Latest news with #Weinswig
CNBC
06-05-2025
- Business
- CNBC
Temu and Shein face massive tariffs. But don't count them out of the U.S. e-tail scene, experts say
The closure of a trade loophole and prohibitive tariffs on China have upended Temu and Shein's business model in the United States. And yet the e-commerce companies are likely to remain a dominant force in American online retailing, experts suggest. On Friday, the de minimis rule — a policy that had exempted U.S. imports worth $800 from trade tariffs — officially closed for shipments from China. This has seen Temu and Shein exposed to duties as high as 120% or a flat fee of $100, set to rise to $200 in June. The small-package tariff exemption had been key to the companies' ability to maintain budget prices on the merchandise they ship from China. Now that its gone, prices on Temu and Shein have been surging, with the former ending direct shipments from outside the U.S. altogether. The change will be welcomed by many detractors of de minimis, among them U.S. lawmakers, labor unions and retailers, who have argued that Temu and Shein abused the exemption to undercut local businesses and flood the country with illicit and counterfeit products. But despite the new trade challenges that Temu and Shein face ecommerce and supply chain experts told CNBC that the companies are still capable of competing with their rivals in the U.S. "Don't count them out ... Not at all. These kinds of Chinese e-commerce apps are very adept and agile. They have contingency plans in place and have taken the necessary steps to cover the tariffs from a margin perspective," said Deborah Weinswig, CEO and founder of Coresight Research. "I personally believe, if anything, [America's e-commerce] game has been accelerating in favor of Temu and Shein ... I wouldn't be surprised if the competitiveness gap actually continues to widen," added Weinswig, whose research and advisory firm works with clients across tech, retail and supply chains. The loss of the de minimis exemption had long been anticipated, with U.S. President Donald Trump temporarily closing it in February. In preparation, Temu and Shein had been accelerating localization strategies for the U.S. Scott Miller, CEO of e-commerce consulting firm pdPlus, told CNBC that Shein and Temu will continue to onboard goods from American sellers onto their apps to protect them from tariffs. "Many of the current sellers on Temu and Shein are located in China or countries nearby, but not all. Local U.S. companies have been joining these platforms at an accelerating pace ... several of our clients have onboarded or began the process of onboarding in just the past few months," he said. While margins for more localized brands and other sellers won't be as high as those for China-based sellers on the platforms, they can be competitive, he said. He added that in the case of Temu, vendors are attracted to lower fees, lighter competition and greater assistance with onboarding and setting up sales channels compared with what Amazon offers. In recent days, Temu, which is owned by Chinese e-commerce giant PDD Holdings, has begun exclusively offering goods shipped from local warehouses to U.S. shoppers. Many of those goods are still sourced from China but then shipped in bulk to U.S. warehouses, according to experts. While these bulk items are subject to tariffs, they also benefit from economies of scale. This development is likely to see the variety of products on Temu scaled back, said Henry Jin, an associate professor of supply chain management at Miami University. However, he added, Temu is likely to resume direct shipments from China, depending on the outcome of the trade war between the U.S. and China. Shein, meanwhile, has leaned into supply chain expansion, building manufacturing operations in countries such as Turkey, Mexico and Brazil, and reportedly plans to shift to Vietnam. The company appears to still be shipping directly from China and likely has more room to absorb tariffs because of its "sky-high" margins in its core fast-fashion business, Jin said. "If there's one thing that Chinese companies are good at, it's operating on a razor thin margin in an intensely competitive, if not adverse environment ... they find every scrap that they can to survive," he added. Contingency plans aside, experts agree that Trump's trade policy will continue to affect prices on Temu and Shein. The companies first announced they were raising prices in mid-April to counter tariffs. According to data from Coresight, prices across shopping categories on Shein rose between 5% and 50% in the latter half of April, with the sharpest rises seen in toys and games and beauty and health. However, many e-commerce experts remain confident that Temu and Shein will continue to prove price-competitive. Coresight's Weinswig said the two companies have previously been able to offer products at a third of the prices on Amazon for comparable goods. So, even if they more than double the prices to absorb the impacts of tariffs, many goods could remain cheaper than those on American e-commerce sites and retailers. Jason Wong, who works in product logistics for Temu in Hong Kong, noted this dynamic when speaking to CNBC last month, likening Temu to a dollar store. If prices at the dollar store go from $1 to $2, it's still a dollar store, he said. Furthermore, Trump's trade tariffs on China and other trade partners have also affected American retailers and e-commerce sites like Amazon. When Forever 21 filed for bankruptcy protection earlier this year, it blamed Shein and Temu's use of the de minimis exemption, which it said "undercut" its business. But experts say that exclusively attributing the success of Shein and Temu to that trade loophole misses many of the other factors that have made them smash hits in the U.S. According to Anand Kumar, associate director of research at Coresight Research, Temu and Shein owe a lot of their success to their very agile supply chains that adapt fast to consumer trends. For example, Shein's small-batch production — in which product styles are initially launched in limited quantities, typically around 100-200 items — allows it to test and scale products efficiently. Another key is the companies' applications, which use various strategies to maintain user interest, including frequent phone notifications, product recommendation algorithms and perhaps most notably, constantly displaying discounted prices from promotions and flash sales. Temu was offering a "mega savings extravaganza" for American consumers on Monday. Some of the bestselling items on sale included stainless steel hook earnings for $1.45 and a fitted mattress pad for $11.54. It's unclear if the discounted local goods were stockpiled before tariffs came into effect. In addition, app users will often be met with mini-games that grant different coupons or ways to earn rewards, as well as opportunities to buy "mystery boxes" with assorted products. That "gamification strategy" definitely plays into the consumer psychology of many U.S. shoppers who often buy items out of the excitement of being able to get a great deal, said Miami University's Jin. Experts also flagged that Temu and Shein have been very effective at marketing, including through the harnessing of livestreaming and social media. On the other hand, according to Coresights' Weinswig, American retailers have failed to adequately recognize threats from Temu and Shein and adjust their supply chains and pricing models.
