Checkout Counter: Slam dunks and shake-ups
A weekly round up of the hottest international retail and consumer news.
1. Slam dunk
Michael Jordan can (finally) have his name back. Ending a four-year legal battle for the basketball hall-of-famer, China’s top court has revoked the rights of sportswear-maker Qiaodan Sports Company to use Jordan’s last name written in Chinese characters. Qiaodan Sports registered its trademark more than a decade ago. Jordan first sued the company in 2012, arguing that it had damaged his legal rights to his name.
2. Shake-up at Coca-Cola
Coca-Cola CEO Muhtar Kent is to step down next year. Operating chief James Quincey will become CEO in May and Kent (64) will remain chairman. The world’s biggest beverage company has been diversifying into bottled water and other beverages as an increasing number of governments around the world implement taxes on sugary drinks to tackle obesity and diabetes.
3. Richemont group scales back job cuts
Richemont has reached an agreement with employees on a new round of job cuts, the company confirmed this week. Swiss labour union Unia said cuts planned at the luxury goods group have been greatly reduced as renegotiated severance packages help support voluntary departures. In November reports surfaced that Richemont was planning to cut between 200 and 250 additional positions from its Swiss manufacturing divisions.
4. Lululemon beats estimates
Shares in Lululemon Athletica rose more than 16% as the yogawear-maker’s earnings beat market forecasts. It said revenue rose 13% to US$544.4m in its third quarter and that same-store sales were up 7%. Profit in the quarter was 47c/share, excluding some items.