Skechers has announced that New York Knicks forward OG Anunoby has joined Team Skechers.

In this role, the NBA champion and defensive standout will compete in Skechers Basketball footwear and be featured in the brand’s global marketing campaigns.

The announcement comes just ahead of Anunoby’s participation in a European basketball tour, where he’ll represent the brand alongside Brooklyn Nets guard Terance Mann. The tour kicks off July 26 in Belgrade, with additional stops planned in Berlin, Frankfurt, and Zadar.

“Skechers has helped me continue to play basketball at an elite level and I love these shoes,” said Anunoby. “I play quick and low to the court. I jump and move a lot. Skechers has the shoe to keep me comfortable, keep me protected and keep me playing my best every day.”

Born in London and raised in Missouri, Ogugua “OG” Anunoby was drafted 23rd overall by the Toronto Raptors in 2017 and became the first British-born NBA Champion in 2019. Since being traded to the Knicks in 2024, he has continued to rise, averaging a career-high 18 points per game and notching a personal best 40-point performance against Denver.

He joins a growing roster of Skechers basketball athletes, including fellow Knicks teammate Julius Randle, Joel Embiid, Jabari Walker, Josh Green, and Anunoby’s former Raptors teammate Norman Powell. On the women’s side, the roster includes WNBA stars Rickea Jackson, Jackie Young, and Kiki Iriafen.

“As we grow and continue to innovate our Skechers Basketball shoes, more elite players want to join our team and bring the Comfort That Performs to their games,” said David Weinberg, chief operating officer of Skechers.

“Known for his viral dunks and defensive strength on the court, OG is a fantastic and inspiring addition to our global roster. We look forward to bringing OG and Terance Mann on tour to meet fans and the media at events with our European retail partners in the coming week.”

Author Credits- Jennifer Braun
FASHION NETWORK

LONDON – Carrefour (CARR.PA) Europe’s biggest food retailer, has agreed to sell its loss-making business in Italy to food and drinks manufacturer NewPrinces Group (NWLF.MI) as part of a strategic review kicked off earlier this year.

The sale of Carrefour Italy, which operates 1,188 stores but made a 67 million euro ($78.85 million) operating loss last year, will help boost Carrefour’s growth, profitability and cash generation, the French-based retailer said in a statement.

The deal gives Carrefour Italy an enterprise value of around 1 billion euros, Italy-based NewPrinces Group said in a separate statement, and should close by the end of the third quarter subject to regulatory approval.

Carrefour also reported stronger second-quarter sales as price cuts helped to attract more inflation-weary shoppers particularly in France, its biggest market.

Overall, Carrefour’s second-quarter sales grew 4.4% on a like-for-like basis from a year earlier, building on 2.9% growth in the first quarter. In France, like-for-like sales returned to growth for the first time since 2023, up 2.1% compared to a year ago.

“Volumes declined at a historic rate after the wave of hyperinflation in 2022 and 2023, but we are seeing a gradual recovery in purchasing power, which is evidenced by volumes increasing [in the second quarter],” Chief Financial Officer Matthieu Malige told journalists on a call.

Carrefour plans to keep lowering prices in the second half as it tries to keep improving its competitive position, Malige added.

The group’s first-half sales totalled 46.559 billion euros, up from 44.863 billion euros a year earlier.

“Carrefour’s business saw a clear acceleration in the first half of 2025, driven by the momentum in its three core countries: France, Spain, and Brazil,” Carrefour CEO Alexandre Bompard said in a statement.

However, Carrefour’s profitability remained under pressure, with its first-half operating margin falling to 1.6% from 1.8% a year ago.

($1 = 0.8498 euros)

Author Credits- Helen Reid
Reuters

LVMH (LVMH.PA) and Kering (PRTP.PA) are expected to report another drop in quarterly sales, deepening investor worries about a prolonged downturn in the $400 billion luxury market as brands face the threat of hefty U.S. import tariffs.

