June 26, 2019
Underscoring just how sensitive the Eager Beavertons are to Chinese politics and the importance of the market to its bottom line, Nike cancelled the scheduled release in China of a collaboration with Japanese streetwear brand Undercover after its designer posted an Instagram photo supporting protestors of a new law that would have allowed China extradition rights from Hong Kong.
The Series C round values the online sneaker and apparel marketplace at over $1 billion, and was funded by DST Global, General Atlantic and GGV Capital along with earlier investors GV and Battery Ventures.
A big negative swing in foreign exchange differences sent comprehensive net income at the Chinese apparel maker down 76% to HKD 68,639,000 ($10.2 mm) for the fiscal year ended Mar. 31, from HKD 280,881,000 despite a 28% jump in sales to HKD 2,700,780,000 ($400.4 mm) from HKD 2,109,422,000.
Comprehensive net income dropped 53% to ¥388 million ($3.5 mm) for the nine months ended May 31 from ¥820 million last year on 1% lower revenues of ¥50,610 million ($459.1 mm) vs. ¥51,218 million.
Asics Ventures, the investment arm of the sneaker company, has acquired an unspecified equity stake in Curv Labs, a Canadian company that has developed a technology that uses artificial intelligence to turn cell phone cameras into motion capture devices.
John Schweitzer will become the CEO and CFO of Nike’s action brand, succeeding Bob Coombes, who is returning to a role at Nike after four years.
Christopher Peterson, the current EVP and CFO, was named interim CEO by the parent of Coleman as Michael Polk steps down.
The suit, filed in Seattle District Court, accused 13 people and up to an additional 10 unknown defendants of counterfeiting Nite Ize’s Steelie hands-free mobile mounting system and selling the knockoffs on Amazon’s marketplace.