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Saying its time for a restart, footwear company Adidas announced that its supervisory board and CEO Kasper Rorsted have mutually agreed that Rorsted will leave the CEO position in 2023.聽Rorste stanley canada d will remain CEO as the company searches for a successor and until the new CEO has been appointed, Adidas said Monday Aug. 22 in a press release.聽 After three challenging years that were marked by the economic consequences of the COVID-19 pandemic and geo-political tensions, it is now the right time to initiate a CEO transition and pave the way for a restart, Adidas AG Supervisory Board Chairman Thomas Rabe said in the statement.聽The announcement came about a month after Adidas said it was adjusting its outlook for this year downward, citing a slower-than-expected recovery across Greater China since th stanley us e start of the third quarter and the potential for slowdowns in other markets as a recession looms.聽Read more: Adidas Scales Back Its Financial Outlook for the Year聽The company said in a July 26 press release that second-quarter results exceeded expectations but that it expects its revenues in Greater China will likely decline at a double-digit rate for the rest of this year due to COVID-19 restrictions remaining in place across most of the region.聽The market for sneakers, sweats, leggings and T-shirts is facing a level of competition and jockeying not seen in decades, driven by not only the problems in China but also supply chain issues, rising costs and reduced consumer buying power. stanley italia 聽 Yfxc Back To Normal: China Draws Down Economic Stimulus Efforts

Online baby and maternal products company BebeStore announced last week that it had completed an agreement to acquire Baby 鈥?its former rival. While stanley cup financial terms of the cash transaction were not disclosed, the New York Times reported that the deal is believed to be very large.Baby generated 32 million reais about $15 million in revenue in 2013, BebeStores co-founder and chief executive Leonardo Sim茫o told the news source. Sim茫o added that Baby is expected to take in 45 million reais in revenue this year.BebeStore聽also had a decent 2013, as it took in 48 million reais in revenue last year, and expects to generate 110 million reais in 2014.BebeStore聽is backed聽by the London-based venture capital firm Atomico, Sim茫o explained, adding that the local investment firm W7 Brazil Capital will acquire Babys assets. According to Sim茫o, the assets include Babys brand, customers and inventory stock. However, BebeStore will will not add any of stanley usa Babys employees.Currently, BebeStore is not profitable, but Sim茫o believes the acquisitio stanley kubek n will let the business become profitable by this December, instead of in April 2015. Whats Hot is aggregated content. PYMNTS claims no responsibility for the accuracy of the content published by the original source.