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Nike Making a Surprising Return to Macy’s

After a brief break, Nike and Macy’s rekindle their partnership.

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4 months ago

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Retail is a tough industry and it’s really fickle right now post covid pandemic. Macy’s  (M) - Get Free Report retail footprint has been similar to the likes of recently failed retailers like Sears, Kmart, Bed Bath and Beyond, but also similar to Target  (TGT) - Get Free Report, who is considered a leader in the retail industry. How is it that similar business models fail, and others seem to succeed at the same time?

The struggles Macy’s is facing is multifaceted as it lost its wholesale partnership with Nike  (NKE) - Get Free Report to sell the brand’s apparel in 2021. Nike was focused on selling directly to customers rather than having retailers reach their customer base, according to Retail Dive. Macy’s like all retailers was already struggling after 2020 and the pandemic, and losing a major brand like Nike would prove to be a hard hit. Customers were definitely disappointed that they could no longer buy the Nike brand apparel at Macy’s stores, according to Jeff Gennette, Macy’s CEO.

Macy’s is facing changes in leadership as well; its long-term CEO is retiring after four decades with the company and Macy’s has already selected his replacement. Bloomingdale’s CEO Tony Spring will replace Gennette to lead the department store. Spring also has a long retail tenure, he has been with Bloomingdale’s for 35+ years, according to CNN Business.

Image source: Shutterstock

Macy’s Brings Back Nike

Nike and Macy’s are bringing the Nike apparel back to the department store as well as online. Both Nike and Macy’s have been faced with retail challenges, and working togethe,r both companies may benefit during this tumultuous time for retailers.

“It is imperative that we have the right assortment, including the appropriate mix of private and national brands that our customers care about, with compelling value and price points that appeal to our diverse, fashion-conscious base,” said Macy’s CEO and Chairman Jeff Gennette in the most recent earnings call. “Value does not mean the lowest price. It means offering the right brands, fashion content, and elevated omnichannel shopping experiences.”

“This morning, we are excited to share that we are bringing Nike back to the Macy's nameplate this fall. This mutually beneficial relationship reflects our strategy to provide customers with an enhanced and elevated offering. Starting in October, an expanded Nike selection including apparel, plus size women's, big and tall men's, kids' bags, and gear will be available online and in key locations nationwide. Footwear will continue to be sold in our Finish Line licensed locations,” Gennette said.

Retail chains and department stores alike are struggling to work through staffing their stores during this unprecedented labor shortage. Other retail chains like Dollar General  (DG) - Get Free Report have noted that they have inventory, but not the staff to be able to move it to the retail floor. Staffing continues to be an ongoing challenge across industries. Building and maintaining positive business partnerships and relationships may be the right choice to help weather the storm for the long-term success of both Nike and Macy’s.

Making the Most of Competitions Downfalls

Macy’s and Nike have the opportunity to make the most of rivals’ challenges right now. Nike has the chance to step ahead while Adidas  (ADDDF)  was stuck figuring out what to do with its unsold inventory of shoes from its terminated partnership with Kayne West, aka “Ye.” Adidas decided to sell the rest of the Yeezy inventory exclusively through its website and donate the proceeds to the charities that were hurt by the antisemitic statements he made on social media.

Macy’s sells similar products that Bed Bath and Beyond sold, which filed for bankruptcy and will close all of its stores. Bed Bath and Beyond closures include its Buy Buy Baby stores. As the home goods store winds down its operations and sells off the remaining inventory, shoppers will have one less storefront to visit when it comes to buying products for the home.

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VanEck Ethereum Futures ETF Debuts In The U.S.

The United States cryptocurrency sector received a jolt on Monday, as VanEck today marks the inaugural debut of its Ethereum-based exchange-traded fund…

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24 mins ago

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October 2, 2023

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The United States cryptocurrency sector received a jolt on Monday, as VanEck today marks the inaugural debut of its Ethereum-based exchange-traded fund (ETF). The innovative investment instrument is designed to offer investors indirect exposure to the second-largest cryptocurrency by market capitalization. This exposure is achieved by investing in contracts of Ethereum (ETH) futures.

The product, listed on VanEck’s website, commenced trading on October 2nd on the Chicago Board Options Exchange (CBOE). This milestone establishes VanEck as one of the pioneering U.S. investment managers to introduce an ETF grounded in Ether futures—cash-settled ETH futures contracts traded on the Chicago Mercantile Exchange, a registered exchange supervised by the Commodity Futures Trading Commission (CFTC).

VanEck had disclosed its plans to launch an ETF based on Ether futures last week, indicating that it had received the eagerly awaited approval from the Securities and Exchange Commission (SEC).

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The competition for Ethereum futures-based ETFs gained momentum earlier this year when several managers, including Bitwise, ProShares, VanEck, and Grayscale, submitted proposals for such products. As of the latest count, approximately 15 entities have submitted their proposals to the SEC this year.

While U.S. regulators greenlit the launch of the first ETFs based on Bitcoin futures in 2021, they had not previously endorsed funds tied to futures of other cryptocurrencies. VanEck, at that time, emerged as the second manager in the nation to introduce a BTC futures ETF.

In addition to VanEck’s Ethereum futures performance-focused product, several others also made their debut on this Monday. ProShares, the same company that introduced the first U.S. Bitcoin futures ETF in 2021, introduced the ProShares Ether Strategy ETF, along with two others offering a blend of BTC and ETH exposure. Bitwise, another manager, announced the launch of two ETH futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.

The crypto community is still awaiting the introduction of the first spot ETFs for both Bitcoin and ETH. In August, the SEC delayed it decision to issue spot crypto ETFs, although no official reason was cited in the decision.

