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Adidas has to manage Yeezy drops very carefully, Gulden said, adding that the company's guidance was conservative. Adidas' 2023 outlook does not include the second Yeezy release, which is being sold through retailers as well as Adidas' own channels. JD Sports (JD.L) said it had started selling Yeezy shoes from the second drop on Wednesday. Citi analysts expect further Yeezy drops to generate 1.5 billion euros ($1.64 billion) in revenues and 700 million euros in earnings after Adidas' planned charity donations. Adidas donated 10 million euros in the second quarter and set aside 100 million euros for further donations to charities including the Foundation to Combat Antisemitism and the Anti-Defamation League.
Persons: Bjorn Gulden's, Ye, Gulden, Harm Ohlmeyer, Kanye West, Shannon Stapleton, Zuzanna Pusz, Pusz, Liu Qingyi, Shuting Qiu, Helen Reid, Mark Potter, Jan Harvey, Alistair Bell Organizations: FX, Adidas, JD, Citi, Foundation, Combat, Defamation League, ADIDAS, REUTERS, UBS, North, Thomson Locations: Garden City , New York, U.S, Greater China, China, Shanghai, North America
Sales of surplus Yeezy shoes generated around 400 million euros ($437 million) in the second quarter, helping Adidas reduce its predicted loss for the year to 450 million euros, down from the 700 million euro loss previously expected. JD Sports (JD.L) said it had started selling Yeezy products from Adidas' second release of Yeezy shoes on Wednesday. Adidas said its 2023 outlook does not include the second Yeezy release. Citi analysts expect further Yeezy drops to generate 1.5 billion euros in revenues and 700 million euros in earnings after Adidas' planned charity donations. North America was the laggard, with sales dropping 16.4% in currency-neutral terms, which Adidas put down to high inventory levels there.
Persons: Kanye West, Shannon Stapleton, Bjorn Gulden's, Ye, Cristina Fernandez, Fernandez, Gulden, Liu Qingyi, Shuting Qiu, Helen Reid, Sonali Paul, Mark Potter, Jan Harvey Organizations: Adidas, REUTERS, FX, Foundation, Combat, Defamation League, Telsey, JD, Citi, North, Thomson Locations: Garden City , New York, U.S, New York, Greater China, China, Shanghai, North America
CNN —When John Flores and Michael Leitz were looking for a home in which to spend the next stage of their lives, they realized that where they lived in San Francisco was too expensive. Instead, they began looking further afield – eventually buying a beautiful 120-year-old, three-story home in rural Spain for less than $50,000. Finding the right place and relocating to another country was by no means easy for Flores and Leitz. As is often the case in rural Spain, many records had been lost over the years. “We bought the most beautiful antique rural Spanish furniture there.”Work to renovate the house took about six months, but that followed the considerable time taken to get building permission from local authorities.
Persons: John Flores, Michael Leitz, Flores, Leitz, – Leitz, , , John, Gonzalo Azumendi, Flores aren’t, Stefano Politi Markovina, Spain they’d, ” Flores, woodworm, ” Leitz, Flores “, they’ve, They’ve, “ Leitz Organizations: CNN, UCLA, , Getty, Global Citizen Solutions, Visa Locations: San Francisco, Spain, Francisco, “ Europe, Europe, Spanish, Valencia, Leitz, Phoenix, Xatavia, Madrid, Barcelona, Seville, Malaga, California, Xativa, , Ikea
SummaryCompanies Casino cut supermarket food prices by 10% on averagePARIS, July 27 (Reuters) - Cash-strapped retailer Casino (CASP.PA) swung to a loss of 233 million euros ($258.5 million) for the first half as falling sales and price cuts at its hypermarkets and supermarkets dented its core French business. The French retailer's group operating loss came after a profit of 166 million euros in the first half of 2022, with its operations in France posting a loss of 299 million euros. Consolidated group net sales fell 1.2% like for like in the second quarter to 5.5 billion euros, with retail sales in France down 4.2%. "We don't intend to go further," Lubek said when asked about possible further price cuts. Group net debt at end June-2023 was 6.1 billion euros against 6.0 billion at end June-2022.
