Innovation News Network is excited to play a pivotal role as a community partner for the World Summit AI MENA, a significant gathering in the realm of artificial intelligence. This summit promises to be an essential platform for industry leaders, innovators, and thinkers to connect, share insights, and discuss the future of AI in the […]
Nike Hires Former Salesforce Executive as CIO in Tech Division Shakeup
Nike Inc. has made a significant move in its technology landscape by appointing Cheryan Jacob as its new Chief Information Officer (CIO). Jacob, a seasoned executive with experience at Salesforce, Microsoft Corp., and Flexport Inc., is set to modernize Nike’s technology infrastructure. This strategic decision comes as part of Nike’s ongoing effort to enhance its […]
Estée Lauder Companies Names Akhil Shrivastava Executive Vice President, CFO
Estée Lauder has announced the appointment of Akhil Shrivastava as Executive Vice President and Chief Financial Officer, effective November 1, 2024. Shrivastava steps into this role following the retirement of Tracey Travis, who has held the position since 2012. Travis will remain with the company until June 30, 2025, to aid in the transition. Akhil […]
Unilever India’s Profit Disappoints on Sluggish Consumer Demand
Unilever India, a key player in the household and beauty sector, recently reported disappointing quarterly profits. The company’s net income for the quarter ending June 30 saw a modest increase of 2.8% to 25.4 billion rupees ($303 million), falling short of analyst expectations, which anticipated a profit of 26.01 billion rupees. This outcome highlights ongoing […]
LVMH Pledges More Vertical Integration in Response to Dior Manufacturing Scandal
In the wake of serious allegations regarding sweatshop labor linked to its Dior brand, luxury giant LVMH is poised to increase vertical integration within its supply chain. Recent investigations in Italy revealed labor exploitation in facilities producing goods for Dior, prompting LVMH to reassess its outsourcing strategy. Jean-Jacques Guiony, LVMH’s Chief Financial Officer, acknowledged the […]
LVMH Revenue Slip Signals Continued Gloom for Luxury
LVMH, owner of luxury brands like Louis Vuitton and Dior, has reported a revenue decline for the second consecutive quarter, igniting concerns about the resilience of the luxury market. In Q2, LVMH’s revenues fell by 1%, failing to meet analyst expectations of 3-4% organic growth. While the group’s sales demonstrate slight growth when accounting for […]
US, EU, UK pledge to protect generative AI market fairness
In a groundbreaking move, the United States, European Union, and United Kingdom have united to safeguard the fairness of the generative AI market. This coalition recognizes the transformative potential of AI technologies and aims to ensure that competition remains vibrant amidst growing concerns regarding market monopolization. The statement issued by these governments highlights several key […]
Bangladesh faces fifth day without internet amid protests
Bangladesh is currently experiencing a profound crisis marked by widespread protests that have now entered their fifth day, coinciding with a total internet blackout across the country. The ongoing unrest stems from widespread demands for the abolition of a controversial government quota system, which reserves 30% of public sector jobs for the relatives of military […]
Tiffany’s Staff Exits Test LVMH’s Turnaround Playbook
Tiffany & Co.’s transition under LVMH’s control has been fraught with challenges, primarily stemming from ambitious sales targets resulting in high employee turnover. Since its $16 billion acquisition, the jewelry titan has experienced a significant restructuring, but not without pitfalls. While annual sales grew by around $1.5 billion, achieving these ambitious targets proved difficult for […]
How to Get Customers to Shop Online
In a competitive e-commerce landscape, attracting online shoppers is becoming increasingly challenging. As the growth rate of global e-commerce sales declines, brands must utilize innovative strategies to keep consumers engaged. Personalization is essential. Many shoppers expect a tailored experience similar to social media interactions, where content aligns with their preferences. For example, eBay’s “Shop the […]