Untuckit, the company known for its untucked shirts, is looking to raise money at a valuation greater than $600 million

Shoppers browse clothing inside an Untuckit LLC store at the King of Prussia mall in King of Prussia, Pennsylvania,  Oct. 20, 2018. 

Jeenah Moon | Bloomberg | Getty Images
Shoppers browse clothing inside an Untuckit LLC store at the King of Prussia mall in King of Prussia, Pennsylvania,  Oct. 20, 2018.

Men have worn untucked shirts for years. When a company came along to sell only shirts that are designed to be untucked – not surprisingly that market turned out to be pretty lucrative.

That company, known as Untuckit, has hired a prominent investment bank to raise money and help fuel its growth, according to people familiar with the situation. Untuckit is seeking a deal that will value it at more than $600 million and has Morgan Stanley out looking for the funds.

In doing so, it follows a similar path forged by other brands like sustainable sneaker brand AllBirds, which in October raised $50 million from T. Rowe Price, Fidelity and Tiger Global.

Untuckit has roughly $150 million in sales and is profitable, the people said. It raised $30 million from venture firm Kleiner Perkins last June, reportedly valuing it at more than $200 million.

The people asked not to be named because the information is confidential. Untuckit and Morgan Stanley declined to comment.

Untuckit is the brainchild of Executive Chairman Chris Riccobono and CEO Aaron Sanandres. Riccobono had been struggling to find a dress shirt that wasn’t too big or too baggy. He worked to develop a professional solution with his fellow Columbia Business School classmate.

The two launched the brand online in 2011. Four years later, they opened its first brick-and-mortar store in New York’s SoHo district. The co-founders were early believers in the idea that e-commerce companies can benefit from storefronts, which can help to alleviate marketing and delivery costs.

Untuckit now has 50 stores nationwide and has said it aims to open 100 stores over the next five years.

The brand has also expanded beyond men who want to go untucked. It now sells shirts, dresses, tees and jackets for women, as well as shirts and bottoms for boys.

[“source=cnbc”]

Microsoft is making its first web browser for the Mac in 15 years

Microsoft CEO Satya Nadella at a company event in New York in May 2017.

Source: Jason DeCrow, AP Images | Microsoft
Microsoft CEO Satya Nadella at a company event in New York in May 2017.

Microsoft’s web browsing technology is coming back to the Mac.

On Thursday Microsoft said that its Edge browser, which was introduced in 2015 as part of Windows 10, will be coming to the Mac as part of a broader rethinking of the company’s browser strategy.

Edge was one of the biggest new features of Windows 10 when it became available in mid-2015. But it hasn’t taken off, despite Microsoft’s attempts to promote it in its own properties, like the Bing search engine. Google’s Chrome had around 62 percent share in November, while Edge had about 2 percent, according to StatCounter. Apple’s Safari had 15 percent, and Microsoft’s old browser, Internet Explorer, had 3 percent share.

In the past few years, under the leadership of Satya Nadella, Microsoft has come to embrace open-source technologies more openly. It has added broader support for Linux in Windows and in the cloud, for example. Now, after depending heavily on its own browsing engine technology, Microsoft will make Chromium, the open-source heart of Google’s Chrome browser, a key part of Edge, essentially acknowledging that Google’s technology has become dominant.

Microsoft will also become a major contributor to the Chromium project as it looks to make Edge even more widely available.

“Microsoft Edge will now be delivered and updated for all supported versions of Windows and on a more frequent cadence,” Microsoft Windows corporate vice president Joe Belfiore wrote in a blog post on Thursday. That language implies Edge will become available for Windows 7, for one thing.

One report previously suggested that the company would release a browser to replace Edge. Instead, the company is refining Edge to benefit multiple constituencies.

“People using Microsoft Edge (and potentially other browsers) will experience improved compatibility with all web sites, while getting the best-possible battery life and hardware integration on all kinds of Windows devices,” Belfiore wrote in the blog post.

