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SpreeAI redefines retail with AI-powered photorealistic try-ons and $1.5B valuation

By
Mario Toneguzzi
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SpreeAI Is Redefining Retail With Virtual AI-Powered Try-Ons Curated by the Top in Tech and Fashion (PRNewsfoto/SpreeAI)

SpreeAI, a rising force in fashion tech innovation, is revolutionizing the retail landscape with its lifelike virtual try-on technology and 99%-accurate sizing solution—technology so realistic the naked eye can’t distinguish it from real life. By combining artificial intelligence with hyper-personalized shopping experiences, the company is setting a new standard for how consumers engage with fashion, both online and in-store.

“For consumers, SpreeAI adds an unparalleled level of personalization, allowing shoppers to become the model and visualize clothing in a lifelike, photorealistic way,” the company said in a release. “Packed with upcoming features like an AI stylist, a virtual wardrobe, and more, SpreeAI creates a dynamic and engaging shopping experience.”

For retailers, the company emphasizes practical benefits as well. “SpreeAI is engineered to reduce returns and boost sales conversions, offering a transformative solution for the fashion industry.”

Visionary Leadership and $1.5 Billion Valuation

John Imah
John Imah

SpreeAI is led by Co-founder and CEO John Imah, a seasoned executive with experience at global tech giants. Under Imah’s leadership, SpreeAI recently achieved a $1.5 billion valuation following an undisclosed funding round led by The Davidson Group.

The company’s board includes iconic supermodel Naomi Campbell, along with entrepreneurs Bob Davidson and Larry Ruvo—underscoring its blend of high fashion and technology.

“It’s inspiring to be part of SpreeAI’s transformative journey under John’s visionary leadership,” said Naomi Campbell, Fashion Icon and SpreeAI Board Member. “I’ve always believed in pushing boundaries and embracing innovation, and seeing John’s passion and determination firsthand makes me even more excited about the future we’re creating together. SpreeAI represents the powerful fusion of fashion, technology, and inclusivity—and I’m thrilled to be on this groundbreaking path.”

Naomi Campbell. Source: Naomi Campbell Instagram
Naomi Campbell. Source: Naomi Campbell Instagram

Academic and Industry Collaborations Fuel Innovation

SpreeAI’s innovation pipeline is strengthened by exclusive collaborations with the Massachusetts Institute of Technology (MIT) and Carnegie Mellon University. These partnerships span research, talent development, and product integration. In addition, the company’s collaboration with the Council of Fashion Designers of America (CFDA) links its cutting-edge technology directly with the heart of the fashion industry, added the company.

Steven Kolb
Steven Kolb

“The CFDA is proud to collaborate with SpreeAI, a fashion technology leader delivering innovative solutions to help designers and brands thrive in the fashion industry,” said Steven Kolb, CEO of CFDA.

Priscilla Capistrano
Priscilla Capistrano

“SpreeAI’s partnership with the EECS Alliance exemplifies the kind of forward-thinking collaboration we strive for—bringing together industry innovation and academic excellence,” said Priscilla Capistrano, Program Manager at MIT. “Their active involvement, including providing impactful internship opportunities, has opened up exciting pathways for our students while supporting research and real-world application in the AI space. We’re proud to support SpreeAI as they continue to grow and lead in this evolving field.”

Professor Deva Ramanan of Carnegie Mellon University added:
“AI is poised to revolutionize many things including e-commerce. SpreeAI is pushing the forefront of this for a truly personalized garment-shopping experience, by leveraging collaborations with academia and assembling a team that understands both the deep technical challenges and their product impact.”

With four issued patents and 23 more pending, SpreeAI is positioning itself to maintain technological leadership and ensure competitive advantage. The company also operates Protea, a platform that enables retail partners to integrate and test SpreeAI’s offerings to improve efficiency and customer outcomes.

