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☆ How age-old retailers like Foot Locker are boosting sales for new brands like Hoka and On
▼ + stars: | 2023-03-27 | by ( Danni Santana | ) www.businessinsider.com time to read: +4 min

Foot Locker and other sneaker retailers have learned their lesson about depending too much on Nike. Foot Locker has allocated more wall space to emerging performance running brands like On and Hoka. Foot Locker and other sneaker retailers have learned their lesson from Nike's shifting strategy. Although Nike still sells at some retailers like Foot Locker, Nike is committed to putting its own direct-to-consumer sales first. "Acquiring a 21-year-old in New Jersey is more expensive for us to do than Foot Locker because Foot Locker has kept that relationship with that consumer," On co-CEO Marc Maurer told Insider in an interview.

☆ VIEW UK budget: no recession in 2023; UK assets sink in global market turmoil
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +5 min

"Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023." MARKET REACTION:STOCKS: The FTSE 100 (.FTSE) was down 3%, under pressure from a rout in global bank stocks, while the domestic-focussed midcap index (.FTMC) fell 2.5%. MONEY MARKETS: UK bond yields pared some of their daily declines, with the 10-year yield last down 19 basis points at roughly 3.30%, compared with a session low of 3.289% when Hunt began talking. EDWARD PARK, CHIEF INVESTMENT OFFICER, BROOKS MACDONALD, LONDON:"I would view this very much as a budget for the bond market." "When the dust settles, international investors will be constructive around the type of budget we've had today, which suggests a calmer approach to managing the UK.

☆ Nike to drop use of kangaroo skins for its shoes in 2023
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Nike said it will stop using kangaroo skins for its shoes this year, weeks after a similar step from German rival Puma, which would end a highly controversial practice that has drawn ire from consumers and animal rights activists. Sportswear giant Nike Inc (NKE.N) in a statement issued on Monday said it would debut a new line of Tiempo football boots, called the Tiempo Legend Elite, with a proprietary synthetic material that replaces the use of kangaroo leather. The Tiempo Premier line of football boots, which is set to launch this summer, will also forego kangaroo skin, Nike said. The decision from Nike and Puma (PUMG.DE) to end the use of kangaroo skin in their football boots comes as a big win for animal welfare activists, who have for long urged companies to drop unethical practices involving animal cruelty. The group has spearheaded the "Kangaroos Are Not Shoes" campaign, which it announced in 2020, and has been key behind introducing legislation banning the import and sale of kangaroo products.

☆ Adidas' new CEO came out swinging during his first press conference, calling out Nike's lack of innovation and defending the three stripes
▼ + stars: | 2023-03-09 | by ( Danni Santana | Matthew Kish | ) www.businessinsider.com time to read: +6 min

He stood up for Adidas' performance innovation pipeline while taking a shot at NikeAdidas is always compared to its larger rival Nike. But Gulden took issue with criticisms that Adidas is not innovating enough in its performance business. The Yeezy business is not coming backAdidas has not made a decision on what to do with its stockpile of Yeezys. Given Lorenzo's popularity, the underperformance of the Ivy Park line, and the end of Adidas' Yeezy business, Lorenzo could give the company a needed spark. Gulden took the stage Wednesday in front of a backdrop that featured Jesse Owens and Muhammad Ali, two sports icons and former Adidas athletes.

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 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.

☆ Departure of CEO to cost Adidas 16 million euros
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 8 (Reuters) - The early departure of CEO Kasper Rorsted will cost Adidas (ADSGn.DE) nearly 16 million euros ($16.86 million), according to an annual report released on Wednesday. The Danish national, who left the German sportswear maker in November almost four years before the end of his contract, will receive a severance payment of 12 million euros. In addition, he will receive around 3.6 million euros as compensation for not joining a competitor within the next 18 months, as well as his remaining salary of around 300,000 euros for November and December. The latter totaled 14.2 million euros a year earlier. ($1 = 0.9490 euros)Reporting by Alexander Huebner, Writing by Friederike Heine, Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ 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 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.

☆ 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.

☆ Mick Schumacher feels no need to watch 'Drive to Survive'
▼ + stars: | 2023-03-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

MANAMA, March 2 (Reuters) - Mick Schumacher's Formula One struggles last season feature strongly in the latest run of 'Drive to Survive' but the German says he feels no need to watch the Netflix docu-series. "I didn't watch it...that's a personal choice," Schumacher told Reuters when asked about the series at a 75th anniversary event for sportswear maker Puma at the season-opening Bahrain Grand Prix. "I just don't necessarily feel the need to watch myself on TV, I guess." Schumacher muses separately, in a frank scene on a Swiss mountainside, about the difficulties he faces and his determination to succeed. With the retirement of four times world champion Sebastian Vettel, the only German driver is veteran Nico Hulkenberg as Schumacher's replacement at Haas.

