Welcome back to The Spin! Walmart is cutting costs - and jobs - by outsourcing its finance and accounting department, several retailers and a gym operator are going to open their own branded hotels in New York City, and Kanye West is about to make up to $65 million this year from his Yeezy partnership with Adidas. Enjoy the read and feel free to share! Best, Ulrike


Walmart's tighter ship. Starting this September, Walmart will lay off 569 employees in connection with the closure of its finance and accounting department in Charlotte, South Carolina. As announced last fall, the US retail giant will outsource its finance and accounting work to New York-based service provider Genpact. This move follows last year’s lay-offs in Walmart’s corporate office and optical services, and a slew of store closures.


Adidas' $1.3 billion brand. According to the New York Times, less than 4.5 percent of Adidas’ 1,700 employees at its Portland campus identify as black. The scathing report, to which Adidas already responded (paywall), also projects this year’s sales for its Yeezy brand at more than $1.3 billion, which should net designer and rapper Kanye West a paycheck of up to $65 million.

Show me the money. Turkish textile company Cemsel Tekstil has not completed a planned capital increase for René Lezard, which is now looking (paywall; translated by Google) for new investors. Cemsel announced its acquisition of the German fashion company last October. Following a capital injection, which failed to materialize for unknown reasons, Cemsel was to hold a 60 percent majority in René Lezard Mode AG. The current status of the relationship between the two companies remains unclear.

This ole shoe. Between July 11-21 on eBay, shoezeum will auction off a 47-year-old pair of Nike Moon Shoes aka Waffle Racers, which is one of the first styles ever made by Nike. Originally owned and worn by now 71-year-old Dave Russell, the handcrafted style’s most interesting feature are the soles, famously molded by a waffle iron, leaving a moon shaped tread. After 135 bids at an auction in 2016, a similar model went to a Malaysian shoe collector for $11,200.


Losing 60 customers a week. Suffering from decreasing traffic and increasing competition from fast fashion and digital retailers, Australian fashion retailers are failing in an unprecedented way. Among the many retailers that entered voluntary administration in the last three years are Topshop and Topman Australia, David Lawrence, Shoes of Prey, Laura Ashley and Ed Harry.


From L&T to Adidas. Vanessa LeFevbre, who just relinquished her position as president of HBC's embattled Lord & Taylor division, is joining (paywall) Adidas North America as VP, commercial. In this role she will oversee the German sports giant’s entire commercial strategy in the region, including wholesale, retail and eCommerce. She succeeds and reports to Zion Armstrong, who has been promoted to president of Adidas North America.

End of an era. After more than 50 years with Peek & Cloppenburg, general manager Harro-Uwe Cloppenburg is going to retire (paywall; translated by Google). The 78-year-old took the helm at his parents’ Düsseldorf-based fashion retailer at age 27, leading the company through massive expansion and several transformations. Recently, though, development at P&C began to stagnate, requiring (in German) the help of McKinsey.


Stay with me. Following the example of fashion companies like LVMH and Versace, US food retailers like Taco Bell as well as furniture and workout specialists have started to open hotels. New York-based gym operator Equinox will open its hotel at New York's Hudson Yards in July. Furniture retailer RH will follow with the opening of its RH Guesthouse later this year, while competitor West Elm, plans to debut the first of five planned hotels in 2020.


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