The results, kicking off with LVMH on Thursday, will likely show that any revival in demand for pricey fashion in the key U.S. and Chinese markets remains elusive.

Uncertainty unleashed by U.S. President Donald Trump’s trade war has caused volatility in stock markets, weighing on consumer confidence.

Trump’s threat of 30% tariffs on imported EU goods risks hurting luxury houses that make products in France and Italy. They will be wary of lifting prices for U.S. consumers after signs that previous rounds of price hikes slowed demand.

“The level of price increases has been too much” at a number of brands, alienating the “aspirational” middle-income shoppers, said Caroline Reyl, head of premium brands at Pictet Asset Management.

LVMH’s fashion and leather goods division, home to Louis Vuitton and Dior, is expected to show sales down 6% year-on-year, its fourth consecutive quarterly decline, according to a Visible Alpha consensus forecast.

Gucci, Kering’s main earner which is undergoing an overhaul, has struggled for twice as long and is seen reporting sales down nearly a quarter from a year earlier.

After two years of slowing sales, unease about the health of the industry is growing, with customers balking at higher price tags.

Shares of LVMH are down nearly 27% since the start of this year, while shares of Kering are down 15%. Shares of Hermes (HRMS.PA) and Richemont (CFR.S) which cater to mostly wealthy clients, were little changed, with the former down 0.9% and the latter up 1.6% over the same period.

LVMH, Europe’s most valuable listed company as recently as January, has slipped to fifth place.

“It seems that investors are starting to worry about the long-term structural attractiveness of the industry,” UBS analysts said last week.

Sales of handbags – previously a growth engine – have been weak as shoppers opt for timeless, investment-grade jewellery.

Brands including Dior, Gucci and Chanel have recruited new designers, but it takes time for fresh styles to enter stores.

LOWER-PRICED PRODUCTS

Brands like Louis Vuitton and Prada (1913.F) are offering more products below $1,000, like a new hybrid ballerina-sneaker shoe, for example, and emphasising beauty products, said Bain consultants.

But that carries risks.

“The aspirational skew of the brand is unhelpful currently,” said HSBC analysts, highlighting problems at Louis Vuitton. “Some inconsistencies, we feel, are likely starting to have consumers wonder.”

Consensus forecasts peg organic sales of LVMH down 3%, while Kering is seen down 13%; Hermes and Prada are expected to show a 10% rise, as Prada’s Miu Miu label takes market share from rivals.

Kering will report its results on July 29, while Hermes and Prada are due to report on July 30.

Author Credits- Mimosa Spencer
Reuters

India’s financial crime watchdog has filed a complaint against Walmart-backed fashion e-commerce giant Myntra, alleging the company violated foreign investment rules by channeling over $191 million through a related-party scheme that disguised retail operations as wholesale trade.

This complaint marks the latest move in a broader crackdown by Indian authorities, which previously targeted Amazon and Flipkart.

On Wednesday, the Enforcement Directorate said the Bengaluru-based fashion e-commerce firm violated the Foreign Exchange Management Act, known as FEMA, by engaging in multi-brand retail trading “under the guise of wholesale cash and carry,” utilizing a related entity, Vector E-Commerce, as an intermediary to route retail sales through a wholesale structure.

India restricts foreign companies engaged in wholesale business from making direct sales to consumers in an effort to protect local retailers. The law also limits sales to related group companies to a maximum of 25%.

Myntra failed to meet the conditions for operating as a wholesale or cash-and-carry business, as all of its sales were made exclusively to Vector E-Commerce, the agency stated (PDF).

The agency filed the complaint against Myntra, its related companies, and their directors under section 16(3) of the FEMA, 1999.

Myntra controls around half of the country’s overall fashion e-commerce market. The company is also gradually expanding its quick-commerce service and broadening its reach in high-growth categories, including home and living, as well as beauty. The company is also testing the waters in social commerce by partnering with celebrities and bringing on micro-influencers, taking on the likes of Instagram, YouTube, and Amazon’s Live.

