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KAFD to Host WWD Summit and Inaugural Fashion Awards in Saudi Arabia

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)
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KAFD to Host WWD Summit and Inaugural Fashion Awards in Saudi Arabia

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)

The King Abdullah Financial District Development and Management Company (KAFD DMC) announced on Tuesday that it will host the Women's Wear Daily (WWD) Global Fashion Summit and the inaugural Fashion Awards, presented by Chalhoub Group, on Thursday.

The events, held at the King Abdullah Financial District, will honor outstanding achievements in the fashion, beauty, and retail industries, recognizing the exceptional contributions of designers and companies.

In a statement, KAFD said the WWD Global Fashion Summit is a hallmark event in the fashion world. This year, the event, in partnership with the Fashion Commission, will represent and spotlight local talents and visionaries alongside international fashion leaders in shaping the future of the industry.

Along with the Fashion Awards, these industry developments further cement the Kingdom's burgeoning role in the global fashion scene.

KAFD said it will present the "Designer of the Year" award to a winning designer whose work has significantly impacted the fashion industry.

“Through collaboration and partnership with stakeholders in the fashion community, KAFD continues to drive innovation, foster talent, and promote Saudi Arabia's rich cultural heritage on the global stage in line with Saudi Arabia’s Vision 2030,” said KAFD DMC chief executive Gautam Sashittal.

“We are thrilled to witness the burgeoning fashion industry in Saudi Arabia gaining global recognition. Hosting WWD's annual Global Fashion Summit for the first time in our region, right here in the heart of Riyadh, is an exciting moment,” said Fashion Commission CEO Burak Cakmak.

“We are particularly looking forward to the inaugural Fashion Awards presented by Chalhoub, which will honor and celebrate the remarkable achievements of the local talents and visionaries,” he added.

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Nike Shares Jump as Ackman’s Return Sparks Turnaround Hopes

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
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Nike Shares Jump as Ackman’s Return Sparks Turnaround Hopes

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)

Nike shares gained nearly 4% on Thursday as investors hoped the return of billionaire William Ackman as a stakeholder could spark a turnaround at the sportswear giant that has been battling with strategy missteps and tough competition.

Ackman's hedge fund Pershing Square Capital Management now owns roughly 3 million shares of Nike, amounting to a stake of about 0.19%, a filing showed on Wednesday. He has not revealed any plans for the investment yet.

"He's going to have the ear of the executives at Nike and be able to lend some influence on maybe how to get the ship righted, as it were, for Nike at this point in time to try and find their way back home," said Brian Mulberry, client portfolio manager at Zacks Investment Management, which owned $25.79 million worth of Nike shares as of June.

The stock has lost nearly a third of its value this year and the company has forecast a drop in annual sales for fiscal 2025, leading some Wall Street analysts and investors to raise the possibility of a management shake-up including CEO John Donahoe.

When an activist investor comes in, the ultimate goal "will be replacing the person that sits in the corner office," said Art Hogan, chief market strategist at B Riley Wealth.

"And I say that because the template for that has been very clear this week in the form of Starbucks."

Starbucks poached Chipotle CEO Brian Niccol earlier this week, tapping the industry veteran behind the burrito chain's turnaround to revitalize growth at its coffee outlets.

Niccol joining Chipotle in 2018 was also the result of one of Ackman's pressure campaigns that have often led to CEO changes at companies including J.C. Penney and Air Products and Chemicals.

Ackman last invested in Nike in late 2017, around the time when the company was losing market share in North America to a reinvigorated Adidas.

He exited Nike a few months later in 2018, making roughly $100 million in profit by cashing out of the 0.71% stake - a rare passive investment for the billionaire investor.

Analysts and investors hinted on Thursday it might be early days for Ackman's second stint as an investor at Nike and he will need to build a larger stake to make an impact.

Nike's forward price-to-earnings ratio for the next 12 months, a common benchmark for valuing stocks, was 24.26, compared with Adidas' 36.75.