Fashion Partnerships and Met Gala Spotlight

SpreeAI said its momentum is extending into the cultural zeitgeist, with new collaborations announced with luxury designer Sergio Hudson and London-based womenswear brand Kai Collective. Both designers are recognized Black creatives whose work aligns with the 2025 Met Gala theme, “Superfine: Tailoring Black Style.”

“We’re thrilled to partner with SpreeAI and aim to create a personalized experience for Sergio Hudson and drive increased sales,” said Sergio Hudson, Founder and Creative Director.

Fisayo Longe
Fisayo Longe

“At Kai Collective, we’re always looking for ways to fuse innovation with storytelling,” said Fisayo Longe, Founder and CEO of Kai Collective. “Collaborating with SpreeAI allows us to explore how technology can elevate the customer experience while staying true to our brand’s identity and values.”

In another milestone moment, SpreeAI CEO John Imah was the first fashion tech AI startup CEO to be invited to the Met Gala, underscoring the company’s influence at the intersection of fashion, technology, and culture.

Looking Ahead

“Our approach will always be customer-focused—that means both the retail partners and the consumers we serve,” said Imah. “We don’t just look at the shopping landscape; we reimagine it. Whether it’s in-store or online, we step back and ask how AI can transform real-world challenges into seamless, exciting experiences. This mindset drives us forward as we continue shaping the future of retail and fashion with AI, blending innovation with personalization to empower and inspire. The possibilities are limitless, and we’re just getting started.”

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Swift Car Wash launches Ontario expansion with Cambridge acquisition

By
Mario Toneguzzi
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Source- Swift Car Wash
Source- Swift Car Wash

Swift Car Wash, one of Canada’s fastest-growing express car wash operators, has officially entered the Ontario market with the acquisition of Smitty’s Car Wash in Cambridge. The move represents a key milestone in the company’s national expansion strategy and signals its ambition to grow across Eastern Canada.

The newly acquired location at 408 Hespeler Road, Cambridge becomes Swift’s first in Ontario and a foundational step toward broader provincial growth. As part of the transition, Swift Car Wash plans to significantly invest in the site, with upgrades aimed at enhancing wash quality and delivering a standout customer experience, said the company.

Raja Singh
Raja Singh

“Introducing express car washes in Ontario has long been part of our vision, and the acquisition of a high-performing, community-trusted car wash site is the perfect way to launch our presence in this key market,” said Raja Singh, Co-Founder of Swift Car Wash.

The Cambridge site will soon undergo renovations to bring it in line with Swift’s modern brand standards, including eco-friendly operations and high-efficiency wash systems.

“We’re proud to bring Swift’s exceptional service and innovative approach to car washing to the people of Cambridge,” said Abiram Kanagasabai, Co-Founder of Swift Car Wash. “This is just the beginning of our commitment to Ontario, and we’re excited to introduce the Swift experience to new communities.”

All existing customers at the Cambridge location will be transitioned into Swift’s Unlimited Wash Membership program, giving them access to all current and future Swift locations across Canada.

Swift says the location will host grand re-opening celebrations this summer, featuring exclusive membership promotions and community events.

Founded in 2024 and headquartered in Toronto, Swift Car Wash has quickly gained attention for its focus on customer service, state-of-the-art technology, and commitment to eco-friendly practices. Its unlimited wash programs and modern amenities are designed to redefine the express car wash experience across Canada.

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Home Hardware named presenting sponsor of Skills Canada National Competition 2025 in Regina

By
Mario Toneguzzi
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Skills/Compétences Canada (SCC) has announced that Home Hardware Stores Limited will be the Presenting Sponsor of the Skills Canada National Competition (SCNC) 2025, taking place May 29 and 30 at the REAL District in Regina, Saskatchewan.

Home Hardware, Canada’s largest Dealer-owned home improvement retailer, will be on-site during the event, hosting a Try-A-Trade and Technology activity. This interactive experience will allow student visitors to engage directly with hands-on activities and learn more about careers in skilled trades and technologies. The retailer will also present medals to top competitors during SCNC’s official Closing Ceremony.

