Coty to Lay Off 700 Employees; Adidas Reports Double-Digit Growth in Sales Weekly Summary
In the realm of business, several notable events have taken place recently. Let's delve into some of these developments.
Firstly, Charles and Colvard, a well-known company, announced that its stock will be suspended on Friday. The reason for this suspension remains unclear, but the company has chosen not to appeal the decision due to potential costs associated with remaining listed on Nasdaq and complying with its listing standards.
In a fascinating tale of corporate history, Mickey Drexler, the former CEO of Gap Inc and Old Navy founder, revealed that he "borrowed" the name Old Navy. According to Drexler, he registered the name as a trademark in the U.S. the next morning after seeing it on a neon-lit marquee of a dive bar in Paris.
Moving on, Coty, a global beauty company, has been making significant strides. Between fiscal year 2021 and 2024, Coty generated over $700 million in savings, expanded gross margin by over 400 basis points, and delivered over 130 basis points of EBITDA margin expansion. As part of its strategic transformation, Coty is eliminating around 700 positions and aiming to simplify and scale its operating model, reduce complexities, and focus on innovation. The CEO of Coty, Sue Nabi, stated that the goal is to build a stronger, more resilient Coty for sustainable growth.
Puma, another major player in the industry, has been focusing on sustainability. Last year, Puma's products were made with 90% recycled or certified materials, a goal it hit one year ahead of schedule. Moreover, Puma decreased emissions from its operations by 86% compared to 2017 and decreased emissions from purchased goods and services by 17% over the same time frame.
Funko brand Loungefly has launched an accessories collection in collaboration with KFC. The collection includes a sherpa drumstick crossbody bag for $75, a mini backpack for $80, and a Colonel Sanders wallet at $40.
Lastly, Zales, a jewellery retailer, has launched a campaign called "Own It," aiming to court a new generation of confident, fashion-forward consumers. The campaign highlights fine jewelry that can be worn every day and features lab-grown diamonds at accessible price points.
Elsewhere, Adidas reported impressive financial results. With Yeezy sales included, Adidas' sales were still up 13% year over year, reaching 6.2 billion euros (about $7 billion). Adidas' sales grew by 17% on a currency-neutral basis in Q1, excluding Yeezy sales last year. The company also saw an operating margin of 9.9% after operating profit nearly doubled, to 610 million euros.
These developments underscore the dynamic and ever-evolving nature of the business world, with companies continually adapting to meet consumer demands and strive for sustainability and growth.
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