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As Nike lags, CEO Elliott Hill said Ohio Buckeyes coach Ryan Day revealed the key to a strong offense

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  • Nike CEO Elliott Hill said the iconic sports-and-sneakers retailer will refocus on appealing to China’s 1.3 billion consumers with a boost from investments in the country’s basketball, track and field, and football teams. Nike is also aiming to wow consumers with a forthcoming spring collection and its partnership with Kim Kardashian’s shapewear line in NikeSkims as it redoubles efforts to focus on product portfolios. 

Nike CEO Elliott Hill, who has less than six months on the job, asked Ohio State Buckeyes football coach Ryan Day how to stay on offense.  

Day told Hill the national championship team applies pressure constantly in all three phases of the game, no matter what team they’re playing against: Get vertical down the field on offense; play suffocating man-to-man coverage so no throw is easy; and, go after punts and have the best athletes returning kicks. For Hill, it describes precisely how he’s thinking about Nike’s strategy right now. 

“Success for Nike has never been about protecting our turf,” Hill said on Thursday. “We force others to play our game. We drive trends, grow markets, we lead.”

Still, right now Hill is weaving Nike through the hairpin curves of a harrowing turnaround. “It’s been a tough couple of years,” said Hill, and the difficulty has continued into 2025 and is expected to spread into 2026. 

The sneaker-and-sportswear chain saw third quarter revenues tumble 9% to $11.3 billion and net income down 32% compared to the prior year. As Hill said Thursday on a call with analysts, the company has committed to its new strategic path, but so far the early efforts haven’t been enough to offset the continued headwinds of its classic franchises. 

“While we met the expectations we set, we’re not satisfied with our overall results,” Hill said on Thursday during the earnings call. “We can and will be better.”

Nike tapped Hill last year to return and lead a turnaround at the company following his departure as an executive after 32 years. Hill’s strategic plan is called “Win Now” and involves five initiatives, three countries, and five cities. According to Hill, the initiatives involve focusing on building Nike’s hustle culture; sharpening the brand; expanding its offerings beyond the classics like Air Force Ones and Air Jordans; rebalancing its go-to market process and Nike Digital arm; and, focusing on local athletes with a more grassroots approach. 

Hill recounted some of the renewed steps Nike has taken in the past three months in doubling down on the brand. Philadelphia Eagles quarterback Jalen Hurts wore red-and-black Jordan cleats during the Super Bowl, where Nike debuted its first advertisement in 27 years. During the halftime show, musical performer Kendrick Lamar wore coach Deion Sanders retro sneakers, and tennis champion Serena Willias wore Chuck Taylors along with musician SZA—all three Nike brands. 

Hill added that Nike brands also “dominated” the NBA all-star weekend in the Bay Area, and said the “passion of sneaker culture” is alive and kicking. 

As for the three countries in the 5-5-3-5 strategic plan, Hill is eying the U.S., United Kingdom, and China as another source of renewed growth. The five key cities are New York, Los Angeles, London, Beijing, and Shanghai.

In the third quarter, revenue declined 15% in Greater China, said chief financial officer Matt Friend. But despite the challenge in the macro environment, sports are a growth area in China and the company is planning to pick up the pace. Nike leases an office complex in Shanghai, which is its headquarters for the Greater China geography. It also has a distribution facility in Taicang, China. Last year, the company’s China revenues increased 8% on a currency-neutral basis due to higher revenues in categories including Men’s, Women’s, the Jordan Brand, and Kids.

Hill said the company has made significant investments in major sports teams in China and now has a product creation arm called GEO Express Lane. One caveat is Hill said he noticed during a trip in December that the competition there was more aggressive than he remembered 4.5 years ago. 

“Good news is, we’re still the No. 1 brand there,” he said. “We’ve just got to accelerate our pace.”

This story was originally featured on Fortune.com



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Primark boss steps down after 16 years due to inappropriate ‘behaviour toward a woman’

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Primark chief executive Paul Marchant has resigned following a company investigation into his behaviour toward a woman “in a social environment”, the budget fashion chain’s owner Associated British Foods announced Monday.

His resignation, which takes immediate effect, comes after he spent 16 years as Primark’s CEO, overseeing its expansion in Europe and into the United States.

