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☆ An investing expert who says 'cash is king' right now explains how investors should stockpile so they're ready to jump on new opportunities following the economic downturn
▼ + stars: | 2023-03-10 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Investing expert Lauren Simmons recommends avoiding the stock market right now. Today's financial climate is unusual: the stock market continues to be volatile and inflation has been out of control. Those "less conservative vehicles" currently include the stock market, she noted: "The stock market is still very volatile. Rather than investing in the stock market right now, she advises stockpiling cash. (The savings account interest rates offered at major banks like Chase, Bank of America, and Wells Fargo are around 0.01%.)

☆ Adidas has received over 500 offers for massive unsold Yeezy merchandise
▼ + stars: | 2023-03-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Adidas has received hundreds of offers for the mountain of unsold Yeezy shoes designed by Ye, the artist formerly known as Kanye West. That represents a potential €500 million ($527 million) hit to the company’s bottom line. To his point, demand in the secondary resale market for Yeezy shoes is surging. Mocadlo said Impossible Kicks has about $2 million in Yeezy sneaker inventory currently, about 10,000 pairs. Prices for Yeezy sneakers are climbing due to tighter supply, according to StockX, a leading sneaker resale platform.

☆ Gap says it's getting rid of some managers as sales slide. One retail expert likens the company to a 'lazy student' unwilling to deliver a 'better performance.'
▼ + stars: | 2023-03-10 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Gap announced Thursday that it's cutting back on managers to reduce costs. Meta and Twitter have also been cutting management jobs in recent weeks. Gap announced Thursday that it is cutting back on these workers to reduce costs and become more nimble. Neil Saunders of GlobalData Retail told clients this week: "Gap is rather like a lazy student that has the capability but completely lacks the capacity or will to put in the work to deliver a better performance." Gap did not immediately respond to a request for comment from Insider, made outside normal working hours.

☆ Elon Musk is reportedly planning to build a town for Texas staff, complete with a swimming pool, private compound, and school
▼ + stars: | 2023-03-09 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Elon Musk is planning to build his own town for SpaceX and The Boring Company staff. While Musk has overseen all purchases, Kanye West and the billionaire's ex-girlfriend, Grimes, also discussed the idea last year, the Journal reported. The town will be outfitted with a pool, an outdoor sports area, and a gym in addition to the prefabricated homes, the Journal reported. Spokespeople for SpaceX and The Boring Company did not respond to a request for comment from Insider. Do you work for The Boring Company, SpaceX, or have insight to share?

☆ Gap announces big loss, declining sales and executive shakeup
▼ + stars: | 2023-03-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +5 min

Gap reported sales of $4.24 billion, down 6% from $4.53 billion a year earlier. Online sales, which represent 41% of total net sales, plummeted 10% compared to last year, the company said. It expected first quarter net sales to decrease in the mid-single digit range compared to the prior fiscal year and expects fiscal 2023 net sales to decrease in the low to mid-single digit range. Overall, net sales for the year dropped to $15.62 billion compared to $16.67 billion in the prior fiscal year. Net losses for the year came in at $202 million, compared to a net income of $256 million in the prior fiscal year.

Gulden said Adidas was still deciding what to do with its stock of unsold Yeezy footwear. One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. REUTERS/Shannon Stapleton 1 2 3The split cost Adidas 600 million euros ($632 million) in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion in revenue this year. Inventories came in at just under 6 billion euros at the end of December, up 49% from the previous year, including 400 million euros of Yeezy products. That, along with $200 million of one-off costs, would bring Adidas to a $700 million loss this year.

☆ 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 CEO promises turnaround after costly Yeezy split
▼ + stars: | 2023-03-08 | by ( Alexander Hübner | ) www.reuters.com time to read: +5 min

Gulden said Adidas is still deciding what to do with its stock of unsold Yeezy footwear. One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. The split cost Adidas 600 million euros ($632 million) in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion in revenue this year. Inventories came in at just under 6 billion euros at the end of December, up 49% from the previous year, including 400 million euros of Yeezy products. In the fourth quarter of last year, currency-neutral revenue declined by 1%, taking into account a 600-million-euro loss after it stopped selling Yeezy shoes.

☆ Adidas to slash dividend after Kanye West split
▼ + stars: | 2023-03-08 | by ( Alexander Hübner | ) www.reuters.com time to read: +2 min

[1/3] Adidas merchandise is seen in an Adidas store on the day the German company terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. REUTERS/Shannon StapletonBERLIN, March 8 (Reuters) - Adidas (ADSGn.DE) will slash its 2022 dividend, it said Wednesday, warning a split with rapper and fashion designer Kanye West could push it to its first annual loss in three decades this year. The company will recommend a dividend of 0.70 euros ($0.7374) per share at a May 11 annual general meeting, it said. Adidas is still dealing with the fallout from ending its partnership with West, which yielded the lucrative Yeezy sneaker line. Adidas said it is still deciding what to do with its stock of unsold Yeezy footwear.

