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☆ Morning Bid: Markets brace for BOE as China PMI cheers
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

The BOE is leaning toward a 25 basis point hike after the inflation gods took some pity on the UK last month. Investors and economists will be sure to inspect the BOE's growth and inflation forecasts for indications of just how sticky the central bank thinks inflation has become. Not to be overshadowed by monetary policy, earnings reports roar back into focus on Thursday with Apple (AAPL.O) at the forefront. China kicks off a long line of PMI releases today with better-than-expected services activity, giving markets a bit of good news after disappointing data on Monday. In Japan, the stock market continued to feel the drag from U.S. chip firms on Thursday morning, with the Nikkei (.N225) seeing broad-based losses.

Persons: Hollie Adams, Brigid Riley, BOE, Jerome Powell isn't, hasn't, Stryker, Fed's Barkin, Jacqueline Wong Organizations: Bank of England, City of, REUTERS, Bank of, CPI, Reuters Graphics, ECB, Apple, Moderna, PMI, HK, Nikkei, Royce, Infineon, Adidas AG, BMW, Fed's, Thomson Locations: City, City of London, Britain, United States, China, Japan, U.S, Expedia, France, Italy, Sweden, Spain, Germany, Euro

☆ European shares rise on smaller ECB rate hike, upbeat earnings
▼ + stars: | 2023-05-05 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 index up 0.1%Adidas jumps on upbeat earningsEvotec drops on leaving MDAXMay 5 (Reuters) - European shares rose on Friday, as the European Central Bank's smaller rate hike, and market-beating results from Adidas and Apple boosted sentiment. The pan-European STOXX 600 index (.STOXX) edged up 0.1%, but is on track for its second consecutive weekly loss. Energy (.SXEP) and utilities shares (.SXPP) led the gains on the index, rising 1.4% and 1.0% respectively, while food and beverage shares (.SX3P) slid 0.4%. "Inflation pressures worldwide help in driving equity markets although we don't like to pay higher prices, as consumers it eats into our pockets. The higher prices go to some company reaping the rewards of those higher prices," said Chi Chan, Portfolio Manager and Senior Research Analyst, Federated Hermes.

☆ Investors Sue Adidas Over Kanye West Collaboration
▼ + stars: | 2023-05-01 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

Kanye West had produced the popular Yeezy collection for Adidas. Photo: Neilson Barnard/Getty Images for AdidasA group of shareholders is suing Adidas AG, alleging the sportswear company failed to warn investors it was aware of Kanye West’s antisemitic remarks and “extreme behavior.”The proposed class-action lawsuit, filed in U.S. District Court in Oregon on Friday, alleges former CEO Kasper Rorsted and Harm Ohlmeyer , the company’s chief financial officer, were involved in disseminating false and misleading statements about Adidas’s relationship with Mr. West, who legally changed his name to Ye.

☆ Automaker Stellantis hires ex-Adidas, grocery executive as CFO
▼ + stars: | 2023-04-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Stellantis on Wednesday said it has hired the chief financial officer from global grocery company Ahold Delhaize to replace CFO Richard Palmer, who plans to leave the company at the end of June. Palmer will be succeeded by Natalie Knight, who has served as CFO at the Netherlands-based food retailer since early 2020. The automaker did not release details regarding why Palmer, who served as CFO through two major global mergers, is leaving the company. The resulting automaker then merged with French company PSA Groupe in 2021, forming Stellantis. Stellantis said Knight will be based at the company's U.S. headquarters in Auburn Hills, Michigan, "with extensive travel to Europe and the other regions."

☆ Adidas to Drop Opposition to Black Lives Matter’s Three-Stripe Logo
▼ + stars: | 2023-03-29 | by ( Joshua Kirby | ) www.wsj.com time to read: 1 min

An Adidas store in New York. Adidas AG said it would retract its opposition to Black Lives Matter’s bid to trademark its logo design, which the sportswear company had previously said was too similar to its own. Adidas will withdraw its challenge to the Black Lives Matter Global Network Foundation’s trademark application as soon as possible, a spokesman for the German company said Wednesday.

