Adidas Ends Partnership With Kanye West
Adidas said on Tuesday that it is ending its partnership with Ye, formerly known as Kanye West, after the rapper made antisemitic remarks. Adidas said the move would have a short-term negative impact of up to ($246 million (€250 million) on net income in 2022 due to high seasonality in the fourth quarter.
Burlington Stores’ Debt Ratings Affirmed
S&P Global Ratings affirmed its debt ratings on Burlington Stores, Inc. despite the off-price retailer facing declining consumer discretionary spending among its core customer base while its value proposition, relative to traditional retailers, has narrowed amid industry-wide clearance activities.
Former Nike COO Joins Jigx’s Board
Jigx, the mobile application development SaaS based in Seattle, WA, announced that Eric Sprunk, former Nike COO, has been appointed to its Board of Directors. Sprunk is also an investor in the brand.
NPD Group Forecasts Modest Decline In Fourth Quarter Apparel Sales
According to the NPD Group, fourth-quarter apparel sales will decline in the U.S., with average prices rising 2 percent and dollar sales falling one percent.
StockX Names Head Of Brand Protection
StockX hired Paul Foley as head of brand protection reporting to its Chief Supply Chain Officer, Sean McCartney. Foley’s role is to spearhead the company’s efforts to deliver value to the consumer and protect the integrity of the StockX marketplace.
REI To Open Store In Laguna Hills, CA
REI Co-op will open a new store in Laguna Hills in fall 2023. This is the retailer’s 31st location in California and 12th in the Los Angeles market.
Vista Outdoor Announces Departure Of CFO
Vista Outdoor, Inc. announced that after two and a half years in his role, Sudhanshu Priyadarshi, the company’s chief financial officer, has decided to pursue another opportunity and is leaving his position in November. The company also reported preliminary second-quarter results that showed sales expanding by 4 percent.
Lacoste Names Deputy CEO
Lacoste promoted Catherine Spindler to deputy chief executive officer. Spindle joined Lacoste as chief brand officer in 2019.
The North Face To Open 70-Plus Stores In North America
The North Face plans to open more than 70 stores in North America and up to 300 additional retail and partner locations globally over the next five years.
L.L.Bean Set To Open In Hudson, MA In November
L.L.Bean is opening a store at Hudson’s Highland Commons on November 4; this is the retailer’s ninth store in Massachusetts.
Adidas Issues Profit Warning, Blames Ongoing China Weakness
Adidas announced preliminary results for the third quarter and reduced its full-year 2022 guidance. The company’s new outlook takes into account a further deterioration of traffic trends in Greater China as well as a significant inventory build-up as a result of lower consumer demand in major Western markets since the beginning of September, which is expected to lead to higher promotional activity during the remainder of 2022.
Al’s Sporting Goods Acquires Bob Ward’s & Sons
Al’s Sporting Goods, with three stores in Utah and Idaho, acquired all five Bob Ward & Sons, an outdoor retailer with five locations in Montana.
Foot Locker To Close Wisconsin Distribution Center
Foot Locker, Inc. notified the state and employees that it will close its distribution center in Wausau, WI, in 2023, affecting 210 jobs.
REI Co-Op To Open In Tallahassee
REI Co-op will open its Tallahassee, FL store on November 11. Located at 1415 Timberlane Road at Market Square, the store offers 22,000 square feet of space.
Cotopaxi Closes Store In San Francisco Due To Crime
Cotopaxi is closing its store in San Francisco because of repeated break-ins and rampant crime in the area, CEO Davis Smith said in a LinkedIn post.
