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Nike, Adidas, and Puma Lost €7.3bn in Revenue Amid COVID-19 Outbreak

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Over the last few decades, the global sportswear market has turned into an enormous revenue-generating machine, with the profits reaching almost €153bn value in 2019. However, the first half of 2020 has brought a huge hit for the world’s largest sports brands, with thousands of their shops closed amid coronavirus lockdown.

According to data presented by SafeBettingSites.com, Nike, Adidas, and Puma, as the world’s largest suppliers of athletic apparel, lost €7.3bn in revenue amid the COVID-19 crisis.

Nike’s Revenue Plunged by €3.87bn

As one of the largest and most recognizable brands on the planet, Nike represents the leader in the industry of sports equipment and athletic apparel. The US-based company, traded as NKE on the New York Stock Exchange, has acquired several footwear and apparel companies over its history, including Converse, Cole Haan, Starter, Bauer Hockey, Umbro, and Hurley International. Today, it sponsors many high-profile professional athletes like Cristiano Ronaldo, Rafael Nadal, Lebron James, and Rory Mcllroy, and manufactures uniforms for a wide range of sports teams including Barcelona, Chelsea and Paris Saint-Germain.

In the third quarter of the fiscal year ending on May 31st, 2020, Nike generated €10.10bn in revenue, a €493 million increase compared to the Q3 2019 figures. However, the company’s Q4 2020 financial report revealed the staggering effects of the coronavirus crisis, with the revenues falling to €6.31bn, a €3.87bn plunge year-on-year.

Due to the excellent financial results in the first three quarters, Nike ended the fiscal year with €37.4bn in revenue, a €1.7bn drop in a year. Statista data also revealed that 41% of that amount was generated in the North American market. EMEA and Greater China follow with 26% and 19%, respectively. In 2020, footwear accounted for 66% of Nike’s total revenues. Apparel follows with a 31% revenue share.

Adidas and Puma Combined Revenues Tumbled by €3.47bn

Europe’s largest sportswear manufacturer and the second-largest globally, Adidas, generated €4.75bn in revenue in the first quarter of 2020, a €1.13bn plunge year-on-year. The company’s Q1 2020 financial results also revealed that earnings per share from continuing operations dipped 96% year-on-year, standing at €0.13. Although Adidas e-commerce sales jumped 35% in the first quarter, it wasn’t enough to balance widespread closures of brick-and-mortar stores.

The downsizing trend continued in the second quarter of the year, with the revenue falling to €3.58bn, a €1.93bn drop in a year. From April to June, almost all Adidas stores except those in the Asia-Pacific region were closed. In Latin America and emerging markets, sales decreased by more than 60%, while European and North America witnessed a 40% drop. Statistics show that the company’s revenue plummeted by €3.06bn in the first half of the year.

As the third-largest sportswear manufacturer in the world, Puma lost more than €415 million in revenue amid coronavirus outbreak. Statistics show the company generated €2.13bn in revenue in the first half of 2020, a 16.3% drop year-on-year.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Segun Opeke is Polaris Bank Executive Director

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Polaris Bank Appoints Segun Opeke as Executive Director

Mr. Segun Opeke has been appointed as an Executive Director of Polaris Bank Limited, according to a statement issued by the bank.

The lender said the appointment was made by the bank’s Board of Directors and the Asset Management Corporation of Nigeria (AMCON).

According to the statement, Mr. Opeke has over 26 years of hands-on work experience acquired from leading Nigerian commercial banks with over fifteen of these years in senior and executive management roles.

Until his appointment, Opeke was the Directorate Head, Lagos Business.

The Lagos Directorate under, his leadership, recorded outstanding growth and contributed significantly to the turnaround of the bank, evidenced by its impressive financial performance recorded in the 2019 financial year.

“Since the CBN intervention in the erstwhile Skye Bank Plc in July 2016, Segun has played a prominent role in the Bank’s transformation initiatives and very instrumental to the several milestone achievements of the Bank.

“By this appointment, he is expected to strengthen the bank’s leadership aspirations in the industry leveraging his wealth of experience and contributing greatly to its ongoing corporate transformation programme,” it stated.