The complaint comes as Indian officials hold talks with the Trump administration over a potential trade deal with the United States.

The Modi government in New Delhi is reportedly under pressure from the Trump administration to grant Amazon and Walmart-owned Flipkart full access to its $125 billion e-commerce market. The Modi government has long been expected to release its e-commerce policy, but sources previously told TechCrunch that it has been on the back burner, as officials are cautious not to strain relations with the U.S. government.

Nonetheless, Amazon and Flipkart have previously faced investigations by Indian agencies, including the Enforcement Directorate. One of the recent major actions against the two companies was reportedly a raid by the federal agency in November on the offices of some of their sellers, who are accused of violating the country’s foreign investment rules. In April, the agency also privately sought sales data and other documents from smartphone vendors, including Apple and Xiaomi, as part of its probe into Amazon and Flipkart.

Responding to the latest action, Myntra stated that it had not received a copy of the complaint and supporting documents from the authorities but remained “fully committed to cooperating with them at any point of time.”

“At Myntra, we are deeply committed to upholding all applicable laws of the land and operating with the highest standards of compliance and integrity,” a company spokesperson said.

Founded in 2007, Myntra was acquired by the Indian e-commerce giant Flipkart in 2014 and was later bought by Walmart as part of Flipkart’s $1.6 billion acquisition in 2018.

When contacted, a Walmart spokesperson pointed to the statement issued by Myntra.

Author Credits- Jagmeet Singh
Tech Crunch

Coca-Cola’s (KO.N) quarterly estimates beat expectations, the company said Tuesday, boosted by higher prices even as volumes dropped in key markets, while the company said it would introduce a Coke product made with cane sugar in the United States.

Higher prices offset slippage in volumes, which fell 1% after rising 2% each in the previous two quarters, largely due to declines in key markets such as Mexico and India, as well as in its Coca-Cola brand in the U.S. Excluding items, the company earned 87 cents per share, beating estimates of 83 cents.

Demand for pricey sodas has remained choppy in recent quarters, especially in wealthier countries, with lower-income consumers turning more price-conscious.

Food companies are seeking healthier substitutes as they respond to Health Secretary Robert F. Kennedy Jr.’s Make America Healthy Again campaign. Last week, President Donald Trump said Coca-Cola had agreed to use real cane sugar in the U.S.

Coca-Cola is looking to use “the whole toolkit available of sweetening options” where there is consumer demand, CEO James Quincey said on a post-earnings call. The company said such a product would “complement” its existing products.

Rival PepsiCo (PEP.O) which topped quarterly earnings estimates last week, also said it would use natural ingredients if consumers wanted them.

Coca-Cola already sells Coke made from cane sugar in other markets, including Mexico, and some U.S. grocery stores carry glass bottles with cane sugar labeled “Mexican” Coke.

Sean King, an analyst at Columbia Threadneedle, said the company already uses cane sugar in its other brands.

On the call, Quincey said the company uses cane sugar in some of its lemonades, coffees and its Vitamin Water brand.

While there are some slight differences between cane sugar and corn syrup as sweeteners, experts have said too much of either is not good for consumers.

However, the switch to cane sugar will also drive up costs, including significant adjustments to supply chains, industry analysts said. Higher-priced goods might also stretch consumer budgets, as Quincey said North America volumes fell “due to the continued uncertainty and pressure on some socioeconomic segments of consumers.”

Coca-Cola reiterated that the hit to costs due to “global trade dynamics” remained manageable. About 61% of its revenue comes from overseas markets.

The company has said it would look at affordable packaging options such as plastic bottles when Trump imposed a 25% duty on aluminum imports. As of June, tariffs on aluminum imports have hit 50%.

HIGHER PRICING OFFSETS VOLUME HIT

The company’s comparable revenue rose 2.5% to $12.62 billion in the three months ended June 27, beating estimates of $12.54 billion, according to data compiled by LSEG.

Quincey said a boycott-related hit to demand in the U.S. and Mexico was now largely resolved.

