Nike Pulls Line Of Shoes From China After Designer Supports Hong Kong Protesters
Nike halted the sale of a limited-edition range of footwear in China after its Japanese designer showed support for Hong Kong protests in an Instagram post.
New Balance Advances Plan For Sixth New England Factory
New Balance has secured tax breaks to support the opening of a new manufacturing facility in Methuen. According to The Boston Globe, the state Economic Assistance Coordinating Council approved $900,000 in state tax credits to help subsidize the $33 million project, and the city is pitching in with $272,000 in property tax breaks.
StockX Earns $1 Billion Valuation In Funding Round, Appoints New CEO
StockX, the sneaker re-selling website, has closed on a $110 million Series C funding round from investment firms DST Global, General Atlantic, and GGV Capital. The company also announced the appointment of Scott Cutler, formerly at eBay, as CEO.
Former Lord & Taylor President Joins Adidas North America
Vanessa LeFebvre, former president of Lord & Taylor, is joining Adidas as SVP of commercial, overseeing the brand’s U.S. wholesale, stores and online businesses.
Jordan Brand Signs Jayson Tatum
Nike’s Jordan Brand signed Jayson Tatum, star forward from the Boston Celtics, to an endorsement deal.
Puma Commits To 35 Percent Reduction In Carbon Emissions By 2030
Puma said it’s aiming for a 35 percent reduction of its greenhouse gas emissions by 2030, a target which was approved by the Science Based Target initiative (SBTi).
Academy Sports Debt Ratings Upgraded Following Distressed Exchange
Standard & Poors Corp. raised Academy Sports’ debt ratings to ‘CCC+’ from ‘SD’ (selective default), as expected, a few days after lowering its rating following the retailer’s repurchase of a portion of its senior secured term loan facility due 2022. S&P said its continued negative outlook on Academy “reflects our expectation that weak performance will persist and meaningful operational improvement is unlikely in the next 12 months.”
Industry Leaders Elected To Running USA Board Of Directors
Running USA announced its newly elected Board of Directors, who will begin their service to the non-profit organization next month.
Third Annual National Triathlon Week Starts
USA Triathlon announced the start of the third annual National Triathlon Week, an initiative to celebrate multisport and all its constituency groups.
Under Armour To Sponsor TransRockies Run
Under Armour has signed on as the title sponsor of the TransRockies Run. A three or six-day stage race traversing the continental divide between Buena Vista and Beaver Creek, the route covers 120 miles through the Colorado Rockies.
Adidas “Stripes” Ruled Invalid In EU Trademark Case
The European Union General Court ruled against Adidas in a trademark dispute over its famous three stripes.
Fred’s Closing Another 49 Stores
The Memphis-based discount chain Fred’s is closing 49 more stores. It’s the third round of closings since April and comes five weeks after “going out of business” liquidation sales began at 105 Fred’s stores and follows the decision to shutter 159 locations.
NRF Warns USTR To Avoid Additional Tariffs
The National Retail Federation urged the Office of the U.S. Trade Representative to avoid 25 percent tariffs on $300 billion in Chinese goods and released a new study examining key product categories and the negative impact on American consumers.
NRF Senior Vice President of Government Relations David French said, “We support efforts to achieve better trade deals, but American consumers shouldn’t be caught in the crosshairs.”
SFIA To Testify Against China Tariffs
Bill Sells, SFIA’s senior vice president of government & public affairs, will testify on behalf of the sports & fitness industry on Tuesday, June 25, 2019. Sells plans to say, “We strongly oppose the proposed tariffs because they will disrupt our members’ business models, cause lasting economic harm to American sports companies, and result in higher prices paid by millions of American consumers.”
Zion Williamson’s Nike Sneakers Up For Auction
A pair of Zion Williamson’s Nike sneakers he wore as a college player at Duke University are being offered for sale in the Goldin Auctions 2019 Summer Auction beginning on July 8 at GoldinAuctions.com.