Yahoo
22-03-2025
- Business
- Yahoo
Retailers expected to close 15,000 stores this year — here's why and what shoppers need to know
Fast-fashion chain Forever 21 is the latest retailer to file for bankruptcy and announce it's closing stores. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Americans with upside-down car loans owe more money than ever before — and drivers can't keep up. Here are 3 ways to cut your monthly costs ASAP 'Last year we saw the highest number of closures since the pandemic,' noted Coresight Research CEO Deborah Weinswig in a January note that predicted closures to more than double this year to approximately 15,000. As of mid-Jan, major U.S. retailers had announced 29.6% fewer openings and 334.3% more closures in 2025 when compared to the year-ago period. 'Inflation and a growing preference among consumers to shop online to find the cheapest deals took a toll on brick-and-mortar retailers in 2024 … Retailers that were unable to adapt supply chains and implement technology to cut costs were significantly impacted,' said Weinswig. Here are some of the major retailers closing stores, and what it could mean for you as a shopper. Major retailers that announced closures late in 2024 and early in 2025 included Party City, Big Lots, Kohl's, and Macy's. Big Lots declared bankruptcy, and most of its stores are now closed, with only 4 locations left as of March 21, according to the company's website. Party City also declared bankruptcy for the second time in two years in December 2024 and is shuttering all its locations. This month, Forever 21, the discount clothing retailer typically geared towards teenagers and young adult women, announced it filed Chapter 11 bankruptcy and is closing all its U.S. stores. Joann, a fabric retail chain popular among craft enthusiasts, is also filing for bankruptcy and closing 500 of its stores, which is more than half the total it has in the country. Previously, you could also purchase discounted goods on its website, but it's no longer allowing online orders because there are a number of fraudulent websites. Joann Fabrics, in its bankruptcy filing, stated it has struggled with sales since COVID-19 when people were making masks. The retailer attributed the decline in sales to 'competition from online retailers and increased merchandise costs.' Brick-and-mortar stores have found it hard to stay profitable as more people choose to go online and shop. Coresight Research's CEO Deborah Weinswig says that consumers want to access the best prices and 'have no patience for stores that are constantly disorganized, out of stock, and that deliver poor customer service.' In its research, it has 'seen Shein and Temu capture market share as consumers choose to shop online to save time, money, and avoid frustration.' Read more: Gold just hit a historic high of $3,000/ounce on Trump's tariff moves — while US stocks got slaughtered. Here's 1 simple way to prevent more pain within minutes While store closures may not affect overall prices of goods, it does cause disruptions. For one, it may be harder to shop in person at your favorite retailer, assuming there are still locations around. However, you'd still most likely find similar items online. It's also a good time to browse at retailers closing locations like Joann for heavily discounted goods. Before you head to the checkout though, be sure that these are items you'll use and that you're staying within budget. Stores that have filed for bankruptcy and are closing most likely won't offer refunds or exchanges. Other store policies may also change. Joann, for example, is no longer giving discounts for teachers, healthcare workers and members of the military. If you were relying on these discounts, it may not make a huge difference if affected retailers are offering steep discounts on select items. You may want to shop around to see which place offers the best prices for items you want. You may also have a certain window of when you can use your retailer gift cards. Forever 21 is honoring existing gift cards and any store credit you have, but you will have until April 15 to use them. Joann stopped accepting its gift cards on February 28. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
USA Today
14-02-2025
- Business
- USA Today
Could 2025 bring a new 'retail reality'? Why experts say store closures could skyrocket