“Partnering with Home Hardware Stores Limited will help us highlight the importance of skilled trades and technologies and increase awareness of these sectors,” said Shaun Thorson, Chief Executive Officer, Skills/Compétences Canada. “SCNC is our flagship event and allows us to engage with thousands of student visitors each year to inform them about these exciting careers.”

The Skills Canada National Competition brings together over 500 students and apprentices from across the country to compete in more than 40 skilled trade and technology categories. The event also draws a wide range of participants and supporters including labour groups, industry partners, government representatives, educators, and youth.

Ian White
Ian White

“We’re thrilled to once again partner with Skills/Compétences Canada to create meaningful opportunities for young tradespeople across the country,” said Ian White, President & CEO, Home Hardware Stores Limited.

“This collaboration not only opens doors for the next generation to explore the dynamic fields of skilled trades and technologies, but empowers youth to connect with industry leaders, gain valuable insights, and develop the skills needed to thrive in the future of Canada’s economy and workforce.”

The timing of this partnership is significant, as Canada continues to face a skilled labour shortage. With approximately 257,000 tradespeople expected to retire by 2029, initiatives like SCNC are critical in encouraging the next generation to pursue careers in the skilled trades and helping to fill the labour gap.

Founded in 1989, Skills/Compétences Canada is a national not-for-profit organization that works with employers, educators, labour groups and governments to promote skilled trade and technology careers among Canadian youth. It delivers hands-on learning opportunities and competitions across regional, provincial, national and international levels, helping young Canadians discover rewarding career paths.

Home Hardware Stores Limited, celebrating 60 years in business, operates over 1,000 locations across Canada under the Home Hardware, Home Building Centre, Home Hardware Building Centre, and Home Furniture banners. The retailer is recognized as one of Canada’s Best Managed Companies and one of the country’s Best Employers.

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Healthy Planet launches summer’s biggest wellness event with Healthy Days celebration

By
Mario Toneguzzi
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Source- Healthy Planet
Source- Healthy Planet

As summer approaches, Canadians looking to embrace healthier lifestyles while supporting local brands have a new reason to celebrate. Healthy Planet, Canada’s largest health and wellness e-commerce website and chain of wellness stores, is rolling out its most anticipated event of the year: Healthy Days, running from May 29 to June 1, 2025.

The four-day event builds on Healthy Planet’s earlier campaign, #HealthyCanadianSwap, launched in response to U.S. tariffs and growing economic pressure. The campaign highlights Canadian-made products in categories such as food, supplements, beauty, and home care. Healthy Days brings that message to life with major savings and exclusive giveaways, all while putting the spotlight on Canadian innovation in wellness, explained the company.

Muhammad Mohamedy
Muhammad Mohamedy

“As summer approaches, Canadians are actively seeking healthier, more sustainable alternatives, and many are looking to support local while they do it,” says Muhammad Mohamedy, General Manager of Healthy Planet. “Healthy Days is our way of kicking off the season with purpose: helping Canadians find great deals on quality wellness products while championing the incredible Canadian brands that are shaping the future of health.”

Throughout the event, customers can expect 10–60 per cent off storewide on key wellness categories including vitamins and supplements, sports nutrition, organic groceries, and clean beauty products.

Healthy Planet is also turning up the excitement with a range of giveaways. Ten lucky customers will each win a $1,000 travel voucher. Over 50 bonus prize winners will receive $200 in Healthy Points along with a personalized health consultation. In addition, the first 50 customers each day will receive an exclusive gift bag, it said.

“We’re so excited for the return of Healthy Days,” adds Mohamedy. “It’s a meaningful way for us to give back and celebrate our mission, serving Canadian communities with pride and helping them lead healthier lives, one choice at a time.”

With 38 store locations across Ontario and a strong online presence, Healthy Planet is making it easier than ever for Canadians to discover and support local brands. Canadian-made products are marked with red maple leaf tags in stores and can be found using a new “Canadian” filter online.

