SA News • Fri, Jan. 23
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Fri, Jan. 23, 6:18 AM
- Adidas (OTCQX:ADDYY) has sold its Rockport shoe business for $280M to a new entity formed by Berkshire Partners and New Balance, as the German company narrows its focus on sporting goods.
- CEO Herbert Hainer is under pressure for a turnaround after scrapping sales and profit targets for 2015 last year because of slumping demand for golf supplies in North America and turmoil in Russia.
Oct. 20, 2014, 2:02 AM
- A group of investors from Hong Kong and Abu Dhabi is launching a €$1.7B ($2.2B) bid to buy Reebok from Adidas (OTCQX:ADDYY) following years of disappointing results and fading market share.
- Hong-Kong based private equity fund Jynwel Capital and funds affiliated with the government of Abu Dhabi plan to send a letter to Adidas proposing the deal.
- Adidas bought Reebok in 2006 for approximately €3B ($3.8B).
Oct. 1, 2014, 4:13 AM
- Facing investor discontent over its underperforming share price, Adidas (OTCQX:ADDYY) announced plans to buy back up to €1.5B ($1.89B) in shares over the next three years.
- The news also follows the company's third profit warning this year, announced in July, attributed to a plunge in sales at its golf business and its exposure to a weak Russian market.
Nov. 11, 2013, 4:55 AM
- Alibaba expects to sell 30B renminbi ($5B) worth of goods today in celebration of "Singles Day" in China, which the online giant has managed to turn into by far the world's largest e-commerce discount event, even surpassing Cyber Monday in the U.S.
- Major foreign multinationals have also been participating in the celebration - or lamentation - of "singlehood" by offering notable online bargains, including Nike (NKE), Adidas (ADDDF), Procter & Gamble (PG), Unilever (UL) and Samsung (SSNLF, SSNGY).
- And why is it called singles day? Because November 11, or 11/11, has four 1s, or singles.
Nov. 7, 2013, 3:59 AM
- Adidas' (ADDDF) Q3 net profit dropped 8.1% to €316M, in line.
- Sales tumbled 7% to €3.88B, also as expected.
- Operating profit dropped 6% to €463M, slightly below forecasts.
- Adidas' earnings were hurt by currency swings, "unexpected short-term distribution constraints" in Russia and the CIS, and poor sales of golf products.
- Q3 also faced tough comparisons with last year, when the Olympics and European soccer championships took place.
- Adidas reiterated that it expects sales to rise by a low single-digit rate in 2013 and that it predicts an operating margin of approximately 8.5%.
- Adidas CEO Herbert Hainer believes that momentum at the sportswear company will return in Q4 and beyond, especially with the FIFA World Cup set to take place in the summer of next year. (PR)
Oct. 16, 2013, 1:41 PM
- A day after Nike unveiled its FuelBand SE smart bracelet, Adidas (ADDYY.PK -0.6%) unveils a smartwatch of its own. Priced at a loftier-than-rivals $399, the device will offer built-in GPS tracking, Bluetooth connectivity, and pulse-based heart rate tracking.
- Unlike its competitors, Adidas' offering is a standalone device with its own flash storage for music and will lack smartphone integration, reports The Verge.
Nov. 23, 2011, 11:52 AMAmidst ever-clearer signs its economy is rolling over, China is seeing a sharp rise in labor unrest, as something new - factory closures and salary cuts - combines with poor working conditions. Despite reports of labor shortages, one watcher says firms do not hesitate to pass on the effects of slowing orders to their workers. | 6 Comments
Mar. 17, 2011, 1:13 PM
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