1. Heineken’s ganja play
Heineken has unveiled its first beer made using marijuana instead of alcohol, in the US.
The product from Heineken-owned Lagunitas brewing company is called Hi-Fi Hops. It contains no alcohol and is instead made using THC, the psychoactive ingredient in marijuana. Several US states, including California, have already voted to legalise marijuana use.
2. Pandora chief steps down
The CEO of Danish jeweller Pandora, Anders Colding Friis, is to step down at the end of August. This comes two days after shares plunged by more than a fifth following Pandora’s announcement that it had lowered its sales growth and profit margin guidance for the year.
The company, known for its silver charm bracelets, said it would slash up to 400 jobs. It acknowledged that its strategy aimed at rectifying a lack of innovation and weak growth in key markets was not progressing as fast as expected.
3. Topshop’s China deal off
Arcadia, the parent company of Topshop and Topman, terminated its franchise agreement with Chinese partner Shangpin "by mutual agreement".
After signing the deal with Shangpin in 2014, the company signalled plans to open up to 80 stores together. However, not a single Topshop or Topman store has been launched in mainland China.
4. Looking fit
Adidas posted second-quarter revenue and profit that beat expectations as sales growth outpaced rival Nike in North America and the World Cup provided a boost.
Profit grew 20% to €418m — expectations were for €387m. Sales came in at €5.3bn, a 10% rise, ahead of estimates for a rise of 8%.