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Survival Fund: Here is FG’s Timetable for Registration as Portal Opens Today

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Small and Medium Enterprises

FG’s Timetable for Survival Fund as Registration Portal Opens Today

The registration portal for the Federal Government’s Survival Fund will be officially opened to prospective beneficiaries at 10 pm Monday, September 21, 2020.

According to the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), Laolu Akande, the survival fund would help ease the negative impact of COVID-19 on small businesses and self-employed individuals.

He said “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”

On Sunday, the Federal Government released a statement detailing timetable for categories of businesses to register. According to the statement, educational institutions will be the first category of beneficiaries to register on the portal.

Nigerians interested in the Payroll Support scheme are to note that the site for registration will be open from 10 pm Monday, September 21, 2020.

“In order to ensure a seamless registration process, the Project Delivery Office (PDO) has designed a registration schedule.

“Registration for Payroll Support will start with educational institutions on Monday and will be followed with businesses in the hospitality industry on Friday, September 25 beginning from 12 A.M.

“The portal will also be open to other categories of small businesses from 12 A.M., on Monday, September 28, 2020,” the statement said.

Federal Government, therefore, advised those whose businesses were impacted by COVID-19 to take note of the schedule and also log on to http://www.survivalfund.ng to register for the payroll support initiative.

The survival fund is a federal government’s conditional grant to support vulnerable Micro and Small enterprises in paying salaries and safegaurd jobs to prevent further increase in unemployment and cushion falling economic productivity.

For how to access survival fund clicks here

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How to Access Survival Fund Through Official Registration Portal

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Here is a Detail Break Down of How You Can Access MSMEs Survival Fund

You can now start registering for the National Micro, Small and Medium Enterprises (MSMEs) Survival Fund instituted by the Federal Government to help small businesses and individuals impacted by COVID-19.

To access survival fund registration portal log on to https://survivalfund.ng

According to Laolu Akande, the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), “Next week, we are starting the survival fund, which is a part of this plan. From next week, it will be available and people who are potential beneficiaries will be able to get more information on https://survivalfund.ng.”

He said from next week, “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”

About 45 percent of beneficiaries of the program are expected to be female-owned businesses while 5 percent is allocated to persons with special needs.

The survival fund includes payroll support for three months, and a guaranteed offtake scheme among others, all under the National Economic Sustainability Plan (NESP).

The Federal Government plans to reach around 1.7 million individuals and businesses through the program.

How to Benefit from MSMEs Survival Fund.

To benefit from National MSMEs Survival Fund, your business must:

—Be Nigerian-owned
—Be CAC-registered
—Business owner must have a BVN
—Staff strength of not less than 10 for Payroll Support and 3 for GoS.

Eligibility for the survival fund Nigeria

To qualify for Survival Fund Nigeria, applicants must meet the following requirements:

  1. For employers of MSMEs
  • All the beneficiaries companies must be registered under the Corporate Affairs Commission (CAC).
  • Must have staff capacity of not less than 3 persons,
  • All the eligible enterprises must be owned by a Nigerian and located in Nigeria.
  • Must have BVN.
  1. Self-Employed Individuals in the following categories
  • Service Providers in the transportation sector, i.e bus drivers, taxi drivers, ride share drivers (Uber, Bolt. etc) and Mechanics.
  • Artisans: Electricians, Plumbers, etc.

Application portal opening date

The portal will open on Monday, 21st September 2020

Survivalfund.ng Portal

The MSME Survival Fund registration portal is survivalfund.ng. Registration for the National MSMEs Survival Fund will begin on Monday, 21st September 2020.

MSME Survival Fund Registration Portal & Information.

Under the National Survival Fund is a Payroll Support Scheme, vulnerable registered businesses will be supported in meeting their payroll obligations of between N30,000 to N50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period.

In addition to registered businesses, the National MSMEs Survival Fund will also cater to a second category of Nigerians: the Self-employed, including:

  • Service providers in the transportation sector, i.e. Bus/Taxi drivers, Rideshare drivers, Auto-Mechanics
  • Artisans (Electricians Plumbers etc).

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