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☆ Levi's names Kohl's Michelle Gass as next chief executive
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - Levi Strauss & Co (LEVI.N) on Tuesday named current Kohl's Corp (KSS.N) Chief Executive Officer Michelle Gass as the next CEO of the denim maker, succeeding long-time head Chip Bergh. Gass' departure from the struggling department store chain comes as activist investor groups push for management and board reshuffles, including a change of CEO. Gass will leave Kohl's in December to become president of Levi's early next year, and will take over as chief executive within the next 18 months. Kohl's said Tom Kingsbury, a director who was nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2. Kohl's forecast third-quarter earnings of 82 cents per share, compared with analysts' estimates of 64 cents, according to Refintiv IBES data.

☆ Kohl’s CEO leaves for Levi’s
▼ + stars: | 2022-11-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

Activist groups have pushed Kohl’s (KSS) to spin-off its online business, sell its real estate or take the company private. Michelle Gass is leaving Kohl's for Levi's. “It is fair to say that Gass has saved Kohl’s from more serious decline.”Meanwhile, Levi (LEVI) has grown since it went public again in 2019. Gass will join the company in January as president and take over as CEO within 18 months, succeeding current CEO Chip Bergh, Levi’s said in statement. Gass leaving Kohl’s for Levi’s is symbolic of a larger shift in retail’s power balance.

☆ Adidas ends Ye deal over hate speech, costing rapper his billionaire status
▼ + stars: | 2022-10-27 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +4 min

Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month. "Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said on Tuesday. Forbes magazine said the end of the deal meant Ye's net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion. On Tuesday, Gap, which had ended its partnership with Ye in September, said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.

☆ Mewawalla: For tech, now is not the time for innovation, but the time to rectify declining revenues
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMewawalla: For tech, now is not the time for innovation, but the time to rectify declining revenuesCyrus Mewawalla, Head of Investment Research at GlobalData, joins Worldwide Exchange to discuss Meta's Q3 earnings and what to expect from Apple's Q4 earnings today.

Adidas shutting down its partnership with Kanye West is just the latest shoe to drop surrounding the artist's recent run of controversial public behavior. To Adidas, the reputational cost of maintaining ties with Ye ultimately outweighed those considerations, said Neil Saunders, managing director at the GlobalData Retail research group and consultancy. Adidas will stop the Adidas Yeezy business with immediate effect." Instead, it was likely the growing threat of an international boycott that pushed Adidas to sever ties, said Kenneth Anand, Goldstein's co-author of "Sneaker Law." "So they had to act very fast to sever ties given what had transpired," Anand said of Adidas.

☆ Bed Bath and Beyond names Sue Grove as its new CEO
▼ + stars: | 2022-10-26 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN Business —Bed Bath and Beyond has named a new CEO — and investors were selling the stock. The beleaguered retailer has tapped interim leader Sue Gove to the position permanently. It also revealed that sales at stores open for at least a year plunged 26% during its latest quarter ending August 27. Neil Saunders, managing director of GlobalData, said the appointment of Gove is a “sensible and pragmatic solution” because of her knowledge of the Bed Bath and Beyond brand. “In any case, it is our view that Bed Bath and Beyond would have difficulty in recruiting someone from the outside because of both the extreme challenges it faces and the lingering doubts about its long-term survival,” he added.

☆ Adidas terminates partnership with Kanye West
▼ + stars: | 2022-10-25 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Adidas said it will take a €250 million hit ($246 million) to its fourth quarter sales. Adidas has partnered with West since 2013, when the company signed his brand away from rival Nike. In 2016, Adidas expanded its relationship with the rapper, calling it “the most significant partnership ever created between a non-athlete and an athletic brand.”But Adidas put the “partnership under review” in early October after he wore a “White Lives Matter” T-shirt in public. “In the end, Adidas’ action sends a powerful message that antisemitism and bigotry have no place in society.”Shares of Adidas fell about 5% in Frankfurt. Adidas said it will release additional information about the financial implications of dissolving its partnership with Ye in its upcoming earnings report on November 9.

