WSJ : Two Men Stabbed on Manhattan’s Upper West Side in Possible Hate Crime The

Two Men Stabbed on Manhattan’s Upper West Side in Possible Hate Crime
The suspect has been arrested and the victims are expected to survive, police say

  • Two men were stabbed in New York City on Thursday in what police are evaluating as a potential hate crime.
  • Police arrested 51-year-old Raul Morales, who witnesses and victims said yelled “Allahu akbar” during the attacks.
  • The victims, a 57-year-old Asian man and a 50-year-old Jewish man, are expected to survive.

Two men were stabbed in New York City on Thursday in what police say they are evaluating as a potential hate crime.

The victims are expected to survive, Police Commissioner Jessica Tisch said. One is a 57-year-old Asian man and the other is a 50-year-old Jewish man, police said.

Both were stabbed in Manhattan’s Upper West Side neighborhood in two separate locations a few blocks apart, the New York Police Department said. The attacks occurred around 1:30 p.m. near Central Park.

According to victim and witness statements, the suspect yelled “Allahu akbar” during both attacks, Tisch said. Allahu akbar is an Arabic phrase that translates to “God is greater.”

The suspect, Raul Morales, 51, was arrested, she said. It wasn’t immediately known if Morales had a lawyer.

Morales doesn’t have any known mental health history with the police, Tisch said, but “the initial investigation suggests that mental health may have been a factor.”

Mayor Zohran Mamdani said he was briefed on the stabbings. “These hateful and despicable attacks have no place in our city,” he said.

The mayor, a Democratic socialist, has been critical of the Israeli government, alienating some moderate Democrats and Jewish New Yorkers. He recently had been exploring whether Israeli Prime Minister Benjamin Netanyahu could be arrested on a visit to New York. The International Criminal Court in 2024 issued an arrest warrant for the Israeli leader over alleged war crimes in Gaza, charges Israel rejects. Mamdani said earlier this week he didn’t have the authority to make the arrest but urged the federal government to execute the warrant.

>>> US After Hours Summary: INTC +5.6%, THC +12.6%, EW +4.6%, KN +2.9% higher on

After Hours Summary: INTC +5.6%, THC +12.6%, EW +4.6%, KN +2.9% higher on earnings; SAFT +34.3% to be acquired; ORCL +1.9% wins DoW contract; AMKR +16.3% on deal with NVDA; MXL -9.8%, DECK -7.5%, SLM -6.1% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: THC +12.6% (also increases share repurchase authorization by $2 bln), INTC +5.6% (also raises FY26 capex guidance to $20+ bln from $18 bln; also FY27 capex to be significantly above 2026 levels), EW +4.6%, KN +2.9%, SAP +1.1%, RNG +1% (also expands partnership with NICE; also highlights OpenAI collaboration), KNSL +0.7%

Companies trading higher in after hours in reaction to news: SAFT +34.3% (to be acquired by Mapfre affiliate for $105/sh), AMKR +16.3% (Amkor, NVDA strike $1.5 bln advanced packaging pact), MX +5.7% (NVTS and MX form SiC licensing partnership), KLAC +2.3% (Intel raises cap-ex guidance), ORCL +1.9% (wins up to $6.99 bln DoW enterprise software IDIQ contract), AMAT +1.8% (Intel raises cap-ex guidance), LRCX +1.8% (Intel raises cap-ex guidance), NVTS +1.7% (NVTS and MX form SiC licensing partnership), CSIQ +1.2% (D.E. SHAW discloses increased passive stake of 8.0% (prior 6.4%)), CAE +1.2% (awarded a $257.8 mln Army contract), OKLO +1.1% (receives DOE startup authorization for Groves reactor), PRME +1% (FDA clears IND application for PM577a), OHI +0.5% (increases dividend), ABBV +0.4% (GMAB, ABBV clarify Phase 3 did not meet sole US primary endpoint), WBD +0.3% (Judge extends hold on Paramount-Warner Bros. deal through mid-August, according to Bloomberg), AROC +0.1% (increases dividend), PSKY +0.1% (Judge extends hold on Paramount-Warner Bros. deal through mid-August, according to Bloomberg)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: MXL -9.8%, DECK -7.5%, SLM -6.1%, SCHL -5.3%, ATRC -4.7%, SMMT -4.6% (also discloses substantial doubt about its ability to continue as a going concern), JAKK -3.8%, SKYW -2.8%, RHI -2.5%, HIG -2% (also authorizes new $4.2 bln share repurchase program), ENVA -1.3%, REXR -1.3%, SIGI -1.1%, OVV -1%, NEM -0.9%, FIX -0.6% (also increases dividend), SAM -0.3%, CUBI -0.1%, CUBI -0.1%

