner’s collection. While each Kardashian-Jenner family member and Bussey donate to a range of charities on their own, the Kardashian Kloset site does not have a charitable component.

This is the family’s first storefront for Kardashian Kloset, however, it’s not their first venture into brick-and-mortar. The Kardashian sisters famously ran their fashion boutique Dash in the early Aughts, which was regularly featured in their reality TV show. The brand had locations in Los Angeles, Miami, New York City and Southhampton, N.Y., but all have since been closed.
Kylie Jenner has also gotten into retail with her Kylie Cosmetics brand, hosting pop-up stores in L.A., New York and San Francisco over the last few years.
More details on the Kardashian Kloset Las Vegas store are expected to be revealed closer to the opening date on the e-commerce site.
Read more here:
How Kylie Jenner’s Cosmetics Brand Became a $1 Billion Business
Kylie Jenner Is Eyeing the Swimwear Category 
How Kim Kardashian Built Her Fashion and Beauty Empire 

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