Could 2025 bring a new 'retail reality'? Why experts say store closures could skyrocket Show Caption Hide Caption Which well-known retail stores filed for bankruptcy? Red Lobster, Walgreens, Rite Aid and many other retailers are battling with worsening financials. JCPenney, Macy's, Joann: After a rough year of bankruptcies and store closures in 2024, retailers may face an even steeper uphill battle in 2025, experts say. Just a month and a half into the new year, several companies with brick-and-mortar presences have planned sweeping 2025 closures, the largest of which include Party City, Big Lots, and craft store Joann, which announced the impending closure of over 500 of its roughly 800 stores nationwide this week. For several national chains, 2024 was no kinder. From Walgreens and Red Lobster to Big Lots and Family Dollar, hundreds of retail locations went dark as part of an ongoing, years-long trend oft attributed to the ongoing economic impacts of the COVID-19 pandemic and the prevalence of online shopping. And experts say things aren't looking up for 2025. In fact, closures are expected to skyrocket. Store closures expected to be even worse in 2025 U.S. store closures totaled 7,325 in 2024, according to data collected by Coresight Research, a research firm specializing in retail and technology, the highest number since it recorded 10,000 closures in 2020. Paired with the 5,970 recorded store openings, the net loss ended up being 1,355 stores, as of January 2025. 'Inflation and a growing preference among consumers to shop online to find the cheapest deals took a toll on brick-and-mortar retailers in 2024,' Coresight Research CEO Deborah Weinswig said in a press statement. 'Last year we saw the highest number of closures since the we continue to see a trend of consumers opting for the path of least resistance." Things are expected to escalate significantly in 2025, according to the firm, which projected the shuttering of approximately 15,000 locations throughout the year offset by only 5,800 stores set to open. Coresight said major U.S. retailers have announced a whopping 334.3% more closures and 29.6% fewer openings compared to last year as of mid-January. In fact, it has already tracked more than 2,000 planned closures this year thanks to late 2024 and early 2025 announcements from brands like Party City, Big Lots, Kohl's, and Macy's. "This is not just about one company − it is a structural shift in the retail landscape," Weinswig said in a statement to USA TODAY Thursday. "As we have noted, retailers that fail to adapt to new consumer expectations and personalized marketing and merchandising are facing an existential crisis." "Not only do [consumers] want the best prices, but they also have no patience for stores that are constantly disorganized, out of stock, and that deliver poor customer service," Weinswig continued. "E-commerce giants like Shein and Temu are accelerating this decline, offering rock-bottom prices and instant access to products that once drove foot traffic to physical stores. Consumers no longer need to visit specialty retailers for fabric, craft supplies, or home goods when they can order them online for less − often with next-day delivery." Is this the new 'retail reality'? Some categories are more at risk than others. In 2024, as Coresight notes, general-merchandise discount stores accounted for 1,754 of total store closures, or 23.9%, followed by apparel with 1,383 closed stores. Coresight said it expects general merchandise retailers of multiple types − from automotive to home and pet − will likely be the hardest hit in the coming title wave, along with stores like Macy's and JCPenney, which are experiencing an increasing "flight from department stores." Weinswig sees Joann's move to close more than half of its locations as representative of the pain felt across the retail space. "Joann Fabrics' announcement underscores a retail reality we have been tracking closely − 2025 is shaping up to be the worst year for store closures in recent history," Weinswig told USA TODAY. "We believe there is a significant place for physical retail, but it needs to adapt to today's consumer. They don't want to have any friction. They don't want to wait in lines, they don't want to have challenges with returns, they don't want it to be hard to find product information," Weinswig continued. Retail needs to 'revolutionize' to survive, expert says Weingswig believes companies can win customers back by getting creative and embracing new technologies like artificial intelligence to optimize prices and deliver better customer service. She cited JCPenney's recently announced plan to partner with Forever 21's parent company, SPARC Group, to create a new company called Catalyst Brands, as an example of "radical thinking that is being adopted in the sector" to win and keep consumers. "My belief is that we will see a significant shake out this year, and that retailers will take a step back, reassess and revolutionize the physical store environment," said Weingswig.
