Converse Cuts Jobs as Part of Parent Nike’s Cost-Savings Plan
Nike is undergoing a $2 billion cost-cutting plan that includes slashing 2 percent of its workforce.
Abu Dhabi, United Arab Emirates
Financial Markets
Investcorp Says Abu Dhabi’s Mubadala to Acquire 20 Percent Stake
Abu Dhabi sovereign investment fund Mubadala Development Co. will acquire a 20 percent stake in alternative investment firm Investcorp Bank BSC, which has backed companies including Tiffany & Co. and Gucci Ltd. under founder Nemir Kirdar.
Investcorp Says Abu Dhabi’s Mubadala to Acquire 20 Percent Stake
Abu Dhabi sovereign investment fund Mubadala Development Co. will acquire a 20 percent stake in alternative investment firm Investcorp Bank BSC, which has backed companies including Tiffany & Co. and Gucci Ltd. under founder Nemir Kirdar.
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The News in Brief
Condé Nast Chief Revenue Officer Steps Down
During her tenure, Drucker Mann was instrumental in ushering the business into the digital age, said Roger Lynch, Condé Nast’s chief executive.
Anglo American Explores De Beers IPO as Part of Break-Up, Say Sources
The miner set out its plans for a potential break-up via a demerger or sale of some of its assets, as it fights off a $43 billion takeover bid from BHP Group.
Retailer Zalando Shakes Up Management After Strategy Shift
The company, whose stock soared to a record during the pandemic, has languished as faster inflation and shoppers returning to stores pummelled sales in 2022 and 2023.
Swiss Sneaker Company On Reports Record Quarterly Revenue of $560 Million
Fast-growing DTC sales helped the brand beat Wall Street expectations in the quarter ending March 31.
Burberry Set for Worst Report This Year as Brand Revival Falters
The British fashion house will likely reveal that its fiscal fourth quarter — which will be reported on Wednesday — is expected to be the year’s worst, according to analyst estimates compiled by Bloomberg.
Walgreens Contacts Potential Buyers for £7 Billion Boots Drugstore Chain
A sale would undo a blockbuster trans-Atlantic merger that took place in stages beginning more than a decade ago.
Jen Atkin’s Editorial Site Mane Addicts Shuts Down, Lays Off Team
Ouai founder Jen Atkin’s 10-year-old editorial hair care site Mane Addicts has effectively shut down.