☆ Ye's ugly break-up with Adidas and Gap show the risks of celebrity partnerships
▼ + stars: | 2022-10-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

The line also helped Adidas (ADDDF) get shelf space at major retailers and brought new customers into the stores who bought other Adidas (ADDDF) merchandise. Other fashion brands that bet on Ye, including Gap (GPS)and Balenciaga, have also ended their partnerships in recent weeks. The partnership with Ye and subsequent fallout highlights the risks of retail brands relying on celebrities to appeal to shoppers. A 2012 study published in the Journal of Advertising Research found that celebrity endorsements from athletes can increase a brand’s sales by 4%. Instead of pulling the plug on Ye immediately, Adidas’ slow response allowed anger and protests over the brand’s ties to him to grow online for more than a week.

Lululemon is a multibillion-dollar leader in the high-end active wear category that owns and operates 600 stores, 40 of which are located in Europe. Its roots date back to 1998 when it opened as "Lululemon Athletica," a yoga-wear brand geared toward women and yoga enthusiasts. Demand for athletic wear has grown exponentially since those early days, and in 2022 Lululemon continues to lead the way, with its second-quarter revenue soaring 29% year over year. Nevertheless, the company continues to innovate and diversify into different categories and wider tech offerings. Watch the video above to learn more about what makes Lululemon a global leader in athleisure and active wear.

☆ Wonder Bread will have its first-ever float in the Macy's Thanksgiving Day Parade
▼ + stars: | 2022-10-20 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Wonder Bread hopes its latest stunt can help. The 101-year-old bread maker will have a float in this year’s Macy’s Thanksgiving Day Parade, marking the first-time ever the kitchen staple has joined the lineup. But we’re also changing and evolving and bringing new things to the consumer every day.”A rendering of Wonder Bread's first-ever float in the Macy's Thanksgiving Day Parade. Wonder Bread will participate in the parade for the next three years with the same design. “It’s a classic brand,” Smith said.

☆ What would a Kroger-Albertsons merger mean for grocery prices?
▼ + stars: | 2022-10-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

A Kroger-Albertsons merger could reshape the grocery industry. The companies say they will divest hundreds of stores in areas where they overlap to win regulatory approval. Albertsons has higher prices than Kroger and other grocers, analysts say, and they predict Kroger will try to reduce Albertsons prices to be more competitive against discount chains like Aldi. Antitrust advocates say the merger would force out competition and concentrate power among the largest chains, driving up prices. A Kroger-Albertsons merger would spark a fresh wave of mergers and acquisitions as companies seek to keep up, analysts predict.

☆ Retail sales were flat in September as inflation takes a bite
▼ + stars: | 2022-10-14 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

Retail sales were flat last month, down from a revised. Retail sales fell 0.4% in July. Excluding sales of automobiles and at gas stations, retail sales rose 0.3%. Sales at clothing stores rose 0.5%, while business at department stores rose 1.3% That indicates a solid back-to-school season but adjusted for inflation, spending was modest, analysts said. AlixPartners predicts holiday sales to be up anywhere from 4% to 7% from last year, which was up 16%, according to its calculations.

☆ Impossible Foods' new CEO is pining for a Super Bowl ad and status as a household name. First, he'll have to win over employees.
▼ + stars: | 2022-10-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +10 min

Peter McGuinness, Impossible Foods' new CEO, has said he wants a Super Bowl ad. "He's said 'Super Bowl ad' at least a thousand times," a current marketing employee said. But Super Bowl spots cost several million dollars each, putting them out of reach for Impossible, the employee said. Insider spoke with five current and former Impossible Foods employees about McGuinness' and Brown's leadership and the future of the company. Impossible Foods meatballs Impossible FoodsFrom R&D to marketingUnder Brown, Impossible was a company focused on research and development.

