Report: Nike May Run Out Of Vietnamese-Made Sneakers As COVID-19 Accelerates
According to a new analysis from Panjiva, the supply chain research unit of S&P Global Market Intelligence, Nike may run out of Vietnamese-made sneakers due to a halt in production at three Vietnamese plants due to rising COVID-19 infections in the region.
Ross Stores Opens 30 New Locations
Ross Stores recently opened 22 Ross Dress for Less and 8 dd’s Discounts stores across 11 states in June and July. These new locations are part of the company’s plans to add approximately 60 new stores (40 Ross and 20 dd’s Discounts) during fiscal 2021.
NRF Predicts Record Back-To-School Selling
Consumers plan to spend record amounts for both school and college supplies as families and students plan to return to in-person classrooms this fall, according to the annual survey released by the National Retail Federation.
Jordan Brand Opens New Dubai Store
Jordan Brand has opened a concept store in the Dubai Mall, the world’s largest mall. Grounded in a sport-focused layout shared with Jordan doors like Jumpman LA, Jordan 1 Hongxing in Chengdu, and Jordan 9 Guanghua in Beijing, the Dubai store “creates a refined sensory space that connects fans of the brand to artistic traditions within the region,” said Nike.
Burlington Stores Appoints President And COO
Burlington Stores Inc. announced that Travis Marquette has been appointed as the company’s new president and chief operating officer, overseeing and managing the company’s stores, real estate, supply chain, and information technology functions.
NBA And Fanatics Open First NBA Store In The U.K.
The National Basketball Association (NBA) and Fanatics announced the opening of the first NBA Store in the UK, located at 14-16 Foubert’s Place in London’s Carnaby, Soho shopping district.
June Retail Sales Increase
Retail sales rose in June, seeing both a monthly increase and the first year-over-year gain since early 2021 as more retailers and other businesses closed by the pandemic reopened, but continued outbreaks remain a threat, the National Retail Federation said.
Puma Lifts 2021 Outlook On Better-Than-Expected Second Quarter
Puma raised its 2021 sales outlook on Friday, boosted by strong second-quarter demand, especially in North America.
Nike Seeks $856,162 In Reduced Restitution In Avenatti Extortion Case
Nike has asked a Manhattan federal judge to order disgraced attorney, Michael Avenatti, to pay more than $856,000 in restitution for his attempt to extort up to $25 million from the company, according to a report from CNBC.
U.S. Business Groups Urge Trade Chief To Forgo Vietnam Tariffs
SFIA, OIA, SIA, FDRA and AAFA were part of 76 trade associations that sent a letter to U.S. Trade Representative Katherine Tai urging the Biden administration against adding more 301 tariffs and instead, use other tools, such as financial diplomacy led by the Treasury Department, to pressure Vietnam on any currency concerns.
AAFA Sends Letter To President Biden Calling For Tariff Relief To Offset Shipping Crisis
American Apparel & Footwear Association President and CEO Steve Lamar emphasized the need for additional federal support to address the ongoing shipping crisis that has caused a “destructive cycle of lengthening delays and rocketing costs” in a letter to President Biden.
Senate Passes Bill Banning Imports From Xinjiang, China
The U.S. Senate passed legislation on Wednesday to ban the import of products from China’s Xinjiang region unless importers can prove they weren’t made with forced labor. The move marks the latest effort in Washington to punish Beijing for what U.S. officials say is an ongoing genocide against Uyghurs and other Muslim groups.
Genesco Earns Egan-Jones Endorsement
Egan-Jones Proxy Services has joined Institutional Shareholder Services in recommending that Genesco shareholders vote for the company’s director nominees at its July 20 annual meeting.
Academy Sports’ Debt Ratings Upgraded
Moody’s Investors Service upgraded Academy Sports and Outdoors’ debt ratings due to the chain’s “continued outperformance in Q1 2021 relative to expectations and Moody’s projections for solid credit metrics even in a scenario of normalized demand in the sporting goods category.”
Ross Stores Announces Departure Of CFO
Ross Stores Inc. announced that Travis Marquette, the company’s executive vice president and chief financial officer since 2019, has resigned effective immediately to accept a position with another company.
