Nike Says Job Cuts at Oregon Headquarters to Total More Than 700
Nike Inc. will have eliminated about 740 jobs at its headquarters by late June as part of its multiyear cost-cutting plan.
Herzogenaurach, Germany
Adidas Warns That Worsening Pandemic Will Weigh on Earnings
The German sportswear company's revenue is no longer on track for growth in the fourth quarter, predicting a single-digit percentage decline.
Report: Adidas Prepares Sale of the Reebok Brand
The company will decide in the coming months whether to proceed with a sales process, said a person familiar with the matter.
Puma Shares Dip as Kering Sells 5.9% Stake
Kering sold its stake in the German sportswear company for approximately $772 million.
Adidas Expects Rebound in Third Quarter
Second-quarter sales of €3.58 billion ($4.25 billion) were above analysts’ estimate of €3.24 billion.
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Adidas Extends CEO Kasper Rorsted's Contract by Five Years
Rorsted, who has led the German sportswear retailer since 2016, will remain in the role until July 31, 2026.
Puma Uncertain About the Second Half of 2020 After Quarterly Sales Slump
The German sportswear brand saw its sales drop 30.7 percent to $975.34 million in the second quarter.
Adidas Sees Rebound in China Quicker Than Expected
The German sportswear brand now expects second-quarter sales for the Greater China region to be around the same level as last year.
Puma Bets on Wellness Uptick for Recovery
The sports retailer expects all markets to recover by the end of the year and for growth to return in 2021.
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Adidas Misses Forecasts With 93% Profit Plunge
First-quarter operating profit fell to €65 million, well short of the €263 million expected by analysts.
Puma Sets Short-Time Work for 1,400 Employees
The sportswear company said staff will work half of their usual hours but will still be paid their full salary.
Adidas and Puma Forecast Sales Decline in China Amid Coronavirus Outbreak
Shares in Adidas and Puma, already pummelled in the last few weeks, declined 6 percent and 4.4 percent respectively.
Adidas, Puma Warn Of Coronavirus Hit to China Business
The German sportswear brands make almost a third of their sales in Asia, which is also a key sourcing hub.
The News in Brief
P&G Lifts Annual Profit Forecast on Strong Us Consumer Demand, Easing Costs
Procter & Gamble raised its annual profit forecast on lower commodity costs and as consumers, particularly in the United States and Europe, kept buying its pricey Tide detergent and Dawn dish soap.
Frédéric Malle Steps Down From Namesake Brand
Frédéric Malle announced on Apr. 18 that he will be leaving his brand Editions de Parfums Frédéric Malle at the end of June.
With Succession in Focus, LVMH Adds Alexandre and Frédéric Arnault to Board
The two brothers join older siblings Antoine and Delphine, meaning that 4 out of Arnault’s 5 heirs now serve on the board. Bernard Arnault, age 75, has placed his controlling interest in LVMH in a stock-share partnership aimed at perpetuating family control.
Arnault Says He Hopes Tensions With China on Luxury Quiet Down
Billionaire Bernard Arnault said he hopes a planned visit to France next month by China’s Xi Jinping will help smooth trade relations between Paris and Beijing.
Vita Liberata Bought Back By Founder
Alyson Hogg, who founded the luxury tanning brand in 2003, has reacquired it from Crown Laboratories.
Swiss Watch Exports Plunge as China and Hong Kong Demand Dries Up
Monthly Swiss watch exports suffered their biggest decline since 2020 as demand for premium and luxury timepieces in key markets including China and Hong Kong plunged.
Asos Says It Will Take ‘Necessary Actions’ After 18% Drop in Sales
Asos has said it will take “necessary actions” to transform its fortunes after the fast fashion retailer’s first-half losses widened and sales fell by nearly a fifth.