Persons: Daniel Kretinsky, Jean, Charles Naouri, David Lubek, Lubek, France's, Dominique Vidalon, Kim Coghill Organizations: Casino, Finance, Consolidated, Thomson Locations: PARIS, French, France, Lincoln
Good Luck, an Ikea copycat, joins the ranks of rebranded dupes of many western chains in Russia. And now, a store called Good Luck has opened in Moscow as an Ikea copycat. "The departure of Ikea is not a reason to abandon the usual interior design," Good Luck writes on its website. There are no suppliers for bathroom and kitchen items yet, employees at the store told the Moscow Times. Vlad Karkov/SOPA Images/LightRocket via Getty ImagesConvincing Ikea dupe or not, Good Luck already has ambitious plans for expansion, it says.
Persons: Vladimir Putin's, McD's, Alexander Zemlianichenko Jr, , it's, Good Luck, couldn't, McDonald's, ALEXANDER NEMENOV, Luck, Vlad Karkov Organizations: Ikea, Moscow Times, Service, McDonalds, Kentucky Fried, McDonald's, KFC, Starbucks, Getty, Swed, IKEA Locations: Russia, Wall, Silicon, Kentucky, Moscow, McDonalds, Zara, Ukraine, Swedish, Russian, Belarusian, AFP, Soviet
July 26 (Reuters) - German sportswear retailer Puma (PUMG.DE) on Wednesday said second-quarter sales grew by 11%, slightly ahead of market expectations thanks to stronger revenues from Asia and Europe. "The macroeconomic environment and volatile retail demand remain challenging, particularly in North America and Europe, as recession risks weigh on consumer sentiment." Puma' sales came in at 2.12 billion euros ($2.34 billion) in the quarter, up from 2 billion a year earlier and above the 2.05 billion expected by analysts polled by Refinitiv Eikon. The company confirmed its full-year outlook for currency adjusted revenue growth in a high single-digit percentage rate, and an operating profit of between 590 million and 670 million euros. Operating earnings of 115 million euros for the quarter were down 21% from a year earlier but still above the 110 million expected by analysts.
Persons: Puma, Rihanna, Refinitiv Eikon, Linda Pasquini, Helen Reid, Milla Nissi, Jane Merriman Organizations: Puma, Super Team, Thomson Locations: Asia, Europe, North America, China, Frankfurt, Gdansk, London
Puma is likely to benefit less from the trend than Adidas because its terrace range doesn't have as much name recognition, said Adam Cochrane, analyst at Deutsche Bank. Investors will be pushing Puma and Adidas on broader strategies to navigate weak consumer demand at second-quarter results on July 26 and Aug. 3 respectively. Adidas, however, has got a big boost from selling some of its stock of discontinued Yeezy shoes. On Monday it slashed its expected 2023 operating loss to 450 million euros from 700 million euros, citing unexpectedly strong Yeezy sales. "However, the cost to compete for sportswear brands is very high, and barriers to entry are low, making retailers quite vulnerable to 'boom and bust' cycles as trends change," said Aubin.
Persons: Benoit Tessier, Adam Cochrane, it's, Robert Schramm, Fuchs, Janus Henderson, Bjorn Gulden, Edouard Aubin, Morgan Stanley, Aubin, Helen Reid, Linda Pasquini, Susan Fenton Organizations: Adidas, REUTERS, Puma, Nike U.S, Nike, Google, Deutsche Bank, Investors, Defamation, Thomson Locations: Lafayette, Paris, France, U.S, China, North America, London, Gdansk
Four VFX artists told Insider that AI could boost productivity and inspire creativity. Four visual-effects artists spoke to Insider about how generative AI could change their industry. Given its impressive capabilities, they believe AI has the potential to save visual-effects artists time on laborious tasks and create new forms of storytelling. Generative AI is impressing VFX artists — but it's not ready for prime timeAll four VFX artists who Insider spoke with said the quality of AI-generated animations impressed them. McCarron believes that the technology will enhance the quality of artists' work — not take over.