Associated Press
27-01-2025
- Business
- Associated Press
Turtle Beach Corporation Appoints Mark Weinswig Chief Financial Officer
Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories provider, today announced the appointment of Mark Weinswig as Chief Financial Officer effective February 3, 2025. Mr. Weinswig brings over 25 years of extensive financial leadership experience to Turtle Beach. Most recently, he served as CFO at Ouster following its merger with Velodyne Lidar, where he successfully led the development and implementation of integration strategies, resulting in significant cost savings and operational efficiencies. He's previously held CFO positions at other companies, including Avinger, EMCORE and Avanex, where he consistently delivered improved financial performance and strategic growth. 'We're excited to welcome Mark to the Turtle Beach team. His wealth of experience in financial leadership across multiple publicly traded companies makes him an ideal fit for our organization,' said Cris Keirn, CEO, Turtle Beach Corporation. 'Mark's proven track record of driving financial performance and strategic initiatives will be invaluable as we continue executing our growth strategy and enhancing shareholder value. We look forward to his contributions and leadership.' Mr. Weinswig holds an MBA from Santa Clara University and a BS in Accounting from Indiana University. He has held both Certified Public Accountant and Chartered Financial Analyst designations. 'I'm thrilled to join Turtle Beach as the new Chief Financial Officer. Together, we will continue delivering cutting-edge products, while also maximizing value for our shareholders. I look forward to contributing to Turtle Beach's exciting future, and building on its legacy of excellence,' said Mr. Weinswig. Mr. Weinswig succeeds John Hanson, who will move into to a senior advisor role for the next six months to ensure a smooth and effective transition. 'We are deeply grateful to John for his significant contributions to Turtle Beach during his tenure,' added Cris Keirn. 'His leadership and dedication over the years has been instrumental in our success, and we're pleased that he will continue providing his expertise as a senior advisor during this transition period. We wish him all the best in his retirement.' About Turtle Beach Corporation Turtle Beach Corporation (the 'Company') ( is one of the world's leading gaming accessories providers. The Company's namesake Turtle Beach brand ( is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products ( in 2024. Turtle Beach's shares are traded on the Nasdaq Exchange under the symbol: TBCH. Cautionary Note on Forward-Looking Statements This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words 'may', 'could', 'would', 'should', 'believe', 'expect', 'anticipate', 'plan', 'estimate', 'target', 'goal', 'project', 'intend' and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management's current beliefs and expectations, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to logistic and supply chain challenges and costs, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company's other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise. Investors: [email protected] (646) 277-1285 Public Relations & Media: MacLean Marshall
Yahoo
27-01-2025
- Business
- Yahoo
Turtle Beach Corporation Appoints Mark Weinswig Chief Financial Officer
WHITE PLAINS, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories provider, today announced the appointment of Mark Weinswig as Chief Financial Officer effective February 3, 2025. Mr. Weinswig brings over 25 years of extensive financial leadership experience to Turtle Beach. Most recently, he served as CFO at Ouster following its merger with Velodyne Lidar, where he successfully led the development and implementation of integration strategies, resulting in significant cost savings and operational efficiencies. He's previously held CFO positions at other companies, including Avinger, EMCORE and Avanex, where he consistently delivered improved financial performance and strategic growth. 'We're excited to welcome Mark to the Turtle Beach team. His wealth of experience in financial leadership across multiple publicly traded companies makes him an ideal fit for our organization,' said Cris Keirn, CEO, Turtle Beach Corporation. 'Mark's proven track record of driving financial performance and strategic initiatives will be invaluable as we continue executing our growth strategy and enhancing shareholder value. We look forward to his contributions and leadership.' Mr. Weinswig holds an MBA from Santa Clara University and a BS in Accounting from Indiana University. He has held both Certified Public Accountant and Chartered Financial Analyst designations. 'I'm thrilled to join Turtle Beach as the new Chief Financial Officer. Together, we will continue delivering cutting-edge products, while also maximizing value for our shareholders. I look forward to contributing to Turtle Beach's exciting future, and building on its legacy of excellence,' said Mr. Weinswig. Mr. Weinswig succeeds John Hanson, who will move into to a senior advisor role for the next six months to ensure a smooth and effective transition. 'We are deeply grateful to John for his significant contributions to Turtle Beach during his tenure,' added Cris Keirn. 'His leadership and dedication over the years has been instrumental in our success, and we're pleased that he will continue providing his expertise as a senior advisor during this transition period. We wish him all the best in his retirement.' About Turtle Beach CorporationTurtle Beach Corporation (the 'Company') ( is one of the world's leading gaming accessories providers. The Company's namesake Turtle Beach brand ( is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products ( in 2024. Turtle Beach's shares are traded on the Nasdaq Exchange under the symbol: TBCH. Cautionary Note on Forward-Looking StatementsThis press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words 'may', 'could', 'would', 'should', 'believe', 'expect', 'anticipate', 'plan', 'estimate', 'target', 'goal', 'project', 'intend' and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management's current beliefs and expectations, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to logistic and supply chain challenges and costs, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company's other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise. CONTACTS Investors:tbch@ 277-1285 Public Relations & Media:MacLean MarshallSr. Director, Global CommunicationsTurtle Beach Corporation(858) in to access your portfolio
