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Mint
20 hours ago
- Business
- Mint
Salomon and Arc'teryx Help Amer Sports Defy Downturn With Athleisure Bet
(Bloomberg) -- In 2020, Carlo Aragon started the 'Salomonology' Instagram page as a fashion moodboard to help him decide whether to invest $150 in a pair of Salomon XT-6s. He bought it, liking how the shoes looked 'unorthodox.' Others did too — the account now has almost 150,000 followers, intrigued by how trail shoes can pair with streetwear. Aragon's Instagram fame mirrors the ascent of Amer Sports Inc., the company behind Salomon. Since its New York Stock Exchange debut in February 2024, the Helsinki-based group, which also owns outerwear brand Arc'teryx and sports equipment maker Wilson, has nearly tripled its market value to $21 billion. It has outpaced peers like On Holding AG, Hoka parent company Deckers Outdoor Corp. and Anta Sports Products Ltd., the Chinese sporting goods giant that owns a 42% stake in Amer Sports. Amer Sports' growth has beaten the consumer downturn by riding the outdoor activity wave. It's among the mid-tier luxury brands offering shoppers high-quality goods that don't break the bank. The bulk of this rally occurred recently, following first-quarter results that defied a rocky global economy. Sales topped expectations, and the company raised its outlook while others cut theirs. Growth of its Technical Apparel and Outdoor Performance divisions — which respectively house Arc'teryx and Salomon — boosted results, Chief Executive Officer James Zheng said in the most recent earnings call, highlighting the brands' potential. While Salomon sneakers surpassed $1 billion in sales in 2024, it's a fraction of the $180 billion global sneaker market, and Arc'teryx is 'very under-penetrated globally,' he said in the call. Amer Sports declined a request for an interview with an executive. Amer Sports wasn't always this successful. Shares remained subdued after the IPO due to high debt, low trading volume, and significant exposure to a lagging Chinese economy, said Laurent Vasilescu, an analyst at BNP Paribas Exane, who rates the stock outperform. Then in December, Amer Sports issued shares to pay down most of its debt. This move reduced leverage and boosted trading volume, alleviating two of the three primary investor concerns, Vasilescu said in an interview. China, which accounts for about 30% of the company's revenue, remains a concern, though sales in the market have bested expectations every quarter since the IPO. Premium sportswear and outdoor market gear is one of the fastest-growing consumer segments in China, attracting younger and female consumers, as well as luxury shoppers, Chief Financial Officer Andrew Page said on the earnings call. Glamping — short for glamorous camping — and gorpcore – wearing outdoor clothes as everyday wear – are currently trending in China, Vasilescu said. Amer Sports is also attracting middle- and upper-income customers who like the 'quiet luxury' aesthetic and the upscale in-store shopping experience of its brands, he added. That's happening in the US too, where celebrities like Timothée Chalamet and Bella Hadid have been spotted wearing Salomon shoes. Sales in its Americas division have grown every year since 2020 – the earliest publicly available results – though at a slower pace than Greater China's, which is estimated to overtake Europe, the Middle East and Africa as Amer Sports' second-largest market by revenue this year. One fan is Gabriella Gonzalez, a 29-year-old stylist who popped by a Salomon store in New York City's SoHo shopping district on a Friday afternoon. She praised the breathability, waterproofing and style of her pink-and-black XT-6 shoes. 'They make my outfits pop,' she said. About half a mile away is Arc'teryx's largest US store. Customer Chris Rojes said he doesn't mind paying more for Arc'teryx's gear over other brands. 'You feel more special in them.' Arc'teryx distinguishes itself from other outdoor apparel brands like Patagonia Inc. and VF Corp's The North Face through a 'much higher level of premiumization,' said TD Cowen analyst John Kernan, who has a buy rating on Amer Sports. Despite higher prices, consumers are willing to pay for Arc'teryx's 'leading innovation.' Declining consumer brand loyalty and a growing desire for variety also creates an opportunity for Salomon and Arc'teryx to gain market share from industry leaders like Nike Inc. and Adidas AG, Vasilescu said. To keep flying high, Amer Sports needs to go global, analysts said, warning that it's an uphill battle. 'We believe that the global brand rollout will not be easy' due to Arc'teryx's high price points and intense competition in Western outerwear markets, said HSBC analyst Akshay Gupta, who has a hold rating on the company. Morningstar analyst Ivan Su, who has a sell rating, believes Amer Sports' would need a compound annual growth rate of 20% over the next five years to support its currently high valuation, which would require 'near flawless execution' globally. More stories like this are available on
Straits Times
20-06-2025
- Business
- Straits Times
Clean-tech investment could boost China's economy, cut emissions and achieve 2035 development goals, study finds.
