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  • US sports apparel firm mulls ditching China for Vietnam

    US sports apparel firm mulls ditching China for Vietnam

    U.S. sports apparel company Brooks Running is considering shifting its manufacturing operations from China to Vietnam to avoid trade war tariffs. The firm’s CEO Jim Weber said Monday that the impact of President Donald Trump’s trade war with China is going to put a 45-percent tariff on his company’s running shoes.

    “We’re preparing for a 25 percent tariff on our business and that’s on top of 20 percent already on running shoes. It’s really going to be upsetting for us,” Weber said.

    Vietnam will be a “possible” new supply chain for Brooks, Weber said, adding that the transition will likely cost “millions” of dollars.

    Weber said he was confident that the move will allow his company to be more competitive in the U.S. and in the world as the tariffs are lower in Vietnam.

    He added that the transition, if it happened, would likely to be permanent.

    The U.S.-China trade war escalated last month as the U.S. levied new tariffs of 10 percent on about $200 billion worth of Chinese products, with the tariffs to go up to 25 percent by the end of this year.

    China retaliated immediately with 5 and 10 percent tariffs on $60 billion worth of U.S. products.

    The announcement by Brooks, which sells sports footwear, apparel, bras and accessories in 50 countries worldwide, came after Adidas CEO Kasper Rorsted said in May that his company is shifting footwear sourcing from China to Vietnam.

    Vietnam has in fact overtaken China as Adidas’ top supplier, with Vietnamese factories producing 44 percent of its shoes by volume last year against 19 percent by Chinese manufacturers, according to the company’s data.

    This is also true of Adidas’rival Nike, which had 46 percent of its footwear made in Vietnam last year, against 27 percent in China.

    Vietnam’s footwear exporters seem to be benefiting from the ongoing trade war.

    In the first nine months this year, Vietnam’s footwear exports were worth $11.74 billion, a 10.2 percent year-on-year increase.

    Vietnam is the second biggest exporter of footwear to the U.S. behind China, shipping 404 million pairs of shoes last year.

    Last year, Vietnam’s footwear exports were worth $14.65 billion.

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  • Vietnam footwear exports benefit from US-China trade spat

    Vietnam footwear exports benefit from US-China trade spat

    Vietnamese footwear exporters seem to be benefiting from the ongoing trade war between the U.S. and China. According to customs statistics, Vietnam’s footwear exports in the first nine months of this year were worth $11.74 billion, a 10.2 percent year-on-year increase. Its exports to China in the period have risen by 28.5 percent, to Japan by 14.7 percent, and to the U.S. by 13.5 percent.

    Vietnam is the second biggest exporter of footwear to the U.S. behind China, shipping 404 million pairs of shoes last year.

    The upward trend is likely to continue, too, as rising wages in China increase the cost of goods produced there and the country is thus directing more of its manufacturing resources toward higher-priced goods like electronics, according to the global footwear news outlet Footwearnews.

    Foreign companies are moving to other countries like Vietnam to cut cost.

    Adidas CEO Kasper Rorsted said last May that his company is shifting sourcing of footwear from China to Vietnam.

    Vietnam has in fact overtaken China as its top supplier, with Vietnamese factories producing 44 percent of its shoes by volume last year and Chinese manufacturers supplying 19 percent, according to Adidas.

    This would help shield the company from potential tariffs or supply chain disruptions if President Donald Trump’s trade war with China continues to escalate, a fact its competitors also seem to be taking notice of.

    Vietnam may see export orders surging as footwear importers shun China to avoid high U.S. tariffs and choose the Southeast Asian nation instead, local media quoted Diep Thanh Kiet, vice chairman of the Vietnam Leather, Footwear and Handbag Association (Lefaso), as saying.

    “Vietnam’s leather and footwear export can reach $19.5 billion or slightly higher this year depending on the situation,” he said. Vietnam’s footwear exports were worth $14.65 billion last year.

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  • Nike’s new House of Innovation in Shanghai

    Nike’s new House of Innovation in Shanghai

    Nike unveiled its first “House of Innovation”, located in Shanghai.

    The new store concept celebrates the brand’s innovations with rotating art installations, workshops, lectures and digitally-led trialing sessions. It also offers visitors exclusive products and collectibles that can’t be found anywhere else.

    On its website, Nike defined the retail space as “cross-category”, “consumer-focused” and “hyper-local”.