Companies trading lower in after hours in reaction to news: CDXS -21.1% (launches stock offering), PYPL -1.4% (Stripe and Advent continue to consider options re PayPal, according to WSJ), DSX -0.9% (GNK says advisors engaged with DSX on revised non-binding proposal), COCO -0.4% (stock offering by selling shareholders), ALGN -0.2% (unveils new Invisalign planning and patient-engagement tools), NVDA -0.2% (Amkor, NVDA strike $1.5 bln advanced packaging pact), WHR -0.1% (reschedules earnings)

WSJ : McCormick to Seek London Listing Following Tie-Up with Unilever Foods The

McCormick to Seek London Listing Following Tie-Up with Unilever Foods
The proposed merger with Unilever’s foods business should close by mid-2027

  • McCormick said it would seek a secondary listing on the London Stock Exchange following its planned merger with Unilever’s foods business.
  • McCormick said the proposed combination is expected to close by mid-2027 and create a company valued at more than $65 billion, including debt.
  • The planned merger is part of a strategy shift by London-based Unilever to focus on beauty, personal-care and home products.

McCormick MKC -0.63%decrease; down pointing triangle said it would seek a secondary listing on the London Stock Exchange following a looming merger with Unilever’s ULVR -1.64%decrease; red down pointing triangle foods business.

The maker of spices and seasonings said Thursday that the London listing would come in addition to its current listing on the New York Stock Exchange. The proposed combination with Unilever’s foods business–expected to create a company valued at more than $65 billion, including debt–should close by mid-2027, McCormick said.

For Unilever, the deal with U.S.-headquartered McCormick is part of a major strategy shift to home in on beauty, personal-care and home products. But the combination of foods businesses had left some investors in London-based Unilever leery of holding shares in a large publicly traded U.S. food company, analysts have said.

For McCormick investors, the deal means that they could go from holding a snug spice-and-flavor company to holding a stake in an expansive foods behemoth. When the proposed deal between Unilever and McCormick was announced, shares in both companies fell around 5%.

The decision from McCormick to push for a London listing aims to facilitate capital flows and bolster liquidity for shareholders, McCormick said. The combined company also plans to international headquarters and maintain substantial presence in the Netherlands, where Unilever has deep roots.

Also on Thursday, McCormick said it reorganized its business around four commercial divisions for the combined company–Americas consumer, international consumer, global food service and global flavor. This marks a split in the consumer business into two geographic divisions.

>>> Lilly says Phase 3 TRIUMPH-2, TRIUMPH-3 studies of retatrutide met primary e

Lilly says Phase 3 TRIUMPH-2, TRIUMPH-3 studies of retatrutide met primary endpoints in obesity
  • Retatrutide delivered up to 20.8% average weight loss with up to 1.6% A1C reduction at 80 weeks in adults with obesity or overweight and type 2 diabetes in TRIUMPH-2.
  • In TRIUMPH-3, adults with severe obesity and established cardiovascular disease lost up to 22.6% on retatrutide at 80 weeks; MACE events occurred less often than expected, with a reported MACE-5 hazard ratio of 0.82 versus placebo.
  • Lilly said the two studies complete the clinical package for global submissions in obesity, knee osteoarthritis pain, and obstructive sleep apnea.
  • The company plans to submit a BLA for retatrutide to the FDA in Q1 2027.

