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☆ Kremlin Won't Comment on Beating of Prisoner by Kadyrov's Teenage Son
▼ + stars: | 2023-09-26 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +3 min

LONDON (Reuters) - President Vladimir Putin's spokesman refused to comment on Tuesday on the beating of a prisoner by the teenaged son of Chechen leader Ramzan Kadyrov, an incident that drew condemnation even from some pro-Kremlin hardliners. Kadyrov said on Monday he was proud of his son Adam, 15, for the attack on Nikita Zhuravel, a Russian man accused of burning the Koran, and posted a video of the beating. Kremlin spokesman Dmitry Peskov told reporters at the start of his daily briefing that he would not be commenting on the incident. "Without exaggeration, yes, I am proud of Adam's action," wrote Kadyrov, who styles himself as a ruthless Putin ally. But the beating of a defenceless ethnic Russian prisoner in custody by Kadyrov's own son - and the fact that Kadyrov saw it as a source of pride - are potentially embarrassing for the Kremlin.

Persons: Vladimir Putin's, Ramzan Kadyrov, Kadyrov, Adam, Nikita Zhuravel, Dmitry Peskov, Putin, Kadyrov's, Zhuravel, Abbas Gallyamov, Mark Trevelyan Organizations: Kremlin Locations: Chechnya, Russia, Soviet Union, Moscow, Ukraine, Volgograd, Russian

Picking out the best Apple Watch Series 9 band comes down to both personal preference and personal style. Below are 18 of the best Apple Watch bands for the Series 9, including picks from Apple itself, as well as other brands like Nomad, Hermes, and Lifeproof. No matter what you consider the best Apple Watch, any of these new bands can improve the way the watch looks and feels. And the best method for doing so is by donning one of the best leather Apple Watch bands. Budget leather that still looks good Tasikar Apple Watch Band Tasikar's Leather Band is a budget watch band that features high build quality, a rugged, timeless design, and a classic watch clasp.

Persons: Hermes, Kate Spade Organizations: Apple, Apple Watch

Some creative programming — including shows imported from other countries, competition series and the broadcast arrival of the Paramount Network hit “Yellowstone” — will round-out gaps in the TV schedule. The limited series also stars Mark Ruffalo and Hugh Laurie and debuts Nov. 2. “The Continental” debuts Sept. 22. SIGNS OF STRIKESThere are also programs coming to TV this fall that are obvious time-fillers to help round out primetime schedules. Fox has leaned in heavily to competition shows.

Persons: “ Abbott, ”, Janine, Gregory, Kim Raver's Dr, Teddy Altman, Zakiya Dalila Harris, Sinclair Daniel, Hazel, Ashleigh Murray, Jesse L, Martin, Dan Ariely’s, “, Jenna Coleman, Victoria, Oliver Jackson, Cohen, Liv, Will doesn't, wasn't, B.E, Jones, Ashley Benson, Eric Balfour, Brie Larson, Bonnie Garmus, Elizabeth, Calvin, Lewis Pullman, Anthony Doerr, Shawn Levy, Marie, Aria Mia Loberti, Werner, Louis Hoffman, Mark Ruffalo, Hugh Laurie, Danai Gurira, Steven Yeun, Lauren Cohan, Jon Bernthal, Norman Reedus, Reedus, Daryl Dixon, Daryl, John Wick, Keanu Reeves, John Wick ”, Mel Gibson, Colin Woodell, Ian McShane's, Kelsey Grammer, Frasier Crane, Frasier, “ Scott Pilgrim, Michael Cera, Mary Elizabeth Winstead, Kieran Culkin, Anna Kendrick, Kevin Costner's, Sydney ”, They've, Rose McIver, Singer ”, they've, David Spade, Lea Thompson’s “ Spencer, Chad Michael Murray, Scott Patterson —, Hilary Fox Organizations: “, Paramount Network, Hollywood, Hulu, NBC, Apple, Netflix, SPIN, AMC, Godolkin University School of Crimefighting, Paramount, CBS, Sydney, Fox, Forces, ABC, Disney Locations: France, Nazi, Boston, United States, States, Paradise

☆ Why RTO mandates are layoffs in disguise, according to workplace experts: ‘Companies are daring employees to quit’
▼ + stars: | 2023-09-12 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

However, that is exactly what some companies want, according to workplace experts that CNBC Make It spoke to. RTO is a cheap and dirty way for companies to avoid legal complications and financial obligations associated with layoffs. "Rolling back those gains, such as remote work and flexible hours, is audacious, but companies are daring employees to quit," Ruettimann added. "RTO is a cheap and dirty way for companies to avoid legal complications and financial obligations associated with layoffs," said Ruettimann. "Announcing direct layoffs can lead to a drop in morale among remaining employees, which could affect productivity and overall workplace atmosphere," he added.

