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☆ A growing number of sports bras, shirts and leggings brands found with high levels of toxic chemical, watchdog warns
▼ + stars: | 2023-05-17 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +5 min

The newly tested brands and their products include leggings from Athleta, Champion, Kohl’s, Nike and Patagonia, sports bras from Sweaty Betty, athletic shirts from Fabletics and shorts from Adidas, Champion and Nike. The group had also tested athletic shirts in October from brands that included The North Face, Brooks, Mizuno, Athleta, New Balance, and Reebok and found similar results. Athleta, Nike, Reebok, The North Face and Victoria’s Secret (which owns PINK) did not provide a comment to CNN at the time. BPA (Bisphenol A) is found in a large number of everyday products, from water bottles and canned foods to toys and flooring. Sports bras and athletic shirts are worn for hours at a time, and you are meant to sweat in them, so it is concerning to be finding such high levels of BPA in our clothing,” Allan Sugerman said.

☆ Consumer spending trailing consumer sentiment lower. Look at Home Depot
▼ + stars: | 2023-05-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Recent consumer sentiment reports have been poor, so it's reasonable to assume the consumer spending backdrop has softened. The company is cutting guidance due to the weaker lumber prices, weather and is also citing "further softening of demand relative to our expectations, and continued uncertainty regarding consumer demand." If we are on the side of the American consumer (I am), then lower lumber prices are good, right? Running shoes are hot. Second case in point: On Holding (ONON), which makes the trendy ON running shoes, is up 94% YTD.

☆ Ikea is redefining its customer experience — starting with raves
▼ + stars: | 2023-05-16 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Marcus Engman, Ikea's creative director, said the raves signal Ikea's strategy to attract customers. Two spectacular raves — one of which got shut down by the police, an Ikea spokesperson told Fast Company. As for Ikea, Engman said there are creative ways to maximize Ikea's space to improve its bottom line. "There are techniques that we use in entertainment that are not used at all in retail," Engman told Fast Company. Engman told Fast Company that Ikea's growth efforts — including raves — may be a way to expand its brand.

☆ Kanye West filed a trademark application for 'sock shoes' just days before Adidas said it would sell off unsold Yeezys for charity
▼ + stars: | 2023-05-14 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Ye filed a trademark application for "Yzy sock shoes," which may signal a future product release. It was filed only days before Adidas said it will sell its Yeezy stock and donate profits to charity. His holding company, Mascotte Holdings, filed the application to the US Patent and Trademark Office on May 4. A drawing with the caption "Yzy sock shoes" was submitted alongside the filing. In 2020, Ye's holding company also filed a trademark for Yeezy-branded cosmetics, makeup, and beauty products.

☆ Adidas will sell Yeezy shoes after all
▼ + stars: | 2023-05-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Adidas has decided what it’s going to do with its unsold Yeezy merchandise. It had been under pressure from investors to determine what to do with merchandise after Adidas terminated its partnership with Ye, formerly known as Kanye West. Adidas (ADDDF) ended its almost decade-long partnership in October 2022 after Ye wore a “White Lives Matter” T-shirt in public. Losing the highly profitable Yeezy line hit sales in the quarter by around 400 million euros ($441 million), Adidas said during its earnings last week. Adidas said it “rejects these unfounded claims and will take all necessary measures to vigorously defend ourselves against them.”

☆ Adidas will sell some leftover Yeezy inventory instead of burning it, CEO says
▼ + stars: | 2023-05-11 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

Adidas intends to sell part of its leftover Yeezy inventory and donate the money to charities that were harmed by Ye's anti-Semitic comments, the company's chief executive said Thursday. Gulden took the helm of Adidas on Jan. 1, following CEO Kasper Rorsted's departure. Adidas' most recent earnings beat expectations but were weighed down by Yeezy inventory piling up. The company parted ways with Ye in October following months of bizarre behavior and antisemitic comments from the hip hop artist. The split left Adidas with inventory levels of $500 million worth of sneakers, with selling value of over $1 billion, according to the company.

☆ Adidas says it won't destroy its mountain of unsold Yeezy stock but plans to sell these items and donate profits to charity
▼ + stars: | 2023-05-11 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

It was left with over $1 billion of Yeezy stock. Adidas CEO Björn Gulden told investors Thursday that it wouldn't destroy these items. Gulden spoke in German at the meeting; a translated version of his comments was shared with Insider by an Adidas spokesperson. Gulden then went on to say that Adidas plans to donate the profits from the sale of these items to organizations representing people who "were hurt" by West's comments. Earlier this week, the FT first reported that a top shareholder was demanding answers over Adidas' investigation into West.