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Ameren (AEE) upgraded to Overweight from Sector Weight at KeyBanc, tgt $122
    • AT&T (T) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $29
    • Duke Energy (DUK) upgraded to Overweight from Sector Weight at KeyBanc, tgt $139
    • Equinor (EQNR) upgraded to Sector Perform from Underperform at RBC Capital
    • JPMorgan (JPM) upgraded to Buy from Hold at Deutsche Bank, tgt $375
    • PayPay (PAYP) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $23
    • Verisk Analytics (VRSK) upgraded to Buy from Hold at Jefferies, tgt $235
  • Downgrades:
    • Agilon Health (AGL) downgraded to Sell from Neutral at Citigroup, tgt $105
    • CMS Energy (CMS) downgraded to Sector Weight from Overweight at KeyBanc
    • Evolent Health (EVH) downgraded to Sell from Buy at Citigroup, tgt $6.75
    • M&T Bank (MTB) downgraded to Hold from Buy at Deutsche Bank, tgt $250
    • Northern Trust (NTRS) downgraded to Sector Perform from Outperform at RBC Capital, tgt $178
    • Pegasystems (PEGA) downgraded to Hold from Buy at Loop Capital, tgt $25
    • Pegasystems (PEGA) downgraded to Market Perform from Outperform at William Blair
    • Pegasystems (PEGA) downgraded to Sector Weight from Overweight at KeyBanc
    • PNC Financial (PNC) downgraded to Hold from Buy at Deutsche Bank, tgt $265
    • Rollins (ROL) downgraded to Sector Perform from Outperform at RBC Capital, tgt $35
    • Southern Company (SO) downgraded to Underweight from Sector Weight at KeyBanc, tgt $79
    • WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe, Bruyette & Woods, tgt $42
    • Zions Bancorp (ZION) downgraded to Underperform from In Line at Evercore ISI, tgt $68
  • Others:
    • AAON (AAON) initiated with a Sector Weight at KeyBanc
    • Alphatec (ATEC) initiated with an Overweight at Stephens, tgt $15
    • AppFolio (APPF) initiated with a Buy at Guggenheim, tgt $232
    • Applied Digital (APLD) initiated with an Equal Weight at Morgan Stanley, tgt $36.50
    • Autodesk (ADSK) initiated with a Buy at Guggenheim, tgt $245
    • Comtech (CMTL) initiated with a Buy at Northcoast, tgt $2.50
    • Core & Main (CNM) initiated with a Market Perform at William Blair
    • Freshworks (FRSH) initiated with a Buy at Guggenheim, tgt $25
    • Guidewire (GWRE) initiated with a Buy at Guggenheim, tgt $180
    • Hut 8 (HUT) initiated with an Overweight at Morgan Stanley, tgt $263
    • iRhythm (IRTC) initiated with an Overweight at Stephens, tgt $160
    • Live Nation (LYV) initiated with a Buy at BTIG Research, tgt $215
    • NeuroPace (NPCE) initiated with an Outperform at Mizuho, tgt $22
    • PagSeguro (PAGS) initiated with a Hold at Jefferies, tgt $10.40
    • Procore (PCOR) initiated with a Buy at Guggenheim, tgt $68
    • Riot Platforms (RIOT) initiated with an Overweight at Morgan Stanley, tgt $36
    • Samsara (IOT) initiated with a Buy at Guggenheim, tgt $45
    • Signet Jewelers (SIG) initiated with an Outperform at Raymond James, tgt $105
    • StoneCo (STNE) initiated with a Hold at Jefferies, tgt $12.60
    • Tyler Technologies (TYL) initiated with a Buy at Guggenheim, tgt $440
    • Veeva Systems (VEEV) initiated with a Buy at Guggenheim, tgt $232
    • Vertiv (VRT) initiated with an Overweight at KeyBanc, tgt $360

