SUPPLIER NEWS

from JanFeb 2022

NINE SOCIAL MEDIA TIPS FOR 2022 CONTʼD PG 8

Swedish brand H&M enters Facebook’s metaverse with its fi rst virtual store

Swedish fashion house H&M is the latest brand to jump on the metaverse bandwagon as it has introduced its fi rst virtual store in collaboration with Ceek, a developer of premium social virtual and augmented reality experience.

Companies like Nike, Adidas and Zara have also forayed into the metaverse through virtual stores and Non-Fungible Token collections.

Ceek has given a preview of the H&M virtual store through a tweet on its offi cial Twitter account.

Given all these factors, it will be unprecedentedly diffi cult to do a good job in stabilizing foreign trade next year, the vice minister said.

China’s foreign trade rose 22 per cent to approximately $6 trillion in 2021

China’s foreign trade rose US$1.3 trillion last year compared with 2020 which represented a 22 per cent increase, according to vice minister of commerce Ren Hongbin.

Data from the general administration of customs showed that from January to November 2021, China’s imports and exports reached 35.39 trillion yuan (US$5.55 trillion), a yearon-year increase of 22 per cent.

Hongbin recently cautioned that some ‘unprecedented’ diffi culties in stabilizing foreign trade in 2022 linger due to a weak global recovery, chip and container shortages, and rising raw material costs. Other challenges include the rising currency exchange rate of the Chinese yuan, which may also put additional burden on enterprises.

While the foreign trade is forecasted to come to a new level this year, bucking the global trend, the commerce ministry said there are still unprecedented challenges ahead for stabilizing foreign trade growth in 2022.

Phased factors such as price increases that support the growth of foreign trade this year are diffi cult to sustain next year, especially after superimposing on the ultra-high base number in 2021, according to a report in government-conEmblemtek_Imprint_Jan-Feb-2022-1.pdf 1 12-08-2021 1:38 PMtrolled newspaper.

Crocs to acquire casual footwear brand HeyDude

The footwear brand Crocs has entered into a defi nitive agreement to acquire HeyDude, a privately-owned casual footwear brand, for $2.5 billion (all fi gures US). The purchase price will be funded by $2.05 billion in cash and $450 million in Crocs shares issued to HeyDude founder and CEO Alessandro Rosano.

The transaction is expected to close in the fi rst quarter of 2022, subject to customary closing conditions and regulatory approval, Crocs said in a media release.

Upon completion of the transaction, HeyDude will operate as a standalone division. Rosano will continue to lead innovative product development as strategic advisor and creative director.

As part of this transaction, Rick Blackshaw was hired to join HeyDude as executive vice president and brand president. Blackshaw brings over 25 years of footwear experience and most recently served as the CEO at CCM Hockey and previously held positions as the president of Sperry, president of Keds, and vice president/general manager of the Chuck Taylor division of Converse. Blackshaw will be a member of the Crocs executive leadership team and report to CEO Andrew Rees.

“We intend to leverage our global presence, best-in-class marketing and scale infrastructure to build upon HeyDude’s strong foundation and create signifi cant shareholder value,” said Andrew Rees, chief executive offi cer of Crocs.

HeyDude founder and chief executive offi cer, Alessandro Rosano said, “We are proud of the brand we built and are honoured to become a part of Crocs, a company perfectly positioned to take HeyDude to the next level.”

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