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REUTERS/John Sibley/File PhotoLONDON, June 15 (Reuters) - Odey Asset Management is in advanced talks to move funds and staff to other asset managers as it grapples with the fallout of sexual misconduct allegations against its founder Crispin Odey. A spokesperson for the hedge fund declined further comment on Thursday. Hedge funds such as OAM rely on leverage from prime brokerage service providers to make their market bets. Without a prime broker, a hedge fund which needs to borrow stocks cannot function. A spokesperson for OAM also declined to comment on whether the moves signalled that the hedge fund would close.

Persons: Crispin Odey, John Sibley, Odey, Goldman Sachs, Morgan Stanley, JP Morgan, James Hanbury, Harriett Baldwin, Nell Mackenzie, Sinead Cruise, Dhara Ranasignhe, Alexander Smith Organizations: REUTERS, Odey, Management, Financial Times, Tortoise Media, Reuters, UBS, Authority, Asset Management, FCA, Treasury, Thomson Locations: Westminster, London, Britain

☆ Factbox: Who are Crispin Odey and hedge fund Odey Asset Management?
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +5 min

Here are some key facts about Odey, London-based OAM, the allegations, and their fallout:WHO ARE CRISPIN ODEY AND ODEY ASSET MANAGEMENT? Odey, 64, founded the asset management firm which bears his name in 1991. HOW BIG IS ODEY ASSET MANAGEMENT? Schroders and Canada Life last week moved to cut back their dealings with asset management businesses with links to Odey. It is looking increasingly unlikely, even though larger funds such as Odey Asset Management Group are made up of many funds with different trading strategies.

Persons: Crispin Odey, OAM, Odey, CRISPIN ODEY, Kwasi Kwarteng, Goldman Sachs, Morgan Stanley, James Hanbury, Hanbury, Peter Martin, Carolina Mandl, Nell Mackenzie, Elisa Martinuzzi, Dhara Ranasinghe, Alexander Smith Organizations: Odey, Management, Reuters, Financial Times, WHO, Asset Management, Conservative Party, Securities and Exchange Commission, Financial, Authority, Lawmakers, JPMorgan, UBS, CAN, Odey Asset Management, Inc, Carolina, Thomson Locations: London, Schroders, New York

☆ Odey Asset Management sets out replacement plans for Crispin Odey
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 11 (Reuters) - Odey Asset Management Partnership has started its replacement plan for Crispin Odey after severing "personal and economic involvement" with the founder, following allegations of sexual misconduct, said a letter seen by Reuters on Sunday. Freddie Neave will take over full responsibility of the Odey European Inc (OEI) and OEI Mac funds. James Hanbury will assume leadership of the LP Odey Opus Fund and Oliver Kelton will take the Odey Pan European Fund. Odey Swan Fund will be taken on by Neave as an interim leader before a final fund manager is decided upon by the board, said the letter. The Financial Times and Tortoise, in a joint publication on Thursday, reported allegations by 13 women that Odey had sexually assaulted or harassed them over a 25-year period.

Persons: Crispin Odey, Freddie Neave, James Hanbury, Oliver Kelton, Neave, Odey, Nell Mackenzie, Marguerita Choy Organizations: Odey, Reuters, Sunday, Pan European, Financial Times, Thomson

☆ Factbox: Who are Crispin Odey and the hedge fund Odey Asset Management?
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +4 min

June 10 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, is leaving Odey Asset Management following allegations of sexual misconduct, the firm's executive committee said on Saturday. Here are some key facts about Odey, his London-based hedge fund, the allegations, and the fallout:WHO IS CRISPIN ODEY AND ODEY ASSET MANAGEMENT? Odey Asset Management (OAM) is known for highly leveraged bets trading global equities, debt, currencies and commodities. Besides Odey Asset Management, the group also runs Brook Asset Management and Odey Wealth, a private wealth unit. Brook Asset Management and Odey Wealth, both part of the Odey Group, are run by different portfolio managers such as James Hanbury and Peter Martin, the chief executive of Odey Asset Management.