“Web developers will have a less-fragmented web platform to test their sites against, ensuring that there are fewer problems and increased satisfaction for users of their sites; and because we’ll continue to provide the Microsoft Edge service-driven understanding of legacy IE-only sites, Corporate IT will have improved compatibility for both old and new web apps in the browser that comes with Windows.”

This isn’t the first time Microsoft is building for the Mac, and it certainly isn’t the first time Microsoft is packaging up a browser for Apple’s Mac operating system. Apple offered Internet Explorer for the Mac but said it would stop coming out with new versions of the software in 2003.

Microsoft expects to have a preview build for developers to try in early 2019, Belfiore wrote.

[“source=cnbc”]

Walmart to acquire home decor site Art.com, further extending its e-commerce push

Source: Art.com

Walmart plans to buy Art.com, adding another digital brand to its portfolio and bolstering its home decor business.

The retailer has been building a collection of e-commerce companies in categories ranging from clothing to lingerie since its roughly $3 billion acquisition of Jet.com in 2016. Those brands now include ModCloth, Moosejaw, Bonobos, Eloquii and Bare Necessities. The strategy helps Walmart target a younger audience that isn’t accustomed to going to its stores, as it rivals Amazon online.

Art.com is one of the largest online sellers of art and wall decor globally, Walmart said. A person familiar with the deal said the size of this acquisition is similar to Walmart’s other recent deals and that Art.com recently was bringing in more than $300 million in sales annually.

Walmart CEO Doug McMillon on the future of the retail industry

Walmart CEO Doug McMillon on the future of the retail industry   6 Hours Ago | 08:36

Eventually, items from Art.com will be sold on Walmart.com, Jet.com and Hayneedle.com, Walmart said. It will continue to run Art.com as a standalone website and wouldn’t comment on its plans to add merchandise from Art.com to Walmart stores. The website has roughly 2 million designs to chose from, and growing, according to Walmart.

Walmart has already started adding items from some of its acquired brands to its website. Outdoor gear company Moosejaw, for example, now has its own shop on Walmart.com. Walmart also landed a deal with Lord & Taylor to sell apparel from the department store chain on Walmart.com, again going after a more high-end and younger customer, something it hasn’t been able to do with its traditional brands.

It also aspires to do more with technology, and buying Art.com should help with that.

“As we think about the future right now, art will be one area where we will leverage augmented reality,” Anthony Soohoo, the senior vice president of Walmart’s online home business in the U.S., told CNBC. He said 25 percent of Art.com’s customers currently use a feature on the platform called ArtView, where shoppers can see what a piece of art looks like on their walls before they buy. Walmart will be able to “leverage that expertise” about augmented reality in other categories of its business moving forward, Soohoo said.

The deal is expected to close early next year.

Walmart could one day own upwards of 40 digitally native brands, according to the head of its U.S. e-commerce business, Marc Lore.

“Just four brands aren’t going to do it, but imagine 40,” Lore told investors earlier this fall. “The idea is to buy and build.”

Walmart has also started building its own online brands, one being Allswell, which launched earlier this year and sells bedding and mattresses. It runs on its own website, AllswellHome.com.

[“source=cnbc”]

US is well on its way to Trump’s goal of ‘energy dominance,’ says Marathon Petroleum CEO

US on its way to Trump's goal of 'energy dominance,' says Marathon CEO

US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO   13 Hours Ago | 01:26

President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday.

“When I look at the president’s theme to begin with and the beginning of his administration, he wanted to have energy dominance in the U.S. and I believe that we are well on our way,” Heminger told Jim Cramer in an exclusive “Mad Money” interview. “We’re the largest producer in the world today.”

Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production.

That puts the United States in a league above its competitors, said the Marathon chief, whose Ohio-based company specializes in petroleum refining, marketing and transportation.

“The U.S. refining system [is] second to none of anyone in the industry, so I believe we’re well on our way now” to global energy dominance, Heminger said.

The CEO added that he expected OPEC’s meetings in Vienna, Austria this Thursday and Friday to result in “a pullback in OPEC production,” in which case “we’ll see crude prices inch up” from their current levels.

