Nike confirms complete exit from Russia US Giant quits Sports brand giant Nike has formally exited Russia due to the ongoing war in Ukraine, three months after suspending operations. The US company, famous for its tick logo, said the delay in quitting completely was because it was “responsibly” scaling down its operations, in order to protect employees. This comes after Nike, which sponsors athletes [...]
Nike joins Starbucks and McDonald’s in exiting Russia as it cuts ties with franchisee RUSSIA EXIT Trainers titan Nike has become the latest US household name to exit Russia, as it confirmed it had not renewed agreements with its largest franchisee there. According to the Vedomosti daily newspaper, Inventive Retail Group (IRG), which oversees Nike’s stores in Russia via the subsidiary Up And Run has confirmed Nike is no longer supplying [...]
How Nike’s Jordan deal changed sports industry: new Ben Affleck and Matt Damon film to tell story Movie time Ben Affleck and Matt Damon are to star in a new film about the rise of Nike from upstart trainer brand to global sportswear giant. The movie will focus on Nike’s unlikely pursuit of a contract basketball star Michael Jordan – a deal which transformed the company’s fortunes and changed the course of the industry. [...]
Microsoft among best firms to work for despite CEO making 410 times average salary March 14, 2022 HP and Microsoft are some of the best Fortune 500 firms to work for, with high average earnings despite eye-watering sums going to those at the top. Chief executives for some of the world’s leading companies earn up to 840 times the average employee according to a new report released this week. Ranked number one [...]
Peloton regains momentum as premarket trading sends shares up 22 per cent amid takeover rumours February 7, 2022 Peloton shares soared 22 per cent in premarket trading today after weekend reports of takeover interest from Amazon and Nike. Amazon is exploring an offer for Peloton, a source told Reuters on Friday. The Financial Times and the BBC also reported sportswear company Nike was weighing a bid for Peloton, which touched new records last [...]
Amazon and Nike eye Peloton bids after valuation plunges from $50bn to $8bn February 5, 2022 Amazon and Nike are reportedly mulling separate bids for Peloton, after calls from an activist investor to sell off the exercise equipment giant. After riding the pandemic high to an eyewatering $50bn valuation 12 months ago, Peloton has backpedalled to a humbler $8bn capitalisation. Activist investor Blackwells Capital, which owns a little under five per [...]
Nike world’s most valuable apparel firm, behind Gucci and Louis Vuitton January 4, 2022 Nike has been rated as the world’s most valuable apparel firm despite its recent challenges with its supply chain amid Covid restrictions. The US firm hit a $30.44bn valuation in 2021, data presented by Finance PR has highlighted. The footwear and clothing giant reported pandemic-related supply chain challenges last year, after it was forced to [...]
Nike revenue hit as Covid factory closures bite but brand ‘increasingly confident’ December 21, 2021 Nike narrowly beat earnings expectations in its quarterly earnings report, after reporting pandemic-related supply chain challenges. In its earnings report for the second quarter, the footwear giant posted just a one per cent increase in revenue from a year before. It put this down to supply chain issues, including “lower levels of available inventory” because [...]
Nike snaps up NFT fashion start up RTFKT in metaverse push December 14, 2021 Nike has become the latest major fashion brand to step into the NFT space with the purchase of digital apparel start up, RTFKT.
Nike shares fall as footwear giant could lose production of 160m pairs of shoes September 14, 2021 Nike is at risk of losing the production of 160m pairs of shoes after the shutdown of factory operations in Vietnam due to Covid. Nike shares were down 2.5 per cent on Tuesday morning after the sportswear giant was downgraded from neutral to buy at BTIG. Manufacturing in the country was paused in July after [...]