Latest News – Page 15
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Nike questions a European tax probe
Nike has asked the European General Court in Luxemburg for the annulment of an investigation by the European Commission into the tax status of its Dutch-based European operations, according to Reuters, arguing that it has failed to prove that certain Dutch tax ruling in its favor amounted to illegal state ...
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VF reorganizes APAC operations
VF Corp. has decided to move the center of its brands’ operations in the Asia-Pacific region from Hong Kong to Shanghai, where it already has some 900 office and retail employees. Some of the operations will also be transferred to Singapore and Kuala Lumpur, the capital of Malaysia. The transition ...
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Will Reebok become black-owned?
Reebok would become the first major black-owned athletic footwear and apparel brand if the African American rap music mogul Percy Rebert Miller, also known as Master P, and a former two-time NBA All-Star, Baron Davis, succeed in their reported bid. According to reports in the ESPN sports network and Forbes, ...
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ArticleInterview with D’Wayne Edwards: Diversity leads to innovation
As part of our survey on diversity and inclusion, the first part of which was published on this website on Dec. 23, we have held an e-mail interview with D’Wayne Edwards, who was the lead designer of Nike’s iconic Air Jordan brand for a decade from 2001, making him one ...
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Adidas announces further progress on recycled materials
In 2021, more than 60 percent of Adidas’ products will be made with sustainable materials such as recycled polyester or sustainable cotton, according to the company. By 2024, the brand will only use recycled polyester. All of the cotton it uses, the company adds, has been of the sustainable variety ...
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ArticleDigital, China and EMEA help Nike to grow strongly
The Nike group reported good results for its second fiscal quarter ended on Nov. 30, boosted by sharply higher online sales and double-digit growth in the EMEA region and China. On a constant-currency basis, the Nike brand’s sales rose by 8 percent to reach a level of $10,700 million, driven ...
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Many seek to ‘Make Amazon Pay’
Some 401 parliamentarians and public officials – among them Jeremy Corbyn, former leader of the U.K.’s Labour Party; Yanis Varoufakis, Greece’s former minister of finance; and Ilhan Omar and Rachida Tlaib, two members of the so-called “Squad” in the U.S. House of Representatives – have signed an open letter to ...
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Nike and others lobby against Xinjiang labor bill in U.S.
According to the New York Times, Nike – along with Apple, Coca-Cola and other large companies – has been lobbying the U.S. Congress to soften some of the provisions of the Uyghur Forced Labor Prevention Act, which is not yet the law of the land but has been passed in ...
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Few sports brands in the Dow Jones Sustainability Index
Sustainability has become an increasingly important issue in the sporting goods sector. However, after being on the list for 20 consecutive years, Adidas is absent from this year’s Dow Jones Sustainability Index (DJSI). The annual DJSI, which has reached its 21st edition, assesses the sustainability performance of the largest 2,500 ...
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ArticleEU estimates that Amazon broke competition rules
The European Commission believes that Amazon violated competition rules by unfairly benefiting from non-public data on independent sellers who use its marketplace, it said in its preliminary findings from an antitrust investigation it has been conducting against the American e-commerce giant since last year. The European Union’s executive body added ...
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ArticleDigitalization helps Adidas to recover
The Adidas Group made a strong recovery in the third quarter, approaching a normalization of its business, thanks largely to a 51 percent boost in e-commerce, coupled with a more a selective distribution policy. Mentioning its close relations with JD Sports Fashion and Zalando as examples, down to inventory sharing, ...
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ArticleVF acquires Supreme
VF Corp. has announced a definitive agreement to acquire Supreme, a young and cool American streetwear brand that has become an iconic symbol of a countercultural approach to fashion. Details have yet to be finalized, but the $2.1 billion transaction is expected to close before the end of 2020. Investors ...
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ArticleAmazon posts 37% higher sales, net profit triples
Amazon said that its sales in the third quarter grew by 37 percent to $96.1 billion. They were boosted by booming online transactions during the coronavirus crisis worldwide, which prevented or discouraged shoppers from purchasing in physical stores. Excluding a $691 million favorable impact from year-over-year changes in foreign exchange ...
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ArticleUnder Armour posts better-than-expected Q3 results
Under Armour reported net income of $38.9 million for the third quarter, compared with $102.3 million in the year-ago period, on virtually flat revenues of $1,433 million. Aside from a weaker gross margin, the lower profitability was essentially due to ongoing restructuring and impairment changes of $74.2 million for the ...
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New Amazon probe by the German Cartel Office
The German Cartel Office has reportedly opened yet another investigation into the practices of Amazon, this time looking into complaints that the giant e-tailer has entered into exclusive agreements with certain suppliers that prevent other retailers from selling certain branded products. As an example of this behavior, the German anti-trust ...
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Amazon starts ups in Sweden, with some glitches
Amazon’s dedicated platform for the Swedish market, Amazon.se is now live, but observers pointed to some embarassing bugs including translation mistakes, which resulted in some offensive or embarassing words used in product descriptions (e.g. valdakt instread of rapt for a plant), and picking the Argentinian flag instead of Sweden’s. Many ...
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ArticleAdidas may offload Reebok by March
Naming Anta Sports Products and VF Corp. as potential buyers for the brand, Germany’s usually well-informed Manager Magazin reports that the Adidas Group is planning to sell its Reebok division by next March. A spokesperson for the group said the company has a policy of not commenting on press rumors, ...
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ArticleUnder Armour is centralizing and digitalizing its European operations
Under Armour has decided against reopening its physical sales offices in Paris, Munich, Manchester and Barcelona, preferring instead to coordinate in-person and remote selling functions in the respective markets from a new, “futuristic” Digital Hub at its European headquarters in Amsterdam. The regional offices had been temporarily closed in the ...
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VF wants to be more agile and digital
After releasing VF Corporation’s figures for the second quarter ended on Sept. 30, the group’s management said it felt that the worst of the Covid-19 crisis is over by now, but pointed out that the crisis will be prolonged, that the situation is going to be “volatile,” and that the ...
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Amazon enjoys a record-breaking Prime Day
Third-party sellers on the Amazon Marketplace generated sales of more than $3.5 billion during the company’s recent Prime Day promotions on behalf of small and medium-sized businesses. This represents an increase of nearly 60 percent from last year’s promotion, outstripping the growth in Amazon’s own sales. Prime Day took place ...