☆ 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 hasn't decided whether it's going to take a $526 million hit from not selling remaining Yeezys
▼ + stars: | 2023-03-08 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

Adidas split with Ye, formerly known as Kanye West, in October after he made antisemitic comments. On Wednesday, the company said it hasn't decided what to do with its remaining Yeezy inventory. But of late, the company's public statements seem to be leaning towards simply liquidating the remaining Yeezy inventory or destroying it. Regardless of what Gulden and Adidas decide to do with the remaining Yeezy inventory, it will likely be a challenging year. "There is no other Yeezy business in the market," he said.

☆ Adidas, burnt by Kanye West split, seeks a new focus
▼ + stars: | 2023-03-08 | by ( Helen Reid | ) www.reuters.com time to read: +4 min

[1/2] Adidas Yeezy shoes are seen in a store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. Speaking to reporters on Wednesday, Gulden said Adidas would keep partnering not just with athletes but celebrities and artists. "You build credibility as a performance brand by being with athletes, but there's very few athletes that you can do lifestyle with." Gulden did, however, hint at a change of emphasis at Adidas, saying the company needs to refocus on its core. The Jordan brand brought in $5.1 billion of sales in Nike's 2022 fiscal year, up 7% from 2021, according to the company's 2022 annual report.

☆ Adidas warns of first annual loss in three decades and cuts dividend after Ye split
▼ + stars: | 2023-03-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Adidas on Wednesday reported a big fourth-quarter loss and slashed its dividend after the costly termination of its partnership with Kanye West's Yeezy brand in October. The German sportswear giant posted a fourth-quarter operating loss of 724 million euros ( $763 million ) and a net loss from continuing operations of 482 million euros. Adidas is projecting a full-year operating loss of 700 million euros in 2023, marking its first annual loss for 31 years. The estimate includes a hit of 500 million euros in potential Yeezy inventory write-off and 200 million euros in "one-off costs." The company said underlying operating profit will be "around break-even level," reflecting the loss of 1.2 billion euros in potential sales from unsold Yeezy stock.

☆ Yeezy fallout could push Adidas into its first annual loss in 31 years
▼ + stars: | 2023-03-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

The company broke off its lucrative nine-year partnership with Yeezy designer Ye, the rapper formerly known as Kanye West, in October. The rupture knocked around €600 million ($633 million) off the company’s fourth-quarter revenue, Adidas said Wednesday. But the controversy has appeared to fuel demand for Yeezy sneakers through other sellers. Adidas could perform better this year if it “repurposes” some of its Yeezy products, the company said without elaborating. “2023 will be a year of transition to set the base to again be a growing and profitable company,” Chief Executive Officer Bjørn Gulden said in a statement last month.

☆ Antisemitism and Israel: 13 Jewish Americans Discuss - The New York Times
▼ + stars: | 2023-03-07 | by ( Adrian J. Rivera | Allison Benedikt | Ms. Benedikt Is Opinion S Editorial Director. Mr. Rivera Is An Editorial Assistant In Opinion. | ) www.nytimes.com time to read: +2 min

When we first thought about convening a focus group of Jewish Americans, antisemitism was very much at the center of the national conversation. We wanted to understand how antisemitism was affecting American Jews whose daily lives did not necessarily intersect with these high-profile incidents. Many of the people we spoke to expressed fear about rising antisemitism, going so far as to hide their Jewish identities in certain circumstances. When we asked the group about Israel, few had specific thoughts on Israeli politics or policy. Almost all of the participants, however, expressed great pride in the country.

☆ Balenciaga spotlights craft at first runway show since ad controversy
▼ + stars: | 2023-03-05 | by ( Mimosa Spencer | ) www.reuters.com time to read: +1 min

PARIS, March 5 (Reuters) - French luxury group Kering's fashion house Balenciaga shifted the focus to fashion construction Sunday for its first catwalk show since a backlash from an advertising campaign last year. The label, which was criticised for a campaign featuring imagery of children, showed a lineup of distinctive tailoring, body-hugging silhouettes with hulking shoulders and full-length, glittering evening wear on a white-carpeted runway in Paris. "Being able to make this happen was a challenge that I knew I had to face," Balenciaga designer Demna Gvasalia, known as Demna, told journalists backstage after the show. "I wanted exactly to make it to be able to move on and do what I do best, which is making clothes," he said. The designer and Kering executives have apologized for an advertising campaign that drew criticism for featuring imagery of children that many considered inappropriate.

☆ Leonardo DiCaprio was interviewed by the FBI over his relationship with a Malaysian businessman involved with the 1MDB scandal, report says
▼ + stars: | 2023-03-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Leonardo DiCaprio and Kim Kardashian were interviewed by the FBI in 2018 and 2019, Bloomberg reported. The stars had received gifts from Jho Low, who is accused of masterminding the 1MDB scandal. Earlier, DiCaprio had to return a number of gifts given to him by Low, including an Oscar won by Marlon Brando. On Thursday, Bloomberg revealed previously undisclosed documents which show the FBI interviewing DiCaprio in 2018 about his relationship with Low. Representatives for Kardashian and DiCaprio did not immediately respond to Insider's request for comment, sent outside normal working hours.