Rows of solar panels are seen during installation at a photovoltaic project in Qingdao, in eastern Shandong province. PHOTO: AFP SINGAPORE – China is on the cusp of a clean-energy-led economic revolution that could not only achieve the government's 2035 development goals but also slash air pollution and carbon emissions in a global win for fighting climate change, researchers say. To get there, Beijing needs to enact policies that ramp up investment in renewable energy and green-technology manufacturing and innovation as well as set ambitious emissions reduction targets for the next decade, Helsinki-based Centre for Research on Energy and Clean Air (Crea) said in a report published on June 19. Decisions made over the coming months will be key, the authors said. China's clean energy industries could double in value by 2035, adding US$2.1 trillion (S$2.7 trillion) to the economy, if the country and the world's other large markets follow emissions targets aligned with the United Nations Paris Agreement, the planet's main climate pact. China is already the world's top investor in renewable energy. Sustained green investment will make an important contribution to China's target of becoming a 'moderately prosperous' country in a decade, delivering one- fifth of the targeted gross domestic product growth in 2035, the authors said. Achieving a moderately prosperous economy is a key goal for Beijing , and to achieve this would mean doubling China's GDP from 101.6 trillion yuan (S$18. 15 trillion) in 2020 to more than 200 trillion yuan by 2035. 'The next decade will be critical in deciding whether China can seize the economic and strategic advantages of clean energy sectors and lead the world into a new phase of high-quality, innovation-led development,' said Ms Belinda Schaepe, China policy analyst at Crea and a co-author of the report . The government needs to set out ambitious policy targets in China's 15th Five-Year Plan covering 2026 to 2030, and in its climate action plan out to 2035 that it must submit to the United Nations in 2025, she added . The climate plan, called a nationally determined contribution (NDC), is mandatory for all parties to the Paris Agreement . NDCs are submitted every five years and are meant to be more ambitious than the previous one. 'Weak targets, by contrast, risk slowing China's momentum, creating uncertainty, and missing a historic opportunity to lead the global energy transition,' said Ms Schaepe . China needs to submit its NDC by the UN COP30 climate talks in Brazil in November . Beijing has already said the NDC will cover the entire economy and all greenhouse gases, a first for the country. The potential of the clean-energy sector to transform the economy is already apparent. In 2024, the sector, which includes electric vehicles, EV batteries, wind turbines and solar cells and modules, accounted for 10 per cent of GDP and 25 per cent of GDP growth, overtaking the value of real estate sales for the first time. And China is continuing its record-breaking renewable energy investment, adding 124.9 gigawatts (GW) of wind and solar capacity in the first four months of 2025, according to Sydney-based think-tank Climate Energy Finance, based on data from China's National Energy Administration. By April 2025, China had 1,533 GW of wind and solar capacity, far ahead of any other nation, helping to reduce its dependence on polluting coal. In 2024, China's carbon dioxide (CO2) emissions declined year-on-year for the first time despite strong electricity demand growth. 'China's unprecedented clean energy expansion was the primary driver in reducing emissions, offsetting the increase in emissions from other industrial sectors,' the authors noted . 'Beyond economic contributions to China's GDP, clean energy sectors could also cut China's emissions by 30 per cent compared with current levels,' they added . This is key because China is also the world's top CO2 polluter and coal consumer and what it decides on energy and economic policy will affect the global pace of climate change for years to come. China's rapid expansion of clean-energy investment and production overseas will also help reduce global emissions growth, while also boosting the economy at home. 'The clean energy sectors stand poised to both lead China's economic prosperity and drive down the country's CO2 emissions,' said co-author Lauri Myllyvirta, lead analyst at Crea. But if momentum in these sectors were to slow, they could instead become a drag on the economy and also curb emissions reductions, he added. David Fogarty is deputy foreign editor at The Straits Times and senior climate writer. He also covers the environment, in areas ranging from biodiversity to plastic pollution. Find out more about climate change and how it could affect you on the ST microsite here.
