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French retailer announces suspension of business in Russia

Published

1 year ago

March 30, 2022

ticker NEWS, Brittany Coles

A major French retailer has now suspended its activities in Russia following harsh criticism of its decision to stay

Activewear company, Decathlon, has been slammed for staying in Russia during the war with Ukraine.

Posts on social media have called for a boycott of the French company, which has 60 stores in Russia.

“In strict compliance with international sanctions, DECATHLON notes that the supply conditions are no longer met to continue its activity in Russia,” Decathlon says in a statement.

Decathlon says supply chain disruption meant it could no longer operate in the country but it would continue to support its 2500 Russian staff.

The company is also setting up a solidarity fund with €1 million’ to ‘support the affected populations’.

McDonald’s, Coca-Cola, Starbucks, and Ikea are among the many companies which have halted business in Russia. The corporate departures affect every department – retail, finance, entertainment, fast food, and autos.

The western sanction imposed against Russia also makes it harder for companies to continue business in Russia without facing an increased risk of a tarnished reputation.

Ukraine’s foreign minister had also criticised the firm for operating In Russia adding to the mounting pressure to pull out of the country.

Decathlon is owned by French retail giant Association Familiale Mulliez, which has been criticised for continuing its other businesses, Leroy Merlin and Auchan, in Russia.

The French Giant has also come under fire for reportedly planning an expansion of business in the country facing an exodus.

Rijul Baath contributed to this report

Related Topics:Business trending ukraine

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Money

Peloton partners with Lululemon as stock surges

Published

13 hours ago

September 28, 2023

ticker NEWS

Peloton’s stock prices experienced a remarkable surge as the company unveiled an exciting collaboration with popular athletic apparel brand, Lululemon.

This strategic partnership is set to bring a fusion of digital fitness content and stylish workout apparel to fitness enthusiasts worldwide.

The partnership aims to leverage Peloton’s extensive library of on-demand and live fitness classes with Lululemon’s renowned activewear. Subscribers to Peloton’s digital fitness platform will soon have access to exclusive Lululemon workout collections, making it easier than ever for fitness enthusiasts to look and feel their best during their workouts.

Investors have responded positively to this news, driving Peloton’s stock prices to new heights. The synergy between the two companies is expected to create a win-win situation. Peloton can tap into Lululemon’s massive fan base, while Lululemon can expand its presence in the rapidly growing digital fitness market.

The partnership also includes collaborative marketing efforts, with joint promotions and events that will undoubtedly generate buzz and excitement among fitness enthusiasts. This move is seen as a bold step by both companies to stay competitive in the evolving fitness landscape.

As the fitness industry continues to evolve and adapt to changing consumer preferences, partnerships like this one highlight the importance of innovation and collaboration. Peloton and Lululemon’s joint venture promises to provide consumers with not only top-notch fitness content but also the trendiest workout attire.

Money

Kraken to launch US stock trading, expanding offerings

Published

14 hours ago

September 28, 2023

ticker NEWS

Cryptocurrency exchange Kraken is set to broaden its services by enabling users to trade US-listed stocks, according to reports from Bloomberg News.

This move marks a significant expansion for the platform, allowing customers to diversify their investment portfolios beyond cryptocurrencies.

Kraken’s foray into traditional stock trading will provide its users with access to a wide range of US-listed equities, including well-known companies from various industries. By offering this additional asset class, Kraken aims to cater to the growing demand for a holistic investment experience that combines both traditional and digital assets.

The move is seen as a strategic response to the evolving landscape of financial markets, where traditional and cryptocurrency investments are becoming increasingly intertwined. Kraken intends to streamline the trading process for its users, enabling them to manage both their cryptocurrency and stock portfolios within a single platform.

Kraken’s entry into the US stock market could potentially introduce new opportunities and challenges for the exchange, as it will need to navigate the regulatory requirements associated with stock trading. However, the exchange’s established track record and commitment to compliance should help ease this transition.

This development aligns with Kraken’s ongoing efforts to position itself as a comprehensive financial services provider, offering a wide array of investment options to its global user base.

Money

Does remote work hamper diversity efforts?

Published

14 hours ago

September 28, 2023

ticker NEWS

UK finance executives express concerns that remote work is hindering diversity initiatives, signaling potential setbacks in the industry’s push for inclusivity.

As businesses continue to adapt to the changing work landscape brought on by the COVID-19 pandemic, remote work has become a staple for many industries, including finance. While it has provided flexibility and continuity during uncertain times, some financial leaders are now questioning its impact on diversity and inclusion within their organizations.

In a recent survey of UK finance executives, a substantial portion voiced apprehensions about the ramifications of prolonged remote work. They argue that the lack of physical presence in the office can exacerbate disparities, making it harder to foster an inclusive work environment.

One of the primary concerns raised by these executives is the potential for remote work to perpetuate existing inequalities. They believe that employees from underrepresented groups may face more significant challenges in terms of career progression and networking when they are not physically present in the workplace. This could lead to a stagnation in efforts to diversify leadership teams and foster equal opportunities.

Furthermore, the executives highlight the difficulties in monitoring and addressing issues related to diversity when employees are dispersed geographically. Ensuring equitable access to resources, mentorship, and career development opportunities becomes a more complex task.

Despite these concerns, it’s important to note that remote work has also opened doors for talent from different locations and backgrounds, potentially contributing positively to diversity efforts. Striking a balance between the advantages of remote work and the imperative to promote diversity remains a pressing challenge for finance organizations.