11 January 2022, Mumbai:

Adidas today announced the start of the first tranche of its multi-year share buyback program announced in December 2021. The company intends to repurchase own shares in an amount of up to € 1 billion in the first quarter of 2022.

In total, under the new program, adidas plans to buy back own shares for up to € 4 billion until 2025.

Taking into consideration the € 1 billion share buyback completed in 2021 already, the company intends to return up to € 5 billion to its shareholders through regular share buybacks alone during the five-year strategic cycle of the new company strategy ‘Own the Game’.

The share buyback activities are complemented by annual dividend payouts in the range of 30% to 50% of net income from continuing operations.

Strong cash returns are a key component of the company’s strategy. As part of ‘Own the Game’ adidas intends to generate substantial cumulative free cash flow until 2025. The majority of it – between € 8 and € 9 billion – will be distributed to adidas’ shareholders.

On top of that, the company plans to return most of the cash proceeds from the Reebok divestiture to its shareholders after closing of the transaction, which is expected to occur during the first quarter of 2022.

As with previous share buybacks, adidas intends to cancel most of the shares repurchased during the program, which would reduce the number of shares as well as the share capital accordingly.

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10 January 2022, Mumbai

The next phase of Bangladesh's development will hugely depend on industrialization and the government's initiatives of developing infrastructure and enhancing power generation will accelerate the industrial growth in the country.

Moreover, the government is setting up industrial zones across the country to facilitate planned industrial growth.

Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), made the observations while visiting EPV Thakurgaon Ltd power plant at Gouripur in Thakurgaon on Friday.

Faruque Hassan said successful implementation of the project will be a milestone for the growth of the northern part of Bangladesh.

BGMEA 

(The news article has not been edited by DFU Publications staff)

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11 January 2022, Mumbai:

Retail software vendor, Cegid, announced today that Aquazzura, the Italian luxury footwear brand, has selected the Cegid Retail unified commerce and point-of-sale platform to manage its stores in Italy and worldwide.

The retailer, which was founded in Florence in 2011 by a Colombian designer who grew up between Miami and London, has stores in Italy, France, the UK, Middle East and America.

To support the business as it continues to grow internationally, Aquazzura will arm sales associates with mobile devices to help customers find the most suitable products and benefit from technology that personalises service and ranges appropriate for each store, region and country.

As part of its digital transformation, stores will also add more omnichannel services such as “Click & Collect”, “Ship from Store”, Reserve” and “Return in-store”.

“In an increasingly dynamic market where luxury customers are more digitally connected and have high expectations, it’s crucial for luxury retailers to have relevant and personalised interactions with their customers at every touch point,” says Caterina Tsigara, Retail Director Aquazzura.
Pietro De Simone, IT Manager at Aquazzura, emphasises that luxury retailers in particular need to focus on brand loyalty and to make the shopping experience as personalised as possible.

Store staff are increasingly reliant on tools that offer services like in-store appointments, not to mention reliable stock information that allows staff to instantly reserve products and send them directly to the customer.
“We’ve had to adapt and undergo quite a lot of change, but thanks to Cegid Retail, we’ve been able to implement a truly omnichannel strategy and respond to today’s challenges,” said Simone.
The company said it chose Cegid because of its international credentials and expertise in luxury retail, as well as the need for regulatory and tax compliance for operating in different countries.
Aquazzura is available at over 300 luxury retailers in 58 countries and has own-brand boutiques in Florence, London, New York, Miami, Doha, Dubai, Milan, Rome, São Paulo, Capri and soon in Venice.

It preferred the flexibility of a SaaS (Software-as-a-Service) cloud-based retail solution with the option of adding multiple features in the future. “Having a cloud system means we can save a lot on maintenance costs and have the peace of mind that the software is always up to date”,
concludes Simone.
“Technology is becoming increasingly important for retailers, at a time when omnichannel is no longer an option, but a necessity for luxury retailers. We are proud to support iconic brands such as Aquazzura speed up their digital transformation,” added Mario Davalli, Cegid’s Country Manager for
Southern Europe.

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10 January 2022, Mumbai:

Apparel chain operator Authentic Brands Group Inc on Wednesday withdrew its plans for an initial public offering in the United States, according to its filing with the securities regulator.

The company, which did not give a reason for shelving its listing, had agreed in November to sell a stake to private equity firms CVC Capital Partners and HPS Investment Partners in a deal that valued it at $12.7 billion including debt.

