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☆ 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.

☆ HSBC vote gives Ping An a fresh shove towards exit
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 5 (Reuters Breakingviews) - Ping An Insurance (601318.SS) is having an underwhelming week. Instead, HSBC’s results were decent and the AGM resolution was crushed. True, 20% of votes cast went in favour of plans for a strategic review each quarter which could assess whether to spin off HSBC’s key Asian arm, and to reinstate the bank’s pre-Covid dividend. Ping An could continue to chunter away at HSBC boss Noel Quinn from the sidelines. Throw in the lack of investor support implied by the vote, and Ping An’s essential choice – to pipe down or to sell its stake – has become ever more stark.

☆ Adidas quarterly sales beat expectations despite Yeezy crisis
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: +1 min

The Yeezy crisis hit sales in the reported quarter by around 400 million euros ($441.56 million), Adidas said, mainly affecting revenue across the North America, Greater China and EMEA regions. North America was the worst hit by the Yeezy debacle, with currency-neutral sales down 20% from last year. Sales in Greater China fell by 9%, while EMEA sales increased 4%. Adidas reported an operating profit of 60 million euros, beating analysts' expectations of 15 million euros. Its gross margin fell to 44.8% due to the loss of Yeezy sales, higher supply chain costs and discounts.

☆ Crypto-silence is precious for Gensler's SEC
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

But he has taken several enforcement actions against crypto firms alleging that they are selling unregistered securities, and the SEC is considering suing Coinbase. Think from Gensler's perspective, though, and there's little upside in breaking the silence. Accept that digital assets are not securities after all, and he would look foolish for not saying so sooner. Yet state definitively that they are securities, and Gensler would have to show his reasoning, opening the SEC up to more costly legal battles that it could lose. Complain as they may, Gensler's foes may just have to accept that sometimes, no answer is an answer.

☆ As sales decline, Adidas faces pressure to find Yeezy fix
▼ + stars: | 2023-05-04 | by ( Helen Reid | ) www.reuters.com time to read: +3 min

Gulden in March said the company could donate the proceeds of the Yeezy sale to charities, but Adidas has given no updates since. The Anti-Defamation League, an international Jewish non-governmental organisation based in New York, told Reuters it "stands ready and prepared to work with Adidas". The American Jewish Committee met with Adidas executives in December to discuss their commitment to reject antisemitism. Shareholders want Adidas to draw a line under the Yeezy episode and develop ways to reboot the brand. "Being successful with Yeezy probably made Adidas lazy on finding other growth drivers," said Cedric Rossi, nextgen consumer analyst at Bryan Garnier in Paris.

☆ Nike's typical shopper is a white, GenX male making over $80,000 and dropping about $90 per shopping trip
▼ + stars: | 2023-05-04 | by ( Danni Santana | ) www.businessinsider.com time to read: +2 min

Nike is the largest sportswear company in the world, and currently employs over 79,000 people. Analytics firm Numerator found that the typical Nike customer is a Gen X Caucasian person earning over $80,000 annually. Footwear sales made up $29.1 billion, or more than half, of the company's total revenue last year. Nike finished its fiscal 2022 year with 344 company stores, including 209 factory stores and 87 Converse stores. In its latest annual report, Nike said footwear revenues grew 9%, driven by both Jordan Brand and men's sales last year.

☆ House China committee targets top clothing brands in forced labor inquiry
▼ + stars: | 2023-05-03 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

A shopper carries a bag of Nike merchandise along the Magnificent Mile shopping district on December 21, 2022 in Chicago, Illinois. WASHINGTON — A House committee examining the U.S. government's economic relationship with China is asking some of the world's largest clothing companies for information about the use of forced labor during production — a potential violation of U.S. trade law. Lawmakers asked retailers Temu, Shein, Nike and Adidas North America about the use of materials and labor sourced from the Xinjiang Uyghur Autonomous region of China, according to letters sent to company leaders on Tuesday. Such practices would constitute violations of the 2021 Uyghur Forced Labor Prevention Act, according to the lawmakers. The inquiries also follow a March hearing of the committee that included an expert assessment finding that U.S. companies finance "state-sponsored forced labor programs in the Uyghur region."