>>> Lockheed Martin beats by $0.75, beats on revs; guides raises EPS above conse

Lockheed Martin beats by $0.75, beats on revs; guides raises EPS above consensus, revs above consensus
  • Reports Q2 (Jun) earnings of $7.94 per share, $0.75 better than the FactSet Consensus of $7.19; revenues rose 10.5% year/year to $20.06 bln vs the $19.34 bln FactSet Consensus.
  • Co issues upside guidance for FY26, sees EPS of ~$29.95-30.65 vs. $29.88 FactSet Consensus and prior guidance of $29.35-30.25; sees FY26 revs of ~$79.75-81.75 bln vs. $79.17 bln FactSet Consensus and prior guidance of $77.50-80.00 bln.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • DOMO +22.9%, NVEC +21.9%, MEDP +19%, HYLN +16.3%, RELL +16.3%, KALU +11.2%, ALLE +8.2%, NOW +7.4%, CLF +6.9%, URI +6.6%, WST +6.5%, JHX +6.2%, OII +6%, SGML +5.9%, RTX +5.8%, GSHD +5.1%, TECK +5.1%, TMO +4.7%, COCO +3.8%, CSX +3.8%, CMCSA +3.6%, FJET +3.5%, IBCP +3%, AXG +2.8%, CX +2.8%, TTE +2.6%, DOW +2.4%, SLG +2.1%, WEX +2.1%, SPIR +1.9%, SEIC +1.8%, WH +1.7%, FULT +1.5%, CWCO +1.4%, THRM +1.4%, GEV +1.3%, HOMB +1.3%, NAVN +1.3%, WCN +1.3%, AHR +1.2%, SON +1.2%
  • Gapping down:
    • ROL -17.2%, STM -14.1%, CYH -10.6%, MOH -8.8%, TSLA -6%, FSBC -5.8%, CCB -5.2%, QS -4.9%, CASH -4.8%, SSTK -4.1%, CRNT -4%, GOOG -4%, TXN -3.9%, TOWN -2.7%, GGG -2.5%, FRME -2.3%, LTC -2.2%, GL -2.2%, LUV -2%, RNR -1.5%, KROS -1.1%, FR -1%, BAM -0.9%

WWD : Burlington Arcade Wants to Bring Back the Magic With a High-end Offer and

Burlington Arcade Wants to Bring Back the Magic With a High-end Offer and a New All-day Café
“We've been treating Burlington Arcade like a department store. Our idea was always to connect the dots, create a destination, and be more than just a landlord,” said Trupti Shah, international commercial director at Reuben Brothers.

LONDON — With all the buzz around Old and New Bond streets, and the luxury groups’ battles to buy and lease the town’s top retail properties, it’s easy to forget about Burlington Arcade, the covered shopping thoroughfare that sits right near them, with stores selling luxury accessories from cashmere knitwear and Manolo Blahnik shoes to vintage Cartier watches.

But as the big brands stake their claim to the multimillion-pound properties on Old and New Bond streets, which are now among the most expensive retail strips in the world, the smaller, independent ones are making themselves at home in the arcade, jockeying for more square footage and refurbishing their units to appeal to the 4 million visitors each year.

The brands are eager to plant their flags because the arcade is evolving — finally — into the high-end hot spot that owners, the billionaire British property investors David and Simon Reuben, envisioned when they purchased the property in 2018 for a reported 300 million pounds.

While Burlington Arcade was always filled with nice shops, there never seemed to be a coherent vision, and brands would come and go after short periods. Trupti Shah, international commercial director at Reuben Brothers, has been trying to change that perception, and take it as far upmarket as she can.

“We’ve been treating Burlington Arcade like a department store, which none of the previous owners had done before. Our idea was always to connect the dots, create a destination, and be more than just a landlord. We want to preserve the history of the arcade, and restore all the independent luxury retailers,” she said.

The 19th century arcade was commissioned by Lord George Cavendish, whose family owned the neighboring Burlington House, now home to the Royal Academy of Arts. The arcade opened in 1819 as a high-end shopping destination and is still manned by the Beadles, the nation’s oldest police force, who ensure some of the old rules are maintained — no whistling, running, cycling or behaving “boisterously.”

The arcade spans 37,000 square feet, and each retail unit resembles a small townhouse with a basement, ground floor and two upper levels, for a total of 1,000 square feet. Overall, the mix is around 50 percent watches and jewelry with the rest coming from luxury accessories. The customers are around 70 percent tourists and 30 percent locals.

Although Shah declined to comment on rental prices, they’re understood to be in line with those on nearby Old Bond Street, which range from 2,500 pounds to 2,800 pounds a square foot for the prime area nearest to the shopfront.

The owners’ department store approach has been working, with sales at the cashmere knitwear brand N. Peal and Ladurée, purveyor of flavored macarons, both up 14 percent so far this year. Shah said the arcade is also turning footfall into sales and driving profits, with the average conversion rate 78 percent across all 47 retailers.

