Virtua

adidas has raised its full-year guidance further as its brand revival takes hold following better-than-expected Q2 results. In Q2, currency-neutral revenues increased 11% versus the prior year. In euro terms, the company’s revenues grew 9% to € 5.822 billion. The company’s gross margin reached 50.8% in Q2 (2023: 50.9%). The underlying adidas gross margin improved strongly, reflecting better sell-throughs, reduced discounting, lower sourcing costs and a more favourable category mix. The company’s second quarter operating profit increased to € 346 million (2023: € 176 million), including a contribution of around € 50 million from the sale of parts of the remaining Yeezy inventory. Following the better-than-expected performance during the quarter and considering the current momentum, the company has increased its full-year guidance. adidas now expects currency-neutral revenues to increase at a high-single-digit rate in 2024 Read full article: https://lnkd.in/gsKyd9C8

UK activewear brand TALA, founded by social media star Grace Beverley in 2019, has secured £5 million of investment to “support plans for international expansion” and “establish a physical retail presence.” Since the start of TALA’s previous funding round three years ago, the business has scaled significantly, documenting a tenfold increase in its revenue. This period of expansion has seen the brand expand into new categories, enter new markets and establish new channels - all while staying profitable. This investment will support TALA's plans for international expansion, with a primary focus on the US market in response to significant customer and social media traction in the US. Additionally, the funds will be used to explore opportunities to establish a physical retail presence on the high street and enhance the company’s infrastructure and team capabilities. Read full article: https://lnkd.in/ePxyc7ra

Kering has appointed Ewa Abrams as its new President of Americas. Abrams will report directly to Jean-Marc Duplaix, Deputy CEO, in charge of Operations and Finance, and succeeds Laurent Claquin, following his appointment as Group Chief Brand Officer. Abrams has served as General Counsel to Kering Americas since 2018. She serves on the Board of the Kering Foundation in the Americas and co-chairs the Women In Luxury Americas internal programme. Ewa Abrams joined Kering following over 17 years at Tiffany & Co., where she held the position of Vice President – Associate General Counsel, Chief Compliance & Privacy Officer. Read full article: https://lnkd.in/efBit4wV

Highstreet retailer Primark has announced the appointment of Nigel Jones as its new Chief Operating Officer. In his new role, Jones will have global responsibility for the Technology function, Supply Chain & Logistics and the Business Transformation function. Nigel Jones joins from Whitbread, a multinational hospitality business where he spent seven years as Group Operations and Transformation Director. Before this, he worked at Tesco for over 25 years. Paul Marchant, CEO at Primark, said: "Nigel joins us with a wealth of experience in running international operations of significant scale across multiple markets including the UK, Europe, and Southeast Asia. With Primark now established in 17 markets, we stand to gain significantly from Nigel’s global expertise across the key areas of Transformation, Technology, Supply Chain & Logistics. I am thrilled to welcome Nigel to Primark and look forward to working with him." Read full article: https://lnkd.in/e9p3pVni

On announces the opening of its first flagship store in France on the Champs Elysées. Located at 65-67 Avenue des Champs Elysées, Paris, the 1,513-square-meter store is the brand's largest to date. For the local community and international visitors to the capital, it offers the opportunity to discover the largest collection of footwear, apparel and accessories, across running, training, tennis, lifestyle and outdoor categories. Diana Dowling, Head of Retail Design at On, explains, “The Champs Elysées is an iconic location for Parisians and visitors from all over the world. With this space, we are able to present multiple collections and have paid special attention to the design as a new dimension to present our apparel offering.” At the end of last year, On opened its first store in France, under the arcades of the Marché Saint-Germain. In total, there are 35 stores in North America, Europe and Asia, including 20 in China. This continued expansion of own retail demonstrates On's commitment to offering customer-centric physical retail experiences on a global scale. Read full article: https://lnkd.in/evMzFMHC

Burberry has announced the appointment of Joshua Schulman as Chief Executive Officer and Executive Director. An American national, Joshua, joins Burberry with a track record of driving transformative growth and value creation as CEO of global luxury, fashion, and retail businesses. Joshua was previously CEO of American fashion brands Michael Kors (2021-2022) and Coach where he also served as Brand President (2017-2020). Prior to this, at Neiman Marcus Group, he was President of Bergdorf Goodman for five years. Schulman commented: "I am deeply honoured to join Burberry as Chief Executive Officer. Burberry is an extraordinary luxury brand, quintessentially British, equal parts heritage and innovation." "I look forward to working alongside Daniel Lee and the talented teams to drive global growth, delight our customers, and write the next chapter of the Burberry story."