☆ Ex-Yeezy COO says it's a 'smart move' for Adidas to sell leftover stock and donate proceeds to charity
▼ + stars: | 2023-05-11 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The former COO of Yeezy says it's a "smart move" for Adidas not to burn leftover Yeezy stock. Adidas said Thursday it'll sell its Yeezy stock and donate profits to charities hurt by Kanye West. Udi Avshalom, who worked at Yeezy between 2017 and 2022, told Insider that Adidas is making a "smart move." "I think Gulden's decision to donate to charities represented to those hurt by Ye's comments is proper," Avshalom, who is Jewish, told Insider. Adidas pulled the plug on its Yeezy partnership in October as a result of West's anti-semitic remarks on Twitter.

☆ Big U.S. firms adopt cautious tone on China recovery
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +3 min

In April, China's imports contracted sharply, underscoring signs of weak domestic demand as a battered property market, worries over job stability and global economic uncertainty kept shoppers wary. "We grew mid-single digits in China, which had previously been a double-digit growth market for us pre-pandemic. "Consumer confidence remains weak and shaken because many Chinese faced job and salary cuts in 2022 and Chinese New Year bonuses in 2023 were low," said Shaun Rein, managing director at China Market Research Group. Still, a rapid recovery in domestic travel demand propped up sales at hotels. "China will be a growth driver for many multi-national companies but will not be at the high growth rates many analysts predict," China Market Research's Rein said.

"We are looking into ways to express this (China recovery) theme in our portfolio rather than just say 'let's go long China equity'. "Given the higher risk premium of China stocks, the demand for 'shadowing' China will continue to be strong," Jefferies said. The relative cheapness of European stocks, at least at the start of this year, has also been important. Luxury stocks - less vulnerable to sanctions - have performed well, but geopolitical worries have bruised tech firms, and manufacturing difficulties have hurt commodity stocks. "What is doing extremely well this year is luxury; if you'd bought European miners hoping that China would stimulate, you'd have got it wrong."

☆ Wall Street style guide: Bankers break down what interns should — and should not — wear this summer, from Lululemon trousers to Allbird sneakers
▼ + stars: | 2023-05-10 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

From Allbirds sneakers to Lululemon pants, Wall Street work attire has gotten more casual. It's an awkward time for the Wall Street wardrobe. Trying to nail the modern Wall Street look can be intimidating. But blazers still have a place on Wall Street, even if they're not as omnipresent as they once were. "If you're going to do a sneaker, it's got to be what I call a 'fashion sneaker.'

☆ Interpol: Authorities search for the names of 22 women murdered in Europe
▼ + stars: | 2023-05-10 | by ( Radina Gigova | ) edition.cnn.com time to read: +4 min

CNN —Authorities are trying to identify 22 women murdered in Belgium, Germany and The Netherlands over the last few decades. Who they are, where they are from and why they were in these countries is unknown,” Interpol said. “The woman also wore dark plaid shorts, beige/brown knitted cardigan and a plastic or horn ring,” Interpol said. The woman in the well also wore dark plaid shorts. Belgium, German and Dutch police are working with Interpol on finding more information about the women.

☆ Amazon applies therapy to retail
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

Rising costs and customers battered by inflation are hampering Amazon’s efforts to get its retail division on a path to sustainable profitability. While the rate of sales growth has outstripped growth in costs of distribution, the retail business over the past 12 months has lost $8 billion. More important, investors haven’t loved the idea of subsidizing delivery costs at the expense of profit. Applying therapy to its retailing business won’t change its consumers’ co-dependency. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ A major Adidas shareholder is demanding answers over the company's tumultuous relationship with Kanye West
▼ + stars: | 2023-05-09 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Adidas cut ties with Kanye West after his antisemitic rant last October. The company began an investigation into his behavior towards Yeezy staff last November. And now a top investor will urge Adidas to reveal the results in an annual meeting, the FT reported. According to Rolling Stone, West would scream and throw books across a room in 2020 as Yeezy staff said they feared for their wellbeing. Werning will urge Adidas to share the investigation's results "here and now" and demand the company "transparently clean up the scandal," the FT reported.

We're buying 300 shares of Foot Locker (FL) at roughly $38.69 each. We're using the recent weakness in Foot Locker to add to our small position and improve our average cost basis. Sure, Foot Locker's stores are a great place to pick up the latest Steph Curry sneaker from Under Armour. A year later, she came back for the Foot Locker job, which we think speaks volumes about her commitment to overhauling the sneaker chain. As we wait for this turnaround to play out, Foot Locker offers a 4.11% annual dividend yield, which adequately compensates us for our patience.