Shah has also been careful about the tenants. She has upped the threshold for entry-level prices to 350 to 500 pounds, and encouraged some brands — like Stephen Webster — to think about a hospitality offering, which is why the jeweler opened the No Regrets Lounge in the shop’s basement.

She sees Burlington Arcade as the ultimate destination for high-end accessories with a strong craftsmanship angle, and for wedding and honeymoon shopping. “You can buy your shoes at Manolo, engagement rings at any of the jewelers, and your luggage at Globetrotter,” she said.

Brands are eager to move in, and happy to wait for the right space to open up. For 60 percent of the brands — including Globetrotter, Bell & Ross, and Stephen Webster — their arcade store is their only physical presence in the U.K.

E. Marinella, the Neapolitan tiemaker which previously had a store on Maddox Street, waited three years for the right space in the arcade. It’s now located next to Noxy Coffee, which started out as a stand-alone cart in the arcade and now has its own shop with seating upstairs. Both sit across from Romi Topi, owner of the shoe-shine business who’s marking his 20-year anniversary this week.

Shah said that of the seven leases that expired this year — all from long-standing tenants — six have been renewed with long-term leases.

Upcoming arrivals include Mackintosh, which is taking a 1,100-square-foot space across four floors, later this year. Its sister brand, J&M Davidson, recently took over the largest single unit in the arcade, which measures 1,600 square feet. In June, Gladwell and Patterson, London’s oldest art gallery, opened in the arcade.

Other brands are in expansion mode.

Susannah Lovis, which specializes in vintage jewelry, and has been in the arcade nearly 30 years, has more than doubled its space to 1,100 square feet. Roja Dove and Azza Fahmy have more than doubled their respective spaces to 1,100 square feet.

N. Peal is marking its 90th anniversary later this year by doubling its space to 2,379 square feet by expanding to the unit next door, which was previously occupied by the Justerini & Brooks wine merchants. It will become the largest store that Burlington Arcade has ever had.

Come September, Vilebrequin will be renovating its store, which faces Piccadilly at the other end of the arcade from N. Peal. It will reopen in early November.

Shah has also been ramping up the hospitality offer.

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Burlington Arcade Wants to Bring Back the Magic With a High-end Offer and a New All-day Café
“We've been treating Burlington Arcade like a department store. Our idea was always to connect the dots, create a destination, and be more than just a landlord,” said Trupti Shah, international commercial director at Reuben Brothers.


By
Samantha Conti
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July 22, 2026, 5:38pm
Burlington Arcade with a Beadle standing guard.
Burlington Arcade with a Beadle standing guard. Courtesy
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LONDON — With all the buzz around Old and New Bond streets, and the luxury groups’ battles to buy and lease the town’s top retail properties, it’s easy to forget about Burlington Arcade, the covered shopping thoroughfare that sits right near them, with stores selling luxury accessories from cashmere knitwear and Manolo Blahnik shoes to vintage Cartier watches.

But as the big brands stake their claim to the multimillion-pound properties on Old and New Bond streets, which are now among the most expensive retail strips in the world, the smaller, independent ones are making themselves at home in the arcade, jockeying for more square footage and refurbishing their units to appeal to the 4 million visitors each year.


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The brands are eager to plant their flags because the arcade is evolving — finally — into the high-end hot spot that owners, the billionaire British property investors David and Simon Reuben, envisioned when they purchased the property in 2018 for a reported 300 million pounds.

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While Burlington Arcade was always filled with nice shops, there never seemed to be a coherent vision, and brands would come and go after short periods. Trupti Shah, international commercial director at Reuben Brothers, has been trying to change that perception, and take it as far upmarket as she can.

“We’ve been treating Burlington Arcade like a department store, which none of the previous owners had done before. Our idea was always to connect the dots, create a destination, and be more than just a landlord. We want to preserve the history of the arcade, and restore all the independent luxury retailers,” she said.


Gladwell and Patterson, London’s oldest art gallery, just opened in the arcade.
The 19th century arcade was commissioned by Lord George Cavendish, whose family owned the neighboring Burlington House, now home to the Royal Academy of Arts. The arcade opened in 1819 as a high-end shopping destination and is still manned by the Beadles, the nation’s oldest police force, who ensure some of the old rules are maintained — no whistling, running, cycling or behaving “boisterously.”


