Nike swooshes into 2023

Signing off for 2022, have a safe and happy holiday!

We’ll see you soon in 2023 ~ The Superhero Team

1. Swoosh of approval

Shares in the world’s largest sportswear maker, surged 13 per cent in after-market trading after Nike’s earnings and revenue exceeded expectations. The Oregon based company reported its best quarterly revenue growth in more than a decade (barring one quarter in 2021) and beat profit expectations this week.

However, while consumers are clearly stocking up on sneakers and sportswear, Nike is still facing inventory and margin issues caused by supply chain disruptions – struggling to keep up with increased consumer demand.

2. Power to the people

After announcing that all major decisions to do with his newly acquired platform Twitter will be put to a public vote – Elon Musk asked users if he should resign as CEO in a poll that ended with a majority (57.5 per cent) calling for him to step down.

This comes after Musk announced and then backtracked on a new policy that would forbid the free promotion of specific social media platforms including Facebook, Instagram, Mastodon and Truth Social on Twitter.

3. Out with the old, in with the new

AirTree Ventures backed online furniture retailer Brosa has been acquired by Aussie ecommerce giant Kogan for $1.5 million. The bargain basement purchase price includes Brosa’s intellectual property and remaining stock, but not its leases and other liabilities.

With a yearly revenue of $75 million before going into administration, Brosa will join Kogan’s stable of brands including fellow furniture retailer Matt Blatt, Dick Smith as well as New Zealand’s Mighty Ape.

4. That’s a lot of V-Bucks

Epic Games, the makers of one of the world’s most popular games, Fortnite, will need to pay a whopping $520 million to settle FTC claims of violating children’s online privacy.

According to the US federal regulator, the $520 million settlement consists of $245 million in customer refunds and a $275 million fine for collecting personal information on Fortnite players under the age of 13 without informing their parents or getting their consent.

It’s the biggest penalty ever imposed for breaking an FTC rule – and Epic Games has now said it has rolled out a series of changes “to ensure our ecosystem meets the expectations of our players and regulators, which we hope will be a helpful guide for others in our industry.”

5. DJ’s on discount

After a six month process led by Goldman Sachs, it’s been announced that Anchorage Capital Partners, a Sydney-based private equity firm, has completed a deal to purchase iconic Australian department store chain David Jones.

According to reports, Anchorage paid around $100 million for the stores. This is a huge discount after Woolworths Holdings Limited, a South African company unrelated to Woolworths, the Australian supermarket chain, paid more than $2 billion for David Jones in 2014.

Interestingly, the 184-year-old retailer’s flagship store on Bourke Street in Melbourne is not included in the deal – and rather David Jones will lease the building from Woolworths Holdings, which is expected to eventually sell the historic building.