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☆ Under Armour names Marriott veteran Linnartz as CEO to boost e-commerce
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

[1/2] Stephanie Linnartz, President of Marriott International speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike BlakeDec 21 (Reuters) - Under Armour Inc (UAA.N) on Wednesday named veteran hotelier Stephanie Linnartz as its chief executive, betting that her experience in e-commerce and branding strategy will help revive sales at the apparel maker. Linnartz currently serves as president of Marriott International Inc (MAR.O) and has been with the hotel chain operator in various roles for the last 25 years. Interim CEO Colin Browne will resume his responsibilities as chief operating officer, Under Armour said in a statement. Linnartz will receive a base salary of $1.3 million per year and a one-time sign-on cash bonus of $375,000.

☆ Nike beats estimates boosted by discounts, promotions; shares surge
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +3 min

Shares in the world's largest sportswear maker surged 13% in after-market trading. Steeper discounts and increased promotions to reduce excess inventory through the quarter helped the Beaverton, Oregon-based company boost sales and attract recession-wary customers. Nike posted a profit of 85 cents per share in the second quarter ended November, topping an average estimate of 64 cents, according to Refinitiv data. Swartz said the China business was showing signs of improvement since the Chinese government had relaxed curbs. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D'Silva, Sayantani Ghosh and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Nike results boosted by discounts, promotions; shares surge
▼ + stars: | 2022-12-20 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

Shares in the world's largest sportswear maker surged 13% in after-market trading. Steeper discounts and increased promotions to reduce excess inventory through the quarter helped the Beaverton, Oregon-based company boost sales and attract recession-wary customers. A profit of 85 cents per share for the second quarter ended November topped estimates of 64 cents, per Refinitiv data. Gross margins decreased 300 basis points to 42.9%, while net income for the reported quarter was flat on a year-over-year basis. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Lab-grown meat could be served up for dinner soon. What does it taste like?
▼ + stars: | 2022-12-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +11 min

It has a capacity of 600 liters, or 159 gallons, allowing the company to produce 6,000 pounds of cultivated meat per year. Right now, Singapore is alone in allowing the sale of cultivated meat to consumers, having issued a green light in late 2020. Yet delivering on the promise of lab-grown meat won’t just come down to regulators. CNN“The promise of cultivated meat [is] to bring forth a taste and texture component, and to deliver sustainability,” said Gautam Godhwani, managing partner at Good Startup, a Singapore-based venture capital firm that has invested in eight cultivated meat startups. “I think the whole of the cultivated meat industry will go hybrid first,” Ivy Farm’s Dillon said.

☆ Adidas considered its relationship with Kanye West a risk as early as 2018, new reports show. Here's the nine-year timeline of Adidas and Yeezy's turbulent partnership.
▼ + stars: | 2022-11-29 | by ( Matthew Kish | Danni Santana | ) www.businessinsider.com time to read: +5 min

Adidas announced an endorsement deal with Kanye West in November 2013. By 2019, Adidas sales of his Yeezy brand eclipsed $1 billion annually. Across the company, sales were flat. But that same month, Adidas announced a partnership with Kanye West, the polarizing musician and fashion designer, now known as Ye. Despite the turbulence, Adidas Yeezy sales continued to grow.

☆ Adidas employees raised concerns about Ye's conduct for years, report says
▼ + stars: | 2022-11-27 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

The presentation included a number of mitigation strategies that included cutting ties with the Yeezy creator, the report said. During one meeting in September of this year, the report said, Ye accused Adidas executives of stealing his designs and showed them a clip of an adult video. A month later, Adidas announced that it is investigating accusations made by staff relating to Ye's conduct after an anonymous letter alleged years of abuse. Some of them had raised concerns about Ye to leaders and human resources at Adidas as far back as 2018. "It is currently not clear whether the accusations made in an anonymous letter are true," Adidas said in a statement Thursday.

☆ Fear is mounting that slumping retail earnings may fall lower still
▼ + stars: | 2022-11-17 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Another leg down for retail earnings? But it doesn't negate the main story for retailers this year: earnings estimates have been coming down hard since the summer. Beginning in June and July, analysts began aggressively cutting retail earnings estimates for the all-important holiday season. The assumption: the Fed's aggressive rate hikes would, by the end of the year, significantly slow consumer spending and likely start a recession. Indeed, yesterday's retail sales numbers were strong, and other recent reports by Mastercard also indicate the consumer is strong.

