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Nike design chief wants ‘epic’ shoes and wants them now

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Bloomberg

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October 23, 2025

For decades, Nike Inc. told its customers to Just Do It. Now its designers, engineers and scientists have their own mantra: “Create epic s–t.”

Experimental Nike sneakers – Nike x Windowsen

That mandate comes straight from their new boss, who has used the phrase in internal presentations and documents. Phil McCartney, who’s worked at Nike for nearly three decades, was named chief innovation, design and product officer in May, tasked with fixing one of the world’s largest sportswear company’s biggest problems: its stalled development engine.

“By nature, I’m pretty impatient,” McCartney says during a recent interview at Nike’s headquarters in Beaverton, Oregon. “It’s OK to push some edges and try some crazy things.”

So far that means placing a primary focus on speed: Releasing items as early as 12 months ahead of schedule, launching new shoes that the company claims will stimulate the brain and developing a product for which the prototypes look like robot legs.

McCartney, 51, is hoping new products will get shoppers excited about Nike again. In recent years, the brand lost customers by leaning too hard on selling retro lifestyle sneakers, while neglecting gear that appeals to athletes. Last year, the company shed $5 billion in revenue and replaced its chief executive. Revenue has declined six quarters in a row on a currency-neutral basis and shares are down 8.7% this year.

Now McCartney is working to reinvigorate departments that had long ago come up with breakthroughs, like the Air cushioning system, Flyknit digital engineering and ZoomX lightweight foam. 

“I see it as appropriate acceleration rather than rushing,” he says. 

On this afternoon in October, McCartney is walking around an indoor track at the Nike Sports Research Lab inside the new LeBron James Innovation Center, one of the many testing facilities on Nike’s vast campus. The track is embedded with force plates that measure a runner’s foot strikes; the basketball court and turf field have motion-capture cameras to better understand athletes’ movements. Nearby climate chambers are used to study the science of sweat in different thermal conditions.

He’s eager to show off four of the newest creations- at varying stages of viability- that teams from his staff of more than 4,000 are working on. Prices and release dates haven’t yet been announced.

There’s Nike Mind, a shoe that claims to calm athletes by targeting pressure points to stimulate certain parts of the brain. The Air Milano jacket is set to debut at next year’s Winter Olympics in Italy- its all-new construction method allows the wearer to inflate and deflate the garment to adjust temperature levels. And lightweight AeroFit fabric, which uses mesh structures also to help regulate body heat, is nearing its launch day.

The most ambitious is called Project Amplify. It’s an attempt at a powered footwear system- the device springs the user forward with each step, helping them walk or run farther distances. Prototypes look like retrofitted robo-legs, but each iteration is getting sleeker. It’s still far from commercial viability and the company doesn’t expect it to reach the market until 2028.

“Innovation and product development is everything- they need products to resonate to get shoppers interested,” says Poonam Goyal, an analyst at Bloomberg Intelligence. “Should they fail, the turnaround fails.”

Nike’s innovation staff are encouraged to spend 20% of their efforts trying to develop moonshot concepts that probably won’t ever make it to store shelves. It’s a policy usually found at a Silicon Valley startup, not a shoemaker.

“I’d expect a much lower hit rate” from such projects, McCartney says. 

His ascendance is part of a larger restructuring spearheaded by chief executive officer Elliott Hill, who came out of retirement to take the job last year. In August, Nike completed months of ousters, promotions and hirings in its C-suite, with Hill swapping out most of his direct reports across divisions. 

He also shifted 8,000 employees to new roles centered around specific sports, such as basketball and running, while laying off less than 1% of his corporate workforce. 

“I want us to go faster,” Hill says. “Make stuff people want, need, and when we’re at our best, make stuff that people don’t even know is imaginable.”

An elite runner from Newcastle, England, McCartney took a job with Nike after college, where he studied sports science. He’s worked with Hill in various roles over the years, most recently as general manager of the company’s footwear division, along with Mark Parker, Nike’s executive chairman and former CEO who still gets involved in projects.

To prepare for the 2026 World Cup, set to be held in the US, Canada and Mexico next year, he’s overseeing staff as they work on improvements across Nike’s global football footwear, apparel and equipment, including products like its Tiempo cleats.