North America volumes fell in the first half of the year, mostly due to Hispanic consumers in the U.S. and Mexico boycotting Coca-Cola’s legacy brands after a viral video of the company laying off Latino staff and reporting them to Immigration and Customs Enforcement (ICE).

Reuters in February found no public evidence that the company had reported its migrant employees to ICE.

Prices rose 6% overall in the second quarter, led by increases in some inflationary markets.

“While (the U.S. cane sugar product launch) made headlines, the real story is that growth was due more to increased price changes and not volumes sold,” said Jay Woods, chief global strategist at investment banking firm Freedom Capital Markets.

Annual comparable earnings per share is expected to be near the top end of its target of a 2% to 3% rise, helped by a weaker dollar.

Coca-Cola Zero Sugar was a bright spot, with volumes jumping 14% on growth across all geographies.

Coca-Cola’s shares were down 0.6% at $69.61 in afternoon trading.

Author Credits- Juveria Tabassum
Reuters

After building what eventually became one of the fastest-growing e-commerce startups in South Africa, Trevor Gosling sold it to Naspers and founded Lula, a business that provides funding to small businesses.

Gosling attended Benoni High School from 1995 to 2000 before enrolling in the University of Pretoria to study accounting.

After graduating in 2004, he completed his articles at KPMG in Johannesburg before moving to RMB to pursue investment banking.

This career path would eventually take him overseas to the UK, where he worked at Goldman Sachs for a year before returning to South Africa and RMB.

After spending more time in the banking industry, Gosling launched a venture in 2012 called 5Ounces, a business that flash-sold fine wine, beers, and gourmet food products.

Gosling said he grew up in a family of entrepreneurs. His parents owned pharmacies, and extended family members were all business owners.

“While I was still in investment banking, my brother founded what became Groupon South Africa along with his business partner,” Gosling told CNBC Africa.

“I saw the aggressive growth, especially in the digital space in South Africa, and that really prompted me to get out of investment banking and launch my own venture.”

Gosling says that 5ounces saw promising growth in its early stages, and Naspers approached it in its second year, looking to acquire it.

He said this was a positive sign as he had built it up with the vision of a big corporate taking over the reins in future.

The business was eventually sold to Naspers in 2013, with him staying on for another year as CEO before exiting the business.

Gosling said that after working in e-commerce, he wanted to return to finance, where he had worked for most of his corporate career, and use his technology skills from 5ounces to start a new venture.

He came across fintech as a potential sector to enter, which was still in its infancy in South Africa at the time.

“One fintech model that stuck out to me as something that was needed in South Africa was using technology to provide quick and easy finance to small and medium-sized enterprises,” he said.

“At that point, I saw a stat that said 90% of South African SMMEs were unable to access funding through traditional institutions, and I thought this is a huge problem that needs to be solved.”

Starting Lula

Gosling says that traditional financial institutions aren’t set up to be able to fund SMMEs, given that the banking network infrastructure is set up and the risk involved in financing these ventures.

He says the only way to solve this issue is to use automation to drive down the cost of funding and scale the business model.

“I knew I needed a quality CTO on board, which is where my business partner Neil Welman came in,” Gosling said in a News24 interview.

“I needed help developing the platform and all the ideas. Neil is excellent on the tech side, and then I bring the more commercial and business side to things.”

To fund the business, Gosling approached local investors and got a venture capital firm on board, but seed investment from European investors who had seen the potential for this model before.

The business was launched as LulaLend in 2015, later rebranding as Lula, and initially focused on its ability to automate analysing the risk of providing a business with funding.

Gosling said the early days of the business were tricky as they did not know how the funding provided to companies would perform.

However, using its technology, it constantly improved its analysis of companies to provide more accurate funding.

“At the same time, we’ve developed a bit of a track record that’s given investors more confidence in us as a business, who have provided us with additional capital to grow,” Gosling says.

Lula provides funding of up to R5 million and has gone on to fund hundreds of businesses since its launch.

Author Credits- Daniel Puchert
MY BROADBAND