And although oil’s recent pummeling has benefited business at Marathon — where oil is part of Marathon’s cost of goods sold, so price declines translate into higher margins — Heminger said the company sees prices for the benchmark West Texas Intermediate crude rising significantly in 2019.

“We really believe the price is probably going to end up being … $65 to [$]70 in 2019, on an average,” he said. “I believe we’ve averaged almost $65 — about [$]64.50 — year to date in 2018, so we think we’re being conservative looking at that number for next year.”

WTI crude futures fell 0.64 percent on Tuesday to $52.61. Year to date, the commodity has lost 8.77 percent.

Shares of Marathon Petroleum shed 2 percent amid Tuesday’s marketwide meltdown, settling at $63.34.

[“source=cnbc”]

US is well on its way to Trump’s goal of ‘energy dominance,’ says Marathon Petroleum CEO

US on its way to Trump's goal of 'energy dominance,' says Marathon CEO

US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO   13 Hours Ago | 01:26

President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday.

“When I look at the president’s theme to begin with and the beginning of his administration, he wanted to have energy dominance in the U.S. and I believe that we are well on our way,” Heminger told Jim Cramer in an exclusive “Mad Money” interview. “We’re the largest producer in the world today.”

Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production.

That puts the United States in a league above its competitors, said the Marathon chief, whose Ohio-based company specializes in petroleum refining, marketing and transportation.

“The U.S. refining system [is] second to none of anyone in the industry, so I believe we’re well on our way now” to global energy dominance, Heminger said.

The CEO added that he expected OPEC’s meetings in Vienna, Austria this Thursday and Friday to result in “a pullback in OPEC production,” in which case “we’ll see crude prices inch up” from their current levels.

And although oil’s recent pummeling has benefited business at Marathon — where oil is part of Marathon’s cost of goods sold, so price declines translate into higher margins — Heminger said the company sees prices for the benchmark West Texas Intermediate crude rising significantly in 2019.

“We really believe the price is probably going to end up being … $65 to [$]70 in 2019, on an average,” he said. “I believe we’ve averaged almost $65 — about [$]64.50 — year to date in 2018, so we think we’re being conservative looking at that number for next year.”

WTI crude futures fell 0.64 percent on Tuesday to $52.61. Year to date, the commodity has lost 8.77 percent.

Shares of Marathon Petroleum shed 2 percent amid Tuesday’s marketwide meltdown, settling at $63.34.

[“source=cnbc”]

US is well on its way to Trump’s goal of ‘energy dominance,’ says Marathon Petroleum CEO

US on its way to Trump's goal of 'energy dominance,' says Marathon CEO

US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO   13 Hours Ago | 01:26

President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday.

“When I look at the president’s theme to begin with and the beginning of his administration, he wanted to have energy dominance in the U.S. and I believe that we are well on our way,” Heminger told Jim Cramer in an exclusive “Mad Money” interview. “We’re the largest producer in the world today.”

Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production.

That puts the United States in a league above its competitors, said the Marathon chief, whose Ohio-based company specializes in petroleum refining, marketing and transportation.

“The U.S. refining system [is] second to none of anyone in the industry, so I believe we’re well on our way now” to global energy dominance, Heminger said.

The CEO added that he expected OPEC’s meetings in Vienna, Austria this Thursday and Friday to result in “a pullback in OPEC production,” in which case “we’ll see crude prices inch up” from their current levels.

And although oil’s recent pummeling has benefited business at Marathon — where oil is part of Marathon’s cost of goods sold, so price declines translate into higher margins — Heminger said the company sees prices for the benchmark West Texas Intermediate crude rising significantly in 2019.

“We really believe the price is probably going to end up being … $65 to [$]70 in 2019, on an average,” he said. “I believe we’ve averaged almost $65 — about [$]64.50 — year to date in 2018, so we think we’re being conservative looking at that number for next year.”

WTI crude futures fell 0.64 percent on Tuesday to $52.61. Year to date, the commodity has lost 8.77 percent.

Shares of Marathon Petroleum shed 2 percent amid Tuesday’s marketwide meltdown, settling at $63.34.

[“source=cnbc”]