Adidas business continues to perform well
Company expectations
For 2025, Adidas continues to expect a currency-neutral increase in sales in the high single-digit percentage range. The Adidas brand is expected to grow by double digits. Operating profit should increase to between 1.7 and 1.8 billion euros, up from 1.3 billion euros in the previous year.
In the second quarter, US tariffs are likely to have only a minor impact on US business. However, this impact is expected in the following quarter, Gulden recently announced. The Nike rival generates about 20 percent of its business in the US.
Above all, tariffs on key manufacturing countries such as Vietnam and China are likely to drive up costs. New statements are therefore expected on how Adidas will react to this. This was still open at the presentation of the figures for the first quarter at the end of April. However, Gulden did not rule out price increases.
Analyst expectations
Analysts are positive. Jorg Philipp Frey of Warburg Research anticipates another strong quarter with strong brand momentum and double-digit percentage growth. The margin improvements in recent quarters have reduced the risks for the outlook. Adam Cochrane of Deutsche Bank sees a chance that Adidas could again exceed expectations and become more optimistic looking ahead.
Baader Bank expert Volker Bosse was somewhat more cautious. He refers to the US tariffs. The trade agreement between the US and Vietnam is likely to increase costs for Adidas and ultimately sales prices in the US. This could depress sales there. Thanks to the great popularity of the Adidas brand, the lifestyle group is likely to achieve its financial targets, he estimates. Aneesha Sherman of the US analysis firm Bernstein also noted that the growth of sporting goods manufacturers in China is likely to remain subdued.
In a consensus provided by the news agency Bloomberg, analysts expect sales to increase to an average of 6.2 billion euros, up from 5.8 billion in the previous year. The operating result is likely to improve to around 503 million euros. Here, analysts are above Adidas' forecast for 2025, with an estimate of around two billion euros.
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The Guardian
3 hours ago
- The Guardian
Ninety laptops, millions of dollars: US woman jailed over North Korea remote-work scam
In March 2020, about the time the Covid pandemic started, Christina Chapman, a woman who lived in Arizona and Minnesota, received a message on LinkedIn asking her to 'be the US face' of a company and help overseas IT workers gain remote employment. As working from home became the norm for many people, Chapman was able to find jobs for the foreign workers at hundreds of US companies, including some in the Fortune 500, such as Nike; 'a premier Silicon Valley technology company'; and one of the 'most recognizable media and entertainment companies in the world'. The employers thought they were hiring US citizens. They were actually people in North Korea. Chapman was participating in the North Korean government's scheme to deploy thousands of 'highly skilled IT workers' by stealing identities to make it look like they were in the US or other countries. They have collected millions of dollars to boost the government's nuclear weapons development, according to the US justice department and court records. Chapman's bizarre story – which culminated in an eight-year prison sentence – is a curious mix of geopolitics, international crime and one woman's tragic tale of isolation and working from home in a gig-dominated economy where increasingly everything happens through a computer screen and it is harder to tell fact from fiction. The secret North Korean workers, according to the federal government and cybersecurity experts, not only help the US's adversary – a dictatorship which has been hobbled by international sanctions over its weapons program – but also harm US citizens by stealing their identities and potentially hurt domestic companies by 'enabling malicious cyber intrusions' into their networks. 'Once Covid hit and everybody really went virtual, a lot of the tech jobs never went back to the office,' said Benjamin Racenberg, a senior intelligence manager at Nisos, a cybersecurity firm. 'Companies quickly realized: I can get good talent from anywhere. North Koreans and other employment fraudsters have realized that they can trick hiring systems to get jobs. I don't think that we have done enough as a community to prevent this.' To run the schemes, the North Koreans need facilitators in the United States, because the companies 'aren't going to willingly send laptops to North Korea or even China', said Adam Meyers, head of counter-adversary operations for CrowdStrike, a cybersecurity firm. 