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Adidas to Close Stores

Chief Executive of Adidas says they expect to close down many stores in the coming years as part of a shift towards selling more goods online.

Adidas expects to close down stores as part of a shift towards selling more goods online.

In an interview with the Financial Times, Kasper Rorsted said "over time, we will have fewer stores but they will be better," adding that over the coming year the number of Adidas stores was expected to contract slightly.

"Our website is the most important store we have in the world."

Adidas, which wants to double its e-commerce sales to €4 billion ($4.91 billion) by 2020 from the €1.6 billion it hit last year, with 2,500 stores globally and 13,000 additional mono-branded franchise stores, the Financial Times have said.

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Adidas to Close Stores

Adidas expects to close down stores as part of a shift towards selling more goods online.

In an interview with the Financial Times, Kasper Rorsted said "over time, we will have fewer stores but they will be better," adding that over the coming year the number of Adidas stores was expected to contract slightly.

"Our website is the most important store we have in the world."

Adidas, which wants to double its e-commerce sales to €4 billion ($4.91 billion) by 2020 from the €1.6 billion it hit last year, with 2,500 stores globally and 13,000 additional mono-branded franchise stores, the Financial Times have said.

First Major U.S. Department Store to Sell Hijabs

Macy's is launching a women's line of clothing aimed at Muslim shoppers.

The chain announced it has teamed up with a boutique called Verona Collection and will sell the collection of "modest" dresses, tops, cardigans and hijabs online. The collection will launch on Macy's website on Feb. 15.

The brand was developed by Lisa Vogl, a graduate of Macy's minority- and women-owned business development program, which aims to offer more fashion diversity.

Though Macy's is the first major U.S. department store to sell hijabs, it joins brands like Nike, for example, who aim products at Muslims. Nike launched a high-performance hijab last year made for athletes. 

LVMH aims to become leading luxury start-up hub in Europe

France's LVMH is helping projects by upcoming entrepreneurs in the luxury goods space, including a start-up whose software might help detect counterfeits. The owners of Louis Vuitton, aim to support the new businesses by hosting them in a mega-campus where they can collaborate with its in-house brands.

LVMH, the world's biggest luxury goods group, is following in the footsteps of French cosmetics giant L'Oréal in grabbing a corner of Station F, a vast startup incubator in Paris where it offers rent-free space to the startups.

"The idea is to animate and activate those conversations around the things that might affect the luxury industry," said Ian Rogers, who is a former Apple executive who joined LVMH in 2015 as chief digital officer.

Paris is among one of the major European cities bidding to displace London's dominance in the startup scene as BREXIT looms and President Emmanuel Macron pushes a pro-reform agenda to promote business and investment.

Station F was launched last year by French billionaire Xavier Niel, who is also the partner of Delphine Arnault, an executive at Vuitton and daughter of LVMH boss Bernard Arnault.

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