Healthy Planet continues to grow, with its most recent store opening in St. Catharines, located in Fairview Mall at 285 Geneva Street. The company remains committed to making wellness accessible and affordable for everyone.

Sale excludes eggs, dairy and produce.

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Canadian Retail News From Around The Web For May 7, 2025

By
Retail Insider
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Canadian Retail News From Around The Web

News at a Glance

Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.

Corner stores at a crossroads: A call to action for Canada’s new government (CCentral)

Inside the unlikely reinvention of the Canadian department store (Globe & Mail)

B.C. billionaire reportedly puts down 10% deposit in bid for HBC assets (BIV)

Hudson’s Bay to bring back commission for workers: Unifor (Canadian Press)

‘Stretching their dollars’: New study says Canadians struggle with food prices (Global)

Duty free shops fear Trump’s trade war will force them out of business (CBC)

Canadian warehouses want to become hubs for Chinese goods facing U.S. tariffs (The Logic)

George Weston reports Q1 profit down, raises quarterly dividend (Canadian Press)

Kingston Centre’s new Canadian Tire store nears completion (Kingston News)

The Beer Store is closing another 11 Ontario locations this summer, including Oakville, Toronto and Windsor (Inside Halton)

Opinion: Grocery sales shift from American to Canadian, but will it last? (Regina Leader Post)

Long-standing west Edmonton business moving out of construction zone (Edmonton Journal)

Booze boost: N.B. alcohol producers see ‘silver lining’ in tariff war with U.S. (CBC)

There’s a free Asian night market in Toronto over the long weekend (Toronto.com)

Parmigiano Reggiano Sees Soaring Growth in Canada

By
Craig Patterson
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Photo: Parmigiano Reggiano

Parmigiano Reggiano is seeing an extraordinary rise in popularity in Canada, with the country quickly becoming one of the fastest-growing international markets for the iconic Italian cheese. According to the Parmigiano Reggiano Consortium’s 2024 performance report, Canada posted an impressive 24.5% increase in imports last year—and momentum is only accelerating.

In the first quarter of 2025 alone, imports of Parmigiano Reggiano to Canada surged by 64.0% over the same period in 2024, and an astounding 166.4% compared to Q1 2023. The sharp growth highlights Canadians’ growing appetite for authentic, PDO-certified products that reflect quality, craftsmanship, and culinary heritage.

“Canada’s exceptional 24.5% growth is a testament to the country’s evolving culinary culture and its appreciation for authentic, PDO-certified products like Parmigiano Reggiano,” said Nicola Bertinelli, President of the Parmigiano Reggiano Consortium. “Canadians are discerning consumers who value transparency and tradition—and we are proud to see our cheese becoming such a beloved part of their lives.”

Marketing and Retail Strategy Fuels Expansion

The Consortium attributes much of the success in Canada to targeted marketing and trade initiatives, which were developed in partnership with leading Canadian retailers and importers. These strategic efforts have significantly increased the brand’s visibility and helped drive consumer demand across key sales channels.

Unlike generic parmesan-style cheeses, Parmigiano Reggiano enjoys Protected Designation of Origin (PDO) status, and the Consortium confirmed that monitoring activities in Canada have found no significant violations—ensuring that the cheese’s reputation remains protected in this fast-growing market.

These developments signal a meaningful shift in Canadian grocery preferences, with premium imports gaining shelf space even in a value-driven retail environment. Parmigiano Reggiano’s growth suggests that Canadian consumers are increasingly willing to invest in quality and authenticity, even amid broader inflationary pressures.

Canadian Demand Reflects Broader Export Growth

While Canada is experiencing one of the most significant spikes in Parmigiano Reggiano imports, the growth is part of a broader international trend. In 2024, total exports rose 13.7%, and international markets now represent 48.7% of total sales for the Consortium.

The United States remains the largest foreign market (+13.4%), followed by key European destinations and Asia-Pacific countries. Canada’s 24.5% growth outpaced nearly all major markets, with only Australia posting a slightly higher figure (+28.2%).