The arcade spans 37,000 square feet, and each retail unit resembles a small townhouse with a basement, ground floor and two upper levels, for a total of 1,000 square feet. Overall, the mix is around 50 percent watches and jewelry with the rest coming from luxury accessories. The customers are around 70 percent tourists and 30 percent locals.

Although Shah declined to comment on rental prices, they’re understood to be in line with those on nearby Old Bond Street, which range from 2,500 pounds to 2,800 pounds a square foot for the prime area nearest to the shopfront.

The owners’ department store approach has been working, with sales at the cashmere knitwear brand N. Peal and Ladurée, purveyor of flavored macarons, both up 14 percent so far this year. Shah said the arcade is also turning footfall into sales and driving profits, with the average conversion rate 78 percent across all 47 retailers.


Stephen Webster’s No Regrets lounge in the basement of his shop at the arcade. Jack Elliot Edwards
Shah has also been careful about the tenants. She has upped the threshold for entry-level prices to 350 to 500 pounds, and encouraged some brands — like Stephen Webster — to think about a hospitality offering, which is why the jeweler opened the No Regrets Lounge in the shop’s basement.

She sees Burlington Arcade as the ultimate destination for high-end accessories with a strong craftsmanship angle, and for wedding and honeymoon shopping. “You can buy your shoes at Manolo, engagement rings at any of the jewelers, and your luggage at Globetrotter,” she said.

Brands are eager to move in, and happy to wait for the right space to open up. For 60 percent of the brands — including Globetrotter, Bell & Ross, and Stephen Webster — their arcade store is their only physical presence in the U.K.

E. Marinella, the Neapolitan tiemaker which previously had a store on Maddox Street, waited three years for the right space in the arcade. It’s now located next to Noxy Coffee, which started out as a stand-alone cart in the arcade and now has its own shop with seating upstairs. Both sit across from Romi Topi, owner of the shoe-shine business who’s marking his 20-year anniversary this week.

Shah said that of the seven leases that expired this year — all from long-standing tenants — six have been renewed with long-term leases.


Le Café by Nicolas Rouzaud.
Upcoming arrivals include Mackintosh, which is taking a 1,100-square-foot space across four floors, later this year. Its sister brand, J&M Davidson, recently took over the largest single unit in the arcade, which measures 1,600 square feet. In June, Gladwell and Patterson, London’s oldest art gallery, opened in the arcade.

Other brands are in expansion mode.

Susannah Lovis, which specializes in vintage jewelry, and has been in the arcade nearly 30 years, has more than doubled its space to 1,100 square feet. Roja Dove and Azza Fahmy have more than doubled their respective spaces to 1,100 square feet.

N. Peal is marking its 90th anniversary later this year by doubling its space to 2,379 square feet by expanding to the unit next door, which was previously occupied by the Justerini & Brooks wine merchants. It will become the largest store that Burlington Arcade has ever had.


Come September, Vilebrequin will be renovating its store, which faces Piccadilly at the other end of the arcade from N. Peal. It will reopen in early November.

Shah has also been ramping up the hospitality offer.


Ladurée at Burlington Arcade.
She brought in the arcade’s first morning-to-early-evening food offer in Le Café by Nicolas Rouzaud, one of the top master pâtissiers in Europe, with his own space on Mount Street, next to The Connaught, and a short walk from the arcade.

It opened earlier this year and serves breakfast, brunch and lunch including a ham and egg brioche based on Rouzaud’s father’s recipe.

To mark Manolo Blahnik’s involvement in last year’s Marie Antoinette exhibition at the V&A, the brand hosted a dinner in the walkway of the arcade. The lavish crystal chandeliers are still hanging in the space. Other special events were linked to the Takashi Murakami 007 James Bond takeovers of the space.

Shah said her retail puzzle is almost finished. The only missing pieces are “luxury niche homeware brands. We love Lalique — it dominates the homeware offer in the arcade — but we’d love to see more brands,” she said.

WWD : CEO Jens Grede Explains What Everybody Misses About Kim Kardashian’s Skims

CEO Jens Grede Explains What Everybody Misses About Kim Kardashian’s Skims Brand
As the social media-fired brand expands its retail operation with new locations in London, Dubai and beyond, Grede told WWD that business is often misunderstood.

