Author: Bloomberg

Asics Corp. is accelerating its global expansion by taking greater control of marathon infrastructure, a strategy executives say will deepen engagement with runners and convert that access into faster growth in running-shoe sales.The 77-year-old Japanese sportswear maker has been acquiring race-registration platforms in markets including Thailand, Spain, France and Australia. These platforms are being linked with Asics’ membership program to create an ecosystem: Runners can register for races, use the company’s tracking app, and receive personalised training plans and footwear recommendations months before race day.Asics views the Sydney Marathon as a successful model, which it would like to roll out…

Gap Inc. reported fourth-quarter results that came in slightly below expectations, as its Old Navy and Athleta brands underperformed. Revenue was $4.2 billion in the period, falling short of the average of analyst estimates compiled by Bloomberg. Old Navy, the company’s biggest brand, and Athleta, its smallest, missed comparable sales estimates, while Gap and Banana Republic beat.Despite the overall revenue miss, the San Francisco-based retailer reported its eighth quarter in a row of comparable sales growth, an encouraging sign in its turnaround effort. For the current year, the company is forecasting a better profit than expected, and a sales range…

The founder of fashion-rental and technology company CaaStle Inc. pleaded guilty to vastly inflating revenue figures to defraud investors who poured more than $300 million into her company.Christine Hunsicker pleaded guilty to a single charge of securities fraud in Manhattan federal court Wednesday, admitting she falsified financial statements to promote CaaStle as a valuable, growing business when in reality it was struggling. “Beginning in February 2019, I knowingly provided false statements about CaaStle’s finances to current and future investors,” Hunsicker told US District Judge J. Paul Oetken. She faces as long as 15 2/3 years in prison under federal guidelines…

Victoria’s Secret & Co. is projecting a more robust year ahead than Wall Street was expecting, with the lingerie retailer expecting revenue to climb to the highest since it split from L Brands Inc. and became an independent company.Net sales should rise to at least $6.85 billion in the current fiscal year, the company said Thursday. That exceeds the $6.77 billion average estimate among analysts surveyed by Bloomberg and would be the highest in seven years.Victoria’s Secret is bouncing back from a prolonged slump during which competition intensified and the company struggled to modernise its image. Chief executive officer Hillary…

Uniqlo plans to accelerate store openings in India, especially in the southern states, as the Japanese apparel maker seeks faster growth and greater market share by targeting more affluent shoppers in the world’s most-populous country. “There’s big space for us to grow in this market,” Kenji Inoue, chief operating officer and chief financial officer of Uniqlo India Pvt., said in an interview. There’s potential to expand its market share by tenfold, as India is recognized to be “an extremely important market for our group,” he said. Uniqlo parent Fast Retailing Co. has a current market share of less than 2…

Activist fund Oasis Management Co. is calling on Kao Corp. to convene an extraordinary general meeting, seeking a probe into the Japanese company’s supply-chain risk management and internal control. Oasis received numerous whistleblower allegations concerning Kao’s supply-chain practices, including potential links to deforestation and human rights violations, it said in a statement on Thursday. The Hong Kong-based fund urged shareholders to support a proposal to commission an independent review. “We have discovered something that cannot be ignored,” said Seth Fischer, chief investment officer and founder of Oasis in a briefing Thursday. “This could potentially derail the brand growth significantly and…

Whoop Inc., the maker of popular screenless fitness bands, plans to increase its staff by as much as 75 percent this year to fuel growth ahead of a potential initial public offering. The Boston-based company intends to add more than 600 new roles across various departments, including software, research, design, hardware, product development, manufacturing, sales and marketing, founder and chief executive office Will Ahmed said in an interview announcing the expansion.The majority of the new employees will be based at the company’s headquarters, he said, with additional hiring planned across North America, Europe, the Middle East and Asia. Whoop currently…

Adidas AG’s earnings forecast disappointed investors hoping for bigger profits from the German brand as it contends with higher US tariffs and unfavourable currency swings.The sportswear company expects an operating profit of around €2.3 billion ($2.7 billion) this year, it said Wednesday, well shy of analysts’ estimates. The shares fell as much as 7.6 percent in early trading, and are down about 42 percent in the past year.In a bid to reassure investors, Adidas extended the contract of chief executive officer Bjorn Gulden — the architect of the company’s revamp so far — through 2030 and elevated Egyptian billionaire and…

Target Corp.’s new chief executive officer is setting big expectations for Wall Street and pledging a return to growth powered by trendy new food products, in-store beauty services and other changes. The big-box retailer struck an upbeat tone on Tuesday during CEO Michael Fiddelke’s presentation to analysts, with executives saying the company expects net sales to grow this year. The shares rose as much as 8.2 percent, the most in almost a year, extending their gain during the event. The optimistic tone, along with better-than-expected guidance earlier Tuesday, show that Target is making progress toward reversing a three-year sales slump.…

Luxury watch devotees can now bet on where the price of their beloved Rolex is headed or which model Patek Philippe will discontinue.Kalshi Inc. is working with watch marketplace Bezel to create so-called event contracts tied to high-end watches as part of a push to expand betting on collectibles, according to executives at the companies.It’s the latest in a string of prediction products rolled out for goods such as sneakers and items like Labubus and Pokémon cards. The contracts allow users to trade on outcomes such as whether an item will surpass a price threshold or predict whether a brand…