<div id="readability-page-1">In only the first six months of 2025, Walgreens announced its acquisition by Sycamore Partners, Dollar Tree divulged its sale of Family Dollar and Hudson's Bay agreed to sell its IP to Canadian Tire Corp.Retail Dive since 2021 has tracked major deals in the industry, from IPOs to acquisitions, minority investments and more.In just the first half of 2025, Retail Dive counted 26 sales and acquisitions.That compares to 22 last year and 26 in 2023 in the same period.In recent months, deals have surged, with nine of those deals taking place in May. That month, Levi’s sold Docker’s to Authentic Brands Group in a $311 million deal, while GameStop sold its Canadian business for an undisclosed amount.Alain Krakirian, a managing partner at Columbus Consulting, said the current deal-heavy climate is a result of global economic changes and the continued impact of digital-first consumer trends. Retailers are being pressured by tighter margins and market segment diversification to find new ways to grow and stay relevant with consumers.“When the timing is ripe, as it is now with weakened retail from COVID, inflation, tariffs and new favorable business administration, the floodgates open,” said Krakirian, who also has executive leadership experience at companies like True Religion and Hot Topic.Here’s a look at five major deals from the first half of the year and what this means for the retail industry as a whole.<h3>E.l.f. Beauty snaps up Rhode</h3>On May 28, E.l.f. Beauty announced it would acquire Hailey Bieber’s beauty brand Rhode in a $1 billion deal expected to close later this year. The deal was priced at $800 million during closing and includes an additional $200 million as a performance-based payout over the next three years.In a May earnings call, E.l.f. CEO Tarang Amin said the company has a “very high bar” for mergers and acquisitions and only acts when finding a “win-win force multiplier.”Bieber plans to stay close to the company across various leadership roles including chief creative officer, head of innovation and as a strategic adviser. At the time of the deal, Rhode had just netted $212 million in net sales for the preceding 12 months.Krakirian said E.l.f. is attempting to expand into the upscale, prestige beauty market. E.l.f.'s deal with Rhode also leans the beauty brand further into skin care, as it already operates E.l.f. Skin and Naturium.Two years ago, E.l.f. Beauty acquired Naturium in a deal that was expected to double E.l.f. 's skin care presence to about 18% of retail sales. E.l.f. is engaging in a similar approach with Rhode as it did with Naturium, with plans to further move Rhode into retail distribution through its ties to partners. E.l.f. said it also plans to expand Rhode’s product assortment and brand awareness.<h3>Dick’s Sporting Goods buys Foot Locker</h3>On May 15, a $2.4 billion deal was initiated for Dick’s Sporting Goods to acquire Foot Locker and operate it as a stand-alone business. Combined, the company will run over 3,200 stores in 26 countries and make a total of $21 billion in revenue. The deal is expected to close in the second half of the year.Dick’s Executive Chairman Ed Stack told analysts the acquisition would strengthen both retailers’ partnerships with brands. Nike is a key partner to both retailers and its turnaround will also play a major role in influencing Foot Locker’s future.Through the deal, Dick’s expects to gain a new subset of customers focused on lifestyle and take advantage of Foot Locker’s store footprint that operates mostly in urban environments. There are no plans as of now for mass store closures at Foot Locker. Foot Locker currently operates over 2,400 stores globally, while Dick’s has roughly 850 locations.Dick’s has posted strong numbers quarter after quarter, while Foot Locker sales continue to slide. Foot Locker is in the midst of a turnaround and with the acquisition, Dick’s thinks it can help push things further in the right direction.<h3>Michaels acquires Joann’s IP, private labels</h3>Joann in February announced plans to go out of business and close all of its stores as part of a sale of its assets after filing for bankruptcy for the second time in under a year.Then on June 5, Michaels acquired Joann’s intellectual property and private labels for an undisclosed amount. Michaels didn’t take on any physical Joann locations in the deal.Krakirian doesn’t find this deal to be a strategic retail plan. He instead offers that sometimes a brand may stall others to both minimize competition and build stability.As Joann stores closed, a survey found that shoppers were left to look for alternatives at craft chain stores like Michael’s and Hobby Lobby, which are poised to pick up market share. Michael’s also upped its party supplies following Party City’s bankruptcy. That retailer’s IP was acquired by New Amscan, though Michael’s was a backup bidder.<h3>Beyond’s acquisition spree</h3>Beyond has already purchased multiple brands in 2025.On May 12, Beyond agreed to acquire Kirkland’s intellectual property for $5 million with plans to license it back to the retailer. The deal builds on a previous partnership with Kirkland’s. The partnership details the return of five neighborhood, small-format Bed Bath &amp; Beyond stores, alongside Beyond investing $25 million in Kirkland’s in a combined debt and equity transaction.Then in June, Kirkland’s announced it would change its name to “The Brand House Collective,” after its tie-up with Beyond Inc.Also this year, Beyond sold a majority stake in Zulily, after acquiring it a year prior. Beyond also bought BuyBuy Baby. Months after BuyBuy Baby closed all of its locations under a former owner, Beyond Inc. announced it would open another BuyBuy Baby store.“The Beyond activity is the reemergence of Bed Bath and Beyond, rebuilding the profitable side of the original portfolio — like a re-do,” Krakirian said. “The brand stood for life moments from babies to college, marriage/registry to downsizing and beyond. Returning to the core business model by leveraging both assortment and digital strength is a path forward for the previously troubled brand.”This activity began with Overstock acquiring Bed Bath &amp; Beyond out of bankruptcy in 2023, rebranding as Beyond and taking down Overstock’s website. Beyond Executive Chairman Marcus Lemonis then called closing the site “a fatal mistake,” later restoring the website.<h3>Skechers sells itself</h3>On May 5, Skechers sold itself to investment firm 3G Capital for $9.4 billion. As a result, Skechers no longer trades on the New York Stock Exchange. Analysis by Evercore called it one of the largest privatization deals for the softlines industry in years. Skechers will continue to be led by Chairman and CEO Robert Greenberg, President Michael Greenberg and Chief Operating Officer David Weinberg.Some investors then sued the footwear company in early June for violating federal securities law by failing to disclose important information to shareholders. The plaintiff’s attorneys said that Skechers failed to file a Schedule 13E-3 with the U.S. Securities and Exchange Commission, a move required in go-private deals.The Skechers shareholder group that sued also filed a complaint against both Robert and Michael Greenberg.The merger was granted antitrust clearance last month, but a shareholder group then filed a motion asking Skechers to refrain from closing the deal, potentially delaying the process. Last week, worries subsided when a California federal district court judge ruled against an investor’s bid for a preliminary injunction.Before the acquisition, during the first quarter of 2025, Skechers posted record sales while pulling guidance, citing “macroeconomic uncertainty stemming from global trade policies.&#34;Evercore analysts said that 3G acquiring Skechers supports the notion that footwear will continue operating profitably long-term despite the Trump administration’s tariffs. </div>

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In the first half of 2025, significant retail deals emerged, including Walgreens' acquisition by Sycamore Partners and Dollar Tree's sale of Family Dollar. Retail Dive reported 26 sales and acquisitions, up from 22 last year. Notable transactions include E.l.f. Beauty's $1 billion acquisition of Rhode and Dick’s Sporting Goods' $2.4 billion purchase of Foot Locker. The surge in deals is attributed to economic shifts and digital consumer trends, with retailers seeking growth amid tighter margins. Analysts suggest these acquisitions aim to enhance market presence and brand diversification.

5 of retail’s most impactful deals in 2025