“Marchant cooperated with the investigation, acknowledged his error of judgement and accepts that his actions fell below the standards expected by ABF,” the company said in a statement.

“He has made an apology to the individual concerned,” the group added.

ABF said it continues to offer support to the person who brought his behaviour to its attention.

The group did not immediately provide further details when contacted by AFP.

“I am immensely disappointed,” George Weston, chief executive of ABF, said in the statement.

He added that “our culture has to be, and is, bigger than any one individual”.

Marchant will be replaced on an interim basis by Eoin Tonge, ABF’s chief financial officer.

This story was originally featured on Fortune.com



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French minister says many firms won’t respond to U.S. embassy anti-DEI letter: ‘It’s out of the question that we’ll prevent our business from promoting social progress’

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A French minister on Sunday accused U.S. diplomats of interfering in the operations of French companies by sending them a letter reportedly telling them that U.S. President Donald Trump’s rollback of diversity, equity and inclusion initiatives could also apply outside of the United States.

French media said that the letter received by major French companies was signed by an officer of the U.S. State Department who is on the staff at the U.S. Embassy in Paris. The embassy didn’t respond to questions this weekend from The Associated Press.

Le Figaro daily newspaper published what it said was a copy of the letter. The document said that an executive order that Trump signed in January terminating DEI programs within the federal government also “applies to all suppliers and service providers of the U.S. Government, regardless of their nationality and the country in which they operate.”

The document asked recipients to complete, sign and return within five days a separate certification form to demonstrate that they are in compliance.

That form, also published by Le Figaro, said: “All Department of State contractors must certify that they do not operate any programs promoting DEI that violate any applicable anti-discrimination laws.”

The form asked recipients to tick a box to confirm that they “do not operate any programs promoting Diversity, Equity, and Inclusion that violate any applicable Federal anti-discrimination laws.”

The letter added: “If you do not agree to sign this document, we would appreciate it if you could provide detailed reasons, which we will forward to our legal services.”

Aurore Bergé, France’s minister for equality between women and men and combating discrimination, said Sunday that the letter is “a form, obviously, of interference. That’s to say it’s an attempt to impose a diktat on our businesses.”

Speaking to broadcaster BFMTV, she said that France’s government is “following the situation very closely” and working to determine how many companies received the letter.

The minister said that “many” companies have told the government that they don’t plan to reply, “because they don’t have a respond, in fact, to a sort of ultimatum laid out by the U.S. Embassy in our country.”

“It’s out of the question that we’ll prevent our business from promoting social progress,” the minister said. “Thankfully, a lot of French companies don’t plan to change their rules.”

This story was originally featured on Fortune.com



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Myanmar hospitals overwhelmed as deaths from cataclysmic earthquake surge past 1,700: ‘The scale of deaths and injuries is not yet fully understood’

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The death toll from the earthquake that hit Myanmar has risen to more than 1,700 as more bodies have been pulled from the rubble, the country’s military-led government said Monday.

Government spokesman Maj. Gen. Zaw Min Tun told state-run MRTV that another 3,400 have been injured and more than 300 were missing. The military had previously reported 1,644 dead but did not provide specific figures in its update.

The 7.7 magnitude earthquake hit at midday Friday, causing widespread damage, including in the capital Naypitaw and the second largest city, Mandalay.

It was the time of Friday prayers for the country’s Muslim minority during the holy month of Ramadan, and some 700 worshippers were killed when mosques collapsed, said Tun Kyi, a member of the steering committee of the Spring Revolution Myanmar Muslim Network. It was not clear whether they were already included in the official count of casualties.

Tun Kyi said some 60 mosques were damaged or destroyed when the earthquake struck, and videos posted on The Irrawaddy online news site showed several mosques toppling during the quake, and people fleeing from the areas.

In Mandalay, 270 monks were taking a religious exam at the U Hla Thein monastery when the quake hit, crumpling the building.

Rescue workers at the scene Monday said 70 were able to escape, but 50 have already been found dead and 150 are still unaccounted for.

Little is known about the damage in many places

The true number of people killed and injured across the regions hit is thought to be possibly many times the official figures, but with telecommunication outages and extreme challenges to movement around the country, little is known about the damage in many areas.