☆ California College Town Rocked by Stabbings That Remain a Mystery
▼ + stars: | 2023-05-02 | by ( Shawn Hubler | ) www.nytimes.com time to read: +1 min

A placid Northern California college town has been rocked by a series of stabbings in which two people have been killed and a third critically wounded in less than a week. Two days later, a University of California, Davis student was stabbed to death in a different park. The latest attack occurred on Monday night, severely injuring a woman sleeping in a homeless encampment near railroad tracks just east of downtown. In a 911 call shortly before midnight, the woman told dispatchers that she had been stabbed through the wall of her tent. The authorities are seeking a thin, curly haired young man, between 5 feet 6 inches and 5 feet 9 inches tall, wearing a dark sweatshirt and black Adidas pants.

☆ Investors Sue Adidas Over Kanye West Collaboration
▼ + stars: | 2023-05-01 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

Kanye West had produced the popular Yeezy collection for Adidas. Photo: Neilson Barnard/Getty Images for AdidasA group of shareholders is suing Adidas AG, alleging the sportswear company failed to warn investors it was aware of Kanye West’s antisemitic remarks and “extreme behavior.”The proposed class-action lawsuit, filed in U.S. District Court in Oregon on Friday, alleges former CEO Kasper Rorsted and Harm Ohlmeyer , the company’s chief financial officer, were involved in disseminating false and misleading statements about Adidas’s relationship with Mr. West, who legally changed his name to Ye.

☆ Adidas wants to move on from the Kanye West scandal, but investors are angry and suing
▼ + stars: | 2023-05-01 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

Investors sued Adidas over its failed Kanye West deal, arguing it didn't properly manage the risk. In the lawsuit, investors claimed Adidas "ignored serious issues" with regard to Ye's "extreme behavior," and didn't properly manage the resulting risks, including with inventory. If certified, the lawsuit would proceed on behalf of investors who purchased shares of Adidas between May 3, 2018, and February 21, 2023. In the wake of splitting with Ye, Adidas, under new CEO Bjørn Gulden, is focusing more on sports, including basketball and soccer, as Gulden works to reset the brand. The organization purchased 2,837 shares of Adidas stock in early 2022 for more than $350,000, according to an exhibit attached to the lawsuit.

☆ Adidas sued by shareholders over its failed Ye partnership
▼ + stars: | 2023-05-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

In the lawsuit, filed Friday in a federal court, shareholders allege that Adidas “routinely ignored” his behavior as early as 2018. They claim that senior executives “ignored serious issues” affecting the Yeezy partnership, namely his antisemitic remarks and troubling public comments about slavery. The lawsuit said that Adidas was aware of his behavior and that the company “failed to take meaningful precautionary measures to limit negative financial exposure” if the partnership ended. Adidas (ADDDF) ended its almost decade-long partnership in October 2022 after Ye wore a “White Lives Matter” T-shirt in public. Days later, Ye said “I can say antisemitic s*** and Adidas (ADDDF) cannot drop me” during a podcast taping.

☆ Adidas Targets Basketball, Soccer to Drive Post-Yeezy Rebound
▼ + stars: | 2023-04-30 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/adidas-targets-basketball-soccer-to-drive-post-yeezy-rebound-ed8606b9

☆ Adidas wants to 'double down' on U.S. market, regional head tells Wall Street Journal
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, April 30 (Reuters) - Adidas (ADSGn.DE), which has come under pressure after ending its lucrative Yeezy shoe partnership with Kanye West, is trying to grab a bigger slice of the U.S. sports market, the group's regional head told the Wall Street Journal. "We want to double down on all of the things that are U.S.-centric, particularly around sport," Rupert Campbell, the company's North America president, was quoted as saying in an interview. Apart from ending the Yeezy collaboration, Adidas has also stopped its Ivy Park collaboration with pop star Beyoncé according to media reports, with the contract set to expire at the end of this year. Talking on the overall U.S. sporting-goods market, the world's biggest, Campbell said: "We have to show our credentials in this space." Reporting by Christoph Steitz; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Reuters GraphicsMany U.S. importers are still sanguine, but their supply chains could still be disrupted as Vietnam's apparel makers depend on China for about half of their input materials, according to the country's industry association. XINJIANG LINKSWhile the halted shipments represent a tiny portion of the $27 billion worth of garments and footwear Vietnam exported to the U.S. last year, compliance risks may lead to more painful adjustments for Vietnam. That, in turn, will hit U.S. consumers as Vietnam is their main source of cotton apparel, according to the U.S. Department of Commerce. However Nike has significantly reduced its output of apparel and footwear in Vietnam despite the country remaining its main manufacturing hub, according to its latest annual report updated to May 2022. Two officials from U.S. footwear and apparel industry trade associations said the new rules have had no major impact so far on Vietnam and blamed recent job cuts on lower global demand.

