ADIDAS CHINA
More worries for China, sales at big e-commerce festival drop for first time
This year the shopping festival failed to stir up much excitement among shoppers, industry experts said, even as major platforms extended offers to a weeks-long period to woo consumers who have been tightening their belts amid a gloomy economic outlook.
Adidas investigates bribery allegations in China
"Adidas takes allegations of possible compliance violations very seriously and is clearly committed to complying with legal and internal regulations and ethical standards in all markets where we operate," it said in a statement issued in response to a Reuters query. Adidas said it could not provide further information until the investigation was completed. According to the FT, the letter alleges that Adidas staff received kickbacks from external service providers who were commissioned by the company that include "millions in cash from suppliers, and physical items such as real estate".
5 world market themes for the week ahead
Central bank decisions in Britain, Switzerland, and Norway will show the rate cutting trend, while retail sales data from the US and China will indicate consumer health. Europe gears up for the Euros 2024 tournament in Germany. Investors are monitoring cocoa supply issues in Ivory Coast, Ghana, and other countries like Brazil.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
India's quiet push to steal more of China's iPhone business
India, as part of a national manufacturing drive, is chipping away at that dominance, when many companies are looking to spread their work to countries other than China. An estimated 13% of the world's iPhones were assembled in India last year, and about three-quarters of those were made in Tamil Nadu. By next year, the volume produced in India is expected to double.
Govt may tweak rules for AI firms, LLMs; FY23 financials for Unacademy, Myntra
The amendments, to be notified soon by the IT ministry, could mandate that platforms that use artificially intelligent algorithms or language models to train their machines, are free of biases.
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Adidas to set up its first Asia GCC outside China in Tamil Nadu
Adidas, headquartered in Herzogenaurach, Bavaria, will set up its Global Business Services (GBS) hub with Akhil Kapoor leading operations. This reinforces the recent boom of MNCs investing in India in large numbers to set up their GCCs.
US companies are picky about investing in China. The exceptions? Burgers, lattes
As tensions simmer between China and its Western trading partners, many MNCs are shifting investments to other places, such as Southeast Asia or India, or repatriating their earnings. That has sapped China of a key engine when its economy has yet to fully recover from the disruptions of the pandemic and a property industry crisis that has been a drag on growth.
Imported luxury shoe brands trip on delayed BIS nod for sourcing units
The upscale footwear industry, featuring designer labels and high-end sports shoes, faces upheaval as manufacturers warn of potential consumer inability to purchase new spring-summer releases. The Bureau of Indian Standards (BIS) has not certified Chinese and Vietnamese factories, a prerequisite for importing. Official says Indian govt keen to push local manufacturing after flood of low-quality footwear from China.
Clothing makers find it hard to break with China’s supply chain
Experts say that China being so integral to the global apparel supply chain that even shifting countries doesn’t really reduce reliance that much.
It’s round 2 of China+1. India needs to update the playbook
Supply chains are shifting from China, and some countries, including India, are reaping the benefits of this change, says BCG. How can India stay ahead of the competition? Experts have a list of to-do things.
European shares slip as Middle East fears, ASML weigh
ASML Holding dropped 3.7% as the semiconductor equipment maker warned of flat sales in 2024, after reporting third-quarter earnings in line with analysts' expectations.
Adidas gets $565 mln in orders for first batch of unsold Yeezy shoes
Adidas got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company's most optimistic forecast. Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments on social media and in interviews.
As ties to China turn toxic, even Chinese companies are breaking them
As relations between the United States and China turn increasingly rocky, some of China’s most entrepreneurial brands have taken steps to distance themselves from their home country.
Global supply chain relocation: China’s loss is India, Vietnam’s gain
While China may be slowly losing its dominance as the world’s supply chain centre, India needs to boost its efforts to make the most out of the current situation.
Nike, Adidas shoe-maker has a Rs 2,000 crore plan to set up shop in India
"We hope this would be the first of many investments to come (in India)," Pou Chen Vice President George Liu said in a meeting streamed online with Tamil Nadu Chief Minister M.K. Stalin.
Trying to replace China’s supply chains? Don’t bother
Despite great hopes on Vietnam, analysts and consultants don't expect the Southeast Asian nation to replace China in terms of supply chains.
Yeezy Day 2022: See sneakers on the list, where to buy new Yeezys
The much-awaited Yeezy Day 2022 is here! The excitement of sneakerheads unofficially marks the day as a "national holiday".
The US’ Uyghur Forced Labor Prevention Act will impact solar panels to apparel — businesses must uphold human rights: Michael H. Posner
"I started the Center for Business and Human Rights in the NY U Business School some years ago. Our focus is on how global companies operate in the world and what the human rights challenges associated with their activities are. A lot of this researches global supply chains in manufacturing, farming, mining, etc., and the risks therein to vulnerable people like workers."
They flocked to China for boom times. Now they’re thinking twice
A.H. Beard opened its first store there in 2013. Before the coronavirus pandemic, sales in the country were growing more than 30% a year. There are now 50 A.H. Beard stores across China, with plans to open 50 more. But like most foreign companies operating in China nowadays, A.H. Beard has started to think more carefully about its strategy.
Gucci x Adidas launches umbrella at Rs 1 lakh, but it's not waterproof & won't protect you from rain; gets slammed on Twitter
Netizens around the world are not buying it - the umbrella and the explanation by Gucci.
From sneakers to Teslas, China lockdowns upend global supply chains
The full significance of China’s Covid restrictions has yet to be seen as lockdowns continue in Shanghai and other cities shut to contain smaller outbreaks, adding to supply-chain congestion that’s already reeling from the war in Ukraine.
At Amazon, some brands get more protection from fakes than others
Most merchants, many of them small businesses, rely on Amazon’s algorithms to ferret out fakes before they appear—an automated process that dedicated scammers have managed to evade.
Millennials race to step into Kanye West Yeezy shoes
Made in tieup with the US rapper, Adidas Yeezy craze grips India too and the brand is an instant sell-out. For some people who are able to lay their hands on Yeezy shoes — generally priced between Rs 5,000 for a pair of slides and Rs 24,000 for shoes — during the flash sales, there is also a business opportunity as they can resell the shoes up to four times the actual prices.
Chinese flocking to home-grown brands a golden opportunity for investors
Chinese brands are hot with most shoppers and have spurred billions of dollars in investment, as consumers increasingly make patriotic choices amid a growing backlash against foreign brands in the country.
Algae-sequin dresses, dyeing clothes with bacteria: How tech is helping fashion industry clean up its woeful environmental record
Some experts are sceptical that such initiatives can lead to large-scale transformation.
Chinese 'limited edition' sneakers soar after Xinjiang backlash
The listed price of the "All Star" version of Li-Ning Way of Wade 4 on the Dewu App - the country's largest sneaker resale platform also known as "Poizon" - reached 48,889 yuan ($7,463) per pair, 31 times higher than the official price of 1,499 yuan, the state-owned Global Times reported on Monday.
China sanctions US, Canadian citizens in Xinjiang row
At least one million Uyghurs and people from other mostly Muslim groups have been held in camps in the northwestern region, according to rights groups, who accuse authorities of forcibly sterilising women and imposing forced labour.
Adidas plans to divest Reebok brand
German sportswear maker Adidas AG said on Tuesday it plans to divest the underperforming brand Reebok that it failed to revive 15 years after buying the U.S. fitness label to help compete with archrival Nike Inc.
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