Kim Kardashian is a creature of the social media world — with 344 million Instagram followers she might just be the queen of it.

But Skims — the brand she cofounded with Jens and Emma Grede in 2019 — has its real base in something much more tactile.

The market, the media and the world at large have oversimplified Skims, said Jens Grede, chief executive officer, in an interview ahead of the opening of the brand’s London flagship, which is part of a new retail push.

“They miss that — beyond the celebrity campaigns and the collaborations with Fendi or Dolce & Gabbana or partnership with Nike, or beyond the Will Ferrells or Hailey [Bieber] or even Kim — what Kim and I really designed is a fabric company first and foremost,” Grede said.

“We don’t really engage so much in collections as we engage in fabrication,” he said. “The press tries sometimes to talk more about the thing that’s more visually gratifying. What they miss is the fact that the business is built on soft lounge.”

He pointed to Skims’ Everyday Cotton line, which renders the brand’s signature fit and comfort in natural cotton, as an example.

“Everything else is wonderful to engage with the world and make people excited and bring people in and build this cultural moment,” he said. “But at the heart of it is really a fabric business.”

If Skims’ base is built on something so tangible, it’s fitting. The brand’s future is also clearly physical.

“Eighty percent of our category is bought in physical retail,” Grede said. “I want to be in the 80 percent business rather than the 20 percent business. I want to be in the 100 percent business.”

Including London, which opens Thursday, Skims has 27 company-operated stores as well as two doors in Mexico and, as of this week, two in the United Arab Emirates that are run by partners. The brand is also looking to open in Seoul later this year and, after that, Delhi and Mumbai.

Skims will have 55 stores by the end of this year and Grede plans to have more than 100 by the end of 2027.

“I want to do business the way that my customer wants to shop the brand,” he said. “The most frequently asked question we get is, ‘When are you going to open [a store near me]?’ And the brand is actually still underrepresented in terms of physical presence.

“In New York, we have a phenomenal flagship on Fifth Avenue, but Manhattan isn’t the one-store market,” he said. “Manhattan by itself in our category might be a three- or four-store market.”

Skims’ retail push began in the U.S. and Grede said the market there is a couple years ahead.

“The U.S. strategy has also really been about opening important stores in the most important American cities and the most important retail destinations in the U.S., which is really a combination of key street locations as well as let’s say the Tier A malls,” he said.

Grede doesn’t have a set target for how many retail stores to ultimately open, but he said the approach is “fiscally disciplined.”

“We have a good 200 to 300 Tier A retail locations around the world before we would start taking a step down,” he said. “We’ll monitor that as we get further into our retail rollout. I’ve been very focused on making sure that the box and the concept of how we do retail really works.”

Going big seems to work for Skims, as it does for Kardashian herself.

The new Regent Street flagship in London has some 12,000 square feet of selling space in the middle of one of the world’s most-important shopping districts.

“We’re on the 50 yard line next to Apple [with a] corner store,” Grede crowed. “We put together two stores to make it happen.”

Designed by Rafael de Cárdenas Ltd., the location features the brand’s most expansive offerings in the U.K., bringing together signature collections and seasonal launches across underwear, shapewear, loungewear, menswear, accessories and NikeSkims.

The new UAE store, which opened on Tuesday, covers 6,200 square feet in the Dubai Mall.

Grede said Skims still operates retail with a “one world, one concept” approach, but will start to modulate the offering.

“I’m sure we will make adaptations and learn each and every market in terms of their preferences and make sure that we stay relevant in the assortment, fit and sizing,” he said.

As Skims continues to flesh out its retail business, it will have a natural growth story to tell future investors — current investors already like the story, giving the seven-year-old company a $5 billion valuation in a fundraising round last year.

But while the company has long been seen as one of fashion’s strongest potential IPOs, Grede is not racing toward Wall Street.

“Good companies have good options,” he said. “My focus has been to build a good company together with Kim. We don’t feel that we have any pressure to go public right now, nor do I think that the market is particularly forgiving for consumer [products companies]. But over time we are becoming a large company, but we have institutional investors and it is our responsibility to offer them optionality into the future. We’re very lucky that we have a group of investors that are not giving us any particular time pressure. It will happen when the time is right.”

