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Saudi 100 Brands Program Announces Winner of 'Saudi Heritage Revival’ Competition

The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission
The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission
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Saudi 100 Brands Program Announces Winner of 'Saudi Heritage Revival’ Competition

The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission
The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission

The "Saudi Heritage Revival" competition winner was announced Wednesday at the Creative Residence under the Fashion Commission FCR headquarters at JAX District, in the presence of the jury and competition participants.

The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission -- with the aim of encouraging sustainability within the field of fashion design and the Saudi fashion industry by highlighting the cultural and national heritage.

Specifically, it provided an opportunity for participants to submit unique fashion designs using a group of classic Swarovski crystals while integrating the features and elements of heritage and design art with Saudi culture.
The stages of the competition included allocating a virtual introductory meeting for participants about the objectives and requirements of the competition on August 26 and guidance workshops with Swarovski experts in Riyadh on September 2-4, in addition to individual virtual sessions to follow up on the work of participants. The participants' outputs were subject to arbitration by the jury, and the winner was chosen on September 25 at the Creative Residence under the Fashion Commission FCR headquarters. The winning designer receives a training opportunity at the headquarters of Dar Al-Hanouf Fashion in Jeddah, while the top five designers get to participate in an international academic competition by Swarovski called “Interpretation of the Swarovski SS 2025 Inspiration Theme Street Art in a Commercial Ready to Wear Outfit.”
The winner was Hebah Baatiyyah and the top five designers were Hebah Baatiyyah, Alanood Aljabeer, Lama AlHabashi, Rawan Alyami and Reem Bashawri.

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Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
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Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)

Nike's new CEO Elliott Hill warned of a long road to sales recovery for the sportswear giant, but the veteran executive's plan to turn the spotlight on sports like basketball and running, allayed some investor worries.

The company said on Thursday it was expecting third-quarter revenue to drop to low double digits after the embattled sportswear seller's quarterly results beat market estimates.

Hill, in his first public address as CEO on the post-earnings call, said Nike had "lost its obsession with sport" and vowed to put it back on track by refocusing on sport and selling more items at premium prices, Reuters reported.

"The recovery is going to be a multi-year process, but he(Hill) seems to be going back to the roots, back to Nike being Nike," said John Nagle, chief investment officer at Kavar Capital Partners, which owns Nike shares.

"(Hill plans to shift focus) away from some of the streetwear and fashion that had taken over the brand, the heavy discounting and the neglect of retailers. Just taking it back to what worked," Nagle said.

Hill, who was with Nike for more than three decades, returned as CEO in October to revive demand at the firm that has been struggling with strategy missteps that soured its relations with retailers such as Foot Locker.

Earlier this month, Foot Locker CEO Mary Dillon said Hill was "taking the right actions for the brand" and the retailer was "working closely" with Nike to emphasize newer sportswear styles, including Vomero and Air DT Max.

"(The retailers) they want us to get back to being Nike, and they want us to have the unrelenting flow of innovative products... and they want us to get back to delivering bold brand statements that help drive traffic," Hill said.

The company's market share dwindled as rival brands, including Roger Federer-backed On and Deckers' Hoka , lured consumers with fresher and more innovative styles.

Hill also highlighted that a lack of newness led Nike to become too promotional and said he plans to shift to selling more at full price on its website and app.

"With another half year of franchise management coupled with investment to reinvigorate the brand, we believe the next four quarters could be the worst of the margin erosion and earnings per share reductions," Barclays analyst Adrienne Yih said.

At least seven brokerages cut price targets on the stock with some analysts pointing to the lack of a clear timeline for Nike to return to growth.

Shares of Nike, which have lost about half of its value in the last three years, were down nearly about 2% in early trading on Friday.

Nike's forward price-to-earnings ratio for the next 12 months, a benchmark for valuing stocks, was 27.53, compared with 33.47 for Deckers and 32.32 for Adidas.

"A rudderless ship now has a rudder, and a sailor who knows how to drive it," said Eric Clark, portfolio manager at the Rational Dynamic Brands fund that owns Nike shares.