The group owns more than 30 brands including Forever 21, Aeropostale, Van Heusen and Bandolino with a retail portfolio spanning across luxury, specialty, department store, mid-tier, mass and e-commerce segments.

Media reports earlier this week said the company had bought a majority stake in former soccer player David Beckham's brand-management company, DB Ventures LLC.

A spokesperson for Authentic Brands on Thursday refuted the reports, saying the company does not currently have a partnership with DB Ventures.

Authentic Brands in July last year had filed to go public, intending to list on the New York Stock Exchange, revealing a strong jump in earnings in 2020.

REUTERS 

(The news article has not been edited by DFU Publications staff)

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11 January 2022, Mumbai:

VF Corporation today announced that it has appointed Nicole Otto to the position of Global Brand President, The North Face^®. Otto joins VF following a successful 16-year career at Nike and will succeed Steve Murray, who is retiring and returning to the UK.

The leadership transition will be effective June 2022. Otto will report to VF Chairman, President and CEO, Steve Rendle, and serve on VF’s Executive Leadership Team.

08 January 2022, Mumbai:

Research Award

Dr. Vasu Kuraparthy noted scientist and professor in North Carolina State University’s Crop & Soil Sciences Department, is the 2021 Cotton Genetics Research Award, recipient.

The announcement was made today during the 2022 Beltwide Cotton Improvement Conference, which convened as part of the

National Cotton Council-coordinated 2022 Beltwide Cotton Conferences in San Antonio, Texas. Kuraparthy, who was selected by the Joint Cotton Breeding committee received a plaque and a monetary award. Joshua Udall, research leader at the USDA-ARS Crop Germplasm Research Unit in College Station, Texas, and who served as this year’s Improvement Conference chair said Dr. Kuraparthy has

1) led innovative research projects in cotton genetics including leaf shape, photoperiod sensitivity, and bacterial blight, and

2) released improved breeding material for regional producers.<p>

 “Dr. Kuraparthy developed a NAM population for cotton that “will provide the genetic resources required to uncover the genetic basis of several key traits of cotton production. This population will be used for basic genetic research in cotton for the next decade and 0beyond.”

Dr. Don Jones, director of Breeding, Genetics, and Biotechnology for Cotton Incorporated, said in his nomination letter that Dr. Kuraparthy has established a first-class cotton genetics program using a combination of traditional breeding and modern genomic tools at North Carolina State.

Jones noted that Kuraparthy has “released improved cotton germplasm, broadened its narrow genetic base, and published his results at a prolific pace. He has developed numerous genomic resources used by cotton researchers for basic as well as applied cotton research.”

Kuraparthy earned his bachelor’s and master’s degrees in Agriculture and Plant Breeding from India’s ANGR Agricultural University and Punjab Agriculture University, respectively. He received his Ph.D. in Genetics from Kansas State University in Manhattan.

He was a research assistant and research associate at Kansas State before joining North Carolina State in 2008 where he served as both an assistant and associate professor in its Crop & Soil Sciences Department before becoming a department professor in 2020.

Dr. Kuraparthy has mentored numerous undergraduate/graduate students as well as visiting scientists, in advanced genetic and genomic technologies.

For the past four years, he has served as an associate editor for Crop Science, a bimonthly peer-reviewed scientific journal covering agronomy, and The Plant Genome, a triannual peer-reviewed scientific journal covering all aspects of plant genomics.

He also is a journal article reviewer for multiple scientific publications.

The annual Cotton Genetics Research Award was established in 1961 by U.S. commercial cotton breeders to recognize and encourage basic research in cotton genetics, cytogenetics, and breeding. 

It is administered by the Joint Cotton Breeding Committee consisting of representatives of the NCC, the USDA, state experiment stations, CottonIncorporated, and commercial breeders.

National Cotton Council  of America  

(The news article has not been edited by DFU Publications staff)

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Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), and International Labor Organisation (ILO) have signed a Memorandum of Understanding (MoU) to ensure occupational safety and health of knitwear workers.

BKMEA Senior Vice-President Mansur Ahmed, Vice- President Fazle Shamim Ehsan, and ILO Country Director for Bangladesh Tuomo Poutiainen, Workplace Safety Expert Maurice L Brooks singed the MoU on behalf of their respective organisations on Sunday at BKMEA Dhaka Office, said a press release.

According to the press release, 50 enlisted knitwear factory workers under national initiative will be benefited from the project.