    Located in the Nanjing East Road shopping district, the store occupies four floors, spanning over more than 41,000 square feet.

    Access to the Nike Expert Studio, located on the top floor, is restricted to members of the brand’s membership club, NikePlus. There, they have access to even more exclusive items, personalized product picks and private sessions with athletes. NikePlus members can also have one-on-one sessions with a designer to customize select shoes by adding dip-dye, embroidery and other embellishments.

    The sportswear giant intends to launch several Houses of Innovation around the world, with a second store opening planned for New York City this fall. The company did not disclose where future shops will be located.

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  • NIKE, Inc. reports fiscal 2019 first quarter results

    NIKE, Inc. reports fiscal 2019 first quarter results

    NIKE, Inc. has reported fiscal 2019 financial results for its first quarter ended August 31, 2018. For the quarter, double-digit revenue growth was driven by the continued success of the Consumer Direct Offense, which fueled growth across all geographies as well as wholesale and NIKE Direct, led by digital.

    “NIKE’s Consumer Direct Offense, combined with our deep line up of innovation, is driving strong momentum and balanced growth across our entire business,” said Mark Parker, Chairman, President and CEO, NIKE, Inc. “Our expanded digital capabilities are accelerating our complete portfolio and creating value across all dimensions as we connect with and serve consumers.”

    Diluted earnings per share for the quarter were US $0.67, an increase of 18 percent driven by strong revenue growth, gross margin expansion, selling and administrative expense leverage, and a lower average share count, partially offset by a higher effective tax rate.

    “We are delivering stronger global growth and profitability than we anticipated entering this fiscal year,” said Andy Campion, Executive Vice President and Chief Financial Officer, NIKE, Inc. “While foreign exchange volatility has increased, our underlying currency-neutral momentum continues to build as we transform how NIKE operates, drives growth and creates value for our shareholders.”

    First Quarter Income Statement Review

    – Revenues for NIKE, Inc. increased 10 percent to US $9.9 billion, up 9 percent on a currency-neutral basis.

    Revenues for the NIKE Brand were US $9.4 billion, up 10 percent on a currency-neutral basis driven by double-digit growth internationally and in NIKE Direct, strong momentum in North America, and growth in almost every category led by Sportswear.

    Revenues for Converse were US $527 million, up 7 percent on a currency-neutral basis, mainly driven by growth in Europe and Asia.

    – Gross margin increased 50 basis points to 44.2 percent primarily due to higher average selling prices, favorable full-price sales mix and margin expansion in NIKE Direct, partially offset by higher product costs.

    – Selling and administrative expense increased 7 percent to US $3.1 billion. Demand creation expense was US $964 million, up 13 percent primarily driven by sports marketing investments, brand campaigns and key sports moments. Operating overhead expense increased 5 percent to US $2.1 billion driven by investments in capabilities to drive the Consumer Direct Offense, particularly in NIKE Direct and global operations.

    – The effective tax rate was 14 percent, which reflects the new U.S. statutory rate and implemented provisions of the U.S. Tax Cuts and Jobs Act.

    – Net income increased 15 percent to US$1.1 billion driven primarily by strong revenue growth, gross margin expansion and selling and administrative expense leverage while diluted earnings per share increased 18 percent from the prior year to US $0.67 reflecting a 2.5 percent decline in the weighted average diluted common shares outstanding.

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  • Nike’s China sales booms in latest report

    Nike’s China sales booms in latest report

    Booming sales by Nike China helped the sportswear giant record a 10 per cent rise in global revenues in the first quarter.

    Footwear sales in greater China soared 26 per cent, apparel sales by 23 per cent and equipment sales by 8 per cent. Combined sales growth for the region was 24 per cent, from US$1.11 billion last year to $1.38 billion this year.

    Nike China profit rose 27 per cent to $502 million, while combined Asia Pacific and Latin America sales rose 7 per cent to $1.27 billion.

    “Nike’s consumer direct offense [program], combined with our deep line up of innovation, is driving strong momentum and balanced growth across our entire business,” said Mark Parker, chairman, president and CEO at Nike.

    “Our expanded digital capabilities are accelerating our complete portfolio and creating value across all dimensions as we connect with and serve consumers.”

    Revenues for the company’s Converse division rose 7 per cent to $527 million, mainly driven by growth in Europe and Asia.

    Net income increased 15 per cent to $1.1 billion driven primarily by strong revenue growth and improved gross margin.