Persons: Dan Schawbel, Laurie Ruettimann, Meghan Biro, Schawbel, Ruettimann, It's Organizations: Companies, Workplace Intelligence, New York Times, CNBC, Bloomberg, Employees

NEW YORK (AP) — On a waterfront promenade lined with pink flowers and facing Manhattan’s majestic skyline, designer Michael Kors paid tribute to his late mother with a show honoring the travels the two enjoyed together. Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan and many more were in attendance. But the designer was thinking most of all about his mother, the late Joan Kors, who died in August at 84. “My mother truly was my ultimate muse, my ultimate supporter,” Kors said. "We’re excited at the prospect of joining forces with Tapestry,” Kors said of the consolidation, “and combining and pooling our resources and knowledge to accelerate the growth.

Persons: Michael Kors, Kors, Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan, Burt Bacharach, “, Joan Kors, ” Kors, Kate Spade, Versace, Jimmy Choo Organizations: Actors, Revlon, Capri Holdings Locations: Brooklyn’s Domino, Williamsburg

☆ Here are the 16 stocks Jim Cramer is watching, including Twinkie deal, auto strike risk
▼ + stars: | 2023-09-11 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Here are some of the tickers on my radar for Monday, Sept. 11, taken directly from my reporter's notebook:J.M. Smucker Hostess BrandsWells Fargo cuts Coach and Kate Spade owner TapestryUAW has a $825 million strike fund to help workers if a walkout happens. Can it really go after all of the Big 3: General Motors Stellantis FordBuy now, pay later company AffirmThe dollarIf you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free.

Persons: Smucker Hostess Brands Wells, Kate Spade, Motors Stellantis Ford, Jim Cramer's Organizations: Smucker Hostess Brands, UAW, Motors

☆ Fall TV Reflects the Hollywood Strikes, but Not How You Think
▼ + stars: | 2023-09-05 | by ( Margaret Lyons | More About Margaret Lyons | ) www.nytimes.com time to read: +2 min

This is hardly the first fall to be full of reality shows. ABC will keep “America’s Funniest Home Videos” alive until the sun eats the earth. ABC’s “Golden Bachelor” is “The Bachelor” with a 71-year-old widower at its center. Fox has a new cartoon from Dan Harmon (“Krapopolis”), his third current animated series. Lastly, there is Fox’s “Snake Oil,” a hybrid of “Shark Tank” and “Bullsh*t,” hosted by David Spade.

Persons: ”, Dick Wolf, “, Fox, Dan Harmon, Buddy, Josh Duhamel, Jaime Camil, David Spade Organizations: ABC, NBC, CBS, Fox, “, Chicago, Buddy Games

☆ Vietnamese EV maker VinFast fails to cement meme stock status as eye-popping rally fades quickly
▼ + stars: | 2023-09-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Frantic trading in VinFast has raised eyebrows, but it's still far from becoming a meme stock. After a head-scratching six-day winning streak, VinFast has lost 60% this week, cutting its gains since its market debut to about 170%. No meme stock VinFast's short-lived rally is reminiscent of the trading frenzy last year in AMTD Digital, a little-known Hong Kong-based fintech company, where the stock was up more than 20,000% in just two weeks. The stock is now trading at $5.60 apiece, nearly 30% lower than its initial public offering price of $7.80. The SPAC market dried up over the past year as interest rates surged and regulatory pressure ramped up.

Persons: VinFast, Marco Iachini, I'm, Iachini, Alex Harring Organizations: Ford, GM, Vanda Research, AMTD, GameStop, Nasdaq, Black Locations: VinFast, Hong Kong

☆ VinFast’s volatile stock has an easy, painful fix
▼ + stars: | 2023-08-30 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On Tuesday the Vietnamese nascent electric-car maker’s shares capped a flighty first fortnight as a publicly traded company by tumbling 44%. Yet the unprofitable manufacturer still sports a racy $107 billion market capitalisation courtesy of the previous eightfold rocketing of its stock since its merger with a blank cheque company in mid-August. Even with the wild swings, the stock trades almost five times higher than what already looked like a punchy valuation when the merger was announced in May. Granted, VinFast might not be desperate for cash – parent Vingroup (VIC.HM) and Vuong injected $2.5 billion in April. Absent a rapid rise in car sales, though, VinFast’s zippy valuation is heading for more crashes anyway.

