BUSINESS

ADIDAS WINS APPEAL OVER SHAREHOLDER CLAIMS IN YEEZY DISPUTE

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Adidas has successfully defended itself against an appeal by shareholders who claimed the sportswear company concealed misconduct by Kanye West long before their partnership collapsed in 2022. The United States Court of Appeals for the Ninth Circuit ruled that Adidas did not mislead investors about risks associated with its collaboration with the rapper, popularly known as Ye. This decision followed an earlier dismissal by a lower court, which the shareholders, represented by HLSA ILA Funds, had sought to overturn. The case stemmed from allegations that Adidas continued its lucrative Yeezy partnership despite longstanding concerns over West's controversial behavior, ultimately causing investors to lose money when the brand severed ties and its share price dropped sharply.

PORSCHE REVEALS ALL-ELECTRIC LUXURY SUV, THE MOST POWERFUL IN ITS HISTORY

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Porsche has officially unveiled the 2026 Cayenne Electric, an all-new, all-electric version of its bestselling SUV, while boldly declaring it the "most powerful" production vehicle the company has ever built. The announcement marks a major moment for Porsche, which is simultaneously pushing forward in EV development while rethinking its long-term electric strategy.

NIKE, LACOSTE AND SUPERDRY ADS BANNED OVER ‘UNTRUE’ GREEN CLAIMS

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The Advertising Standards Authority (ASA), the UK's advertising watchdog, has banned adverts for Nike, Superdry, and Lacoste. The ASA challenged these brands' paid-for Google ads over their use of the word "sustainable," identifying three specific adverts that promised "sustainable materials," "sustainable style," and "sustainable clothing" without sufficient evidence to back their environmental claims.

TOYOTA OPENS NEW U.S. BATTERY PLANT, CONFIRMS $10 BILLION EXPANSION PLAN

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Toyota Motor Corp. has begun production at its new $13.9 billion battery plant in Liberty, North Carolina, marking a major step in the automaker's U.S. manufacturing strategy. The Japanese company also confirmed plans to invest an additional $10 billion in its American operations over the next five years, a figure higher than previously expected.

PRADA ACQUIRES FASHION RIVAL VERSACE

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In a significant move for the luxury fashion industry, the Prada Group has officially acquired Milan-based rival Versace for €1.25 billion ($2.2 billion). This acquisition combines Versace’s renowned "sexy silhouettes" with Prada’s signature "ugly chic" and Miu Miu’s appeal to younger audiences. The deal comes with high anticipation, aiming to revitalize Versace's fortunes after its lackluster post-pandemic performance under previous owner Capri Holdings.

RYANAIR GOES FULLY DIGITAL WITH BOARDING PASSES

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To boost travel efficiency and lower costs, Ryanair is implementing a "100% digital boarding pass" policy, effective Wednesday. The move means the budget airline will no longer accept printed boarding passes, requiring all passengers to check in online prior to arriving at the airport. Ryanair noted that this change formalizes a practice already adopted by 90% of its 206 million customers.

PUMA SHARES LEAP AS POTENTIAL TAKEOVER BID GETS UNDERWAY

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Puma shares surged on Thursday after reports indicated that China's Anta Sports is exploring a possible takeover of the struggling German sportswear company. The stock jumped as much as 16%, later settling around 13% higher, marking one of Puma's sharpest single-day rallies this year. The sudden spike comes after a difficult year in which Puma's share price has more than halved, weighed down by slowing demand, rising competition, and the impact of U.S. tariffs on customer sentiment.

WENDY'S QUIETLY CONFIRMS 300 STORE CLOSURES NATIONWIDE AMID PUSH FOR PROFITS

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Wendy's is preparing to shutter hundreds of U.S. restaurants next year as part of a sweeping effort to boost profitability and refresh its brand image.