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Adidas to Close Stores

Chief Executive of Adidas says they expect to close down many stores in the coming years as part of a shift towards selling more goods online.

Adidas expects to close down stores as part of a shift towards selling more goods online.

In an interview with the Financial Times, Kasper Rorsted said "over time, we will have fewer stores but they will be better," adding that over the coming year the number of Adidas stores was expected to contract slightly.

"Our website is the most important store we have in the world."

Adidas, which wants to double its e-commerce sales to €4 billion ($4.91 billion) by 2020 from the €1.6 billion it hit last year, with 2,500 stores globally and 13,000 additional mono-branded franchise stores, the Financial Times have said.

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Adidas to Close Stores

Adidas expects to close down stores as part of a shift towards selling more goods online.

In an interview with the Financial Times, Kasper Rorsted said "over time, we will have fewer stores but they will be better," adding that over the coming year the number of Adidas stores was expected to contract slightly.

"Our website is the most important store we have in the world."

Adidas, which wants to double its e-commerce sales to €4 billion ($4.91 billion) by 2020 from the €1.6 billion it hit last year, with 2,500 stores globally and 13,000 additional mono-branded franchise stores, the Financial Times have said.

LVMH aims to become leading luxury start-up hub in Europe

France's LVMH is helping projects by upcoming entrepreneurs in the luxury goods space, including a start-up whose software might help detect counterfeits. The owners of Louis Vuitton, aim to support the new businesses by hosting them in a mega-campus where they can collaborate with its in-house brands.

LVMH, the world's biggest luxury goods group, is following in the footsteps of French cosmetics giant L'Oréal in grabbing a corner of Station F, a vast startup incubator in Paris where it offers rent-free space to the startups.

"The idea is to animate and activate those conversations around the things that might affect the luxury industry," said Ian Rogers, who is a former Apple executive who joined LVMH in 2015 as chief digital officer.

Paris is among one of the major European cities bidding to displace London's dominance in the startup scene as BREXIT looms and President Emmanuel Macron pushes a pro-reform agenda to promote business and investment.

Station F was launched last year by French billionaire Xavier Niel, who is also the partner of Delphine Arnault, an executive at Vuitton and daughter of LVMH boss Bernard Arnault.

What are the New Names to Know in Mens Fashion:

New brands like GmbH in Berlin to Grace Wales Bonner and Charles Jeffrey in London, Fengchen Wang and Xander Zhou in China, and Avoc and Y/Project in Paris are fresh, diverse and without any boundaries.

Nike Loses More People Amid Misconduct Probe

Nike Inc.’s Converse brand lost its chief marketing officer to streetwear label Supreme, Business of Fashion reports.

Julien Cahn resigned from Converse earlier this year and left the company in February for a marketing role at the up-and-coming brand. Cahn joined Converse in 2016 from parent Nike. Several executives have recently left Nike in the wake of an internal probe into misconduct, though Cahn’s departure wasn’t related, people said. Nike began an internal review of misconduct last month, after complaints from employees. A handful of executives have exited, including Trevor Edwards, who was one of the favorites to succeed Chief Executive Officer Mark Parker.

Last week, an analyst’s report said nine Nike employees at director level or higher, including Cahn, had left the company in the past 35 days amid “recent cultural turmoil.” Nike executives go from director to senior director and then vice president. The departures are seen adding additional “downside risk” to Nike’s long-term growth trajectory, Sam Poser of Susquehanna Financial Group wrote in a note to clients.

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