Persons: Steve Marcus, David Mansfield, Le Thi, –, Pham Nhat Vuong, Vuong, it’s, VinFast, Una Galani, Thomas Shum Organizations: VinFast Global, Las Vegas Convention, REUTERS, Rights MELBOURNE, Reuters, VinFast Auto, Finance, Vietnam’s, Ford, GM, Thomson Locations: Las Vegas , Nevada, U.S

☆ One part of China’s consumer market is holding up against a broad decline
▼ + stars: | 2023-08-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Customers enjoy food at a new Costco store in Shanghai on the first day of its trial operation on March 10. China News Service | China News Service | Getty ImagesBEIJING — If retail sales slowed this summer, it hasn't felt that way in parts of China. In the weeks around early July, New York residents David and Susan Schwartz visited three Costco stores, known as warehouses, on the outskirts of Shanghai and the neighboring city of Suzhou. China's retail sales slowed to a 2.5% year-on-year increase in July, adding to growing uncertainty about the country's future growth. Chris Reitermann CEO, Ogilvy Asia Pacific and Greater ChinaThe massive property market, where the majority of household wealth is stored, accelerated its decline in July.

Persons: hasn't, Susan Schwartz, David Schwartz, David, Susan, Malin, Goetz, Kate Spade, they're, Chris Reitermann, Ogilvy's Reitermann, Daniel Zipser Organizations: Costco, China News Service, Getty, BEIJING, U.S, Ogilvy Asia Pacific, CNBC, McKinsey Global Institute, Media, McKinsey Locations: Shanghai, China, New York, Suzhou, U.S, Hangzhou, Ningbo, York, Greater China

☆ VinFast shares more than double to highest since market debut
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsAug 22 (Reuters) - VinFast's shares more than doubled on Tuesday to the highest since Vietnamese electric vehicle maker's blowout Wall Street debut after Reuters reported that South Korea's Star Group Industrial plans to open factory in Vietnam. In the latest volatile session since its backdoor listing last week, VinFast's stock was last up 127% at $40.24, giving it a market capitalization of $95 billion. The stock traded as high as $46.98 earlier in the session. The stock was the second highest on trading website Stocktwits "Trending" list on Tuesday, suggesting it has attracted the interest of individual investors. About $428 million worth of VinFast's shares had been traded as of mid-day, compared to Tesla's (TSLA.O) turnover of over $17 billion.

Persons: Mike Blake, Black, Pham Nhat Vuong, Noel Randewich, David Evans Organizations: Los Angeles Auto, REUTERS, Reuters, Korea's Star, Hyundai, SGI, Thomson Locations: Los Angeles , California, U.S, Vietnam

☆ Will Macy’s, Nordstrom merchandise overhauls lure shoppers?
▼ + stars: | 2023-08-21 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

In an effort to boost sales, Macy's - which reports second-quarter results on Tuesday - has focused on revamping its private brands, including its new On 34th label launched in July. Analysts expect Macy's to post a 87% slide in second-quarter profit, dragged down by heavy discounting to clear spring and early summer merchandise, according to Refinitiv. Thirteen percent answered Walmart and 9% answered Amazon, compared to 5.8% for Macy's and 3.3% for Nordstrom. Nordstrom so far has disclosed few specifics about the new merchandise intended to revive the Rack, including the brands and categories it plans to prioritize. On Monday, Rack’s website was advertising brands including Kate Spade, Adidas, Steve Madden and Cole Haan.

Persons: Andrew Kelly, Nordstrom, Erik Nordstrom, Macy's, Nordstrom's, Prosper, Macy’s, Kathy Gersch, ”, Kate Spade, Steve Madden, Cole Haan, Katherine Masters, Granth Vanaik, Savyata Mishra, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Nordstrom, U.S ., Target, Walmart, Nordstrom . Consulting, Deloitte, Private, Kotter, Adidas, Thomson Locations: Manhattan , New York City, U.S, New York, Bengaluru

☆ Tapestry sees weak fiscal 2024 after missing qtrly estimates on soft U.S. demand
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury rivals Ralph Lauren (RL.N), LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Canada Goose (GOOS.TO) have also faced sales pressures from softening U.S. demand. Tapestry expects adjusted earnings in the range of $4.10 to $4.15 per share in fiscal 2024, compared to estimates of $4.24. Tapestry said fiscal 2024 net sales were approaching $6.9 billion, compared to average analysts' estimate of $6.93 billion. The company's adjusted per share was 78 cents in the fourth quarter ended July 1, missing analysts' estimate of 97 cents.