Trademark Office to reject a Black Lives Matter application for a trademark featuring three parallel stripes. "Adidas will withdraw its opposition to the Black Lives Matter Global Network Foundation's trademark application as soon as possible," the company said in a statement. The Black Lives Matter Global Network Foundation is the most prominent entity in the decentralized Black Lives Matter movement, which arose a decade ago in protest against police violence against Black people. Representatives of the Black Lives Matter group did not immediately respond to a request for comment Tuesday. A jury in that case decided in January that Thom Browne's stripe patterns did not violate Adidas' trademark rights.

☆ Adidas Ends Its Opposition to Black Lives Matter Logo
▼ + stars: | 2023-03-29 | by ( Trefor Moss | Joshua Kirby | ) www.wsj.com time to read: 1 min

The three-stripe Adidas logo has been in use for over 70 years, the company says. Adidas AG said it would drop its opposition to Black Lives Matter’s bid to trademark its logo design, which, like the sportswear company’s emblem, features three stripes. The German brand has in the past fiercely defended its logo design, which comprises three diagonal stripes, albeit with mixed success. The Black Lives Matter Global Network Foundation’s logo, which the advocacy group is seeking to trademark, consists of three parallel yellow lines on a transparent background.

☆ Adidas and Beyoncé to Part Ways After Ivy Park Sales Struggles
▼ + stars: | 2023-03-28 | by ( Khadeeja Safdar | ) www.wsj.com time to read: 1 min

Grammy-winning artist Beyoncé reached a deal with Adidas in 2019 after launching the Ivy Park brand in 2016. Beyoncé and Adidas AG have decided to end their fashion partnership, according to people familiar with the matter, splitting up after years of lackluster sales for her Ivy Park line of apparel. The partnership will end after the company releases Ivy Park collections of merchandise that are already planned for this year, the people said. The Hollywood Reporter earlier reported that the two sides were breaking up.

Trademark Office to reject an application for a Black Lives Matter trademark featuring three parallel stripes, arguing it could mislead the public. Adidas told the office in a Monday filing that Black Lives Matter Global Network Foundation Inc's yellow-stripe design would create confusion with its own famous three-stripe mark. Representatives for the Black Lives Matter group did not immediately respond to a request for comment Tuesday. The Black Lives Matter Global Network Foundation is the most prominent entity in the decentralized Black Lives Matter movement, which arose a decade ago to protest police violence against Black people. The Trademark Office gave the Black Lives Matter group until May 6 to answer.

☆ Adidas Slashes Dividend as Problems Mount
▼ + stars: | 2023-03-08 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Adidas said that revenues would decline by a single-digit percentage amount in 2023. HERZOGENAURACH, Germany—A slump in China and a $6 billion mountain of unsold products are among the challenges facing Adidas AG after a bruising 2022 in which it dumped its chief executive and ended a partnership with rapper Kanye West. The German sportswear giant’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. For the fourth quarter, Adidas slumped to a €482 million loss and slashed its dividend. The results out Wednesday largely confirmed preliminary figures from the company’s profits warning in February.

☆ Adidas Profit Falls 83% After Split With Yeezy
▼ + stars: | 2023-03-08 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Adidas said that revenue would decline by a single-digit percentage amount in 2023. HERZOGENAURACH, Germany— Adidas AG is facing a slump in China and $6 billion of unsold inventory, adding to its challenges after a bruising 2022 in which it dumped its chief executive and terminated its partnership with rapper Kanye West. The German sportswear maker’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. In the fourth quarter, revenue growth almost ground to a halt and the company posted a €482 million loss. Adidas also slashed its dividend almost 80%.

☆ Adidas renews deal with Major League Soccer
▼ + stars: | 2023-02-22 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

Matthew Ashton - AMA | Getty ImagesMajor League Soccer and sportwear giant Adidas agreed to a multiyear extension of their partnership. It represents Adidas' largest-ever investment in North American soccer. At the time, it marked a record-breaking deal for North American soccer for Adidas. Adidas renews its longtime partnership with Major League Soccer until 2030. The league's future is bright and we are proud to be part of it," Rupert Campbell, president of Adidas North America, told CNBC.