Persons: Runway's, Sebastien Francoeur, Francoeur, it's, Paul Franklin, Franklin, Christopher Nolan's, Mark Chavez, Jennifer Twiner McCarron, McCarron, Rick, Morty, It's, Mark Patch, Patch, Chavez, Organizations: Adobe, Marvel Studios, Disney, International Alliance, Employees, Thunderbird Entertainment, Netflix, PBS, Marvel Locations: Hollywood
While global supply networks recover from the pandemic shock, fresh impetus is coming from tougher environmental standards, which drive companies to invest in new technologies to reduce their and their suppliers' emissions. "So in battery, steel, aluminum and cast iron we will only source green materials and technologies by 2030," Foller told Reuters. The foundation told Reuters it would also consider further investments in producers of steel, construction and green aluminium produced with hydropower or from recycled materials. Scania said that following its 10 million euro ($11.15 million) seed investment in H2GS in 2021, it has entered a steel supply agreement from 2027. While companies will keep investing in their suppliers in the short to medium term, the market will eventually reach saturation, said Jon Chadwick, global energy transition lead at PricewaterhouseCoopers.
Persons: Andreas Follér, Foller, Rebecca Campbell, China's, Scania's Foller, Britain's, They're, Maybel Saleh, Case's Campbell, Jon Chadwick, Clara Denina, Sarah McFarlane, Helen Reid, Veronica Brown, Tomasz Janowski Organizations: IKEA, Climate Tech VC, Scania, Reuters, White &, Export, GM, IMAS Foundation, Airlines, EMEA, Citi . Supply, Equity, PricewaterhouseCoopers, Thomson Locations: Ukraine, China, Russia, Beijing, Sweden, Swedish, H2GS, Norway, Germany, Indonesia, Britain, Bristol
REUTERS/Arriana McLymoreJuly 21 (Reuters) - Shoppers are snapping up Barbie hoop earrings, perfume, jumpsuits, and dresses as retailers seek to cash in on Friday's Barbie film release, reigniting the craze for the plastic doll and her hot pink, sequin-adorned universe. Mattel says the Barbie movie is expected to boost global sales of Barbie dolls, which declined last year from record growth during the pandemic. A Gap Barbie hoodie for women was available only in size XXS online, while a pair of Barbie Crocs, priced at $59.99 - $10 more than normal Crocs - was sold out on the Crocs website. Luggage brand Beis had a waiting list for all three sizes of suitcases in a Barbie pink, priced at a premium to its usual colour range. Walmart pitched Barbie dolls in varying skin tones and hairstyles at $45 to collectors.
Persons: browses, Arriana, Friday's, Barbie, Jo Ashdown, Ryan Gosling, Ken, Zara Barbie, hoodie, Barbie Crocs, Barbie toothbrushes, James Zahn, that's, Helen Reid, Savyata Mishra, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, Mattel, WPP, Walmart, Hyatt Hotels, Hilton, Thomson Locations: Zara's Soho, New York City, U.S, Bogota, Colombia, Kuala Lumpur, Malaysia
Another 25% will come from "next-generation" materials in which the group is investing, and the remaining 10% from other sustainable sources, the company said. The new targets come as the European Commission is drawing up regulations to make clothing retailers pay for the waste they produce, arguing that fast-fashion companies "encourage customers to shop impulsively and incentivise purchasing larger quantities of clothes". Inditex previously had targets to use more sustainable cotton, linen, polyester, and fibres made from wood pulp, but did not have an overall goal for recycled fibres. Shoppers walk past a Zara clothes store, part of the Spanish group Inditex, in Las Palmas de Gran Canaria, Spain, December 13, 2022. REUTERS/Borja Suarez/File Photo"Moving forward on sustainability is natural for us," said Inditex Non-Executive Chair, Marta Ortega, in brief comments to investors at the AGM.
Persons: Inditex, Oscar Garcia Maceiras, Borja Suarez, Marta Ortega, Ortega, Adam Gofton, Corina Pons, David Latona, Helen Reid, Andrei Khalip, Mark Potter, Sharon Singleton Organizations: Companies Zara, European Commission, Las Palmas de, Las Palmas de Gran Canaria, REUTERS, Mackenzie Investments, Thomson Locations: MADRID, LONDON, Zara, Spanish, A Coruna, Spain, Las Palmas, Las Palmas de Gran, Toronto, Inditex, Madrid, London
Over the next three years, it plans to open eight large stores and nine smaller “plan and order points,” where customers can chat with design consultants and order products. “We see endless opportunities to grow” in the US, Tolga Öncü, head of Ikea Retail for the Ingka Group, Ikea’s Dutch holding company, said in a statement at the time. After splurging on home improvement projects during the pandemic, consumers are pulling back. Home improvement retailer Lowe’s lowered its profit and sales outlook for the year in May, saying consumers were spending less on home improvement. Ikea, which is not publicly traded, reported that its retail sales rose by 6.5% in fiscal year 2022, but didn’t post quarterly results.