☆ Nike, loaded with new products, is already reaping the benefits of Adidas' struggles after the abrupt end of its Yeezy business
▼ + stars: | 2023-03-03 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Nike's easy dominance of prominent sneaker releases in February is a sign of things to come. Consumers who bought Yeezys last year will likely switch over to Nike styles, one analyst says. Without a Yeezy business and amid ongoing struggles at Adidas, there is market share up for grabs. February is the first major month of the year for sneaker releases because of the NBA All-Star Game. "Looking ahead, Nike should benefit greatly from the lack of Adidas Yeezys in March," Nikic wrote, alluding to 11 different Yeezy styles that were released in 2022 compared to zero releasing this month.

☆ After splitting with Kanye West, British audio startup Kano asks for funding
▼ + stars: | 2023-02-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

The two would go on to discuss the beginnings of what eventually became the Stem Player. It was originally named the "Donda Stem Player," a reference to West's 10th studio album, Donda. Faced with "worse" terms and news of Ye's antisemitic comments, Kano didn't accept, Klein said. Despite recent outcry over Ye's antisemitic remarks, he has frequently raised eyebrows. The Stem Player, along with West's dedicated fanbase, drove great commercial success for the small London startup.

☆ 6 sneakers Michael Jordan wore during game-clinching NBA Finals games are about to go on sale — and the price could set a record
▼ + stars: | 2023-02-27 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

Sotheby's this week will put up for sale a collection of six Air Jordan sneakers. Each of the six sneakers was worn by Michael Jordan during an NBA Finals game. Auction house Sotheby's on Tuesday will unveil a collection of six Air Jordan sneakers in Dubai. For perspective, a jersey Jordan wore during the 1998 NBA Finals sold last year for $10.1 million. "This set represents the most valuable and significant collection of Air Jordan sneakers ever brought to market," Sotheby's said, in a listing.

☆ Yeezy sneakers in hot demand on resale platforms even after Kanye West's anti-semitic remarks
▼ + stars: | 2023-02-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Yeezy sneakers currently are among the top three sellers on Impossible Kicks, a large online reseller of high-end sneakers and clothing that has 17 store locations in the United States. He said Yeezy sneakers are among the top three most-popular brands on the platform after Jordans and other Nike footwear, including Dunk and Air Max shoes. Impossible Kicks, seller of high-end sneakers, said demand for Yeezy sneakers is up 30% since last fall. So now prices for Yeezy sneakers are climbing due to tighter supply, according to StockX, a leading sneaker resale platform. “Since the start of the year, the average price of Yeezy sneakers has increased but sales overall have decreased on StockX,” Drew Haines, director of sneakers and collectibles at StockX, told CNNBusiness.

☆ Yeezys are still in high demand on the secondary market despite Ye's fallout with Adidas
▼ + stars: | 2023-02-27 | by ( Danni Santana | ) www.businessinsider.com time to read: +2 min

Demand for Yeezy sneakers remains high on the secondary market. Impossible Kicks has seen a 30% increase in demand since October, according to CNN Business. But demand for his Yeezy sneakers remains high. Unconfirmed rumors are also swirling around social media that Adidas and Ye may again be joining forces to sell the leftover stock. An Adidas spokesperson declined to comment, adding the company's update on February 9 is the latest it has to share.

☆ The Russia-Ukraine war will continue into 2024 and any definitive outcome has risks, a veteran investment chief and former Moscow-based journalist says
▼ + stars: | 2023-02-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Rhys Williams, chief investment officer of Spouting Rock Asset Management. Spouting RockRhys Williams is the chief investment officer at Spouting Rock Asset Management. Phil Rosen: What are the implications for financial markets of Russia's war on Ukraine? What do you think of Williams' insights on markets and the Russia-Ukraine war? The Reddit-loving day traders are back in a big way, piling record amounts of cash into stocks to start the year.

☆ White supremacists behind over 80% of extremism-related U.S. murders in 2022
▼ + stars: | 2023-02-23 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

The advocacy group labeled 25 murders in 2022 as "extremist-related," with 18 of those "committed in whole or part for ideological motives." White supremacists commit the highest number of domestic extremist-related murders in most years, but in 2022 the percentage was unusually high: 21 of the 25 murders were linked to white supremacists, according to the ADL report. "All the extremist-related murders in 2022 were committed by right-wing extremists of various kinds," the ADL report said. President Joe Biden has labeled white supremacy as poison and called on Americans to reject it. The issue of white supremacy came back into headlines late last year when former President Donald Trump hosted white supremacist Nick Fuentes at his private club in Florida.

☆ Ye finally got new lawyers after ghosting the ones who dropped him following his antisemitic rants
▼ + stars: | 2023-02-22 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Ye, aka Kanye West, got new lawyers months after ghosting his old ones. He's now lawyered up in three lawsuits against him, court records show. Three lawyers at the Santa Fe, California-based firm Weeks Nelson are representing Ye in a lawsuit brought by Thomas St. John, a business management firm. Filings from Thomas St. John show the firm tried to serve Ye with the lawsuit since October without success. The lawyers will likely help Ye avoid default judgments in those cases, where he risked losing automatically without any representation in court.

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