☆ Nike, Adidas shoe supplier Pou Chen to slash 6,000 jobs in Vietnam -sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

The firm's Pouyuen Vietnam factory will cut 3,000 jobs this month and not extend labour contracts for another 3,000 workers later this year, the officials said, declining to be identified because they were not authorised to speak to media. The Pouyen Vietnam factory supplies global companies such as Nike Inc. (NKE.N) and Adidas AG (ADSGn.DE) and is one the biggest employers in Ho Chi Minh City, with 50,500 workers. Pou Chen shares fell 1.2% in early afternoon trade in Taiwan in a broader market (.TWII) that was down just 0.1%. Telephone calls to a factory labour union official were not answered. The plan to cut jobs marks a reversal for the company that in 2021 faced a labour shortage and manufacturing disruption in Vietnam due to the coronavirus pandemic.

☆ Adidas Profit Warning Knocks Share Price, Highlights Challenge for New CEO
▼ + stars: | 2023-02-10 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Bjørn Gulden took the top job at Adidas at the start of the year, after leading a turnaround of crosstown rival Puma. Adidas AG shares dropped 12% after the German sportswear giant warned it could swing to a loss this year following the termination of its Yeezy partnership with rapper Kanye West. Adidas said late Thursday that it expected a sharp fall in sales for 2023 because of the impact of not selling existing Yeezy stock, and could post a loss if it failed to sell existing inventory.

☆ Adidas Warns of Losses Stemming From Yeezy Fallout
▼ + stars: | 2023-02-10 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Adidas said unsold inventory from its Yeezy collaboration with rapper Kanye West, such as these shoes, could deliver a 1.2 billion euro hit to revenues. Adidas AG warned it could swing to a loss in 2023 should it fail to sell its inventory of Yeezy shoes, following the termination of its partnership with rapper Kanye West. The German sportswear giant on Thursday said it expected sales to fall at a high single-digit rate in currency-neutral terms because of the “significant adverse impact of not selling the existing stock” from the once-lucrative Yeezy collaboration. This would lower revenues by 1.2 billion euros (about $1.29 billion), and operating profit by 500 million euros, it said.

☆ Beyoncé’s Clothing Line With Adidas Suffers From Weak Sales
▼ + stars: | 2023-02-08 | by ( Khadeeja Safdar | ) www.wsj.com time to read: 1 min

Singer Beyoncé performing last month in Dubai, where she unveiled the next release of her Ivy Park brand merchandise. Beyoncé fans are clamoring for tickets to her world tour, but the music superstar is having a harder time finding buyers for her line of inclusive streetwear. Beyoncé’s fashion partnership with Adidas AG has produced weak sales of her Ivy Park clothing brand, according to documents and people familiar with the matter, leaving a roughly $200 million hole in the company’s annual projections.

☆ Companies Rush to Trace Sprawling Supply Chains as Sustainability Rules Loom
▼ + stars: | 2023-01-24 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

The rules come as businesses, especially small and midsize companies, have a limited view of their supply chains and are struggling to broaden their oversight, sustainability analysts say. Imagine that in the landscape of supply chain,” said Tim Constable, partner at law firm Dentons advising companies on supply chains. There are a host of other regulatory developments threatening to affect companies’ supply chains. Photo: Chris Ratcliffe/Bloomberg NewsUnilever has a sprawling global supply chain, with around 54,000 suppliers in 150 countries. It doesn’t matter how sophisticated the program is.”Internet-of-things startups can go beyond aggregating data and instead track actual items.

Thom Browne had argued that, among other things, its designs have a different number of stripes. A spokesperson for Thom Browne Inc said the company was pleased with the verdict. Adidas sued New York designer Thom Browne's brand in 2021, claiming Thom Browne's four-bar and "Grosgrain" stripe patterns on its shoes and high-end activewear violated its three-stripe trademark rights. Thom Browne previously used a three-bar design on its clothing, changing it to the four-stripe design after Adidas objected in 2007. It also requested a court order stopping Thom Browne from using the designs.

☆ Under Armour names Marriott veteran Linnartz as CEO to boost e-commerce
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

[1/2] Stephanie Linnartz, President of Marriott International speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike BlakeDec 21 (Reuters) - Under Armour Inc (UAA.N) on Wednesday named veteran hotelier Stephanie Linnartz as its chief executive, betting that her experience in e-commerce and branding strategy will help revive sales at the apparel maker. Linnartz currently serves as president of Marriott International Inc (MAR.O) and has been with the hotel chain operator in various roles for the last 25 years. Interim CEO Colin Browne will resume his responsibilities as chief operating officer, Under Armour said in a statement. Linnartz will receive a base salary of $1.3 million per year and a one-time sign-on cash bonus of $375,000.