Persons: , Michael Brown, Spencer Platt, Tolga Öncü, Karl Zimmermann, , Sucharita Kodali, Forrester, “ they’re, Zimmermann, Paul Bersebach, Marisa Ortega, splurging, Ethan Allen, ” Ortega, , Anna Cooban, David Goldman, Nathaniel Meyersohn, Parija Kavilanz Organizations: New, New York CNN, Ikea, Ikea Retail, Ingka, Bain, MediaNews, Orange, Register Locations: New York, Aldi, Long Beach , California
He used AI platform Midjourney to create a catalog of bomb shelter furnishings in the style of an Ikea catalog. He's generated more than 24,000 images using Midjourney; Ikea, of course, wasn't involved. He prompted the tool to create images of bomb shelter furnishings and the results look like they're straight out of an Ikea catalog. For creatives like Filkovic, AI tools could ultimately serve as a breakthrough for bringing abstract concepts to fruition. Take a closer look at the images that AI-powered Midjourney generated for Filkovic's bomb shelter series:
Persons: Filip, Philatz, wasn't, Filkovic, Pope Francis, Donald Trump, He's, Wes Anderson, Midjourney, it's Organizations: Ikea, Facebook Locations: Croatia
CNN —When the Supreme Court cut affirmative action out of college admissions programs Thursday, it did not outlaw the goal of achieving diversity, but it set a new “race-neutral” standard for considering applicants. Justice Clarence Thomas, who wrote his own concurring opinion, uses the term “race neutral” repeatedly, offering it as an antidote to affirmative action. For more on this view, read this piece in The Atlantic by scholars Uma Jayakumar and Ibram Kendi: “‘Race Neutral’ Is the New ‘Separate but Equal.’”What have race-neutral admissions policies accomplished? They can, presumably, still utilize affirmative action even though they are the higher learning institutions over which the federal government has the most control. Multiple corporations – from Apple to IKEA – asked the Supreme Court to allow affirmative action to continue so that their potential workforce is more diverse.
Persons: John Roberts, Roberts, they’ve, Clarence Thomas, Thomas, Sonia Sotomayor, , Uma Jayakumar, Laura Coates, CNN’s Nicquel Terry Ellis, Zack Mabel, Terry Ellis, CNN’s Leah Asmelash, Ronald Brownstein Organizations: CNN, Public, Institute of California, University of California’s, UC, UC enrollees, UC Berkeley, Harvard University, Georgetown University Center, Education, Workforce, Georgetown’s Center for Education, IKEA –, Republican Locations: California, Michigan, Thomas, California In California, enrollees, UC enrollees, American, America, Apple
THE ART THIEF: A True Story of Love, Crime, and a Dangerous Obsession, by Michael FinkelAt first, Stéphane Breitwieser, the subject of Michael Finkel’s “The Art Thief,” appears to be having an enviable amount of fun. Twenty-five years old and living with his girlfriend, Anne-Catherine Kleinklaus, in a small set of upstairs rooms in his mother’s home in a “hardscrabble” manufacturing suburb in eastern France, Breitwieser is unburdened by such quotidian concerns as a job, making rent or planning for the future. He fancies himself a purer sort of soul, so devoted to beauty he must, in Finkel’s words, “gorge on it.” Over the course of a dizzying 200 pages that are also an effective advertisement for Swiss Army knives (Breitwieser’s only tool), he removes artwork after artwork from museums — a.k.a. “prisons for art” — and becomes “perhaps the most successful and prolific art thief who has ever lived.” He piled all $2 billion worth of artifacts he amassed over eight years into that same attic in his mother Mireille Stengel’s “nondescript” stucco house. Finkel includes satisfying evidence of this astounding loot in a color insert that shows a crammed jumble of “ethereal” ivory carvings, shining silver goblets, unctuous oil paintings and more.