Persons: Andrew Kelly, Ralph Lauren, RL.N, Gucci, Kering, Michael Kors, Kate Spade, Stuart Weitzman, Rachel Wolff, Tapestry, Savyata Mishra, Juveria, Maju Samuel Organizations: Tapestry, Inc, REUTERS, Capri, Insider, Thomson Locations: Manhattan , New York, U.S, United States, North America, China, Bengaluru

☆ After stellar debut, Vietnamese EV maker VinFast drops for second straight session
▼ + stars: | 2023-08-17 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. VinFast had hit an eye-popping valuation of $85 billion on its first day of trading on Tuesday. Shares of other EV firms including Lucid (LCID.O) and Fisker (FSR.N) that listed through blank-check deals have also fallen since their debut. Meanwhile, its lofty valuation could be at risk as it looks to raise more capital over the next 18 months. Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Ford, Pham Nhat Vuong, Rick Meckler, VinFast, Meckler, Medha Singh, Arun Koyyur Organizations: REUTERS, General Motors, Nasdaq, Cherry Lane Investments, Spade, Asia Pacific's, VinFast's, Thomson Locations: Paris, France, New Jersey, Asia, Bengaluru

Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday. Other EV SPAC deals, including Lucid (LCID.O), which Black Spade used as the basis of its initial $23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under $15 billion, nearly 40% less than its $24 billion SPAC valuation in 2021. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. The Tesla Model Y is almost $7,000 cheaper than VinFast's VF8 after including federal subsidies.

Persons: Stephane Mahe, Black Spade, Pham Nhat Vuong, David Mansfield, Le, Thuy, VinFast, Vuong, Mansfield, AlixPartners, Tesla, Kevin Krolicki Organizations: REUTERS, Rights, Nasdaq, Ford, General Motors, Tesla, VinFast, VinFast's, EV, U.S ., Thomson Locations: Paris, France, Rights HANOI, U.S . West Coast, Vietnam, United States, Haiphong, North Carolina, China

☆ VinFast stock skyrockets 270% on Nasdaq, EV maker worth more than Ford after going public
▼ + stars: | 2023-08-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

That’s more than Volkswagen (VLKAF) or Ford (F), which are valued at 63.9 billion euros ($69.7 billion) and $48 billion, respectively, according to Refinitiv. VinFast is still 99% owned by Vietnam’s richest man, Pham Nhat Vuong, through shares held by his other company Vingroup and other business entities, according to a regulatory filing. VinFast was founded in 2017 as a subsidiary of Vingroup, one of Vietnam’s largest conglomerates. Its performance Tuesday makes VinFast the largest US-listed Vietnamese company by market cap, it said. VinFast electric vehicles parked in Los Angeles on March 1 Lisa Baertlein/ReutersSeveral headlines have been particularly blunt, with one by industry outlet Road & Track calling the vehicle “simply unacceptable.” Another by MotorTrend read: “Return to sender.”Other reviews were more forgiving.

Persons: Pham Nhat Vuong, VinFast, Vuong, Thuy Le, Lisa Baertlein, MotorTrend, ”, Le, — Peter Valdes, Dapena Organizations: Hong Kong CNN, Vietnam’s, Volkswagen, Ford, Spade, Nasdaq, Bloomberg, Reuters Locations: Hong Kong, New York, Vingroup, Vietnam, North America, United States, Los Angeles, North Carolina, Europe

☆ Vietnamese EV maker VinFast is now worth more than Ford and GM after Nasdaq debut
▼ + stars: | 2023-08-16 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

On Tuesday, the Vietnamese electric vehicle maker listed on Nasdaq following the completion of its merger with the U.S.-listed special purpose acquisition company Black Spade Acquisition. Following the market debut, VinFast is now currently worth $85 billion, according to CNBC calculations. The SPAC merger previously valued VinFast at approximately $23 billion, according to a June filing with U.S. securities regulator. Meanwhile, BMW and Volkswagen are both worth around $69 billion, according to Refinitiv data, with Ford at $48 billion and GM at $46 billion. VinFast is the automaking unit of Vietnamese conglomerate Vingroup and was founded in 2017.

Persons: Black Spade, VinFast, Tesla, BYD Organizations: Ford, GM, BMW, Volkswagen, Nasdaq, U.S, Spade, CNBC

☆ Vietnam’s Tesla charges itself up for a big fall
▼ + stars: | 2023-08-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

VinFast (VFS.O) shares leapt 270% on Tuesday following the group’s $27 billion merger with a special purpose acquisition company (SPAC). It catapults the enterprise’s value to $90 billion, a grand outcome only possible because Vuong and related entities still own 99% of the Tesla (TSLA.O) wannabe. The pop values the unprofitable Vietnamese company at 142 times its sales in 2022, some 16 times Tesla’s multiple. VinFast has pushed back plans to operate its $4 billion plant in North Carolina by a year to 2025. Ultimately, VinFast is heavily reliant on Vuong who is betting big on electric vehicles.