From a broader national perspective, a combined Kroger and Albertsons does not pose any major threat to the competitive dynamics of the market." Kroger said it expects to reinvest about half a billion dollars of cost savings from deal synergies to reduce prices for customers. "The merger will accelerate our position as a more compelling alternative to larger and non-union competitors," Kroger Chief Executive Officer Rodney McMullen said. Goldman Sachs and Credit Suisse were the financial advisors to Albertsons, while Citigroup and Wells Fargo advised Kroger. Kroger will have to pay Albertsons $600 million if the deal is terminated.

☆ U.S. grocer Kroger in talks to merge with rival Albertsons - Bloomberg News
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

Oct 13 (Reuters) - U.S. grocery giant Kroger Co (KR.N) is in talks to merge with smaller rival Albertsons Companies Inc (ACI.N), Bloomberg News reported on Thursday, citing people familiar with the matter. Shares of Albertsons rose 7% on the report, while Kroger's stock slipped. Kroger, which also houses supermarket chains such as Fred Meyer, Ralphs and King Soopers, trails Walmart Inc (WMT.N), the top grocer in the country. A deal could be reached as soon as this week, Bloomberg reported, adding that no final decision has been taken and talks could still be delayed or falter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Oct 13 (Reuters) - Late-stage U.S. startups are scooping up talent unlocked by layoffs and hiring freezes at Big Tech, adding experienced engineers and project managers to their roster despite signs of an economic slowdown. A survey of 581 executives, almost entirely from U.S. tech startups, showed that more than 40% of them boosted their hiring plans in the first half of 2022, according to hiring firm A.Team and startup consultant MassChallenge. Companies are also shortening hiring times and offering higher pay packages to lock in candidates as they compete for talent in a tight labor market, recruiters said. Still, some analysts warn there is only so long until startups can continue the hiring pace amid a weak economic backdrop. "If the economy does indeed go into recession, it will only add to the pressure faced by tech firms as demand dries up," says Dante DeAntonio, director of economics research at Moody's Analytics.

☆ Amazon debuts new shopping portal for customers on government assistance
▼ + stars: | 2022-10-03 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN Business —Amazon on Monday launched a new shopping portal called Amazon Access that is designed for shoppers receiving government assistance. Amazon already offers some services for low-income customers, such as discounted Amazon Prime membership. It also accepts Supplemental Nutrition Assistance Program or SNAP benefits for groceries purchased through Amazon Grocery, Amazon Fresh and Whole Foods. Amazon (AMZN) also announced it has renamed its discounted Prime membership to Prime Access. Eligible customers can sign up for the service on Amazon (AMZN) Access.

☆ Meet 15 retail power players revolutionizing the in-store shopping experience
▼ + stars: | 2022-09-29 | by ( Ann Gehan | ) www.businessinsider.com time to read: +2 min

After largely shopping online during the pandemic, people are returning to stores in greater numbers. Shoppers want the best of both worlds: the convenience of e-commerce and the excitement of experiences they can't get online. Now, retailers are balancing services they'd first rolled out as safety measures, like curbside pickup, with personalized shopping experiences and events. Making connections between stores and e-commerce is critical as shoppers browse in a variety of ways for the same transaction. Insider's retail team selected them based on nominations and our reporting on the retail industry.

☆ Amazon puts a second Prime Day sale on the calendar
▼ + stars: | 2022-09-26 | by ( Jordan Valinsky | Cnn Business | ) edition.cnn.com time to read: +1 min

New York (CNN Business) Amazon is adding another Prime Day to the calender. The company announced Monday that the sale, called "Prime Early Access Sale," will take place October 11-12. "Prime Early Access Sale" will be available in 15 countries including Canada, China, France, the United Kingdom and the United States. Walmart WMT Amazon is following its rivals in getting a jumpstart on the holiday shopping season. Launching holiday shopping sales in October will help attract budget-conscious shoppers, according to Neil Saunders, retail analyst and managing director at GlobalData Retail.