☆ Puma channeled Michael Jordan to announce Rihanna's return to the sportswear brand: 'She's back'
▼ + stars: | 2023-03-01 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Her return announcement referenced Michael Jordan's infamous return to the NBA in 1995. It's not yet clear what this collaboration will involve but Puma teased fans on Instagram with a post that said: "She's back," alongside her Fenty brand logo. One of her sneaker designs, the Fenty x Puma creeper, was voted shoe of the year by industry news outlet Footwear News in 2016. Fenty Beauty, one of her most successful ventures, helped to catapult her into the Forbes billionaires list in 2022. According to Forbes estimates, Fenty Beauty brought in over $550 million in annual revenue just one year after it launched and is currently worth around $2.8 billion.

☆ Puma sees 2023 profit at about last year's level as costs weigh
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - German sportswear maker Puma (PUMG.DE) on Wednesday gave 2023 operating profit outlook with midpoint below last year's level, as it expects currency effects and higher freight and raw material costs to again weigh on profitability. Rising materials and freight costs as well as stronger U.S. dollar, inventory markdowns and higher promotion expenses have put pressure on margins in the sporting goods sector. The company sees operating profit (EBIT) in a range of 590 million to 670 million euros ($626 million to $711 million) this year, with currency-adjusted sales growth in a high-single-digit percentage rate. It reported EBIT of 641 million euros for 2022, up from 557 million a year earlier but slightly below the 644 million euros expected by analysts, according to Refinitiv Eikon data. Puma had guided for 2022 EBIT in a range of 600 million to 700 million euros.

[1/2] Customers shop at a mall ahead of the Chinese Lunar New Year, in Beijing, China January 15, 2023. REUTERS/Tingshu Wang/File PhotoLONDON/MILAN/FRANKFURT/NEW YORK, March 1 (Reuters) - The world's top consumer and luxury goods companies have seen sales of everything from cosmetics to condoms grow in China since Beijing ended strict COVID-19 curbs, another sign that the world's No. Tourism from China was helping sales in neighbouring Macau, Hong Kong, Taiwan and even Japan, he added. Reckitt Benckiser, which makes Nurofen tablets, cold remedy Lemsip and Durex, saw a pick-up in China after a decline in volumes because of lockdowns. U.S. retailer Walmart Inc (WMT.N), which operates nearly 400 retail and wholesale stores in China, reported strong traffic in its stores since reopening.

☆ A Popular Player at LSU, Which Is Sponsored by Nike, Has Her Own Shoe Deal With Puma
▼ + stars: | 2023-02-21 | by ( Rachel Bachman | ) www.wsj.com time to read: 1 min

Flau’jae Johnson saunters into an empty LSU women’s basketball locker room, rapping to a music track, and pulls out a shoebox. The freshman guard slips on a pair of sneakers as a camera zooms in—recording a video she’ll later post to her nearly 800,000 Instagram followers. The shoes are Puma , the brand that pays Johnson six figures a year to promote it. And that’s where things get complicated.

☆ Fashion Faces Recycling Fees Similar to Other Industries
▼ + stars: | 2023-02-16 | by ( Dieter Holger | ) www.wsj.com time to read: +7 min

Electronics and packaging companies have banded together to help pay for recycling programs under government rules. EPR programs charge producers tiny fees—often a fraction of a penny—on individual items to fund waste collection and recycling. The fees from the relevant products, such as packaging, electronics or clothing, then fund recycling, including infrastructure, collection, sorting and public communications. Recycling successEPR programs can significantly boost recycling rates, according to a study published this month from the Recycling Partnership, a nonprofit group. It is expanding its textile recycling beyond its customer network, which includes Levi Strauss & Co. and VF Corp. -owned The North Face.

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☆ Adidas Profit Warning Knocks Share Price, Highlights Challenge for New CEO
▼ + stars: | 2023-02-10 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Bjørn Gulden took the top job at Adidas at the start of the year, after leading a turnaround of crosstown rival Puma. Adidas AG shares dropped 12% after the German sportswear giant warned it could swing to a loss this year following the termination of its Yeezy partnership with rapper Kanye West. Adidas said late Thursday that it expected a sharp fall in sales for 2023 because of the impact of not selling existing Yeezy stock, and could post a loss if it failed to sell existing inventory.