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  • IconSiam Bangkok due to open November 9

    IconSiam Bangkok due to open November 9

    Bangkok’s massive IconSiam development will open on November 9, its developers have confirmed.

    The US$1.67 billion complex being constructed on a 400-metre-long stretch of the Chao Phraya River will feature 14 flagship stores of internationally renowned brands, many of them taking space in the ultra-luxury 25,000sqm glass pavilion called IconLuxe, located next to the river and featuring the longest pillarless glass facade in the world.

    The development will be home to two shopping centres, whose tenants will include 188 brands and store concepts from around the world making their debut in Thailand, including duplex maisons for luxury brands.

    IconSiam CEO Supoj Chaiwatsirikul says IconSiam will represent “a completely new business model for destination development” in Thailand.

    “We are committed to making IconSiam a new national landmark and an exciting global destination. We have therefore placed particular emphasis on becoming the location of choice for the flagship stores of the world’s finest brands as well as introducing many firsts and innovations at the various outlets.”

    The development will comprise a 750,000sqm mega-destination featuring not only two shopping precincts, but theme parks, a museum, hotel and apartment towers.

    “IconSiam will excite visitors with a rich diversity of offerings, including art and culture, in addition to extraordinary dining and shopping possibilities,” said Chaiwatsirikul. “The project is co-designed and co-activated in collaboration with enterprises of all sizes and with people from all walks of life, and the benefits of the project are shared among all parties.

    “We have made every participant in IconSiam – whether they be outlets selling products, or designers and artists showcasing their creations, or even neighborhood communities helping in our operations – an inseparable part of our business model and they play a part in shaping our development.”

    Flagships line up

    Flagship stores at IconSiam will include the largest Adidas Original store in Asia, H&M-owned fashion label Cos, an Aland lifestyle concept store from Korea, and local accessories brand Naraya. H&M will open a three-level store.

    UK retailer JD Sports will open its first Thai store at the development and Nike’s store will be the first in Asia with a Kicks Lounge.

    The retail development is anchored by Thailand’s first Takashimaya department store from Japan which plans to introduce 170 brands into the market for the first time.

    Details have yet to be released about world-class restaurants and a rooftop bar planned for the complex. Besides those, IconSiam will feature seven food and beverage zones, each with a different atmosphere and concept. Tenants will include Singapore’s Jumbo seafood restaurant and Taiwan’s Harbour restaurant.

    Fitness First will open its largest Thai venue yet.

    Opening festival

    Chaiwatsirikul says IconSiam has budgeted THB1 billion (US$31 million) on an opening and launch festival, including extensive international communications.

    “Because IconSiam will be a showcase for the very best that Thailand has to offer and serve as a platform to propel Thai brands, products, artists, artisans and Thai culture onto the global stage, we are investing heavily to make IconSiam globally visible. We want IconSiam to be a magnet for the country, capable of drawing hundreds of thousands of international and local visitors a day, and to bring honour to Thailand,” he said.

    Meanwhile, the development’s two luxury residential towers remain under construction. The 70-floor, luxury Magnolia Waterfront Residences with 379 residential units is 90 per cent complete, while the 52-floor, super luxury The Residences at Mandarin Oriental Bangkok with 146 units is 80 per cent complete.

    IconSiam is being developed by three Thailand companies: shopping centre operator Siam Piwat, which owns Siam Center, Siam Paragon and Siam Discovery; residential developer Magnolia Quality Development Corporation; and multinational conglomerate Charoen Pokphand Group.

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  • Nike drops matching “Qixi Festival” editions

    Nike drops matching “Qixi Festival” editions

    Nike is celebrating China’s Qixi festival, taking place this Friday, 17 August, with a duo of Classic Cortez Nylon colorways for Men and Women.

    The special edition pack features two colorways inspired by the “Dusk till Dawn” Chinese folklore of Niulang and Zhinu. The Chinese Valentine’s Day celebrates the yearly reunion of the couple, banished to the opposite ends of the Sliver River, on the seventh day of the seventh lunar month through a bridge formed by magpies.

    The Men’s edition features a gradient “Dark Obsidian” hue and the Women’s version a “Flash Crimson” wash, each boasting galaxy stars to represent the fading sky of the summer night. The constellation of Vega (Zhinu star) and Altair (Niulang star) are printed on the heel counter in glow-in-the-dark ink, while a tongue tab branded with “Today is the Day” rounds out the limited edition pair.