☆ Puma expects Q2 sales growth below full-year target
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - German sportswear maker Puma (PUMG.DE) on Wednesday said it expected second-quarter sales to grow at a low- to mid-single-digit percentage rate, below its full-year target, due to high inventory levels and ongoing challenges in the market. The company said it expected its profit and margins to be under more pressure in the first half of 2023 than in the second half. Puma's revenue rose to 2.19 billion euros ($2.41 billion) in the first quarter from 1.91 billion euros in 2022, ahead of the 2.15 billion expected by analysts, according to Refinitiv Eikon data. The company said strong growth globally, including Greater China, helped it offset a weaker performance in the over-inventoried U.S. market. Puma confirmed its full-year outlook for currency adjusted revenue growth in high single digits, and an operating profit of between 590 million and 670 million euros.

☆ This Skort Is the Best Summer Clothing Item I’ve Ever Purchased
▼ + stars: | 2023-04-24 | by ( ) www.wsj.com time to read: +4 min

By Madeline DiamondDressing for the summertime (especially in hot and sticky New York City) has always been a pain for me. For the past two summers, I’ve lived in the brand’s Sport Skort. Instead, I’m full of confidence when I wear it, thanks to the security of built-in bike shorts that have a compressive but not restrictive fit. Plus, the summer heat was no match for the skort’s soft, stretchy blend of RPET (a fabric sourced from recycled plastic bottles) and spandex. Up close, its texture looks like a typical pair of leggings, yet the fabric’s matte finish makes it blend nicely with dressier clothing.

☆ Europe is the place to invest so far in 2023. Here's why
▼ + stars: | 2023-04-24 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

U.S. stocks are off to a good start in 2023, with the S & P 500 up 7%, but Europe is just killing it. All the major European ETFs are up 15%-20% for the year and were at new highs last week. From makeup to sneakers to steel to pharmaceuticals and software to cars for the masses, Europe is outperforming. European stocks this year L'Oreal up 38% Adidas up 33% Thyssenkrup up 32% Bayer up 30% SAP up 29% Stellantis up 25% There's are several other reasons Europe is outperforming. That is historically a very low P/E ratio for Europe, in the 4th percentile (low) relative to the STOXX Europe 600 over the last 15 years.

☆ Automaker Stellantis hires ex-Adidas, grocery executive as CFO
▼ + stars: | 2023-04-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Stellantis on Wednesday said it has hired the chief financial officer from global grocery company Ahold Delhaize to replace CFO Richard Palmer, who plans to leave the company at the end of June. Palmer will be succeeded by Natalie Knight, who has served as CFO at the Netherlands-based food retailer since early 2020. The automaker did not release details regarding why Palmer, who served as CFO through two major global mergers, is leaving the company. The resulting automaker then merged with French company PSA Groupe in 2021, forming Stellantis. Stellantis said Knight will be based at the company's U.S. headquarters in Auburn Hills, Michigan, "with extensive travel to Europe and the other regions."

☆ This 1977 Nike memo that calls personal ambition a 'danger' and urges workers to 'fight the law' is getting renewed attention thanks to 'Air'
▼ + stars: | 2023-04-18 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

In 1977, Nike executive Rob Strasser typed a list of 10 company "principles." The raw and unfiltered list captures the irreverence and combativeness of early Nike employees. It was republished after the April 2023 release of "Air," a movie about how Nike signed Michael Jordan. The list, which captures the irreverence and competitiveness of early Nike employees, once again is making the rounds on social media. One of them: "Be on the offense, always," a direct nod at Strasser's list, and a phrase that remains a favorite of Nike executives.