'They find somebody that is also looking for a gig-economy job, and they say, 'Hey, we are happy to get you $200 per laptop that you manage,'' said Meyers, whose team has published reports on the North Korean operation. Chapman grew up in an abusive home and drifted 'between low-paying jobs and unstable housing', according to documents submitted by her attorneys. In 2020, she was also taking care of her mother, who had been diagnosed with renal cancer. About six months after the LinkedIn message, Chapman started running what law enforcement officials describe as 'laptop farms'. In addition to hosting computers, she helped the North Koreans pose as US citizens by validating stolen identity information; sent some laptops abroad; logged into the computers so that the foreign workers could connect remotely; and received paychecks and transferred the money to the workers, according to court documents. Meanwhile, the North Koreans created fictitious personas and online profiles to match the job requirements for remote IT worker positions. They often got the jobs through staffing agencies. In one case, a 'top-five five national television network and media company' headquartered in New York hired one of the North Koreans as a video-streaming engineer. The person posing as 'Daniel B' asked Chapman to join a Microsoft Teams meeting with the employer so that the co-conspirator could also join. The indictment does not list victims' full names. 'I just typed in the name Daniel,' Chapman told the person in North Korea, according to court records of an online conversation. 'If they ask WHY you are using two devices, just say the microphone on your laptop doesn't work right.' 'OK,' the foreign actor responded. 'Most IT people are fine with that explanation,' Chapman replied. Chapman was aware that her actions were illegal. 'I hope you guys can find other people to do your physical I-9s. These are federal documents. I will SEND them for you, but have someone else do the paperwork. I can go to FEDERAL PRISON for falsifying federal documents,' Chapman wrote to a group of her co-conspirators. Chapman was also active on social media. In a video posted in June 2023, she talked about having breakfast on the go because she was so busy, and her clients were 'going crazy!', Wired reported. Behind Chapman were racks with at least a dozen open laptops with sticky notes. In October 2023, federal investigators raided her home and found 90 laptops. In February this year, she pleaded guilty to conspiracy to commit wire fraud, aggravated identity theft and conspiracy to launder monetary instruments. Over the three years that Chapman worked with the North Koreans, some of the employees received hundreds of thousands of dollars from a single company. In total, the scheme generated $17m for Chapman and the North Korean government. The fraudsters also stole the identities of 68 people, who then also had false tax liabilities, according to the justice department. In a letter to the court before her sentencing, Chapman thanked the FBI for arresting her because she had been 'trying to get away from the guys that I was working with for awhile [sic] and I wasn't really sure how to do it'. 'The area where we lived didn't provide for a lot of job opportunities that fit what I needed,' Chapman wrote. 'To the people who were harmed, I send my sincerest apologies. I am not someone who seeks to harm anyone, so knowing that I was a part of a company that set out to harm people is devastating to me.' Last week, US district court judge Randolph Moss sentenced Chapman to more than eight years in prison; to forfeit $284,000 that was to be paid to the North Koreans, and to pay a fine of $176,000. Chapman and her co-conspirators were not the only ones conducting such fraud. In January, the federal government also charged two people in North Korea, a Mexican citizen and two US citizens for a scheme that helped North Korean IT workers land jobs with at least 64 US companies and generated at least $866,000 in revenue, according to the justice department. Racenberg, of Nisos, said he expected cybercriminals to use artificial intelligence to 'get better and better' at performing such schemes. Companies should conduct 'open-source research' on applicants because oftentimes the fraudsters reuse résumé content, Racenberg said. 'If you put the first few lines of the résumé in, you might find two, three other résumés online that are exactly the same with these very similar companies or similar dates,' Racenberg added. 'That should raise some flags.' During an interview, if there is background noise that sounds like a call center or if the applicant refuses to remove a fake or blurred background, that could also be cause for concern, Meyers, of CrowdStrike, said. And companies should ask new hires to visit the office to pick up their laptop rather than mail it to them because that allows the company to see if the person who shows up is the same one you interviewed, Racenberg said. Five years after the pandemic, more companies have also started to require employees to return to the office at least part time. If all corporations did that, would it eliminate the threat? 'It's going to prevent all of this from happening, yes,' Racenberg said. 'But are we going to go back to that? Probably not.'