These export gains were part of an overall strong year for the brand. Turnover at consumption reached an all-time high of €3.2 billion in 2024, up from €3.05 billion the year prior (+4.9%). Sales volumes increased by 9.2% globally.

Consumer Education and PDO Recognition Drive Loyalty

A key element of the Consortium’s success in Canada is its effort to educate consumers on what sets Parmigiano Reggiano apart from generic imitations. With €28.4 million invested globally in marketing and communication in 2024, the brand has made consumer awareness a top priority.

Through storytelling, in-store campaigns, and digital media, the Consortium has highlighted the cheese’s unique production methods, regional origin, and long maturation periods. These messages appear to be resonating in the Canadian market, where demand continues to grow across both specialty and mainstream retail channels.

The product’s integrity in Canada has also remained intact. Monitoring efforts confirmed that the Parmigiano Reggiano name is being properly used and protected, with no significant PDO violations reported in the Canadian market.

Strategic Future: Canada as a Long-Term Focus

Looking ahead, the Consortium views Canada as a long-term growth market for Parmigiano Reggiano. While much of the global strategy remains focused on the United States and Europe, Canada’s performance has positioned it as a priority in upcoming marketing and diplomatic initiatives.

“Looking ahead, we must increasingly invest in international market growth,” said Bertinelli. “With exports now nearing half of total sales at 48.7%, creating space in foreign markets is a necessity. Today’s consumers seek products that feature authenticity and heritage—values embodied by Parmigiano Reggiano. Our goal is to make Parmigiano Reggiano not just a cheese, but a lifestyle, a true icon of Italian craftsmanship.”

Despite some concern over rising global trade tensions and tariff risks, particularly in the United States, the Consortium remains optimistic that Canada will continue to offer a receptive and stable market. With strong consumer support, retailer collaboration, and ongoing protection of the PDO designation, Parmigiano Reggiano is well-positioned to grow its Canadian footprint even further.

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Pet Valu Beats Q1 Forecasts, Raises Price Target

By
Craig Patterson
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Pet Valu on Front Street in Toronto (Image: Dustin Fuhs)

Vancouver-based Pet Valu Holdings Ltd. has delivered stronger-than-anticipated financial results for the first quarter of 2025, signaling a renewed sense of momentum in the pet retail category. The company posted a 7% year-over-year increase in revenue, reaching $279.1 million, which exceeded both consensus expectations ($275 million) and estimates from analysts at Stifel ($278 million).

Marking a significant turning point, same-store sales rose by 1.4% year-over-year — the first positive growth in this metric in four quarters. That result surpassed Stifel’s forecast of 1% and the consensus estimate of 0.8%. The gains came despite continued challenges in store traffic, which declined 1.1% for the sixth consecutive quarter. However, analysts noted that traffic declines eased throughout Q1 and improvements have extended into the second quarter.

Strength in Wholesale and Loyalty

A key driver of the revenue growth was a 14% year-over-year surge in wholesale merchandise sales, attributed to increased shipments to Chico franchisees. The uptick in sales was further supported by a 2.6% rise in average basket size, helping offset the decline in store visits.

Pet Valu also reported record loyalty penetration in Q1 2025, building on 2024 levels when 85% of sales were linked to loyalty members. The company’s rewards programs, including its “13th bag free” promotion, continue to resonate with Canadian pet owners. According to the report, Pet Valu sees its loyalty program as “a lever to capture market share,” with a goal of converting casual customers to more frequent buyers with a monthly cadence.

Profitability Remains Resilient

Pet Valu’s adjusted earnings per share (EPS) came in at $0.36 for the quarter, up 3% year-over-year and beating Stifel’s estimate of $0.35 and the consensus of $0.34. This result included $0.04 in incremental expenses tied to its new distribution centre.