McCartney recently flew to Converse headquarters in Boston as management hopes it can benefit from deeper involvement with Nike’s R&D capabilities. With revenue down 28% last quarter, executives at Converse, Nike’s smallest label, have started to reset the brand’s Chuck Taylor sneaker line.

He’s also reworking Nike’s running category, which has struggled to fend off rising competition from brands like On and Hoka.

In one recent experiment from his team, runner Faith Kipyegon attempted a four-minute mile in Paris in custom Nike track spikes developed by McCartney’s teams. 

She fell short, but broke her own world record with an unofficial time of 4:06:42. 

“Make athletes better,” McCartney says of Nike’s innovation philosophy. “If it’s not, we shouldn’t do it.”
 



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Central bank body BIS raises concerns of gold and stocks double bubble

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Reuters

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December 8, 2025

The combination of gold and share prices soaring in unison is a phenomenon not seen in at least half a century and raises questions of a potential bubble in both, global central bank umbrella body, the Bank for International Settlements, says.

Gold seized included coins, bars, and jewellery (photo for illustrative purposes only) – REUTERS/ Ajay Verma/File Photo/File Photo

While equity markets continue to be driven by AI and tech gains, gold’s 60% surge this year is set to be its biggest since 1979, fuelling debate about whether its traditional role as a safe-haven asset has changed. “Gold has behaved very differently this year compared to its usual pattern,” Hyun Song Shin, economic adviser and head of the Monetary and Economic Department at the BIS said as it released its ⁠final report of the year on Monday. “The interesting phenomenon this time has been that gold has become much more like a speculative asset.”

Dubbed the central bank to the world’s central banks, the BIS has given regular warnings ⁠about potential stock market bubbles in recent years, but its concern around the co-movement with gold is two-fold. Where would investors shelter if stocks and gold both crash. And what could it mean for central banks and other reserve managers given some have been heavy buyers of gold.

The BIS’ analysis concluded that this year has been the first time gold and the ‍S&P 500 have ‌jointly exhibited “explosive behaviour” in the last 50 years. Not only is gold up 60% this year, it is up more than 150% since ⁠2022 when the post-Covid pandemic surge in inflation ‌began to impact markets, alongside Russia’s invasion of Ukraine and subsequent Western sanctions on Moscow.

Another possible bubble warning sign is ‌that retail investors have also been piling in. Gold exchange-traded fund (ETF) prices have been consistently trading at a premium relative to their net asset value (NAV) this year, signalling “strong buying pressure coupled with impediments to arbitrage,” the BIS said.

Central banks’ purchases have “clearly set a very firm tone in the price of gold,” Shin added. “Whenever you have prices actually doing quite well, you will see other investors jumping in, and certainly ‍retail investors have also taken part (in the rally), and not just in gold”.

The BIS gave a broader warning too about the “growing fragility” of the risk-on environment amid the concerns about artificial intelligence (AI) valuations and the recent 20% dives in cryptocurrencies like bitcoin. The European Central Bank and ‌Bank of England have both raised ⁠their ​own AI bubble concerns in recent weeks and the risk of an abrupt burst if investors’ rosy expectations ⁠are not met.

Shin ​said the profits being made by the AI firms- now spending enormous amounts on data centres- was an important difference between now and the “dotcom bubble” of the early 2000s when firms weren’t making money. The “fundamental question,” however, is whether those expenditures will be seen as being justified ​in the long run, Shin said, adding that the other key determinant for markets will be how the global economy holds up next year. “So far, activity has been surprisingly resilient,” Shin said.

The BIS is also watching where ⁠the dollar goes from here. This year it is headed for its ⁠biggest annual drop since the Lehman Brothers collapse in 2007. “After the April episode (when US President Donald Trump announced sweeping trade tariff plans), the dollar has been relatively stable,” Shin said. “I think the hedging behaviour of non-US investors is going to be a very, very important input into how markets will co-move from here.”

© Thomson Reuters 2025 All rights reserved.



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Ex-Levi Americas president buys Dr Martens shares

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December 8, 2025

Share purchases in key companies are always interesting but we wouldn’t normally mention anyone buying a relatively small amount of shares, especially not an amount adding out to ‘only’ £75,000.

Image: Dr Martens

But given that the company concerned saw fit to announce the purchase itself and given that the company is in the middle of a major turnaround, it’s of more interest than it might usually be.