☆ Walmart's not waiting for Black Friday. it's ready for holiday shoppers now
▼ + stars: | 2022-09-22 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNNBusiness —Halloween is still a month away, but Walmart is ready for Christmas. Walmart on Thursday said it’s getting the ball rolling on its year-end holiday shopping season at its stores and online as early as next month. The retailer said it is also changing its return policy for Walmart and Walmart+ subscription service customers to give this year’s early gift shoppers more time to make returns. Given the company’s status as an industry bellwether, it’s too soon to say whether Walmart’s earlier-than-usual holiday push could trigger other retailers to follow suit. “If there are fewer gift purchases by consumers, expect to see even more holiday promotions than ever.”

☆ Gap is laying off 500 corporate employees as challenges mount
▼ + stars: | 2022-09-20 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN Business —Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing. He added that Old Navy is no longer as strong as it had been in boosting the Gap’s bottom line. “Traditionally, Gap could rely on its Old Navy banner to cover some of the sluggishness in other parts of the business. Gap (GPS) confirmed that it was winding down the partnership in an internal company email that was seen by CNN Business. Shares of the Gap slipped nearly 3% in Tuesday trading, with the stock down 50% for the year.

The company can sell existing Yeezy Gap stocks until the sell-off period, the letter said. West, known as Ye, in 2020 signed a 10-year deal with Gap to create a line of clothing under the Yeezy Gap brand. 1/2 Rapper Kanye West talks on the phone before attending the Versace presentation in New York, U.S. December 2, 2018. Ties between West and Gap have been increasingly strained recently. Gap has been struggling to protect margins and pull in sales, blaming inflation and outdated styles at its Old Navy brand.

☆ Kanye West says he’s terminating his partnership with the Gap
▼ + stars: | 2022-09-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

“We wanted to address the headlines of today and the past several weeks related to Yeezy Gap. And we are deciding to wind down the partnership,” Mark Breitbard, president and CEO of Gap Brand, said in the email. As it now moves to wind down the partnership, Gap said existing merchandise from Yeezy Gap will continue to be sold in the company’s stores and its website. West also said that Gap was required to sell 40% of Yeezy Gap products in its retail stores, which hasn’t materialized, according to The Wall Street Journal. “While Kanye could have injected a dose of energy into Gap, the incompatibility of the two visions meant that frustrations were inevitable.

☆ Brandy Melville employees describe racism, Hitler memes, and sexual exploitation at the 'evil' cult teen brand
▼ + stars: | 2021-09-07 | by ( Kate Taylor | ) www.businessinsider.com time to read: +34 min

According to Brandy Melville employees, CEO Stephan Marsan wants his staffers to be young, thin, pretty, and white. But to secure their spot in the world of Brandy Melville, employees at all levels said they had to endure — and often enforce — Marsan's beliefs. Hollis Johnson/InsiderIn late September 2017, Stephenie Legros, who is Black, was nearing her first anniversary as a Brandy Melville employee. Brandy Melville USA/InstagramSeveral former employees mentioned the behavior of Longo, the brand's top executive alongside Marsan while Brandy Melville gained footing in the US. Brandy Melville USA/Instagram"Every year that goes by, the beauty standard is shifting a little bit," a Black woman who worked at Brandy Melville from 2016 to 2019 said.

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☆ MasterCard, Visa, and Amex are trying to enter China
▼ + stars: | 2017-07-24 | by ( Ayoub Aouad | ) www.businessinsider.com time to read: +3 min

US card networks MasterCard, Visa, and American Express are preparing to submit a license request to operate in China, according to Reuters. China's card market is poised to be the largest in the world, which makes entering the region a significant growth opportunity for US networks. For companies seeking to build out a robust mobile payments product, China's thriving mobile payments ecosystem offers some insight — and some lessons. Insider Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile payments in China that:Forecasts and compares mobile payments volume, in-store mobile payments users, mobile payments volume per capita, and mobile commerce penetration in China and the U.S.Overviews the key competitors in China's mobile payments market, and how new entrants may shuffle the hierarchy of dominant players. Uncovers the key drivers propelling China's mobile payments market.

Persons: Nilson Organizations: Intelligence, MasterCard, Visa, American Express, Reuters, GlobalData, Fox Business, Business Locations: China, U.S

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