Gross margin declined by 130 basis points to 33.1%, slightly above expectations of 32.9%, with pressure attributed to higher distribution and occupancy costs as well as an unfavourable mix due to elevated wholesale sales. Selling, general and administrative expenses (SG&A) improved by 70 basis points to 18.2% of revenue, aligning with projections.

Adjusted EBITDA totalled $58.7 million in the quarter, a 4% year-over-year increase, narrowly beating consensus expectations of $57.4 million.

Full-Year Guidance Maintained Despite Economic Uncertainty

Despite economic volatility and trade-related concerns, Pet Valu reaffirmed its full-year 2025 guidance. Management noted that the company has not observed any weakness in consumer spending related to tariff concerns — a positive signal for the broader Canadian retail environment.

“Management maintained its annual guidance despite the economic uncertainty and indicated not seeing any weakness yet in consumer spending related to the tariffs concerns. This is a breath of fresh air for investors, and it speaks to the defensive nature of the pet industry,” noted the Stifel report.

Pet Valu’s 2025 adjusted EPS estimate remains unchanged at $1.64, representing 5% year-over-year growth. The 2026 forecast was slightly increased to $1.80 (from $1.78) following minor revisions to revenue projections.

Target Price Raised as Shares Rebound

Shares of Pet Valu have rebounded sharply from their April 8th low, gaining approximately 25% since that time. Based on the improved outlook and valuation momentum, Stifel raised its 12-month price target for the stock from $28.50 to $33.00.

The revised target is based on a blended approach using a 10.5x multiple on estimated 2026 EBITDA (previously 9.25x), an 18.25x multiple on projected 2026 EPS (previously 16x), and a discounted cash flow (DCF) analysis with a 9% discount rate.

At the time of the report, Pet Valu shares were trading at $28.79 — representing a market capitalization of $2.03 billion. The stock remains rated as a “Buy” by Stifel, with analysts pointing to a favourable valuation relative to historical norms, continued earnings growth, and resilience in a discretionary-challenged economic landscape.

Q2 Margin Pressure Expected, Followed by Recovery

While the company expects similar same-store sales trends in Q2 as seen in Q1, margin pressure is anticipated in the near term. Management projects a 100 basis point sequential decline in EBITDA margin during Q2, driven by timing of projects and promotional efforts, including investments in its Performatrin Prime pricing strategy.

However, Pet Valu anticipates improved profitability in the second half of 2025 as benefits from its new promotional planning tools take effect and new store openings contribute to revenue.

Store Expansion and Infrastructure Improvements

As part of its long-term growth strategy, Pet Valu is on track to complete a significant supply chain upgrade by the end of 2025. This infrastructure enhancement is expected to support the expansion of its store network to 1,200 locations — representing a nearly 45% increase over current levels.

During Q1, the company added six net new stores, bringing its system-wide total to 830 locations. For the full year, Pet Valu is forecasting the addition of 40 net new stores.

A Defensive Play in Retail

Analysts underscored Pet Valu’s positioning within the highly resilient pet industry, which has only declined once in the past 30 years in Canada. This defensive profile, combined with the company’s stable free cash flow, modest leverage, and loyal customer base, makes it an attractive investment in an uncertain retail environment.

“Given the volatile economic environment, we believe Pet Valu is an appealing investment where investors can find refuge,” noted the Stifel analysts. “The Canadian Pet Food industry is defensive, having declined only once in 30 years, a characteristic sought after by investors.”

Risk Considerations

While the outlook remains positive, the report cautioned investors on several key risks:

  • Currency risk: Approximately 23% of Pet Valu’s cost of goods sold is in U.S. dollars, making it vulnerable to a weakening Canadian dollar.
  • Franchise dependency: Over 70% of Pet Valu locations are operated by franchisees, making the brand partially reliant on their operational success.
  • Competitive pressure: The 2023 entry of U.S.-based Chewy into the Canadian market may add pressure on growth and pricing in the months ahead.