Daily Mail
8 hours ago
- Daily Mail
George Russell's staggering net worth as he nears new £30m-a-year Mercedes deal: Inside F1 star's rich sponsorship empire, stunning luxury car collection - and relationship with business-savvy influencer girlfriend
There can't be many 27-year-old's living the high life like George Russell this year. The British Formula One star is entering his prime, is building a sponsorship empire, travels the world with glamourous girlfriend Carmen Montero Mundt and is closing in on a new Mercedes deal worth an eye-watering £30m-a-year. There had been some nagging doubts about his future with the constructor but Russell is set for a bumper payday, more than doubling his current £12m-a-year package. As Mail Sport's Jonathan McEvoy exclusively revealed this week, negotiations have accelerated over the last few weeks and a source close to the talks confirmed: 'All the main points have been agreed.' Russell's incoming raise will remain well short of Max Verstappen and Ferrari's Lewis Hamilton - each on about £60m a year. While he does not yet have the achievements or global fanbase to garner such earnings, his win in Canada and domination over team-mate Kimi Antonelli this season point to his consistent form. He is delivering off the track, too. Russell is extremely marketable and has brands queuing up to represent them. His net worth is currently estimated to be in the region of £15m, though clearly that is set to increase substantially in the next few years. In addition to Mercedes and their high-performance engine division AMG, he has deals with the British Racing Drivers' Club, Bell Helmets, Alpinestars, MDM Designs and sportswear giant Adidas. He even has watch company IWC Schaffhausen backing his wristwear options and he's been seen wearing their Portugieser 'Obsidian' model, which can cost up to £41,200. Russell, a former child karting prodigy who grew up in Norfolk, like many F1 stars, is no stranger to a modelling shoot, either. He adorned the cover of fashion magazine L'Officiel last October and is sharply dressed at number of society events every year. Russell has been pictured at Wimbledon rubbing shoulders with the likes of Novak Djokovic and Roger Federer, always kitted out in his finery. He was in situ for the final this year, decked out in a tailored double-breasted pin stripe suit alongside girlfriend Mundt. Mundt has been in a relationship with Russell since 2020 and the couple happily live in Monaco together. She has previously worked in finance - as an investor relations associate at Ruffer LLP in London - but recently announced that she is going back to studying. The driver's very glamorous girlfriend - who is originally from Spain and moved to the UK aged 18 - has a business degree from the University of Westminster. Carmen has more than 409,000 followers on Instagram, and often shares snaps of her luxury travels and enviable style online. The couple are understood to have met through friends in London. 'Five years with the most wonderful person I could ever ask for,' Mundt wrote on in honour of their anniversary in February this year. 'Forever proud of who you are and what you do.' She is impressive in her own right with a bachelor's degree in business management and finance and a diploma in asset allocation and risk management from the University of Geneva. When speaking about her work, she previously told followers: 'I always wanted to work in finance. 'My family struggled financially during the global crisis and that determined what I wanted to do from a very young age.' When asked if jetting around the world to watch Russell at races distracted her from her day job, she replied: 'It takes my head away from work and I enjoy the sport and spending time with him. 'There's nothing I enjoy more than G's success.' And the driver has described his other half as 'incredibly supportive'. 'Last year, for the first time, I experienced some fans booing me on a driver's parade. I'd never experienced that before', Russell explained. 'I talk with the people who I trust and love the most and they offer a huge hand.' Mundt is also business savvy when it comes to her own affairs and has her own contracts with major brands as an influencer. He has worked with Dior and Tommy Hilfiger among other luxury companies. Unsurprisingly, Russell ferries Mundt around in a variety of luxury cars from his collection when they're jet-setting around the world. Russell drives for Mercedes and loves their cars away from the track as well The Mercedes star will be backed again as his team's No 1 after their interest in signing Max Verstappen ended No doubt if the performances on the track keep coming, Russell will thrive off it as well He is very much the company man and recently shared on social media that he had his 'dream car'. Russell was spotted crouching next to his new Mercedes AMG ONE, a Formula One inspired hypercar. It has a top speed of 219mph, goes 0-62mph in 2.9 seconds and holds the record for the fastest lap time for a production car on the Nürburgring Nordschleife. Much of the tech in the car is similar or the same as that in an F1 vehicle and only 275 of them were made, all by hand. Given the tech and exclusivity, it is perhaps no surprise to see the price tag up at a whopping £2.5million. But Russell has his hands of one now and he'll add it to his existing fleet of Mercedes. Russell usually drives a Mercedes-AMG G 63, an off-roader better suited for the British countryside, while he also has an affection for Mini Mokes, which don't have any roofs or doors. He recently revealed that he typically uses a Mercedes-AMG C 63 S and washes it by hand himself. No doubt in the coming years Russell will add to his collection, especially now he's on the brink of the £30m-a-year deal. His hard work on the track restarts at the Hungarian GP this weekend and the already bountiful fruits of his labour will continue to grow in the years ahead.
Economist
2 days ago
- Economist
American businesses are running out of ways to avoid tariff pain
CoRPORATE America's profit engine has been remarkably robust over the past few years, even amid stubborn inflation and elevated interest rates. Faced with Donald Trump's assault on global trade, however, it is starting to sputter. Companies from General Motors, a carmaker, to Nike, a sportswear brand, have seen their profits plummet owing to Mr Trump's levies on imports. Goldman Sachs, a bank, reckons that American businesses are absorbing around three-fifths of the cost of the duties.