Dr Martens announced on Monday that Robert Hanson, who joined the board as an independent non-executive director in March, has purchased 96,000 shares in Dr Martens – worth over £75,000.

Share purchases by insiders are particularly significant given that those insiders tend to have the best view of how the company is faring with its turnaround and an individual committing a significant sum of their own money is particularly interesting.

Hanson currently serves as CEO of The Duckhorn Portfolio. His previous roles include EVP and president of Constellation Brands’ Wine & Spirits, president of Americas at Levi’s as well as CEO roles at American Eagle Outfitters and John Hardy. 

He purchased 96,000 ordinary shares at a price of £0.7886 per share. The buy suggests he believes that the shares, which are much lower than their all-time high of £5+, represent good value and should rise. 

Dr Martens is currently working through a recovery from a major period of weakness and it seems to be yielding results. Its first half update in November showed progress, with America recovering in particular even though EMEA still showed weakness.

A week later, it also announced the opening of its new Soho, London flagship and that’s a key development. The store “represents the most elevated expression of the… brand to date”. The first-ever ‘beacon’ store is on Brewer Street with its two floors spanning 3,400 sq ft to make it the brand’s biggest UK flagship – “built to bring the people and product of Dr Martens together”.

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Boss presents inaugural ‘Boss Award’ in Miami Beach

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December 8, 2025

Boss is further deepening its role as a patron of the international art scene and as a partner of Art Basel. At the inaugural Art Basel Awards Night in Miami Beach last week, the fashion house presented the Boss Award for Outstanding Achievement for the first time. The 2025 award goes to the artist Meriem Bennani, whose multimedia practice is renowned for its innovative, humorous, and critically engaged storytelling.

Meriem Bennani is known for weaving humour, pop-cultural aesthetics, and digital language into her storytelling. – BOSS

The Moroccan-born New Yorker works across a variety of artistic media, including video, sound, animation, sculpture, and large-scale installations. She is known for combining humour, pop-cultural aesthetics, and digital language in her narratives to create immersive, playful yet incisive works that resonate with audiences.

The prize was presented by CEO Daniel Grieder and creative director Marco Falcioni. The award will continue to recognise artistic practices that open up new perspectives and spark relevant social dialogue.

“I am deeply honoured to have my work recognised by such an iconic brand that has long championed innovative art that speaks to a wider public. This award inspires me to continue creating works that challenge perspectives and celebrate the beauty of collective experiences,” said Meriem Bennani at the award ceremony.

The highlight of the ceremony was the installation of an immersive catwalk entitled “1995–2025: 30 Years of Arts Sponsorship,” which spotlighted the brand’s arts patronage over the past three decades. Milestones included the “Paper Suit” by artist James Rosenquist from 1998, which marries the timeless craftsmanship of tailoring with the ephemerality of paper. Also featured were the Hugo Boss Prize, awarded for many years in collaboration with the Solomon R. Guggenheim Foundation and Museum, and a retrospective of the Hugo Boss Asia Art Award, launched jointly with the Rockbund Art Museum in Shanghai.

“Art has been an integral part of our DNA for over 30 years, and our partnership with Art Basel takes our commitment to a new level. We are proud to present the inaugural Boss Award for Outstanding Achievement to its first recipient, Meriem Bennani. This award marks the beginning of an exciting journey, and we look forward to shaping the future of art together,” said CEO Daniel Grieder.

The Art Basel Awards, launched in February, honoured 36 medallists from the contemporary art sector in nine categories. Bottom right, Meriem Bennani holds the Boss Award.
The Art Basel Awards, launched in February, honoured 36 medallists from the contemporary art sector in nine categories. Bottom right, Meriem Bennani holds the Boss Award. – HUGO BOSS

“Fashion is an integral part of our everyday lives and serves as a bridge between the individual and society, often blurring the line between functionality and art. From our beginnings to our latest fashion show, Hugo Boss has been committed to the dialogue between fashion and contemporary art, as it continues to inspire innovation, creativity, and forward-thinking ideas,” added creative director Marco Falcioni.

The Boss Award is endowed with $100,000 and supports both future projects and a charitable initiative of the laureate’s choice. The award is open to living artists working across all media, with a particular focus on emerging talents who are shaping discussions within and beyond the art world.
 

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