Persons: Crispin Odey, Odey, CRISPIN ODEY, Kwasi Kwarteng, ODEY, James Hanbury, Peter Martin, Goldman Sachs, Morgan Stanley, Schroders, Carolina Mandl, Nell Mackenzie, Dhara Ranasinghe, Daniel Wallis Organizations: Odey, Management, Financial Times, WHO, Conservative Party, Odey Asset Management, Asset Management, Securities and Exchange Commission, Reuters, Financial, Authority, Inc, JPMorgan, UBS, Carolina, Thomson Locations: London, New York

☆ You can now buy Victoria's Secret underwear on Amazon
▼ + stars: | 2023-06-06 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Victoria's Secret is now selling its underwear and apparel products on Amazon. These items will be eligible for speedy shipping via a Prime membership. As of June 6, it's now possible to order underwear, swimwear, and apparel from both Victoria's Secret and its Pink brand on Amazon.com. According to Victoria's Secret, these items are eligible for speedy shipping via an Amazon Prime membership. Victoria's Secret has just over 830 stores across the US and Canada after closing 250-plus locations since the pandemic.

Persons: Birkenstock, —, it's, hasn't Organizations: Nike, Service, Amazon Locations: North America, Canada, Birkenstock

☆ Upscale homeware brand RH, which sells $5,000 dining tables and $10,000 couches, admits its pricing was 'arrogant'
▼ + stars: | 2023-05-31 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

RH, known for selling pricey furniture, says its prices have been "too aggressive" in the past. The CEO says its addressing this by lowering prices in its new collection, RH Contemporary. Analysts say this strategy could help it to woo aspirational shoppers who were priced out. But its newest collection, dubbed "RH Contemporary," will have a "value proposition that will be disruptive across multiple markets," he said. UBS analyst Michael Lasser said its new pricing strategy suggests that the brand is looking to court aspirational shoppers, which it may have alienated by previous price increases, in order to drive growth.

Persons: —, Gary Friedman, Friedman, what's, Michael Lasser, RH, Lasser Organizations: Contemporary, Analysts, Service, UBS

☆ Costco customers are bypassing the beef aisle to shop for chicken and pork as a recession looms
▼ + stars: | 2023-05-30 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Costco shoppers are ditching pricey meat products for cheaper alternatives. CFO Richard Galanti said that some of its customers are ditching pricier beef products for cheaper meats such as pork and chicken. Others are bypassing the fresh meat aisle entirely and opting for canned meat and fish products. These products cost less than national brands and are a quick way for customers to save money on their weekly shop. As food prices have stayed high, some higher-income shoppers have chosen to switch up their weekly shopping routine entirely.

☆ Temu's meteoric rise is fueled by social media, but some accounts promoting the shopping app appear to be fake — here's what experts say
▼ + stars: | 2023-05-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Insider found hundreds of Twitter profiles of people claiming to be Temu ambassadors. Experts say these accounts are likely created by individuals or organizations who want to exploit coupon codes to earn commission. A display name – that includes a nickname or a seemingly real name – alongside a couple of emoticons, and the words: "Temu Ambassador, "Ambassador of Temu," or "Campus Ambassador of Temu." An example of one of the many Twitter profiles we found. All of the profiles we checked shared a link to a $20 coupon to be used on Temu's site.

☆ Temu is America's new dollar store
▼ + stars: | 2023-05-27 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +6 min

Temu is the internet's new discount store with bargain prices that rival dollar chains. Most of these products wouldn't look out of place at a dollar store. "If Amazon and Dollar Tree had a baby it would be Temu," one Twitter commenter wrote. "Temu is basically an online dollar store," another said. This is especially pertinent as stores like Dollar General and Dollar Tree continue to come under inflation-related pressures and raise their prices.

☆ Adidas and Yeezy staff were told to carry on as usual and ignore Kanye West's antisemitic rants, new report says
▼ + stars: | 2023-05-25 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Adidas and Yeezy staff were told to carry on as usual after Kanye West made antisemitic comments. A new Bloomberg report sheds light on the unraveling of the Adidas-Yeezy partnership. One unnamed source told Bloomberg that after Kanye West – now known as Ye – made antisemitic comments that led him to be suspended from Twitter and Instagram, Adidas was slow to react. Yeezy and Adidas workers were reportedly told "to keep working as if nothing unusual was happening," Bloomberg's Eugene Kim and Tim Loh wrote. "I can say antisemitic things and Adidas can't drop me.