☆ Aramco’s dividend largesse contains a hard logic
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

That could work out to up to $18 billion a year, Royal Bank of Canada analysts reckon. Given that there are solid long-term reasons to hold Aramco shares, it might seem odd that the world’s largest oil producer feels the need to keep its investors on side. Meanwhile, Aramco’s dividend has been fixed since its listing, but that arrangement expires next year. Flagging to prospective foreign investors that its dividend policy is not entirely dependent on the whims of the Saudi state is probably not a bad idea. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ French sports deal reveals rare retail bright spot
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 9 (Reuters Breakingviews) - Retreat is the most common strategy of top retail chief executives. On Tuesday, the near-$11 billion British purveyor of sportswear splashed out 520 million euros ($571 million) on French sneaker seller Courir. Regis Schultz, JD’s French boss, is planning to spend more of the company’s 1-billion-pound ($1.3 billion) cash pile on further international expansion. Sales of exercise equipment, gym wear and running shoes are set to double to $1 trillion by 2030, according to Straits Research. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 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

☆ Adidas’s New CEO Shows Good Form
▼ + stars: | 2023-05-05 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Adidas Chief Executive Bjørn Gulden joined in January after the company suffered some major injuries. Photo: Marco Rosi/Getty ImagesAdidas ’s new chief executive officer, Bjørn Gulden , can’t quite hit the ground running yet, but his first move—setting a low bar—is turning out to be a pretty solid strategy for the company’s stock. These are still early days for the new CEO, who joined in January after the company suffered some major injuries: The fallout with Chinese consumers in 2021 from a dust-up over Xinjiang forced-labor allegations, and then a breakup with Kanye West last year. Mr. Gulden called 2023 a year of transition before the company can hit its stride again. One key goal is to reduce inventories—especially the piles of Yeezy products that Adidas has left over from its terminated partnership with Mr. West—and to lower discounts.

☆ 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.

☆ Adidas expects bumpy year despite sales beating forecast
▼ + stars: | 2023-05-05 | by ( Helen Reid | ) www.reuters.com time to read: +2 min

REUTERS/Shannon StapletonLONDON, May 5 (Reuters) - Adidas (ADSGn.DE) on Friday forecast "a bumpy year with disappointing numbers" ahead after a dip in first quarter sales for the German sportswear giant. Despite the 1% sales drop, operating profit of 60 million euros ($66 million) beat analyst expectations of 15 million euros for the company, which last year ended a partnership with Ye, the rapper formerly known as Kanye West. Losing the highly profitable Yeezy line hit sales in the quarter by around 400 million euros, Adidas said, mainly hitting revenue across North America, Greater China and EMEA. Sales were 5.274 billion euros, down from 5.302 billion euros in the first quarter of 2022. Adidas' gross margin fell to 44.8% due to the loss of Yeezy sales, higher supply chain costs and discounts.

☆ European markets set to nudge higher as investors assess monetary policy, data
▼ + stars: | 2023-05-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

European markets are set for a modestly higher open on Friday as investors continue to assess the trajectory of monetary policy and await a fresh round of economic data. The pan-European Stoxx 600 closed Thursday's session down 0.45%, having trimmed earlier losses, as investors digested a fresh 25 basis point interest rate hike from the European Central Bank. Shares across the continent are on course for a slightly negative week after a busy few days of corporate earnings and central bank decisions. Friday will see a slew of economic data releases, including April construction PMIs and March retail sales figures from around major euro zone economies. Wall Street has suffered a four-day losing streak as further fears were ignited about the U.S. banking sector.

☆ 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.

☆ Adidas runs harder, but also stands still
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

That beat analyst expectations of 15 million euros, and was aided by double digit sales growth in Latin America and Asia. The good cheer partly reflects the low expectations of Adidas’s investors. They hold shares worth about half their mid-2021 level, and while sales globally didn’t fall 4% as forecast, they still dipped 1% year-on-year. Meanwhile, CEO Bjorn Gulden has to decide what to do with stacks of Yeezy trainers in storage ever since the company severed ties with the musician. Although certain products like Gazelle and Sambo are doing well, the 40% margins on Yeezy sales were ten times Adidas’s overall level.

☆ Adidas shares gain on earnings but CEO warns of ‘bumpy year’ after end of Yeezy deal
▼ + stars: | 2023-05-05 | by ( ) edition.cnn.com time to read: +2 min

Losing the highly profitable Yeezy line hit sales in the quarter by around 400 million euros ($441 million), Adidas said, mainly denting revenue across North America, Greater China and Europe, Middle East and Africa. CEO Bjorn Gulden told reporters Adidas has narrowed down the options for the shoes, and it is getting closer to a decision. Quarterly operating profit of 60 million euros ($66 million) beat analyst expectations of 15 million euros. North America was the worst hit by the loss of Yeezy, with currency-neutral sales down 20% from last year. The “terrace” shoe style is doing well in all markets, and Adidas has started to make more Samba, Gazelle, and Campus shoes, Gulden said.

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