☆ Kanye West's Turbulent 9-Year History With Adidas
▼ + stars: | 2022-11-09 | by ( Matthew Kish | Danni Santana | ) www.businessinsider.com time to read: +4 min

Adidas announced an endorsement deal with Kanye West in November 2013. By 2019, Adidas sales of his Yeezy brand eclipsed $1 billion annually. In November 2013, Adidas sales in North America, the most critical territory for sportswear sales, were down 1% for the year. But that same month, Adidas announced a partnership with Kanye West, the polarizing musician and fashion designer, now known as Ye. Despite the turbulence, Adidas Yeezy sales continued to grow.

☆ Kanye West's unsold Yeezy merchandise: Where will it all go?
▼ + stars: | 2022-10-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNNBusiness —Yeezy merchandise has no place to go. So where will the mounting glut of Yeezy products — sneakers, sweatshirts, sweatpants, jackets, T-shirts, bags — wind up? Morningstar analyst David Swartz said Gap will probably have to destroy or otherwise dispose of — perhaps through donations — its unsold Yeezy merchandise. Environmental impactThe options for dealing with unsold Yeezy gear pose big challenges. “Exporting it looks to be the last and final best solution to make Yeezy products disappear,” said Flickinger.

☆ Adidas expects to lose $246 million in profit this year after cutting ties with Kanye West
▼ + stars: | 2022-10-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Adidas expects to lose $246 million in profit by the end of the year after cutting ties with Ye. Baird estimates Yeezy generated $1.7 billion in annual revenues for Adidas, or 8% of its 2021 total. Forbes estimates that the loss of the partnership would tank Ye's net worth by around $1.5 billion. The company reported net profit of 1.49 billion euros ($1.5 billion) in 2021. Forbes estimates that the loss of the partnership would tank Ye's net worth down from $1.9 billion to $400 million.

☆ Adidas just yanked its deal with Kanye West. Here's how much of a hit his net worth might take.
▼ + stars: | 2022-10-25 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Now that Adidas yanked its deal, experts expect West's fortune to take a hit of hundreds of millions of dollars. One analyst warns West won't be able to restart his shoe brand so easily because Adidas owns Yeezy's designs. Now that the deal is terminated, experts estimate West's net worth will take a massive hit. Forbes estimates that ending the partnership with Adidas whacks West's fortune down to $400 million from $1.5 billion. Still, Swartz said restarting the shoe brand will be challenging for West as Adidas legally owns Yeezy's designs.

☆ Talent agency CAA drops Ye, as film studio MRC ditches documentary because of his antisemitic remarks
▼ + stars: | 2022-10-24 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

Kanye West attends the Givenchy Womenswear Spring/Summer 2023 show as part of Paris Fashion Week on October 02, 2022 in Paris, France. Major Hollywood talent agency CAA on Monday dropped Ye, also known as Kanye West, as the rapper and business mogul faces intensifying criticism over his recent antisemitic remarks. The film studio MRC also said it was dropping a documentary about the artist. The moves come as athletic apparel maker Adidas faces growing calls to end its relationship with Ye. At least three legal organizations have written letters to the German company to cut ties with Ye due to his recent antisemitic comments.

☆ Anti-Defamation League urges Adidas to sever ties with Ye's Yeezy
▼ + stars: | 2022-10-20 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

The Anti-Defamation League is urging Adidas to sever ties with Ye, calling out his recent hateful comments in a letter to Adidas CEO Kasper Rorsted and Chair Thomas Rabe. In the interim, though, the retailer said it would "continue to co-manage the current product" from Ye's Yeezy brand, according to an Oct. 6 statement. In recent days, Ye's comments have escalated to include threatening and hateful comments about Jewish people. The ADL complied a list of what it deemed harmful recent comments by Ye. Morningstar analyst David Swartz estimates Yeezy sales for Adidas to be around $2 billion annually, potentially making up 10% of Adidas's total sales.

☆ Harvard professor says 'winning a $20 million lottery won't make you happier in life'—but these 4 things will
▼ + stars: | 2019-05-31 | by ( Kyle Young | ) www.cnbc.com time to read: +4 min

"Winning a $20 million lottery ticket won't make you happier. In the talk, Chopra explains the four things that have been scientifically linked to happiness:1. A study from the University of Chicago and Northwestern University found that giving, rather than receiving, leads to long-term happiness. "Those who spent money on themselves reported a steady decline in happiness over the five-day period. Gratitude"There's a wonderful anonymous quote that goes, 'If you don't know the language of gratitude, you'll never be on speaking terms with happiness,'" Chopra tells the audience.

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