Euronews
17-06-2025
- Politics
- Euronews
EU Parliament to criminalise AI-generated child abuse material
Portuguese authorities arrested six people linked to a far-right group and seized explosive material and several firearms, police said on Tuesday. The detainees are believed to belong to the so-called Movimento Armilar Lusitano (MAL), which sought to establish itself as a political movement supported by an armed militia, according to a police statement. They are suspected of crimes related to terrorist groups and activities, discrimination and incitement to hatred and violence and possession of prohibited weapons, police added. Authorities seized several explosives, firearms — some built with 3D printers — and rounds of ammunition and knives in the operation, police said in a statement. "The quality and diversity of what we seized was surprising," Manuela Santos, the director of the National Counter-Terrorism Unit (UNCT) of the Judicial Police, told journalists at a press conference. Among the six detainees is a member of the Polícia de Segurança Pública (PSP), the country's national civil police force, while others reportedly have links to private security groups. "They are people from many backgrounds," Santos said, saying they were united by "discrimination based on gender identity, race and creed." A video distributed by police showed neo-Nazi books, propaganda and 3D printers used to make weapons or modify guns so that they can fire lethal ammunition. The European Parliament voted on Tuesday overwhelmingly in favour of a directive that would criminalise the creation, possession and sharing of child sexual abuse material (CSAM) generated using artificial intelligence. The text also covers offences related to grooming, sextortion, and livestreamed abuse, while addressing legal definitions and age of consent issues across the EU. The vote passed with 599 in favour, just two against, and 62 abstentions - an unusually broad consensus from the entire political spectrum for such a sensitive file. 'It will be treated in exactly the same as if it were real child abuse material,' Jeroen Lenaers (Netherlands/European People's Party), the lawmaker leading the file, told Euronews. 'Because we know that these models, first of all, they need to train on real child sexual abuse material and secondly, we see that using AI child sexual use material is a very small step to actually moving on to real child sexual abuse.' Recent research by Helsinki-based non-profit Protect Children highlights a link between viewing abusive content and committing contact offences against children, even if a direct causal link has not been proven. According to the study, 52% of respondents said they feared viewing such material could lead them to commit abuse. Meanwhile, 44% said it made them consider seeking contact with a minor, and 37% admitted to having acted on those thoughts. Lenaers told Euronews that AI-generated child abuse material has increased by over 1,000% in the past year alone. The Parliament's position was welcomed by both tech industry players and child protection advocates. In a joint statement, Dot Europe, a Brussels based tech lobby group representing among others OpenAI, TikTok, Snapchat and Meta - and Eclag (European Child Sexual Abuse Legislation Advocacy Group) said: 'We are happy to be joining forces for the first time to tackle the danger posed by AI for child sexual abuse at EU level. Hopefully, we can continue to find ways to work together to make online child sexual abuse history.' However, Tuesday's vote is not the final step. Negotiations will now begin between the Parliament, the Council of the EU, which represents national governments, and the European Commission. These 'trilogue' talks will determine the final shape of the law. The Council adopted its own position in December, but stopped short of including the criminalisation of AI-generated child abuse material — prompting strong calls from MEPs, industry and advocacy groups for ministers to align with Parliament. Age of consent also proved divisive during the Council's negotiations. A coalition of seven countries - Belgium, Finland, Ireland, Latvia, Luxembourg, Slovenia and Sweden - issued a joint statement warning that, while children who reach the age of sexual consent may legally agree to sexual acts, they remain especially vulnerable and need strong legal protection. The proposed directive goes beyond AI imagery. It introduces a shared legal framework across the EU to combat online child abuse, with clear definitions of 'grooming' and 'sextortion' as crimes. It also seeks to outlaw the livestreaming of abusive acts, lift time limits for reporting sexual abuse, recognising that many victims come forward only years later, and ban so-called 'paedophile handbooks', which provide instructions on how to manipulate children and evade detection. During the plenary debate, Commissioner for Home Affairs Magnus Brunner called for ambition and unity: 'We cannot be ambitious enough. There is no more important priority than protecting our children.' The European Commission on Tuesday unveiled a series of measures