☆ Adidas says dropping Kanye West could cost it more than $1 billion in sales
▼ + stars: | 2023-02-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Adidas’ breakup with Ye, formerly known as Kanye West, is a pricey one. The company warned Thursday that it’s expected to lose $1.3 billion (1.2 billion euro) in revenue this year because it’s unable to sell the designer’s Yeezy clothing and shoes. Adidas said selling the sneakers under its own branding would save the company about $300 million in royalty payments and marketing fees. Other options including destroying it or donating unsold Yeezy clothing. Adidas said it also expects “one-off costs” of $213 million (200 million euro) because of a “strategic review” the company is currently undergoing.

☆ Adidas could lose over $750 million as it tries to figure out what do do with its stockpile of Yeezys
▼ + stars: | 2023-02-09 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Adidas may lose over $700 million in operating profits in 2023 if it doesn't sell off excess Yeezys. Adidas has said it plans to sell Yeezys without Ye after the business relationship ended in October. According to a company statement Thursday, Adidas stands to lose over $750 million in operating profits in 2023 if it does not sell off excess Yeezy inventory. But fans of Adidas Yeezys are split on whether they would buy the shoes without a Ye connection. Adidas immediately brought its Yeezy business to a halt and asked wholesale partners to do the same.

☆ Beyoncé's line with Adidas is reportedly struggling, driving home the challenge of filling the $2 billion hole left by Kanye West's Yeezy line
▼ + stars: | 2023-02-08 | by ( Matthew Kish | Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

The Wall Street Journal on Wednesday reported sales for the singer's Ivy Park Adidas line fell 50%. Adidas' struggles to gain traction with Ivy Park come after the brand cut ties with Kanye West. Sales of the Ivy Park line with Adidas decreased more than 50% to roughly $40 million last year, well short of the company's $250 million forecast, according to the Journal. The Adidas line with Ivy Park launched in 2020. The contract between Beyoncé and Adidas expires after 2023, according to the Journal, which reported Adidas has discussed ending or revising the deal.

☆ From Nike to Nutella: Company names you have probably been mispronouncing your whole life
▼ + stars: | 2023-02-06 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

Global company names often get Anglicized or Americanized to the point where they're unrecognizable, but brands could see some benefits if their names are pronounced correctly. Allianz: al-ee-anz"Allianz " is, perhaps unsurprisingly, the German word for "alliance." It isn't pronounced like the ancient Greek herald of the gods, Hermes, unlike the U.K. delivery company of similar spelling. Moët & Chandon: mow-et ey shon-donIn contrast to typical French pronunciation, there is a hard "T" sound at the end of "Moët." Heuer is the last name of the company's founder, Edouard Heuer.

☆ Longer-range rockets included in $2 bln U.S. pledge for Ukraine
▼ + stars: | 2023-02-03 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

USAI stands for Ukraine Security Assistance Initiative (USAI). Friday's aid pledge opens the door to many more deliveries of the Ground Launched Small Diameter Bombs (GLSDB). When the new rockets arrive, it will mark the first time Ukraine has seen its rocket range grow exponentially since U.S. furnished HIMARS in late-June 2022. HIMARS have a 77 km (48 mile) range and were instrumental in Ukraine's counter offensive against Russian forces, which invaded on Feb. 24, 2022. Reuters was first to report on a Boeing Co (BA.N) proposal to field GLSDB for Ukraine in November.

☆ Roadkill rate for California cougars puts population at risk
▼ + stars: | 2023-02-02 | by ( Steve Gorman | ) www.reuters.com time to read: +3 min

[1/2] National Park Service photo of the Griffith Park mountain lion known as P-22 is shown in this remote camera image set up on a fresh deer kill in Griffith Park in this November 2014 photo. P-22, a radio-collared puma that became a wildlife celebrity, was one of the many mountain lions struck by a car in California. The data adds to research showing mountain lions, also known as cougars or pumas, are under growing pressure from traffic and urban sprawl that have left their territories increasingly isolated from one another, shrinking their gene pools. The study cataloged a total of 535 mountain lion deaths on some 15,000 miles (24,140 km)of state-managed highways over eight years, from 2015 through 2022. A public celebration of P-22 is planned for Saturday in Griffith Park.

☆ U.S. readies $2 billion-plus Ukraine aid package with longer-range weapons -sources
▼ + stars: | 2023-01-31 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

The aid is expected to be announced as soon as this week, the officials said. It is also expected to include support equipment for Patriot air defense systems, precision-guided munitions and Javelin anti-tank weapons, they added. At the time it was expected GLSDB could be in Ukraine by spring. That aid was expected to include mine-resistant ambush-protected vehicles (MRAPs), guided multiple launch rocket systems (GMLRS) and ammunition. The U.S. has sent approximately $27.2 billion worth of security assistance to Ukraine since Russia's February 2022 invasion.

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