Company Background

Founded in 1976 and headquartered in Markham, Ontario, Pet Valu is a leading Canadian pet specialty retailer operating more than 800 stores across the country. The company offers pet food, accessories, and services, including grooming and self-serve dog washes. With a target demographic of discerning pet owners and a growing loyalty base, Pet Valu holds the top market share position in Canada’s pet industry.

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Kits Eyecare Reports Record Q1 Revenue and Profit

By
Craig Patterson
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KITS at 1500 Yew in Vancouver. Image: Apple Maps

Vancouver-based Kits Eyecare Ltd., a vertically integrated digital eyewear company, reported a record-breaking first quarter for 2025, with revenue surging 34 per cent year-over-year to $46.6 million. The company also delivered net income of $1.6 million, a significant increase from the $64,000 profit it posted in the same period last year.

The strong Q1 results mark the 10th consecutive quarter of positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), and position the company as a notable Canadian retail success story amid broader market uncertainty.

Sustained Profitability and Market Outperformance

Kits’ Q1 net income, though below the company’s Q4 2024 profit of $2.7 million, reflects strong operational performance when excluding one-time gains. The company’s CEO Roger Hardy noted that last year’s Q4 results were positively impacted by foreign exchange gains. Stripped of those, the latest quarter represents improved underlying earnings.

Kits’ stock performance has outpaced broader markets, with shares up 36.5 per cent year-to-date, even as the TSX Composite Index has gained less than 1 per cent over the same period. Despite a slight pullback in stock price today, investor sentiment remains positive as the company continues to execute on its growth plan.

Sales Momentum Led by Progressive Eyewear and Contact Lenses

Driving much of Kits’ revenue surge were higher-margin products, particularly progressive eyeglasses and contact lenses. These categories grew at a compound rate of 50 per cent and are expected to remain major contributors to profitability, given their approximately 50 per cent gross margins.

The company delivered a record 104,000 pairs of eyeglasses in Q1, up from a previous high of 75,000, reflecting increased consumer demand and growing brand awareness. Repeat purchases also contributed to revenue strength, with 63 per cent of total sales in 2024 stemming from returning customers.

U.S. Market Fuels Revenue Expansion

Kits continues to build a substantial U.S. customer base, with 68.4 per cent of 2024 sales originating from the United States. Much of that demand is for contact lenses, which are manufactured domestically within the U.S., shielding the company from tariff exposure. This strategic advantage has helped Kits expand cross-border while preserving healthy profit margins.

As of December 2024, the company reported more than 913,000 active customers. Its focus on automation, customer retention, and supply chain integration has helped secure loyalty in a competitive marketplace.

Outlook for Q2 and Beyond

Kits is forecasting second-quarter revenue in the range of $48 million to $50 million, representing sequential growth of up to 7.3 per cent over Q1. The forecast underscores management’s confidence in continued strong demand across its core categories.

The company’s vertically integrated business model, with in-house optical manufacturing capabilities, remains central to its value proposition. Kits operates an advanced optical lab in Vancouver’s Broadway Tech Park—formerly used by Clearly—where it can produce single-vision glasses in as little as 15 minutes and ship many orders within 24 hours.

History and Leadership

Kits was co-founded in 2018 by Roger Hardy—well known in the industry for founding Coastal Contacts, which operated the Clearly brand in Canada before being acquired by Essilor for $430 million in 2014. Hardy launched Kits alongside Joseph Thompson, a former Amazon executive, and Sabrina Liak, a former managing director at Goldman Sachs.

Since its founding, Kits has positioned itself as a digital-first disruptor in the eyewear space. The company’s product catalogue includes over 7,500 styles of glasses, from its own branded frames to luxury labels like Ray-Ban and Gucci. Its platform features online eye exam tools, virtual try-ons, and a subscription model for contact lenses.

Retail and Community Presence

While Kits remains a predominantly online business, it operates a single physical location at the corner of Cornwall Avenue and Yew Street in Vancouver’s Kitsilano neighbourhood. This space blends a retail showroom with a café, creating a community hub where customers can browse eyewear while enjoying local coffee.