Persons: Mike Blake, Pham Nhat Vuong, Rivian, VinFast, topline, David Mansfield, Reuters Breakingviews, Una Galani, Thomas Shum Organizations: Los Angeles Auto, REUTERS, Rights, Reuters, Tesla, Elon Musk’s, P Global Mobility, Nasdaq, Thomson Locations: Los Angeles , California, U.S, North Carolina, Vingroup

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

☆ Vietnamese EV maker VinFast to begin trading on the Nasdaq Tuesday after completing SPAC merger
▼ + stars: | 2023-08-15 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A VinFast VF7 electric vehicle is seen during the 2023 Canadian International AutoShow in Toronto, Canada on Feb. 17, 2023. Vietnamese electric vehicle maker VinFast is expected to list on the tech-focused Nasdaq on Tuesday morning in New York, following completion of its merger with the U.S.-listed special purpose acquisition company Black Spade Acquisition . On Monday, VinFast said in a joint statement with Black Spade Acquisition that it would commence trading on Aug. 15. The deal values VinFast at approximately $23 billion, according to a June filing with the U.S. Securities and Exchange Commission. Following the merger, Black Spade became a wholly owned subsidiary of VinFast and is expected to delist from the New York Stock Exchange, said the joint statement.

Persons: VinFast, Black Spade, Le Organizations: U.S, Spade, U.S . Securities, Exchange Commission, New York Stock Exchange, Thuy, CNBC Locations: Toronto, Canada, New York, VinFast

☆ CNBC Daily Open: There’s a new narrative in markets
▼ + stars: | 2023-08-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Losing week for stocksU.S. stocks were mixed Friday, with the Dow Jones Industrial Average the only major index to eke out a gain. On a year-over-year basis, the producer price index was up 0.8%. The PPI tends to reflect price changes before they filter into the consumer price index, so this could dampen the enthusiasm over July's cooler-than-expected CPI.

Persons: Europe's, That's, SBF FTX, Sam Bankman, Fried, Coraline Ellison, Leswing, Kate Spade, They'll Organizations: CNBC, Dow Jones, SBF, New York Times, Nvidia, TJX Locations: U.S

☆ Retailers take center stage in the week ahead, as Wall Street turns to the consumer for a much-needed boost
▼ + stars: | 2023-08-11 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. "Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth. The Nasdaq Composite fell for a second straight week for the first time in 2023 after mixed inflation data this week, as well as Moody's downgrading several regional banks. July's consumer price index came in weaker than expected, but continued to show some underlying stickiness. Housing data expected to show strength Investors will also watch data on what has been a strong housing market.

Persons: Shannon Saccocia, Saccocia, —, we've, John Porter, it's, Wealth's Saccocia, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, Michael Kors, That's, Sam Stovall, Stovall, CFRA's Stovall, Estee Organizations: Home Depot, Walmart, Federal Reserve, Nasdaq, Dow Jones, Newton Investment Management, FactSet, . Discount, TJX Companies, Ross, Homeowners, Price, Retail, Health, Home, Agilent Technologies, Housing, Manufacturing, TJX, Target, Cisco Systems, Philadelphia Fed, Applied, Deere, Co, Companies, Palo Alto Locations: U.S, NAHB, Housing States

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

☆ Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing
▼ + stars: | 2023-08-10 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Shareholders of Hong Kong-based Black Spade Acquisition (BSAQ.A), a blank-check company, voted on Thursday to approve the merger with VinFast. VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS "on or around August 15". It leaves VinFast's existing shareholders, including parent company Vingroup and Vuong, Vietnam's richest man, with 99% of shares in the company. "The voting results today are a vote of confidence in VinFast from Black Spade shareholders," VinFast's global head Thuy Le said in the statement. Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

Persons: Mike Blake, VinFast, Black Spade, Pham Nhat Vuong, Thuy Le, Nikola Corp, EVs, VinFast's, Vuong, Lawrence Ho, Stanley Ho, Phuong Nguyen, Kirsten Donovan, Susan Fenton Organizations: Los Angeles Auto, REUTERS, U.S, Nasdaq, of Hong, VinFast, Black, Black Spade, Faraday, Nikola, Vingroup, Tesla, Thomson Locations: Los Angeles , California, U.S, HANOI, of Hong Kong, VinFast, North Carolina, Black, United States, Haiphong, Vietnam

☆ Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.

Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru

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