In the meantime, Skims will continue to live at “the intersection of culture and commerce,” said Grede, who also puts the brand somewhere between the traditional intimates and lounge categories.

“We are our own category,” he said. “We really have carved our own niche in the concept of intimates and lounge. And I think that we’re the home of that wherever we open up.

“I remember Remo Ruffini of Moncler telling me once, they were asking him, ‘How many more of these black ski jackets can you sell?’ And turned out you could sell quite a few,” Grede said.

“Just like Moncler created a category of fashion ski performance and Lululemon defined the yoga and athleisure category, I believe Skims is on its way to define the category between intimates and lounge,” he said.

If that sounds ambitious — and it is — that doesn’t mean that Kardashian and Grede & Co. can’t do it.

Skims, for all the time it’s spent in the spotlight, is used to being overlooked.

“The brand has been somewhat underestimated for a long period of time,” Grede maintained. “I understand why because we have a cofounder that’s one of the most famous women in the world.

“At first they said it was Kim and then people said it was online. And first they said it was shapewear and then they said it was underwear. And then they said it was American. And then it turned out that it was global. And then they asked us if we could do stores.”

With plans to quadruple Skims’ retail presence in the next 18 months, Grede is preparing his answer to that last one right now.

FT : Europe’s flash drought comes as heat causes ‘atmospheric thirst’, scientist

Europe’s flash drought comes as heat causes ‘atmospheric thirst’, scientists say
Rivers and water flows low as evaporation rates rise in extreme warm conditions, study finds

Europe was suffering a “flash drought” after a series of heatwaves starting in spring drove an “atmospheric thirst” as a result of climate change, particularly affecting central and eastern countries, scientists said.

The drying of river systems in Italy, France, Poland, England, the Rhine and the Danube has disrupted cargo, threatened hydropower, hit harvests and led to some countries putting bans on non-essential water use.

Scientists from 12 European countries in the World Weather Attribution group found that long-term rain patterns varied widely and western Europe had started the year with more winter rainfall than the east.

But the series of early heatwaves starting in May had made the onset of drought more rapid as the warmer air had dried out soil more quickly.

Imperial College researcher Theodore Keeping described a “flash drought, where basically these extreme hot, dry conditions drive a much more rapid drying of that soil bed than we have seen historically in a lot of places”.


The WWA group, which tracks the relationship between weather shifts and climate change, analysed trends in rainfall, soil moisture and evaporation potential.

The study of this year’s trend was not yet peer-reviewed but found that across western Europe in the April-to-June study period, a lack of rain was not clearly driven by climate change.

But extreme heat driven by global warming had made it about 80 times more likely that the evaporation potential was increasing, it concluded.

Across eastern Europe, from the January-to-June study period, heat-driven evaporation potential was made about 40 times more likely.


“Despite more wintertime rainfall across most of Europe, we now see an enhanced tendency for unusual soil drying already in spring, before summer has even begun,” said Dominik Schumacher of the Institute for Atmospheric and Climate Science at ETH Zurich.

“That is our own doing: as temperatures climb, the atmosphere’s thirst increases quickly, sucking moisture out of rivers, lakes, reservoirs and the soil.”

The UK has put in place bans on the use of hosepipes, and the Netherlands last week lifted its drought scale to level 2, or an “actual water shortage” with measures needed to manage water supplies.


Prolonged dry conditions affecting the Rhine and wider basin have also put pressure on water resources in parts of the Alps, Germany, France and Belgium, while the Danube water levels in Romania were the lowest since 1996.

The early wet period in western Europe, including Spain, France and Portugal, had encouraged the growth of vegetation that then became quickly very dry, providing the “prime ingredients” for wildfires, Schumacher said.

An EU directive about water management was not mandatory and shifts would be needed for continent-wide adaptation measures, said Merel Laauwen of Wageningen University in the Netherlands, to deal with disparate leakage and water-reuse policies for industry and agriculture.

“Knowing what we know about how climate change is shortening the return periods of these severe drought events, which also means less recovery time in between, there are some shifts needed for adaptation across the continent,” she said.