Mar
 14
 2019



Caroline

Hello,

Welcome back to this new edition of The Spin. Today we are looking at the small increase of Adidas sales in Europe. We are also interested in Jumia, the first African unicorn daring to launch an IPO in Wall Street. We are excited by the impending opening of Les Galeries Lafayette on Les Champs Elysees and we watch with horror as bots orchestrate online fraud attacks everywhere. Enjoy the read. Best, Caroline.



markets

Lost momentum. Adidas, the world's second sporting goods company is slowing down (translated by Google).The group just announced an annual revenue of €21.9 billion that shows a small increase of 3%. The retro footwear boom which was a bonanza for Stan Smith shoes and Superstar basketball shoes is losing momentum, especially in Europe. Fortunately the American subsidiary Reebok returned to profitability last year and seems poised to grow again.


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African unicorn. Jumia, Africa's largest e-commerce company is launching its IPO on the New York Stock Exchange. The Amazon wannabe which was founded in 2012 by 2 french men, Sacha Poignonnec and Jeremy Hodara is headquartered in Germany. Jumia is operating in 14 African countries and it is burning through cash. Nevertheless the first African tech unicorn is valued at more than $1 billion and it is expecting to raise $100 million on the market.





retail

A store with a view. Les Galeries Lafayette, which is opening its new Champs Elysees store on March 28, reveals little by little a few details about its retail laboratory. The store has adopted (in French) a geometric futuristic logo which will be shown on the store front and on its bags. The 6500 m2 location will boast (paywall) its personal stylists and a secret room where guests will be invited to see trunk shows and hear lectures by designers. The store will also have a restaurant with a view of the old girl, the Eiffel Tower.



A store without a gun. Dick's Sporting Goods announced (paywall) that it will remove guns from 125 of its 800 stores, where the hunt category has been under performing. The guns and ammunition will be replaced (paywall) by active wear, such as Nike and Adidas apparel. The American company is under pressure to purge its guns category ever since the February 2018 high school shooting in Parkland, Florida. They first halted the sale of assault rifles at all stores, now they are reducing the hunt playground.





brands

Green awards. Stella McCartney and Christopher Raeburn are among 10 brands that were given the CO10 leadership award for sustainability. The business network Common Objective applauded those 10 brands for having pioneered best practice in the fashion industry. Christopher Raeburn for example is a purveyor of menswear clothes, made with a remake, reduce, recycle ethos. The winners will be connected with experts who will impart a wealth of insight in environmental solutions.





tech

Bots alert. The quaterly Forter report on online retail fraud attacks described (paywall) a 47% jump in apparel and accessories year over year. Bots across all sectors multiple returns abuse: they rose 90% year over year. The apparel sector is particularly popular with crooks because it is easy to resell and their practice of buying in bulk doesn't seem suspicious. New releases of limited editions of footwear are also favored by fraudster because future buyers are lining up. Bots are able to perform 100 attacks per second.





people

Banker's promotion. Devin Murphy, chief financial officer of shopping centers Phillips Edison has been promoted as president of the company. The former investment banker has built his real estate career at Morgan Stanley, Coventry Real Estate Advisors and Deutsche Bank Securities. He will assume his new responsibilities in August. Phillips Edison operates more than 300 shopping centers in the United States.





last

collateral damage. The influencer Olivia Jade was a rising star. The 19 year old student of University of Southern California with millions of followers on YouTube had a cosmetic deal with Sephora and a partnership with Australian fashion brand Princess Poly...until her parents, actress Lori Loughlin and designer Mossimo Gianulli were caught in the college cheating scandal. They paid $500 000 in bribes to get her into college. Now followers call brands to sever their ties with young Olivia.







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