The latest on Nike, Adidas, and the LVMh adidas women shoe initiative (all times local):10:40 a.m.
Nike is buying luxury shoe retailer LVMHL.
The deal is worth $3.5 billion, according to Reuters.
The $3 billion is a larger than expected valuation.
It is expected to close by the end of this year, according the Reuters story.
The company’s stock has been up roughly 6 percent in the past week.10:30 a.ms.
Adidas has a new adidas toddler shoes collection, and it includes the tennis shoes.
Adidas said in a blog post that the shoes are “designed for young toddlers and teens.”
It’s unclear what the purpose of the shoe collection is, or how much the collection will cost.10 a.mo.
Nike’s footwear sales are slowing.
Sales for footwear and apparel fell by about 15 percent in fiscal 2019, according data from market researcher Gartner.
Nike saw its footwear sales fall by about 6 percent during the same period.10 p.m: Adidas is hiring.
The luxury shoe company announced that it is hiring a total of 18 people to work on its footwear and fashion initiatives.
They will work in the United States, China, India, Brazil, Germany, Japan, Spain, Australia, Canada, and other global markets.
Adidas previously hired about 200 people.
The company says it is focused on helping brands achieve sustainable growth.
The shoe and apparel brands will have a team of about 500 to 600 people in India and in China, and there will be about 400 to 500 people working in China.
It will hire an executive in each country to help manage the brand and its brand programs.
The new adhesives and materials suppliers will be Adidas and Nike, the two largest shoe and footwear brands in the world.
The companies will combine their efforts in 2020 to create a global platform to enable brands to tap into their potential and build their brand portfolios, the companies said in their press release.