The location reflects Kits’ hybrid approach to retail—merging digital convenience with a localized, experiential touchpoint.

Competitive Landscape and Market Position

Kits continues to carve out market share in the North American eyewear industry, competing with major players such as Warby Parker and traditional optical retailers. Its ability to manufacture eyewear domestically and ship quickly has helped differentiate it in a category where convenience and affordability are key drivers of consumer choice.

The company’s roots in e-commerce, combined with leadership experience in scaling successful optical ventures, provide a strong foundation for continued expansion.

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First Capital REIT reports strong Q1 2025 results with 5.3% NOI growth, 96.9% occupancy, and robust leasing activity

By
Mario Toneguzzi
-
Avenue Road entrance to Yorkville Village in Toronto. Photo: First Capital REIT

First Capital Real Estate Investment Trust, announced Tuesday financial results for the quarter ended March 31, 2025, indicating its portfolio occupancy matched an all-time high.

KEY HIGHLIGHTS FROM THE FIRST QUARTER:

  • Operating FFO per unit of $0.32
  • Same Property NOI growth of 5.3%, excluding bad debt expense (recovery) and lease termination fees
  • Strong leasing activity, including lease renewal spreads of 13.6%
  • Total portfolio occupancy of 96.9%, matching all-time high
Adam Paul
Adam Paul

“We are pleased to start 2025 with another quarter of strong operating and financial results, underpinned by continued strength in leasing and execution of our capital allocation strategy” said Adam Paul, President and CEO.

“Excellent fundamentals for our high-quality grocery-anchored retail space positions us well to navigate the current environment while continuing to deliver stability and growth in cash flow.”

First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada.

First Capital said its three-year business plan to year-end 2026 is on-track and remains focused upon achieving two key objectives:

  1. Generating annual OFFO per unit growth of at least 3% on average over the three year timeframe; and
  2. Achieving a Net Debt to Adjusted EBITDA ratio that is in the low-8x range by year-end 2026;

To achieve the two key objectives stated above and updating for results to-date and the current outlook, FCR has assumed and expects the following:

  • Average annual same-property NOI growth of at least 3%
  • An aggregate investment of approximately $500 million into property development and redevelopment
  • Development completions, including residential inventory deliveries, of approximately $300 million ($200 million formerly)
  • Property dispositions totaling approximately $750 million ($1 billion formerly), on a cumulative basis with an average expected yield of less than 3%. The dispositions will continue to be focused on a mix of development sites and select low-yielding income properties
  • Acquisitions of $100 million to $150 million, with a focus on multi-tenant, core grocery-anchored shopping centres as well as small, but strategic tuck-ins that are expected to be important to long-term value creation

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Ontario-based Kolani Kitchen & Bath expands further into western Ontario with store opening in Oakville [Interview]

By
Retail Insider
-

Ontario-based Kolani Kitchen & Bath (https://kolani.ca), a popular kitchen and bath wholesaler and retailer, continues expanding throughout key cities in Ontario with a recent winter store opening in Oakville, Ontario.

Founded in 1991, Kolani now has 6 store locations throughout Ontario with plans to add more stores within the next 5 years in both Ontario and other Canadian provinces.

Addo Kolani, Owner and CEO of the company, said that the new Oakville location is an exciting venture to expand further into western Ontario where the company has found much success.

“In the last 5 years we’ve expanded across Ontario into Barrie, Scarborough and now Oakville.  We are planning to further expand more stores in to Western Ontario and have our eyes on opportunities for a presence in Quebec”

The company offers top industry brands including popular Canadian brands like Riobel and Virta, with a huge variety of kitchen and bath products like faucets bathtubs, shower kits, bathroom vanities, lighting and even tiles.

“The size of our showroom stores, which are typically over 10,000 square feet and the long-term partnerships we have with our suppliers gives us an advantage in offering the latest product lines of top brands at prices that are hard to beat any where in Canada,” he said.

Kolani’s main office and first store location is in Woodbridge, Ontario.

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