☆ 12 Best Gifts for a First-Time Dad
▼ + stars: | 2023-04-11 | by ( ) www.wsj.com time to read: +7 min

Here are 12 of the best first Father’s Day gift ideas. For the stylish dadFew things are more adorable than teeny baby shoes—especially when they’re paired up with a practically identical pair of kicks for Dad to wear as well. For the sentimental dadGo ahead, pull on the heartstrings—a sentimental gift makes perfect sense, especially for an occasion like Father’s Day. The cap comes in 14 color combinations and can even be personalized with a different word or phrase of your choice. “It’ll make a great prop or photo opp, and you can’t have too many cute new parent pictures!” she says.

Persons: Sarah Grossbart, Rachel Simon You, ”, Paul Zahn, they’re, Adidas Stan Smith, Lindsay Roberts Schey, “ it’s, Alison Deyette, Josh McBride, Nick Guy, Steve Greenberg, it’s, Kimberly Wolf, Roberts Schey, Beau, —, Elisabeth Jones, Hennessy, GiftMeChic, Hannah Redmond, “, Comfort, Deyette, ” Wolf Organizations: Polaroid, Adidas Locations: Los Angeles, New York City, Houston, Kiehl’s

☆ NCAA star Angel Reese says playing at LSU is more lucrative than the WNBA—and she wants to splurge on a Mercedes-Benz
▼ + stars: | 2023-04-11 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

NCAA basketball champion Angel Reese isn't fast-tracking her college career, even if she had the option to go pro. "I'm in no rush to go to the league," Reese, 20, recently told the "I Am Athlete" podcast. That's more than any other college basketball player, the report says. Reese knows exactly what she wants to spend her newly gained fortune on, too: a Mercedes-Benz, she said on the podcast. "My first year [in college], I was just taking money," Reese said.

☆ I sell used sneakers on Goat to pay for new pairs to add to my collection. Here's how to guarantee a sale on the resale platform.
▼ + stars: | 2023-04-10 | by ( Danni Santana | ) www.businessinsider.com time to read: +8 min

I've sold shoes in person and on Poshmark, but my favorite platform to sell sneakers is Goat. I have sold shoes in person and on Poshmark over the past year, but my favorite platform to sell sneakers is Goat. The company even authenticates all used shoes, in addition to new, which gives buyers more confidence they are not buying replica pairs. But I'm keeping my options open, especially if StockX begins to allow the sale of used shoes. The platform offers an easy way to sell shoes quickly that you barely wear or have buyer's remorse over.

☆ ‘Air’ Review: Ben Affleck’s Sneaker Story
▼ + stars: | 2023-04-07 | by ( Kyle Smith | ) www.wsj.com time to read: +1 min

Do you care enough about a sneaker-endorsement deal from nearly 40 years ago to watch a movie about it? “Air” and its director, Ben Affleck , think that you might, if the sneaker is Nike and the endorser is Michael Jordan . And wouldn’t it be great if people returned to the multiplexes for a reality-grounded story that features no superpowers unless you count Mr. Jordan’s celebrated ability to fly to the bucket? Instead of the usual green-screen overload, Mr. Affleck offers lots of what used to be known as star power, before it became clear that actors no longer drive sales. Welcome to a strange attempt at an underdog tale about a publicly traded corporation with sales in the hundreds of millions and a boss who drives a high-end Porsche.

☆ Meet Sonny Vaccaro, the executive credited with signing Michael Jordan in Ben Affleck's new movie 'Air' and the self-proclaimed 'savior of Nike'
▼ + stars: | 2023-04-07 | by ( Matthew Kish | ) www.businessinsider.com time to read: +6 min

Vaccaro, 83, was a key figure in Nike's push to sign Michael Jordan in 1984. No one in his family went to college, Vaccaro said in an interview over a pancake breakfast in 2021. Matt Damon plays Sonny Vaccaro in the new "Air" movie about how Nike signed Michael Jordan. "The signing of Michael Jordan, yeah, success has a thousand fathers, and failure is an orphan," Knight told USA Today in 2015. "A lot of people want to take credit for signing Michael Jordan, most obviously Sonny Vaccaro."

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