    Nike’s Classic Cortez Nylon “Qixi Festival” pack will launch exclusively in China on August 18 via Nike’s SNKRS app and select retailers.

  • Nike x Top Dawg Launches Official Capsule Collection

    Nike x Top Dawg Launches Official Capsule Collection

    Nike and Top Dawg Entertainment are hosting a pop-up shop in Tokyo this weekend ahead of Kendrick Lamar’s Fuji Rock Festival performance.

    To mark the occasion, Japanese clothing brand Undercover has partnered with rapper “DNA” for the release of an exclusive special collaboration capsule.

    The Damn. pop-up shop will feature a number of garments and accessories themed after K. Dot’s latest release.

    One of the capsule’s items has been previewed on Instagram, which unveiled a black T-shirt with “Damn.” written across the front chest.

    The Damn pop-up shop is set to take place at NikeLab’s MA5 location in Tokyo.

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  • Vincom Centre Landmark 81 launched

    Vincom Centre Landmark 81 launched

    Vingroup has opened its 55th shopping centre, The Vincom Center Landmark 81 mall, in Ho Chi Minh City’s Binh Thanh district.

    The 50,000sqm shopping centre occupies six of the skyscraper’s 81 storeys, housing 100 domestic and international brands in cosmetics, fashion, F&B, and entertainment.

    Fashion brands include Versace Jeans, Calvin Klein, Adidas, Tommy Hilfiger, Lacoste, French Connection, Kimmay, Superdry, H:Connect; Cole Haan, Ecco, Dune London, Parfois, Aldo, Pandora, Longines, OWL and Nike.

    The 7000sqm food and beverage area features 30 restaurants, including China’s Peach Garden, Japan’s Dozo Sushi, Vietnamese restaurants Delights, Di Mai, and coffee shops including Starbucks’ largest Vietnam outlet and Highlands Coffee.

    In the entertainment area, there is a 2000sqm Vincom Ice Rink, Vietnam’s largest, and a CGV cinema complex including an Imax screen, as well as a tiNiWorld entertainment complex and an indoor games centre.

    Vingroup’s food arm VinMart operates a supermarket there.

    Go to gallery below to view the launching event :
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  • Nike to rise salary of its employees

    Nike to rise salary of its employees

    After an internal review of the company’s pay structure, Nike has decided to increase the salaries of about 7,400 employees globally. 

    Ten per cent of the company’s workforce, across all job levels, will have their pay adjusted starting next month said Nike spokeswoman Illana Finlay in a statement on Monday. These changes are aimed to keep Nike salaries competitive within their industry, and “support a culture in which employees feel included and empowered.”

    The review comes at a time in which Nike’s HR policy is in the spotlight with several executive-level resignations, including president Trevor Edwards, in which Nike flagged “conduct inconsistent with Nike’s core values and against our code of conduct,” though there were no direct allegations of misconduct against Edwards.

    At the time, Nike’s human resources chief Monique Matheson noted the company had “failed” in promoting and hiring women and other senior-level positions.

    “While we’ve spoken about this many times, and tried different ways to achieve change, we have failed to gain traction,” said Matheson.

    “Our hiring and promotion decisions are not changing senior-level representation as quickly as we have wanted.”

    Deloitte LLP managing principal and vice chairman Cathleen Benko was recently appointed to the company’s board of directors, bringing experience leading an award-winning women’s initiative and broader inclusion focus at Deloitte.

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  • Nike to fill former Esprit flagship space

    Sportswear brand Nike will take over a 7000sqft shop in the Leighton Centre for a monthly rental of HK$1.5 million (US$190,000).

    The space formerly housed an Esprit flagship, with the local fast-fashion brand reportedly paying rent of HK$2 million (US$255,000). Esprit vacated the space, located in one of the world’s busiest and priciest shopping districts, at the end of June. Esprit’s departure comes at a time when many Hong Kong retailers are abandoning or renegotiating prime streetfront locations.

    The 26,000sqft Esprit flagship at Tsim Sha Tsui was also vacated earlier this year before being taken over by a shoe retailer.

    The company took a net loss of HK$954 million (US$121.5 million) in the second half of 2017. It is currently poised to close more than 40 European stores.

  • Nike new concept revealed

    Nike new concept revealed

    Nike has opened its newest store concept, Nike Live, in Melrose Avenue, Los Angeles.