The post VanEck Ethereum Futures ETF Debuts In The U.S. appeared first on The Dales Report.

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Study uncovers function of mysterious disordered regions of proteins implicated in cancer

Study uncovers function of mysterious disordered regions of proteins implicated in cancer Credit: Courtesy of Dana-Farber Cancer Institute Study uncovers…

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October 2, 2023

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Study uncovers function of mysterious disordered regions of proteins implicated in cancer

Credit: Courtesy of Dana-Farber Cancer Institute

Study uncovers function of mysterious disordered regions of proteins implicated in cancer

Study Title: A disordered region controls cBAF activity via condensation and partner recruitment

Publication: Cell, Monday, October 2, 2023 (https://www.dana-farber.org/newsroom/news-releases/2023/study-uncovers-function-of-mysterious-disordered-regions-of-proteins-implicated-in-cancer/)

Dana-Farber Cancer Institute author: Cigall Kadoch, PhD

Summary:

New research from Dana-Farber Cancer Institute researcher Cigall Kadoch, PhD, along with colleagues at Princeton University and the Washington University in St. Louis, reveals a key role for intrinsically disordered proteins known as IDRs that are implicated in a wide range of human diseases, from cancer to neurodegeneration. Kadoch’s team studies large protein complexes called mSWI/SNF or BAF complexes that control which genes turn on and off in cells. BAF complexes are the most frequently mutated cellular entities, second only to TP53, a tumor suppressor. Intrigued by the fact that over half of the complex mass contains IDRs, including the ARID1A/B subunits in which a high frequency of disease-causing lesions, or mutations, accumulate, the group set out to define their contributions. They found that these IDR regions lead to two important functions: first, condensation, the tight clustering of proteins in close distance to one another in the nucleus, and second, protein-protein interactions that are required for the proper positioning and activity of BAF complexes along DNA. Kadoch and colleagues show that the right interactions depend on highly specific “sequence grammars” within the protein’s IDR amino acid code, a concept broadly useful to the burgeoning area of work in this area to understand and ultimately therapeutically target biomolecular condensates and their constituents.

Impact:

IDRs comprise a large percentage of the human proteome and are particularly important for nuclear proteins that govern our genomic architecture and gene expression. Their disruption is frequent in cancer. This study sheds light on the sequence-specific contributions of IDRs to the highly disease-relevant mSWI/SNF (BAF) chromatin remodeling complexes, which have become top therapeutic targets in oncology.

Funding:

Howard Hughes Medical Institute, The Mark Foundation, National Institutes of Health, United States Air Force Office of Scientific Research, St. Jude Research Collaboratives, Fujifilm, and The Wellcome Trust.

Contact:  Cindy Cantrell; cindy_cantrell@dfci.harvard.edu; 781-953-5000

Journal

Cell

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Book describes Sam Bankman-Fried with little attention span or respect for appointments

The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute….

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October 2, 2023

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The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.

Michael Lewis, author of The Big Short, has painted an interesting picture of Sam Bankman-Fried (SBF) in his soon-to-be released book on the former FTX CEO.

In an excerpt of Going Infinite: The Rise and Fall of a New Tycoon published in the Washington Post on Oct. 1, Lewis described several interactions Bankman-Fried had with the media and influential figures prior to the downfall of FTX and his criminal charges in the United States. According to the author, he would frequently play video games in the background of online interviews — his League of Legends exploits are well reported — often giving little attention to people including Vogue editor-in-chief Anna Wintour.

“Sam didn’t want to seem rude,” said Lewis on SBF’s talk with Wintour. “It was just that he needed to be playing this other game at the same time as whatever game he had going in real life. His new social role as the world’s most interesting new child billionaire required him to do all kinds of dumb stuff. He needed something, other than what he was expected to be thinking about, to occupy his mind.”

Lewis added that Natalie Tien, who moved into the role of FTX’s head of public relations and SBF’s “personal scheduler”, said the former CEO cancelled many highly publicized appearances — often at the last minute — for seemingly no reason at all. The Wintour interview reportedly led to FTX's sponsorship and Bankman-Fried as a special guest at the Met Gala, which he ended up snubbing.

“Sam treated everything on his schedule as optional,” said the book. “The schedule was less a plan than a theory. When people asked Sam for his time, they assumed they’d posed a yes or no question [...] All he had done, when he said yes, was to assign some non-zero probability to the proposed use of his time. The dial would swing wildly as he calculated and recalculated the expected value of each commitment, right up until the moment he honored it or didn’t.”

Other in-person showings by Bankman-Fried included testifying before the U.S. House Financial Services Committee in December 2021 and meeting with Senator Mitch McConnell. The appearances marked some of the rare times SBF appeared in public wearing a suit as opposed to his usual T-shirt and shorts — though social media users pointed to footage of the then CEO's shoes slipped on without being tied at the hearing.

Related: Sam Bankman-Fried FTX trial — 5 things you need to know

It’s unclear what other information will become available once the book is released on Oct. 3, the same day jury selection begins for SBF’s criminal trial in New York. Amid the expected court proceedings, a slew of podcasts, news features, books, and other media have been released detailing aspects of Bankman-Fried’s life before and after the downfall of FTX. A 60 Minutes interview with Lewis revealed SBF had plans to pay off former U.S. President Donald Trump not to run for the office again based on the threat to elections and democracy as a whole.

On Oct. 4, Bankman-Fried will appear in a New York courtroom for the first day of his trial, scheduled to run through November. He will face 7 charges related to fraud at FTX and Alameda Research, for which he has pleaded not guilty.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

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