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Garment workers sewing England's World Cup jerseys are paid one pound per hour

In 2018 the England football team came under fire after the Telegraph published a story of Bangladeshi garment workers being paid 21 pence to sew England’s 160 pounds World Cup kit. Fast forward to Qatar, where a new jersey design and new factory have similarly adopted the practise of low paid factory workers, this time in association with Nike....

Nov 22, 2022

Report

Nike declares 11 percent increase in quarterly dividend

Nike, Inc. board of directors has approved a quarterly cash dividend of 0.340 cents per share on the company’s outstanding Class A and Class B Common Stock. This, the company said, represents an increase of 11 percent versus the prior quarterly dividend rate of 0.305 cents per share. “Today’s announcement marks Nike’s 21st consecutive year of...

Nov 16, 2022

Fashion Featured

Nike launches Web3 platform Swoosh

Nike has launched a new web3-enabled platform for the brand’s virtual designs and digital community. Called Swoosh, the sporting giant said the platform will have its own domain – welcome.swoosh.nike - where users can create, purchase and potentially earn royalties from interactive digital objects such as virtual shoes or jerseys. Currently in...

Nov 15, 2022

Fashion Featured

Finland is crowned Europe's most sustainable shopping country

Finland is Europe’s most sustainable destination for shoppers according to new research. The Northern European nation ranks the highest in a Sustainable Development Report of all UN member states, scoring 86.51 out of a possible 100. Research from Savoo measured the country’s recycling rate, consumption footprint, waste per capita, and the...

Nov 10, 2022

RetailFeatured

Nike Korea to ban re-sellers, will other countries follow suit?

Nike Korea is taking action against the reselling of its products, especially sneakers, with new terms and conditions banning certain purchases. The sportswear giant will retain the right to cancel orders if there are indicators leading to an intent to re-sale. The news comes after one of its coveted Air Force 1 series x Louis Vuitton was sold...

Oct 11, 2022

Business

High inventory and strong U.S. dollar hamper Nike's profits

Nike saw shares fall 9 percent after reporting its inventory grew 44 percent over last year in the first quarter of 2022. The strong dollar is hampering foreign exchanges and denting profits, including at Nike. When the dollar is high it makes the price of U.S. goods more expensive abroad. Nike must also reduce its high inventory, of which...

Oct 4, 2022

Business

Zalando builds on Nike partnership with membership programme

European e-commerce platform Zalando has announced an evolution in its strategic partnership with Nike with the introduction of a new membership programme. The feature will gradually roll out through 10 European countries, starting with Austria in October. Customers in each of the regions will be able to access a selection of products once...

Sep 30, 2022

Retail

JD and Nike connect on membership rewards programme

JD Sports has announced a new partnership with Nike which will see the duo collaborate on a membership rewards programme designed to enhance customers’ shopping experience. JD will be the first European retailer to work with Nike for its Connected Partnership concept, an integrated loyalty programme which will offer JD customers access to select...

Sep 30, 2022

ManagementFeatured

Nike's Q1 sales up but net income declines by 22 percent

First Quarter revenues at Nike, Inc. increased 4 percent to 12.7 billion dollars compared to the prior year and were up 10 percent on a currency-neutral basis. However, gross margin decreased 220 basis points to 44.3 percent, while net income was 1.5 billion dollars, down 22 percent and diluted earnings per share were 93 cents, decreasing 20...

Sep 30, 2022

Report

Nike appoints two new board member

Sportswear giant Nike has announced the appointment of Mónica Gil and Bob Swan to the company’s board of directors. Gil, who serves as chief administrative and marketing officer at NBCUniversal Telemundo Enterprises, has overseen a number of marketing and brand campaigns across the organisation’s various properties, including the broadcast of...

Sep 22, 2022

BusinessFeatured

Global footwear manufacturing is shifting from China to Vietnam

China, the world’s leading producer of footwear, has Vietnam hot on its heels. Ranking second place, Vietnam exports over 1 billion pairs of footwear every year, and its output is steadily increasing. New data from Research and Markets show Vietnam's footwear exports to the EU account for the largest proportion of total exports. By the end of...

Sep 14, 2022

Business

Nike debuts robot-powered system to extend life of sneakers

Nike has revealed a robot-augmented system in its Nike Town London store designed to clean and repair shoes with the goal of extending their lifecycle. ‘Bot Initiated Longevity Lab’ (BILL) is part of the retailer’s latest efforts in steering towards a circular future, with the robot’s primary purpose set out to be helping Nike reduce its impact...

Sep 13, 2022