“We’re really not clear on the scale of the destruction at this stage,” Lauren Ellery, deputy director of programs in Myanmar for the International Rescue Committee, told The Associated Press.

There is a state of emergency in six regions, and Ellery said her teams on the ground and their local partners are currently assessing where needs are the greatest, while providing emergency medical care, humanitarian supplies and other assistance.

“They were talking about a town near Mandalay where 80% of the buildings were reportedly collapsed, but it wasn’t in the news because telecommunications have been slow,” she said.

“Even in areas where there isn’t so much impact, our partner reported to us on Saturday that there were landslides stopping them reaching one of the villages.”

The earthquake, centered near Mandalay — a city of some 1.5 million, brought down buildings and damaged other infrastructure like the city’s airport.

An artificial intelligence analysis of satellite images of Mandalay by Microsoft’s AI for Good Lab showed 515 buildings with 80%-100% damage and another 1,524 with between 20% and 80% damage. Another 180,004 buildings had between 0% and 20% damage, and the AI4G Lab noted that the assessment was a “preliminary guide and will require on-the-ground verification.”

The World Health Organization said it has reports of three hospitals destroyed and 22 partially damaged in the region.

“The scale of deaths and injuries is not yet fully understood and the numbers are expected to increase,” the U.N. agency said in a report.

“The earthquake’s devastation has overwhelmed healthcare facilities in the affected areas, which are struggling to manage the influx of injured individuals. There is an urgent need for trauma and surgical care, blood transfusion supplies, anesthetics, essential medicines, and mental health support.”

A lack of heavy machinery has slowed search and rescue operations, forcing many to slowly search for survivors by hand in the relentless heat, with daily temperatures above 40 degrees Celsius (104 Fahrenheit).

Myanmar’s neighbors and allies are among those lending aid

International rescue teams from several countries are now on the scene, including from Russia, China, India and several Southeast Asian countries.

On Sunday, an Indian team jackhammered through slabs of fallen concrete at one site in Mandalay, cutting rebar reinforcement with an angle grinder powered by a portable generator as they sought to reach lower levels.

They could be seen bringing out one covered body and loading it into an ambulance.

The European Union, Britain, Australia, New Zealand, South Korea and others have announced millions of dollars in aid, either directly or through local partners and international organizations.

U.S. President Donald Trump has said Washington would help, but so far there has been no known assistance to Myanmar.

A small number of American military personnel were sent to assist in Bangkok, where the earthquake shook the Thai capital and killed at least 18 people, many at a construction site where a partially built high-rise collapsed.

Another 33 have been reported injured and 78 missing, primarily at the construction site near the popular Chatuchak market.

Heavy equipment was shut down and authorities urged onlookers to be silent as they used machines to try and detect any signs of life from under the rubble.

Bangkok Governor Chadchart Sittipunt told reporters at the scene that signs had been detected Sunday night, though experts could not determine whether it had been machine error.

Nonetheless, he said he still had hope survivors would be found.

“Even if one life is saved, it is worth all the effort,” he said.

Myanmar, also known as Burma, sits on the Sagaing Fault, a major north-south fault that separates the India plate and the Sunda plate.

The earthquake occurred when a 200-kilometer (125-mile) section of the fault ruptured, causing widespread damage along a wide swath of territory down the middle of the country, including Sagaing, Mandalay, Magway and Bago regions and Shan State.

Beyond the earthquake damage, rescue efforts are complicated by the bloody civil war roiling much of the country, including in quake-affected areas. In 2021, the military seized power from the elected government of Aung San Suu Kyi, sparking what has since turned into significant armed resistance.

Government forces have lost control of much of Myanmar, and many places are dangerous or impossible for aid groups to reach. More than 3 million people have been displaced by the fighting and nearly 20 million are in need, according to the United Nations.

Ellery, of the International Rescue Committee, noted that the area worst hit by the earthquake was already seriously damaged by flooding last year in which many lost homes, and is also where many of the country’s internally displaced people have sought refuge.

Since the earthquake, many people have been sleeping outside, either because their homes have been destroyed or they are worried that the continuing aftershocks might bring them down.

With the monsoon rains starting in May, finding people shelter was going to be a major challenge going ahead, she said.

“But right now we’re focused on the immediate response,” she said.

This story was originally featured on Fortune.com



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