it hopes will slash red tape for the defence sector and get it to start significantly boosting production. The so-called Simplification Omnibus includes measures to fast-track permitting for defence companies, facilitate cross-border movement through the supply chain, as well as guidance to improve access to finance and to dangerous chemical substances. It comes three months after the release of the 'Readiness 2030' plan to increase the production and deployment of critical military capabilities the EU needs by 2030 when intelligence agencies believe Russia could be in shape to attack another European country. The proposal planned for up to €800 billion to be poured into the sector over the coming four years through relaxed fiscal rules and loans from the Commission of money raised on the markets. "Money alone, however, is not enough, if traditional 'red tape', which maybe is fit for peacetime, will kill industrial efforts to ramp-up production," Andrius Kubilius, the Commissioner for Defence and Space told reporters at a press conference on Tuesday. "Now we need rules that give industry, armed forces and investors speed, predictability and scale," he added. One of the flagship proposals of the latest package is for member states to create a single point of contact for defence companies to submit permit requests, with authorities urged to respond within a 60-day timeframe. Currently, it can take up to three or four years for defence companies to secure the various permits they need to expand their operations, with the required paperwork, such as environment impact assessments, different from agency to agency. Environmental NGOs, among other citizen groups, may well have a problem with that fast-track approach. "What we also indicate is that whenever there are subsequent litigation or claims - being administrative or judicial - they should also be treated as a priority according to the law," the Commission official said when quizzed on potential legal challenges. Another key plank of the proposal is to amend the Defence Procurement directive - to facilitate joint procurements - and the directive on Intra-EU transfers of defence products. For the latter, the Commission seeks to create a single dedicated licence to allow components necessary for the production of a defence investment project to cross borders as many times as necessary without applying for a new licence each time - a process that can currently delay projects by up to one and a half years. These "quick fixes", the Commission official said, can "save a lot of time". How "quick" they will be will however depend on European lawmakers and member states who will have to negotiate and approve the amendments, as well as the new legislation foreseen in the package. Other elements seek to clarify which environmental and health and safety derogations can be applied to the defence sector and which parts of the sector investors may safely pour money into while respecting the bloc's environmental, social and governance (ESG) rules. Chemicals are a critical part of weapons production, especially ammunition, but the use of many chemicals is restricted in the EU under its REACH legislation to protect human health and the environment from the risks they carry. A proposal to further restrict the use of PFAS (per- and polyfluoroalkyl substances) on specific sectors is currently also being examined by the EU. As such, member states have different rules on their use depending on the type of substance, the manufacturing purpose and how much is required with licences often granted on a case-by-case basis. The Commission's upcoming guidelines will therefore aim to highlight that REACH includes a derogation that would allow member states to approve, at the national level, the use of certain chemicals citing the need to boost defence readiness production or activities. This was a core ask from the industry. "If we have to replace these substances immediately, we won't have a way of manufacturing things," Micael Johansson, the CEO of Swedish aerospace and defence company Saab and president of the Aerospace, Security and Defence Industries Association of Europe (ASD) told Euronews last week. "We have to make decisions on what's most important now for manufacturing so maybe we need some sort of exemptions from that in this crisis situation where we have to build things," he added. Another set of guidelines will seek to reassure financial institutions that they will not be penalised for pouring money into the sector by clarifying that "the Union's sustainable finance framework does not impose any limitations on the financing of the defence sector," Valdis Dombrovskis, the Commissioner for Trade, told reporters. The guidance will indicate that defence investments "can contribute to the stability and security and peace in Europe", the official speaking on condition of anonymity said, and that only prohibited weapons are strictly off-limits. The Commission expects 'the cost-saving of the simplification of procedures to be major', the official also said, although an estimate is not expected to be released until later in the summer.
