Adidas In Talks With Puma CEO, Kering Looking To Buy Tom Ford, Pyer Moss Announces Final Final Reebok Capsule, M.I.A. Going Out Sad
Additional News: Crocs, Under Armour and Steve Madden all report pretty good quarters
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Adidas has confirmed it’s in talks with Norwegian-born Bjørn Gulden, CEO of Puma, as a potential successor to Adidas AG CEO Kasper Rørsted, news first reported by Manager Magazin. Wedbush analyst Tom Nikic viewed the hire favorably, noting “[Puma] did exceedingly well during Mr. Gulden's tenure, which began in July 2013. After a ‘rest year’ in 2014, Puma has grown revenues at a 14% CAGR, and EBIT margin has improved from ~4% in 2014 to over 8% in 2022 (based on current guidance).
“They benefited most from their emergence as a pre-eminent lifestyle/athleisure brand. Their partnerships with high-influence celebrities like Rihanna, Kylie Jenner, and Selena Gomez helped them address the female athleticwear shopper (long under-served by the athletic industry broadly), and they also generated brand heat through other celebrity partnerships such as Jay-Z, J. Cole, and Nipsey Hussle (R.I.P.) [How impressed am I that a Wall Street analyst put “R.I.P.” after Nipsey…
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