The News In Brief
Report: Prada to Decide on Versace Deal This Week
A takeover valuing Versace at €1 billion, one third lower than expected, could be announced on Thursday, according to Italian media reports.
Nike, Lululemon Rebound as Trump Touts Call With Vietnam Leader
Shares in companies with large manufacturing operations in Vietnam, including Nike and Lululemon, soared Friday after President Trump announced he’d had a “very productive call” with Vietnamese leader To Lam.
Trump Extends TikTok Sale Deadline by 75 Days, Vows to Work With China
“The deal requires more work to ensure all necessary approvals are signed,” Trump said on social media.
China Retaliates Against Trump in Trade War With 34% Tariffs on US Imports
China’s retaliatory tariffs signal a major escalation of a trade war ignited by Donald Trump, fuelling fears of global recession.
Struggling Puma Names Former Adidas Sales Chief as CEO
The sportswear company cited “differing views on strategy execution” as the reason it’s replacing CEO Arne Freundt with Arthur Hoeld.
Goldman Sachs to Lead €2.5 Billion Financing for Prada-Versace Deal
€1.5 billion would be used for the acquisition with a further billion to invest in relaunching the brand, Italian trade publication MF reported citing unnamed sources.
Report: Hailey Bieber Explores Sale of Her Beauty Brand Rhode
Bieber has hired bankers at JP Morgan and Moelis to prospect an initial sale process, sources told Reuters.
Swiss Watch Industry Sees Tough Times Ahead Over Trump Tariffs
Shares in European luxury companies have dropped since Trump announced 31 percent tariffs on goods from Switzerland and 20 percent on goods from the EU.
Trump Tariff Shock Stings Bangladesh, Sri Lanka Garment Giants, May Help India
As Trump hits Bangladesh with a 37 percent tariff, India may have gained an economic advantage.
Vanity Fair Editor-in-Chief Radhika Jones to Step Down
Jones will leave the Condé Nast publication this spring, a spokesperson confirmed.
Sneaker and Apparel Retailers Blindsided by Tariffs on Asian Factory Hubs
Shares in Nike, Adidas and Puma plummeted after Vietnam, the second-biggest apparel exporter to the US, was hit with a 46 percent tariff rate.
Bread Beauty Supply Acquired by Cost of Doing Business, the Holding Company Led by Topicals Founder
Co-founded by Olamide Olowe and her Topicals president, Sochi Mbadugha, CODB Holdings will own and operate the premium hair care brand.