Persons: Michael Finkel, Stéphane Breitwieser, Michael Finkel’s “, , Anne, Catherine Kleinklaus, Mireille Stengel’s, Finkel, George Petel’s, Adam, Eve ”, Napoleon himself, Stengel Organizations: Swiss Army, Locations: France
Companies Kodiak Robotics, Inc FollowSAN FRANCISCO, June 22 (Reuters) - Autonomous truck technology firm Kodiak Robotics will equip its self-driving software in 800 trucks for logistics platform Loadsmith, the companies said in a statement on Thursday. Instead, investor focus has shifted to companies that offer less-complex, less-cash intensive forms of autonomy with a proven business model. Kodiak and Lordsmith said pairing autonomous trucks for long haul with local drivers will improve efficiency and safety for shippers, and help allay concerns over a nationwide driver shortage. There will be no safety driver involved in the autonomous part of the operations for Loadsmith, a Kodiak spokesperson said. California-based Kodiak partners with companies such as Swedish furniture giant IKEA and France-based CEVA Logistics for freight deliveries in Texas.
Persons: Lordsmith, Abhirup Roy, Sherry Jacob, Phillips Organizations: Kodiak Robotics, FRANCISCO, Kodiak Driver, Loadsmith, Kodiak, Logistics, U.S . Army, Thomson Locations: Kodiak, Loadsmith's U.S, California, France, Texas, San Francisco
AI startups raised $60 billion last year and investors have continued to pile in on the tech in 2023. Below are 20 pitch decks used by European startups deploying AI in everything from health to property. V7Generative AI, media, and designThis startup uses generative AI to speed up the property-buying process. This AI startup helps Big Tech firms compress videos while maintaining quality. This AI startup helps firms like TrueLayer and CurrencyCloud meet their revenue targets.
Persons: Sam Altman, Elon Musk, Andreessen Horowitz, Nat Friedman, Alberto Rizzoli, Simon Edwardsson, Iris Organizations: Morning, Investment, Venture, Insight Partners, Ventures, Google, Creative Fabrica, Big Tech, Health, Microsoft, Enterprise, Ikea, Twitter, CurrencyCloud Locations: Temasek
Big thanks to my amazing colleagues Hallam Bullock, Nathan Rennolds, and Lara O'Reilly for covering the newsletter while I was out. My colleague Sonam Sheth, however, is quite confused as to why hundreds of other people are also watching it. This setup means Amazon gets to list more items as eligible for free Prime shipping without having to significantly expand warehouses. They have to ship over 99% of their orders on time with an order cancellation rate of less than 0.5%. The US gives Russia's nuclear program about $1 billion every year.
Persons: It's, I'm, Siu, Hallam Bullock, Nathan Rennolds, Lara O'Reilly, I've, Sonam Sheth, Scott Olson, Eugene Kim, They've, Read, Elon, Valentina Tereshkova, Con —, Tupac, Diamond Naga Siu, Alistair Barr Organizations: Wall Street, Getty, Oracle, Twitter, Ikea, Benz, Washington Locations: Colorado, Spain, Portugal, Paris, California, San Diego, San Francisco, London
She told Walmart investors its strategy is to "democratize fashion" or convert the company's core, price-conscious shoppers into style-conscious shoppers. It would probably be the rest of the market that should be worried," he said pointing to apparel retailers such as Carhartt. Walmart accounts for 4.6% of the $560.4 billion U.S. apparel market, followed by TJX, Target and Ross at 4.4%, 4.1% and 2.8%, respectively, according to GlobalData. Bankrupt Bed Bath and Beyond was a leader in the home decor and furnishing industry along with furniture chains Ikea and Wayfair. In 2005, Walmart's Metro 7 fashion brand tanked and later designer lines with Max Azria and Norma Kamali also withered.
Persons: Walmart Supercenters, Drew Barrymore, Sofia Vergara, Denise Incandela, George, Ralph Lauren, Rosenblum, Privately, Refinitiv, TJX, Ross, Brandon Maxwell, Clea Shearer, Joanna Teplin, fryer, Sofia Jeans, Vergara, Arun Sundaram, Sundaram, Max Azria, Norma Kamali, Siddharth Cavale, Vanessa O'Connell, David Gregorio Our Organizations: Walmart, Reebok, Saks, Tilly's Inc, Abercrombie, Fitch, Bravo, Netflix, Bed, Amazon.com, Walmart's Metro, Thomson Locations: Bath, U.S, Bed Bath, Walmart's, New York
According to the report, the measures are designed to punish countries that seize Russian assets, and reward those which don't. Western companies that've stayed in Russia have made significant profits there, indirectly helping the Kremlin fund its war. Western companies collectively contributed more than $3.5 billion to the Russian state in 2022, Russian independent outlet Novaya Gazeta reported. The new measures Putin signed could be interpreted as a way of making it more difficult for firms to leave. Earlier in June, the Russian government sought to raise $4 billion by imposing a windfall tax on large Russian companies, Insider reported.