☆ Adidas Top Executives Discussed Risk of Staff’s ‘Direct Exposure’ to Kanye West Years Ago
▼ + stars: | 2022-11-28 | by ( Khadeeja Safdar | Inti Pacheco | ) www.wsj.com time to read: 1 min

Adidas AG’s chief executive and senior leaders in Germany discussed as far back as four years ago the risk of continuing a relationship with Kanye West that they feared could blow up at any moment, according to people familiar with the matter and documents reviewed by The Wall Street Journal. A 2018 presentation to members of the Adidas executive board, a group that included CEO Kasper Rorsted and the head of human resources, highlighted the risks for employees interacting with Mr. West and detailed mitigation strategies for the relationship with the Yeezy creator, including cutting ties with the rapper-turned-designer, documents show.

☆ Adidas launches probe into misconduct allegations against Kanye West
▼ + stars: | 2022-11-24 | by ( Akriti Sharma | ) www.reuters.com time to read: +2 min

Nov 24 (Reuters) - Adidas AG (ADSGn.DE) on Thursday said it has launched an investigation into allegations of inappropriate behavior by Kanye West, after the German sporting goods maker last month ended its partnership with the rapper and fashion designer. Adidas said it initiated the probe after receiving an anonymous letter making several allegations against the musician, who now goes by Ye. Rolling Stone cited interviews with more than two dozen former Yeezy and Adidas staff. "It is currently not clear whether the accusations made in an anonymous letter are true," an Adidas spokesperson said in a statement to Reuters. "However, we take these allegations very seriously and have taken the decision to launch an independent investigation of the matter immediately to address the allegations."

☆ Adidas to Probe Misconduct Allegations Against Kanye West
▼ + stars: | 2022-11-24 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Kanye West had been working with Adidas to market the Yeezy sneaker line. Adidas AG has launched an investigation into alleged inappropriate behavior by Kanye West while the sportswear giant was working with the musician to develop and sell their Yeezy sneaker line. The German company said Thursday that it would start the probe after receiving an anonymous letter making a number of allegations against Mr. West, who goes by Ye.

The challenge facing Adidas is how to cushion the financial blow from ending its Yeezy label partnership with Kanye West. Adidas AG again cut revenue and earnings guidance for the year to account for the end of its Yeezy label partnership with musician and designer Kanye West. The German sporting-goods giant now expects 2022 revenue to increase by a low-single-digit percentage at constant currency, from previous guidance in the mid single digits, it said Wednesday. Net profit from continuing operations should come in at around 250 million euros, equivalent to $251.9 million, half what it previously expected, with a gross margin of 47% and an operating margin of just 2.5%, Adidas said.

☆ Adidas to Sell Shoes Based on Yeezy Designs Following Break With Kanye West
▼ + stars: | 2022-11-09 | by ( Nick Kostov | Joshua Kirby | ) www.wsj.com time to read: 1 min

Adidas AG said it would start selling shoes based on Yeezy designs in a bid to rebound after scrapping the lucrative partnership with musician and designer Kanye West that had spawned one of the company’s most successful product lines. Finance chief Harm Ohlmeyer said the sporting-goods giant was the sole owner of all rights to existing products, except from the Yeezy name, and that the company intended to make use of those rights as early as the end of next year.

☆ Adidas Appoints Puma Boss Bjørn Gulden as New CEO
▼ + stars: | 2022-11-08 | by ( Joshua Kirby | ) www.wsj.com time to read: 1 min

Adidas said over the summer that its CEO was leaving following a string of disappointing results and cuts to financial expectations. Adidas AG said it tapped Bjørn Gulden to take over as chief executive of the sportswear giant, luring the executive away from crosstown rival Puma SE . Adidas said last week it was in talks with Mr. Gulden as a possible successor to incumbent Adidas CEO Kasper Rorsted . Puma had earlier announced Mr. Gulden’s departure after nine years in charge.

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