☆ Ultra-cheap Chinese shopping site Temu is becoming the new online dollar store
▼ + stars: | 2023-05-22 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +6 min

Temu is the internet's new discount store with bargain prices that rival dollar chains. Most of these products wouldn't look out of place at a dollar store. "Temu is basically an online dollar store," another said. This is especially pertinent as stores like Dollar General and Dollar Tree continue to come under inflation-related pressures and raise their prices. "You're unlikely to find the things you really need on Temu, you're much more likely to find throwaway items, which you won't perhaps always need.

☆ TJX Companies is taking note of what consumers are shopping for at closing Bed Bath & Beyond stores, as it looks to lure customers for its HomeGoods chain
▼ + stars: | 2023-05-18 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

It is looking at what categories were successful at nearby – and closing – Bed Bath & Beyond stores. The off-price giant has been called out frequently by analysts as being one of the key beneficiaries of Bed Bath & Beyond's recent demise. Herrman said it is "re-ranking" its assortment only at its HomeGoods stores that are located near to any closing Bed Bath & Beyond locations, rather than making broad changes across all of its network. It's not just TJ Maxx and HomeGoods that are teeing up for a Bed Bath & Beyond-related windfall, however. Amazon, Walmart, and Target are also in line to capitalize from these closures and have been slowly chipping away at Bed Bath & Beyond's market share for many years.

☆ Target expects to take a $500 million hit this year due to missing inventory, and says shoplifting and organized crime is largely to blame
▼ + stars: | 2023-05-17 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Target says it expects to take a $500 million hit in profits this year because of missing inventory. It said that this is largely due to theft and organized crime. Inventory shrink refers to when the company has fewer products on its shelves than what is reported in its inventory. Last November, the company said that missing inventory had cost it $400 million in profits so far that year and that this number could reach $600 million by year-end. According to research from the National Retail Federation, retail shrink cost retailers $94.5 billion in 2021, up from $90.8 billion in 2020.

☆ Victoria's Secret is bringing back its infamous fashion show as a movie, 4 years after canning it after criticism of its lack of diversity and inclusion
▼ + stars: | 2023-05-09 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Victoria's Secret is releasing a movie in the fall. The movie is a reimagining of the brand's famous fashion show, which was axed in 2019. The show was canceled after it came under increasing criticism for its lack of diversity and inclusion. Victoria's Secret has been discussing the return of its fashion show for some time. "This film is the ultimate expression of the Victoria's Secret brand transformation," Raúl Martinez, creative director at Victoria's Secret, said in a statement to the press.

☆ This is what you need to know about ultra-cheap Chinese shopping app Temu, which sells a huge variety of weird things — and has some wondering if it's for real
▼ + stars: | 2023-05-08 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

It's listed as the top free app in both the Google Play store and the Apple App Store, ahead of TikTok, Amazon, and Instagram. These cost savings can then be passed on to the consumer, a spokesperson for Temu told Insider. But for the average North American shopper, such low prices can actually be disconcerting, especially when they don't know much about Temu. A spokesperson for Temu told Insider that it uses its parent company's supply chain and logistics network to ship these items. Read more: I ordered my first 4 items off Chinese e-commerce app Temu and came away annoyed with the dozens of marketing emails sent after making a single purchase

☆ From 'baguette' bags to velour tracksuits: these are the trends that teens are bringing back from the dead
▼ + stars: | 2023-05-08 | by ( Mary Hanbury | Avery Hartmans | ) www.businessinsider.com time to read: +1 min

Ugg bootsUgg's $150 ultra mini platform boot. Piper Sandler's latest semi-annual survey of over 5,000 teens had similar findings: Ugg boots ranked as the No. Ugg's parent company, Deckers, is seeing the trend pay off. The company reported a 21% spike in new customers during its most recent quarter, particularly among 18 to 34-year-olds. That newfound popularity is partly tied to the release of its $150 mini platform boots.

☆ Adidas still doesn't know what to do with its $1.3 billion mountain of unsold Yeezy stock, 6 months after cutting ties with Kanye West
▼ + stars: | 2023-05-05 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Adidas doesn't know what to do with its mountain of Yeezy stock. The company cut ties with Ye, formerly known as Kanye West, in October after a string of controversies, including numerous antisemitic comments. Adidas said it has already factored a 1.2 billion euro ($1.3 billion), sales loss into its annual guidance if it were not to sell the stock. "You cannot sell Yeezy for reputational risk reasons. Experts say that way around this could be to deface these products before donation to curb their resale value, though it would cost Adidas more.

