Latest news with #sportsbrand
Yahoo
4 days ago
- Business
- Yahoo
Nike sues Edison Chen for breach of contract
15 Aug - It was reported that sports brand Nike USA is now suing Edison Chen and his company for a breach of contract. The company is seeking USD 126,615 from Edison and his company Juice Los Angeles, stating that they owe Nike that amount of money for goods and services that they provided to the company. It is noted that the amount was originally stated as USD 126,615,000, but was later amended as it was due to a clerical error. The lawsuit came after Edison announced his streetwear brand Clot's collaboration with Nike's rival, Adidas. However, it is noted that the new collaboration has nothing to do with Nike's filing of the lawsuit. It is noted that Edison's brand announced their cooperation with Adidas at Clot's spring 2024 show, stating that their new collection will be called Adidas Originals by Edison Chen. Both parties have made no comments regarding the said lawsuit. (Photo Source: Clot IG, Edison Chen IG)
Yahoo
7 days ago
- Business
- Yahoo
On Holdings Readying Zendaya Apparel Offering as Brand Continues to Outperform
On Holding is poised to expand its relationship with Zendaya even further this fall — which should add another jolt to the sports brand that saw second-quarter sales jump 32 percent. In an interview with WWD, Martin Hoffmann, who was elevated to sole chief executive officer and chief financial officer last month, confirmed reports that the company is working with Zendaya, an ambassador for the brand since June of 2024, on designing apparel. Without providing too many details, he said the actress is 'currently working with us on the collection. We have new apparel coming in September with elements from her.' More from WWD Zendaya Debuts Her First Co-designed Shoe With Law Roach in On's Fall 2025 Campaign Ones to Watch: Holderness & Bourne Offers 'Polished' Take on Golfwear Here's What You Might Not Know About Nike's Q4 - New Findings Revealed Earlier this month, Zendaya and her longtime stylist, Law Roach, unveiled her first co-created shoe for the brand, the Cloudzone Moon. Hoffmann said apparel continues to be a major growth opportunity for On. Although it still represents only around 7 to 8 percent of sales, the goal in the short term is to have that figure hit 10 percent. 'Retail is very instrumental in growing apparel,' he said, adding that the company's stores generally have apparel sales 'well above' the 10 percent mark. In reporting its earnings early Tuesday morning, the Zurich-based sports brand said sales blew past expectations, hitting 749.2 million Swiss francs and topping analysts' projections of a 24 percent increase to 704 million Swiss francs. However, the strengthening of the Swiss franc against the dollar took a bite out of the bottom line, leading to a net loss of 40.9 million Swiss francs and adjusted diluted earnings per share of 0.09 Swiss francs, well below the 0.21 Swiss francs in earnings Wall Street had been anticipated, according to Yahoo Finance. Hoffmann stressed this was merely an accounting issue and 'has nothing to do with our financial strength.' Direct-to-consumer continues to be a driver for On. In the second quarter, net sales grew 47.2 percent to 308.3 million Swiss francs. DTC now represents 41.1 percent of the company's overall business. The company currently operates 54 stores around the world and Hoffmann said recent flagship openings in China and Singapore have exceeded expectations, with the Singapore store's opening weekend the strongest of any of its previous stores. As a result, the company expects to add another five or six stores this year, four in the U.S. including one in Palo Alto, Calif., one in Mexico City, two in Seoul and 'a big one' in On's hometown of Zurich, Hoffmann said. But DTC is not the only growth area for the brand. Wholesale sales increased 23 percent to 441 million Swiss francs in the second quarter, the company said. By region, net sales in Europe rose 42.9 percent to 197.8 million Swiss francs; the Middle East was up 16.8 percent to 432.3 million Swiss francs, and Africa rose 101.3 percent to 119.2 million Swiss francs. In the EMEA, sales rose 46.1 percent, while in the Americas, they increased 23.6 percent to 432.3 million Swiss francs, and Asia-Pacific jumped 110.9 percent to 119.2 million Swiss francs. Hoffmann said the growth in Europe is the company's largest gain over the past two years and its 'strategic repositioning' in that region 'is paying off.' He also cited strength in the Americas, where DTC growth was especially buoyant, as well as the heightened demand the company is experiencing in Asia-Pacific. 'I'm really proud of our team,' Hoffmann said. 'Halfway into our three-year plan, the momentum for the brand continues to be extremely strong globally. The power of being a premium brand is paying off.' He pointed in particular to the gross profit margin of 61.5 percent the company posted in the quarter, up from 59.9 percent in the prior-year period, as a highlight. By category, sales of shoes rose 29.9 percent to 704.9 million Swiss francs; apparel jumped 67.5 percent to 36.7 million Swiss francs, and accessories rose 113 percent to 7.7 million Swiss francs. 'Apparel really contributed strongly to our growth,' Hoffmann said. 'More and more customers are starting their apparel journey with us earlier.' Turning to tariffs, Hoffmann said that while the company is 'not happy' with the increases, 'it's good to have clarity.' The bulk of On's production is in Vietnam, where tariffs were just raised to 40 percent on transshipments. Hoffmann said that the company is used to paying tariffs of around 20 percent to the U.S. and although this new round of taxes is not welcomed, On is strong enough to compensate for the increase in import charges and continue to focus on providing innovation, an elevated customer experience and superior service, he said. As a result, the company raised its full-year guidance, projecting that sales will now increase at least 31 percent to 2.91 billion Swiss francs, above previous guidance of 28 percent, and it is calling for EBITDA of 17 to 17.5 percent, up from the 16.5 to 17.5 percent estimated earlier. David Allemann, cofounder and executive co-chairman, summed it up this way: 'Our Q2 results leave no doubt: On is playing the long game. We achieved a remarkable 38.2 percent net sales growth on a constant currency basis, not by chasing trends, but by building a resilient brand for decades ahead. This quarter proves our strategy is working — from our diversified portfolio of iconic footwear franchises to our stellar growth in apparel and our global brand footprint. The future of On is taking shape right now, and the most exciting chapters are ahead of us.' Hoffmann concluded: 'Our premium positioning is coming to life across every consumer touch point, with product innovation, storytelling and distribution all working together to elevate the brand further. We're also incredibly encouraged by the strong engagement and enthusiasm we're seeing from our retail partners, whose support adds to the momentum behind the brand. Our performance gives us strong conviction in the impact of our strategy and the opportunities ahead to build an even more distinctive and desirable global brand.' Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Sign in to access your portfolio
Sky News
27-06-2025
- Business
- Sky News
Nike says Trump tariffs could cost it $1bn
Nike's costs will go up $1bn (£728m) this year if US President Donald Trump's tariffs remain at the current level, the company has told investors. It follows a warning from the sports brand last month that it would raise prices due to the taxes imposed on imports. Work to bring down costs is under way, including reducing supplies from China to the US. It's to reduce the amount of footwear made in China and imported to the US from 16% currently to a "high single digit" figure with Chinese supply being "reallocated to other countries around the world". On 2 April, Mr Trump announced country-specific tariffs which hit China hardest and escalated after several rounds of retaliatory rises. After an agreement between Washington and Beijing the levy was brought down from a 145% tariff to 30% on Chinese goods. 1:42 Price rises for consumers will start to come into effect in the autumn. The latest warning on tariffs comes as Nike reported the worst quarterly results in more than three years. Revenues were $11.1bn (£8.1bn) - the lowest since the third quarter of 2022. It has been dealing with the after-effects of an unsuccessful move to sell direct-to-consumer with Wall Street analysts also critical of its dependence on lifestyle products and reliance on fashion trends. Nike chief executive Elliott Hill had returned from retirement last year to again take the top job at the company. The worst of the trade wars have already occurred, Mr Hill said, with "the headwinds to moderate from here".
Daily Mail
07-06-2025
- Business
- Daily Mail
Grace Tame sensationally AXED from her $100,000 ambassador role at Nike after probe into pro-Palestine posts
Global sports brand Nike have officially cut ties with advocate and athlete Grace Tame over her pro-Palestinian posts on social media. The former Australian of the Year, who received the top accolade for her work speaking for sexual assault victims, shared several posts in solidarity with Palestinians during the ongoing conflict with Israel. Nike released a statement on Monday stating Tame's team were being spoken to, although it's not been confirmed exactly what sparked the probe. On Friday, speculation grew that the brand and Tame had split, with the athlete removing references to Nike on her Instagram profile. A spokesperson for the brand then shared a statement confirming the end of Tame's Nike era, writing: 'Grace and Nike have mutually agreed to part ways'. 'We wish Grace the best as she continues her running journey.' Daily Mail Australia has contacted Tame's team for comment. A Nike spokeswoman earlier this week told Daily Mail Australia the brand 'does not stand for any form of discrimination, including antisemitism'. Tame, who received the top accolade for her work for sexual assault victims, shared several posts in solidarity with Palestinians during the ongoing conflict with Israel 'We take this matter very seriously and are in touch with Grace's team to understand the matter further,' the spokesperson said. The 30-year-old is an ultra-marathon runner and was appointed as a brand ambassador by Nike in January. She shared a gushing message at the time, writing: 'I couldn't be more excited to announce that I am officially an ambassador for Nike. 'This has been a long time in the making.' Prior to accepting the role - believed to be worth $100,000 - Tame had added her voice to Oxfam Australia's demand for a ceasefire in Gaza in November 2023. Over the last few weeks, she has been outspoken in her support of the Palestinians' cause and joined a panel of speakers at the Feminism in the Time of Gaza forum. At least 450 people heard from four speakers at The Edge in Federation Square, Melbourne , during the May event organised by the Australian Palestine Advocacy Network (APAN). Tame said it was the first time she had spoken publicly about Palestine and revealed she had been asked not to speak about the Gaza-Israel conflict at several events. 'Empathy should have no boundaries,' she told the crowd. On Monday, the same day Nike released a statement, Tame shared a quote from climate activist Greta Thunberg who is currently on board a Freedom Flotilla aid mission sailing to Gaza aimed at breaking Israel's blockade. 'We are doing this because no matter what odds we are against, we have to keep trying, because the moment we stop trying is when we lose our humanity,' she wrote. The World Health Organisation (WHO) has warned Gaza is at risk of famine as a result of the blockade. Last week, Tame reshared a statement on Instagram from Palestinian writer Mohammed el-Kurd. He had criticised journalists who reported on the fatal shooting of an Israeli embassy couple in Washington DC as a 'random anti-Semitic attack'. Sarah Lynn Milgrim and Yaron Lischinsky were leaving an event at the Capital Jewish Museum when they were shot dead. Elias Rodriguez, who police say shouted 'free Palestine' after being taken into custody, was charged with two counts of first-degree murder. Tame's has never shied away from socio-political discussion, with her Instagram handle called 'tamepunk' in perhaps a reference to the punk movement. In January she came under fire for wearing an incendiary T-Shirt to a morning tea event with Prime Minister Anthony Albanese and his fiancée Jodie Haydon. It featured the slogan: 'F*** Murdoch.'
