MILAN—Fashion brands like Benetton are increasingly turning away from globe-spanning supply chains and low-cost manufacturing hubs in Asia, in a shift that could prove a lasting legacy of the COVID-19 pandemic. Italy’s Benetton is bringing production closer to home, boosting manufacturing in Serbia, Croatia, Turkey, Tunisia, and Egypt, with the aim of halving production in…
Dow, S&P 500 End With Gains up After Bumpy Week, but Nike Drags
September 25, 2021
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NEW YORK—The Dow and S&P 500 edged higher on Friday and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike. Athletic wear company Nike’s shares fell 6.3 percent and were the biggest drag on the Dow and the S&P 500 after it delivered a…
Wall Street Rally Fizzles out as Evergrande Worries Persist; Nike Drops
September 24, 2021
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U.S. stock indexes fell on Friday following a two-day rally, as worries persisted about the spillover from debt-laden China Evergrande, while Nike tumbled after cutting its sales forecast. Six of the 11 major S&P sectors advanced in early trading, with economy-sensitive energy, financials and defensive utilities shares leading gains. Technology and consumer discretionary were the…
Nike Warns on Holiday Delays, Cuts Full-Year Sales Estimate
September 24, 2021
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Nike Inc. on Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit. Months-long factory closures in Vietnam, where about half of all Nike footwear is manufactured, have piled more…
Warholm Warns Shoe Technology Could Hurt Credibility
OSLO—Norwegian hurdler Karsten Warholm is not against innovation in sports but feels the new carbon-technology shoes are hurting athletes’ credibility, the men’s 400 meters hurdles champion at the Tokyo Olympics told Reuters. Karsten Warholm shaved off his own world record by .76 of a second—a massive margin in a one-lap race—to hold off American Rai…
Nike Loses Fight Against EU Probe Into Dutch Tax Deal
BRUSSELS—U.S. sportswear maker Nike on Wednesday lost its fight to stop a probe into its Dutch tax affairs, as Europe’s second-highest court backed an EU investigation opened two years ago. The EU case was part of a crackdown on multinationals’ sweetheart tax deals with EU countries that Brussels says gives them an unfair advantage, among…
Nike Chooses China Profits Over Uyghur Slaves
Commentary Nike’s president and CEO, John J. Donahoe, recently declared his company’s unequivocal fealty to the Chinese tyranny. During the “4th Quarter Earnings Call” to discuss the company’s profit projections, Donahoe bragged that Nike “is a brand of China and for China.” Ponder the blatant hypocrisy of that disgraceful statement. In America, Nike prides itself…
‘Nike Is a Brand That Is of China and for China,’ Company’s CEO Says
Nike’s chief executive said that the corporation is a “brand that is of China,” amid recent allegations of the company being connected to human rights violations conducted by the Chinese Communist Party (CCP). “Nike is a brand that is of China and for China,” CEO John Donahoe told Wall Street analysts last week in response to…
‘Nike Is a Brand That Is of China and for China’ Says the Company’s CEO
The CEO of Nike said that the corporation is a “brand of China” earlier this week, amid recent allegations of the company being implicated with human rights violations conducted by the Chinese Communist Party (CCP). John Donahoe, the new Nike CEO, while speaking to Wall Street analysts, said that “Nike is a brand that is of…
The H&M Incident and the Refinement of the CCP’s Manipulation
Commentary The H&M incident is an excellent example in dissecting China’s internal and foreign affairs. Here I will interpret the performance of Chinese social manipulation in the H&M incident and its fatal flaws. Let me talk about what the H&M incident is. On March 24, the Communist Youth League, an affiliate of the Chinese Communist…
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