Persons: Putin, , Vladimir Putin, they'd, that've, Dmitry Peskov, Peskov Organizations: Service, Financial Times, McDonalds, Ikea, Kremlin, Novaya Gazeta Locations: Russia, Ukraine, Russian, AFP
Using AI, a design lab affiliated with Ikea created a the concept called "Couch in an Envelope." The aptly titled "Couch in an Envelope" can be folded to fit into an envelope and only weighs around 22 pounds. "The couch has barely changed in centuries," according to a video embedded in the project's outline, which explains the concept. The modular nature of the unit allows for at least 30 different constructions, as shown in a diagram on the project's outline. Better for people and the planet," Georgina McDonald, who works in creative and partnerships at Space10, said in the project's outline.
Persons: Georgina McDonald Organizations: Ikea, IKEA Locations: Space10
In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."
Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse
In Germany, the trend towards tiny houses is associated with financial risks due to the peculiarities of German law. And it seems that Americans are also thrilled about the hardware store house. Excessive regulations and requirements hinder tiny houses in GermanyNevertheless, the demand for tiny houses is also growing in Germany. "It is easier to build your tiny house according to the individual building regulations of the selected property than to first build the tiny house and then look for a plot of land," explains the German Tiny House Association. Furthermore, it is often generally expensive to find a suitable place for one's own tiny house.
Persons: , Nature, Zillow Organizations: Service, Home Depot, Twitter, Tiny House Association . Locations: Germany, United States, California, Oklahoma
LONDON, June 13 (Reuters) - IKEA is training call centre workers to become interior design advisers as the Swedish furniture giant aims to offer more home improvement services and hand run-of-the-mill customer queries to an artificial intelligence bot called Billie. In April, IKEA expanded its interior design services to the UK and United States, after previous launches in parts of Europe, Australia, the United Arab Emirates and elsewhere. In the UK, customers pay 25 pounds ($31.44) for a 45-60 minute interior design advice video call and suggested product list, and can pay 125 pounds for three workspace design consultations, a floorplan and 3D visuals. Sales by phone or video of products and services through Ingka's remote interior design channel accounted for 1.3 billion euros ($1.40 billion) of revenue in Ingka's 2022 financial year - 3.3% of the total. These virtual services require significant investment, she said, to ensure items' colours, textures and sizes are accurately reflected and to minimise returns.
Persons: Billie, IKEA's Billy bookcase, We're, Ulrika Biesert, Biesert, Wayfair, It's, Jocelyn Paulley, Helen Reid, Susan Fenton Organizations: IKEA, United Arab, Ingka Group, Reuters, Ingka, Gowling, Thomson Locations: Swedish, United States, Europe, Australia, United Arab Emirates, Ingka, headcount, London
The Man Who Turned the World on to the Genius of Fungi
  + stars: | 2023-06-08 | by ( Jennifer Kahn | ) www.nytimes.com   time to read: +3 min
Plants managed to leave water and grow on land only because of their collaboration with fungi, which acted as their root systems for millions of years. Even today, roughly 90 percent of plants and nearly all the world’s trees depend on fungi, which supply crucial minerals by breaking down rock and other substances. They can also be a scourge, eradicating forests — Dutch elm disease and chestnut blight are fungi — and killing humans. Without fungi, matter wouldn’t decay; the planet would be buried under layers of dead and unrotted trees and vegetation. But where “Fantastic Fungi” fell decidedly into the old-school, ’shroom-head camp, Sheldrake’s book is more embracing and more optimistic.
Persons: it’s, Sheldrake, twining, Suzanne Simard, ’ shroom, Iris Van Herpen, bodices Organizations: Adidas, HBO Locations: Ikea
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