Shopify announced Thursday that it is cutting 20% of staff and selling off its logistics business. Shopify's CEO Tobi Lütke announced early Thursday that the company is cutting 20% of its workforce and selling the majority of its logistics business to supply chain technology company Flexport. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with. Analysts and insiders had also been expecting a major change to Shopify's logistics division, Insider reported Wednesday. But 6 River Systems, a warehouse automation and robotics company Shopify purchased in 2019 for $450 million, is being sold to UK grocery firm Ocado for an undisclosed sum.

☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
▼ + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."

☆ Bernard Arnault, the French luxury tycoon, gathers his 5 kids monthly for a private work lunch and drills them on company strategy, report says
▼ + stars: | 2023-04-19 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Bernard Arnault is the billionaire behind LVMH and was recently crowned the world's richest man. Arnault reportedly hosts a monthly private lunch with his five children to discuss strategy, per WSJ. "At no moment did he [Bernard Arnault] tell me, 'I must prepare my children for my succession," Toledano told The Journal. Toledano told The Journal that Arnault taught kids to prize the company over personal disagreements from a young age. Arnault overtook Jeff Bezos and Elon Musk to become the world's richest person this year.

☆ A $20 viral handbag that's an affordable take on the 'quiet luxury' trend was just named the hottest fashion item of 2023 so far
▼ + stars: | 2023-04-19 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

A $20 Uniqlo bag that went viral on TikTok has been named the hottest product of the year so far. There are more than 87 million views of the "Uniqlo bag" on TikTok. This bag is an affordable take on the "quiet luxury" trend that is dominating fashion. There are more than 87 million views of the "Uniqlo bag" on TikTok, for example. The bag falls neatly into the quiet luxury — or stealth-luxe trend — that has become a major talking point in the fashion industry in recent months.

The Walmart heirs' combined worth is roughly $234 billion, according to Bloomberg. The family grants money and resources to support education, environmental efforts, and their home community through the Walton Family Foundation. In public, the Waltons live pretty modest lifestyles despite their wealth. Sam Walton, the original man behind the company that now encompasses both Walmart and Sam's Club, set his family up for financial success when he divided the ownership before he died. He wasn't a man of flashy luxury, but you can see how his children are living a slightly more lavish life now.

☆ Brands and trends Gen Z brought back from the dead, from wraparound sunglasses to the 'baguette' bag
▼ + stars: | 2023-04-07 | by ( Mary Hanbury | Avery Hartmans | ) www.businessinsider.com time to read: +1 min

☆ L'Oreal plans to buy luxury skincare brand Aesop — known for its $90 serums and $40 hand wash that wealthy millennials can't get enough of — in a $2.5 billion deal
▼ + stars: | 2023-04-04 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

French cosmetics giant L'Oreal plans to buy Aesop for $2.5 billion. Aesop is an Australian skincare brand, known for its simple marketing and gender-neutral products. Aesop is an Australian brand that dates back to 1987 when founder Dennis Paphitis opened a Melbourne hair salon and began mixing essential oils into hair products. Today, it's known for luxurious home fragrances, hair oils, and skincare products, which are served up in apothecary-style brown bottles. It has become an aspirational brand for wealthy millennials who are happy to spend $40 on its hand wash to make their bathrooms look more upmarket.

☆ Dollar General has close to 20,000 stores across the US. Here's how it keeps prices so low.
▼ + stars: | 2023-04-02 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +6 min

Dollar General sells items at 20% to 40% less than full-price retailers, with most under $10. Dollar General, one of the best-known discount chains, is growing rapidly and now has more than 19,000 stores across the US. Justin Sullivan/Getty ImagesDollar General leases – rather than owns – most of its stores, which helps it to keep costs down. According to a 2021 survey done by the nonprofit think tank, Economic Policy Institute, 92% of Dollar General workers earn less than $15 an hour. It has a limited assortment of groceries, though this is on the riseThe fresh food section at a Dollar General store.

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