Decathlon has launched a new subsidiary dedicated to identifying and developing new growth drivers. An independent entity within the Group, DECATHLON PULSE will invest in innovative people and businesses that share its values and commitment. Its three key levers to build additional long-term growth are: > Build and scale ideas and concepts with strong potential to create standalone new businesses which will complement DECATHLON’s core activities and strengthen the Group’s value proposition.  > Invest as a shareholder in highly innovative companies that could change the sport ecosystem and accelerate the adoption of new sustainable business models. > Acquire strong and forward-looking sports brands and sporting goods distributors that are changing the game by their revolutionising ideas and trailblazing business models. Decathlon has appointed Franck Vigo as Chief Executive of Decathlon Pulse and its Global Chief Executive Barbara Martin Coppola as chair. Read full article: https://lnkd.in/eEAfPQgz

Gymshark to open its second UK store this weekend. Following the success of its flagship on London’s Regent Street. The activewear giant continues its expansion and has moved into a 7,000 sq ft unit in Westfield Stratford City which opens on Saturday 13 July. Gymshark stated that while its flagship store on Regent Street emphasizes experiential spaces and workout classes, its Westfield Stratford location presents "a brand-new scene that offers something a little different." and boasts additional amenities such as a gym and a café. The new Stratford location, which will create over 75 jobs, highlights Gymshark's strong growth and ambition to expand its physical retail presence. Gymshark also plans to open additional stores in Westfield Stratford City and Manhattan, New York City, further solidifying its presence in prime retail locations globally. The new Stratford location, creating over 75 jobs, marks Gymshark's growth and ambition to expand its physical retail presence. Gymshark also plans to open stores in Westfield Stratford City and Manhattan, New York, strengthening its global presence. Full Article:https://lnkd.in/e6nycReJ

Manchester City Football Club announces C.P. Company as official style fashionwear partner The new multi-year partnership will celebrate the shared relationship between the city of Manchester and the Italian brand, established in the 80s through authentic engagement with the football fandom. Bound by a rich industrial heritage and a profound love for music, they symbolize the dreams and aspirations of multiple generations. United, they honour the past and embrace the future, exemplifying a perfect blend of history, subculture, and passion. During the partnership, C.P. Company will also support City in the Community’s (CITC) Healthy Goals program, which will include the renovation of three community and school pitches. Kaitlyn Beale, VP Global Partnership Sales at City Football Group, said: "Both Manchester City and the Italian brand play a key role in football culture in the UK and beyond, with passionate followers and a shared commitment to embracing new trends and innovation"...“We’re looking forward to working with C.P. Company over the coming seasons.” Full Article: https://lnkd.in/eCdjpE-k

Anthony Edwards Minnesota Timberwolves Guard Signs a Multi-Year Extension With adidas Anthony Edwards and Adidas are committed to a long-term partnership. This extended collaboration ensures a prosperous future for Anthony Edwards' shoe line and the overall expansion of the AE brand, while also paving the way for additional product initiatives within the Adidas family. Adidas will strengthen its support for the Team USA and Minnesota Timberwolves star's "Don’t Follow the Wave" initiative, which offers resources and opportunities to underserved youth in local communities. Edwards said: “Adidas and I are creating history together,” “They’ve believed in me from the start and we have a shared vision for the future – which is why this relationship is so special to me. The launch of AE 1 was just the beginning. The world won’t want to miss what’s next. Believe That.” Full Article: https://lnkd.in/dWHa-y8j