Latest News – Page 25
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ArticleAmazon: The Janus-faced company
The current Covid19 crisis has accelerated Amazon’s consumer goods business exponentially. The Silicon Valley giant doubled its profits in the second quarter of this year and increased its turnover to nearly $89 billion. The share value has also nearly doubled since the middle of March. On Sept. 1, Amazon announced ...
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Two prominent Adidas executives quit
Two prominent U.S.-based Adidas executives are leaving at the same time, but an official of the company says the two events are completely unrelated. Jon Wexler, a 20-year veteran of the company who has been leading its Yeezy business unit since last November as vice president and general manager, left ...
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ArticleAnta Sports switches to DTC in China
The pandemic has been a catalyst for change across many companies this year, including at Anta Sports Products. It has decided to do away with the wholesale model that it employed for 20 years in 11 major provinces. Instead, the Chinese sports group will switch to a new business model ...
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ArticleAmazon is entering the Nordics
Confirming plans to set up its seventh European website in Sweden in time for Christmas shopping, Amazon has posted a job advertisement for a manager who would also be responsible for Norway, Denmark and Finland. Until now, Swedish consumers and companies have only had access to the other European Amazon ...
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ArticleAdidas ends in the red, sees upside
The German sportswear giant posted an operating loss of €333 million, compared with an operating profit of €643 million a year earlier, due to several coronavirus-related charges. These were mainly due to increased inventory and bad debt allowances, as well as impairment charges for retail stores and the Reebok trademark, ...
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ArticleUnder Armour posts heavy losses
Under Armour unveiled poor results for the second quarter, recording a net loss of $182.8 million, compared with a net loss of $17.3 million for last year’s corresponding period, as sales tumbled by 41 percent due to store closures related to the pandemic. About 80 percent of points-of-sale worldwide were ...
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ArticleVF expects some improvement in the second quarter
Despite posting steep declines in revenues and earnings for its first quarter ended on June 30, the management of VF Corp. insisted that the company is in a strong position to get through the coronavirus pandemic because of its “financial and operational rigor” and the progress it has made in ...
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ArticleMany Chinese sportswear brands issue sales warnings for Q2
As a result of lockdown restrictions implemented in China and elsewhere during the Covid-19 pandemic, several Chinese sportswear brands have released profit warnings for the second quarter of 2020. Xtep warned that retail sell-through dropped by low-single digits in the quarter. It also has higher-than-usual inventories. The group expects that ...
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ArticleNike realigns management for digital DTC, places EMEA under Grebert
Nike will be making several changes to its top management and operating model in keeping with the “Consumer Direct Acceleration” (CDA) policy it announced in June while releasing its latest financial results. The Nike brand’s regional divisions will remain as they stand, but two of them will be swapping out ...
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ArticleAnta issues warning on first-half profits
Anta Sports Products said it expects to report a drop of about 25 percent in its earnings for the first half of this year, largely as a result of restrictions implemented during the Covid-19 crisis. They are even expected to be down by 35 percent from the year-ago period when ...
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Adidas' brand equity grows more than Nike's
Nike and Adidas are once again the only two sports brands among the 100 “most valuable brands” in the annual rankings compiled by BrandZ, which have just been released by Kantar Millward Brown. The Swoosh remained in 21st place, while the Three Stripes is up by 8 positions to number ...
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Facebook boycott gains ground in the sports sector
Big sports brands like Adidas, Arc’teryx, Lululemon, Puma and Reebok have joined many others in the last few days in boycotting Facebook in response to a call by six civil rights group to stop advertising on the leading social network in order to prompt it to ban fake news and ...
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ArticleFrank Dassler has passed away
Frank A. Dassler, a member of the family that founded Puma and Adidas in 1948 and 1949, died of a long and severe illness in Hamburg on June 20, six days after his 64th birthday. His passing closes an important chapter in the history of the sporting goods industry, in ...
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ArticleFace masks for athletes and the public
We have already talked about the numerous initiatives that sports brands have taken to help health workers in the fight against the coronavirus outbreak. Some of them, including Under Armour and Buff, are now focusing on high-tech face masks for athletes or the general public.
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China grows again for Adidas
Adidas reports that its overall business in Greater China turned positive in May, as compared to a year earlier, leading it to predict more or less flat revenues in the region during the second quarter ending on June 30. The region represents about one-quarter of the Adidas Group’s total turnover ...
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Brands signal their stance on racism as U.S. cities burn
The videotaped death on May 25 of George Floyd, a 46-year-old black man, at the hands of white police officers in Minneapolis, Minnesota, has served both as a rallying cry for peaceful protests there and in other parts of the world as well as a pretext for riots across the ...
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VF claims it can hike through the Covid storm easily
In releasing its financial results for the fourth quarter ended on March 31, the management of VF Corp. insisted that the company is in a better position than some of its competitors to navigate through the “storm” caused by the coronavirus pandemic for several reasons, including good liquidity, a flexible ...
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ArticleUnder Armour sees drops of 23% in Q1 and up to 60% in Q2
Under Armour reported a 22.8 percent hit on its revenues for the first quarter of 2020, down to $930.2 million, blaming about 15 percentage points of the decrease on Covid-19 and warning that they might drop by between 50 and 60 percent in the second quarter. Unlike its peers, the ...
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Columbia’s results are hit by Covid-19
After a brilliant financial year in 2019, Columbia Sportswear did not have a great start to 2020 due to the Covid-19 pandemic. Its net profits stood at just $0.2 million, down from $74.2 million for the year-ago quarter, while sales dropped by 13 percent to $568.2 million because of the ...
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ArticleAdidas fell by 19% in Q1, sees Q2 down by over 40%
The Adidas Group reported today a sharp drop in profit margins on a 19.2 percent decline in sales for the first quarter, due to the coronavirus outbreak, but warned that the second quarter will be worse. With more of its store base still closed right now, the management is expecting ...