Euronews
17-06-2025
- Politics
- Euronews
Portugal arrests six people linked to far-right group
Portuguese authorities arrested six people linked to a far-right group and seized explosive material and several firearms, police said on Tuesday. The detainees are believed to belong to the so-called Movimento Armilar Lusitano (MAL), which sought to establish itself as a political movement supported by an armed militia, according to a police statement. They are suspected of crimes related to terrorist groups and activities, discrimination and incitement to hatred and violence and possession of prohibited weapons, police added. Authorities seized several explosives, firearms — some built with 3D printers — and rounds of ammunition and knives in the operation, police said in a statement. "The quality and diversity of what we seized was surprising," Manuela Santos, the director of the National Counter-Terrorism Unit (UNCT) of the Judicial Police, told journalists at a press conference. Among the six detainees is a member of the Polícia de Segurança Pública (PSP), the country's national civil police force, while others reportedly have links to private security groups. "They are people from many backgrounds," Santos said, saying they were united by "discrimination based on gender identity, race and creed." A video distributed by police showed neo-Nazi books, propaganda and 3D printers used to make weapons or modify guns so that they can fire lethal ammunition. The European Parliament voted on Tuesday overwhelmingly in favour of a directive that would criminalise the creation, possession and sharing of child sexual abuse material (CSAM) generated using artificial intelligence. The text also covers offences related to grooming, sextortion, and livestreamed abuse, while addressing legal definitions and age of consent issues across the EU. The vote passed with 599 in favour, just two against, and 62 abstentions - an unusually broad consensus from the entire political spectrum for such a sensitive file. 'It will be treated in exactly the same as if it were real child abuse material,' Jeroen Lenaers (Netherlands/European People's Party), the lawmaker leading the file, told Euronews. 'Because we know that these models, first of all, they need to train on real child sexual abuse material and secondly, we see that using AI child sexual use material is a very small step to actually moving on to real child sexual abuse.' Recent research by Helsinki-based non-profit Protect Children highlights a link between viewing abusive content and committing contact offences against children, even if a direct causal link has not been proven. According to the study, 52% of respondents said they feared viewing such material could lead them to commit abuse. Meanwhile, 44% said it made them consider seeking contact with a minor, and 37% admitted to having acted on those thoughts. Lenaers told Euronews that AI-generated child abuse material has increased by over 1,000% in the past year alone. The Parliament's position was welcomed by both tech industry players and child protection advocates. In a joint statement, DotEurope, a Brussels based tech lobby group representing among others OpenAI, TikTok, Snapchat and Meta - and Eclag (European Child Sexual Abuse Legislation Advocacy Group) said: 'We are happy to be joining forces for the first time to tackle the danger posed by AI for child sexual abuse at EU level. Hopefully, we can continue to find ways to work together to make online child sexual abuse history.' However, Tuesday's vote is not the final step. Negotiations will now begin between the Parliament, the Council of the EU, which represents national governments, and the European Commission. These 'trilogue' talks will determine the final shape of the law. The Council adopted its own position in December, but stopped short of including the criminalisation of AI-generated child abuse material — prompting strong calls from MEPs, industry and advocacy groups for ministers to align with Parliament. Age of consent also proved divisive during the Council's negotiations. A coalition of seven countries - Belgium, Finland, Ireland, Latvia, Luxembourg, Slovenia and Sweden - issued a joint statement warning that, while children who reach the age of sexual consent may legally agree to sexual acts, they remain especially vulnerable and need strong legal protection. The proposed directive goes beyond AI imagery. It introduces a shared legal framework across the EU to combat online child abuse, with clear definitions of 'grooming' and 'sextortion' as crimes. It also seeks to outlaw the livestreaming of abusive acts, lift time limits for reporting sexual abuse, recognising that many victims come forward only years later, and ban so-called 'paedophile handbooks', which provide instructions on how to manipulate children and evade detection. During the plenary debate, Commissioner for Home Affairs Magnus Brunner called for ambition and unity: 'We cannot be ambitious enough. There is no more important priority than protecting our children.'