    The store, “powered” by the insights and engagement of thousands of nearby NikePlus loyalty program members, features a lockbox pick-up service where members may secure unique offerings reserved via the Nike App or through Swoosh text.

    President of NikeDirect Heidi O’Neill said: “Nike Live stores are specifically designed to be a service hub for local NikePlus members… as well as being the first Nike Live destination, we will also test services that can then roll out to other Nike stores, combining digital features with a unique physical environment to create the future of Nike retail.”

    The new concept was created in support of Nike’s efforts to unite digital and physical shopping experiences for its consumers, and to further personalise the NikePlus Member in-store journey. Both the location and the product assortment of the store was selected using insights gained from NikePlus member activity and buying patterns.

    When walking in the store, shoppers can make a first stop for service at the Nike Sneaker Bar. There they can talk with a Nike Expert about the lifestyle and performance footwear available, request to try-on an item on the spot, purchase and go.

    Members have access to the NikePlus Unlock Box, where they can scan their member pass every two weeks for unique Nike products and goods. The store also uses Nike’s Nike App at Retail service, allowing them to reserve product to in-store digital lockers; scan product barcodes to learn more (i.e. product availability in nearby stores or online, and available colorways); book Nike Express Session appointments for one-to-one personal service; and access new features and content in the app.

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  • Federer moves to Uniqlo after leaving Nike

    Federer moves to Uniqlo after leaving Nike

    20-Grand-Slam champion Roger Federer has walked away from a decade long partnership with Nike, signing on to a new deal with Japanese fashion retailer Uniqlo.

    Federer will represent Uniqlo at all tennis tournaments throughout the year, starting with The Championships at Wimbledon 2018.

    Mr Federer is one of the greatest champions in history; my respect for him goes beyond sport,” said Tadashi Yanai, Uniqlo founder and chairman, president and CEO of fast retailing.

    “Our partnership will be about innovation on and off court. We share a goal of making positive change in the world, and I hope together we can bring the highest quality of life to the greatest number of people.

    “Uniqlo will help Mr. Federer continue taking tennis to new places, while exploring innovations in a number of areas including technology and design with him.”

    Federer noted that he was deeply committed to tennis, but also shared Uniqlo’s values.

    “We share a strong passion to have a positive impact on the world around us and look forward to combining our creative endeavors,” said Federer.

    It is interesting to note that Uniqlo is not a sports company, but describes itself as a life company that creates LifeWear, “apparel that comes from the Japanese values of simplicity, quality and longevity.”

    In addition to Federer, the Uniqlo global brand ambassadors are Kei Nishikori (tennis), Shingo Kunieda and Gordon Reid MBE (wheelchair tennis) and Adam Scott (golf).

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  • VivoCity mall extension start operating

    VivoCity mall extension start operating

    Singapore’s VivoCity mall has opened a new 3000sqm basement extension housing 10 fashion, athleisure and lifestyle brands.

    Mapletree Commercial Property Management VP for marketing communications Gwen Au said the new extension will allow shoppers to discover new retail concepts and expanded fashion and lifestyle collections.

    A new escalator lobby has been constructed leading through the extension to improve access to and from the Harbourfront MRT station.

    One of the new tenants in VivoCity B1 is Fila, which is launching three concepts under the one roof – Fila, Fila Kids, and Fila Fusion – offering buyers a range of performance, sport couture, and lifestyle collections. Adidas will also present multiple store formats in the extension, unveiling its stadium concept store (featuring performance wear) next to a new Adidas Originals flagship (offering street style fashion trends).

    Other brands opening in the extension include New Era, Nike, L.E. Underground, Weston Corp and Xiaomi.

    Images of the retail stores open can be viewed below :

     

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  • Supreme and Nike sneaker collaboration is launched

    Supreme and Nike sneaker collaboration is launched

    Supreme and Nike have teamed up to release one of the highest-profile sneaker collaborations this year.

    The cross-branded release updates Nike’s road racing Air Streak Spectrum Plus, originally released back in 2003, with a new version in black with lime and blue flames “Black/Volt”. Another variant is the original white and red colourway “White/Habanero-Red”.

    Both designs are upgraded with a mesh upper, Phylon midsole, and a mesh tongue carrying the Supreme logo. The insoles are dual branded.

    The Supreme x Nike Air Streak Spectrum Plus Spring 2018 collection will be released on June 14 (June 16 in Japan) exclusively at Supreme stores and on its website.

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