1. Jay Z gets Puma gig

Rap mogul and businessman Jay Z has been hired by German brand Puma as creative director of its basketball division. He will influence player signings, product design and marketing strategy. Jay Z is the founder of streaming service Tidal and entertainment company Roc Nation.

2. Kellogg’s sued over salmonella allegations

Two women have filed the first lawsuits accusing Kellogg’s of being negligent in selling Honey Smacks cereal that was contaminated with salmonella. US health officials say the cereal resulted in 73 people in 31 states becoming ill. The Michigan-based company announced it was recalling an estimated 1.3m cases of its Honey Smacks cereal due to the potential for salmonella contamination.

3. Chanel opens its books

In a radical about-turn, Chanel has released its annual results — the first time in its 108-year history. The move to publish is "absolutely not" a precursor to a stock market listing, CFO Philippe Blondiaux says. Chanel recorded net profit of US$2.4bn last year on revenue of $13bn. Sales rose 11% on a constant currency basis as the industry benefited from Asian demand.

4. Mixed results from Inditex

Zara’s parent company, Inditex, says same-store sales growth slowed slightly in the latest quarter, though its profit margin unexpectedly improved. Sales in stores that have been open for at least a year rose around 5% in the three months ending April 30 above those of a year earlier. The Spanish company has been closing smaller shops to prioritise the opening of large, flagship stores around the world.

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