Euronews
17-06-2025
- Politics
- Euronews
EU Parliament to criminalising AI-generated child abuse material
The European Parliament voted on Tuesday overwhelmingly in favour of a directive that would criminalise the creation, possession and sharing of child sexual abuse material (CSAM) generated using artificial intelligence. The text also covers offences related to grooming, sextortion, and livestreamed abuse, while addressing legal definitions and age of consent issues across the EU. The vote passed with 599 in favour, just two against, and 62 abstentions - an unusually broad consensus from the entire political spectrum for such a sensitive file. 'It will be treated in exactly the same as if it were real child abuse material,' Jeroen Lenaers (Netherlands/European People's Party), the lawmaker leading the file, told Euronews. 'Because we know that these models, first of all, they need to train on real child sexual abuse material and secondly, we see that using AI child sexual use material is a very small step to actually moving on to real child sexual abuse.' Recent research by Helsinki-based non-profit Protect Children highlights a link between viewing abusive content and committing contact offences against children, even if a direct causal link has not been proven. According to the study, 52% of respondents said they feared viewing such material could lead them to commit abuse. Meanwhile, 44% said it made them consider seeking contact with a minor, and 37% admitted to having acted on those thoughts. Lenaers told Euronews that AI-generated child abuse material has increased by over 1,000% in the past year alone. The Parliament's position was welcomed by both tech industry players and child protection advocates. In a joint statement, DotEurope, a Brussels based tech lobby group representing among others OpenAI, TikTok, Snapchat and Meta - and Eclag (European Child Sexual Abuse Legislation Advocacy Group) said: 'We are happy to be joining forces for the first time to tackle the danger posed by AI for child sexual abuse at EU level. Hopefully, we can continue to find ways to work together to make online child sexual abuse history.' However, Tuesday's vote is not the final step. Negotiations will now begin between the Parliament, the Council of the EU, which represents national governments, and the European Commission. These 'trilogue' talks will determine the final shape of the law. The Council adopted its own position in December, but stopped short of including the criminalisation of AI-generated child abuse material — prompting strong calls from MEPs, industry and advocacy groups for ministers to align with Parliament. Age of consent also proved divisive during the Council's negotiations. A coalition of seven countries - Belgium, Finland, Ireland, Latvia, Luxembourg, Slovenia and Sweden - issued a joint statement warning that, while children who reach the age of sexual consent may legally agree to sexual acts, they remain especially vulnerable and need strong legal protection. The proposed directive goes beyond AI imagery. It introduces a shared legal framework across the EU to combat online child abuse, with clear definitions of 'grooming' and 'sextortion' as crimes. It also seeks to outlaw the livestreaming of abusive acts, lift time limits for reporting sexual abuse, recognising that many victims come forward only years later, and ban so-called 'paedophile handbooks', which provide instructions on how to manipulate children and evade detection. During the plenary debate, Commissioner for Home Affairs Magnus Brunner called for ambition and unity: 'We cannot be ambitious enough. There is no more important priority than protecting our children.'
