The fashion industry experienced significant developments over the weekend, impacting major brands and ethical standards.
- Nike announced a strategic release of affordable trainers to boost declining sales, competing with brands like On and Hoka.
- Stop Uyghur Genocide urged the FCA to block Shein from the London Stock Exchange due to alleged exploitation in their supply chain.
- Amnesty International and the British Fashion Council joined in opposition against Shein’s IPO over human rights concerns.
- Under Armour announced a 55% increase in CEO Kevin Plank’s compensation package for fiscal 2024.
In response to a 2% decline in revenue attributed to stiff competition from emerging sportswear brands such as On and Hoka, Nike is set to launch a new line of trainers priced at $100 (£79) and below. This new range aims to capture a broader customer base, offering more affordable options similar to popular lines from competitors Adidas such as Samba, Gazelle, and Campus, which retail between £85 and £95. Nike remains silent on further comments regarding their sales strategy.
Following allegations of exploitation in its supply chain, Shein faces mounting pressure from UK-based human rights charity Stop Uyghur Genocide. The group has implored the Financial Conduct Authority to prevent Shein’s listing on the London Stock Exchange. Reports suggest that Shein’s suppliers may be using forced labour from the persecuted Uyghur ethnic group in Xinjiang. Further opposition comes from Amnesty International and the British Fashion Council, amplifying ethical concerns over Shein’s practices.
Under Armour’s fiscal activities have also drawn attention, particularly the 55% increase in Kevin Plank’s total compensation for 2024. Having returned as CEO, Plank’s package now totals $4.6m (£3.6m), incorporating a salary, stock awards, and incentives. This figure marks a substantial jump from the $3m (£2.4m) he received previously, when he served as executive chairman and brand chief, underscoring the company’s strategic shifts and leadership valuation.
These developments underline the dynamic challenges and ethical considerations currently shaping the fashion industry.
