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IKEA buys $213 million Manhattan building for new store in US push

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IKEA buys 3 million Manhattan building for new store in US push


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Reuters

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October 1, 2025

Ingka Group, the biggest global IKEA retailer, has acquired a Manhattan property where it plans to open a new store as part of the furniture group’s expansion in the United States, it said on Wednesday.

Reuters

The 53,000 square feet property in New York City’s SoHo district will house a two-story IKEA store, while four floors will be renovated for office use which will then be rented out, Ingka Group’s investment arm said.

The purchase price for the building was $213 million, Ingka Investments told Reuters.

The purchase is part of the retailer’s $2.2 billion expansion plans for the United States, announced in 2023, Ingka said.

Last year Ingka invested in a property project on Manhattan’s Fifth Avenue where it also plans to open a store.

While IKEA for decades established its stores in out-of-town locations, it has in recent years added developments in major city centres such as Paris and London.

© Thomson Reuters 2025 All rights reserved.



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Germany’s Adidas Originals & Sporty & Rich drop new running collection

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Germany’s Adidas Originals & Sporty & Rich drop new running collection



This season, ‘90s vibes meet ‘00s tech as the Los Angeles based label, Sporty & Rich, and adidas Originals come together once again to celebrate the timeless aesthetics of running style with their latest head-to-toe collection.

Channeling the eternal energy of running and the lifestyle that surrounds it, the Emily Oberg led brand brings its curatorial lens to the ADISTAR CONTROL 5. First introduced in 2008, the silhouette has been updated with metallic overlays, co-branded sockliners, tongues, and lace-tips. Featuring running inspired color blocking, the Sporty & Rich ADISTAR CONTROL 5 sneaker arrives in two colorways: grey with teal stripes with metallic overlays and white with black/teal stripes.

Similarly, the apparel offering plays host to a number of run-club ready pieces. A matching bralette and biker shorts feature green heat transferred stripes and a custom Sporty & Rich x adidas Originals running inspired graphic logo. Designed for pre and post run club link ups, the apparel collection also comprises a windbreaker and oversized cotton sweatshirt. Rounding out the selection are a nylon waistbag and a pair of slouchy knit socks with embroidered logos.

Sporty & Rich and Adidas Originals reunite with a new head-to-toe running-inspired collection.
The updated ADISTAR CONTROL 5 sneakers drop in grey/teal and white/black colourways, featuring metallic overlays and co-branding.
Apparel includes bralette, biker shorts, windbreaker, oversized sweatshirt, nylon waistbag, and logo socks—designed for pre- and post-run club style.

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (RM)



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Concerns rise over quality of BLS, Census Bureau, other data in US

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Concerns rise over quality of BLS, Census Bureau, other data in US



In the event of a partial government shutdown, the US Labour Department will suspend the release of critical economic data, including the September employment report, the department recently announced.

The employment report has a key role in decision-making for the Federal Reserve, businesses and households.

In the event of a partial government shutdown, the US Labour Department will suspend the release of critical economic data.
This has led to rising concerns about the quality of BLS data.
The Centre on Budget and Policy Priorities said US statistical agencies face increasingly overt politicisation by the administration on top of chronic underinvestment, uncertainty and recent and proposed budget cuts.

Data collection and processing activities of the Bureau of Labor Statistics (BLS) would halt.

President Donald Trump is discussing with lawmakers a resolution to prevent a shutdown.

This has led to rising concerns about the quality of BLS data.

If prolonged, a shutdown could also disrupt the Social Security Administration’s cost of living adjustment announcement, affecting retirees’ financial planning.

“Federal statistical agencies face increasingly overt politicisation by the Trump Administration on top of chronic underinvestment, uncertainty, and recent and proposed budget cuts, all of which threaten the accuracy and availability of vital federal data and public trust in official statistics,” the Centre on Budget and Policy Priorities said in a note.

“The Trump Administration has taken a variety of actions to stop collecting or restrict access to federal statistical data. Some of these changes are likely attributable to understaffing but others appear to be motivated by politics,” the Centre’s Victoria Hunter Gibney and Cara Brumfield observed.

Preparation for the 2030 census is now at risk, and BLS and Census Bureau are losing expertise and face threats to independence due to brain drain, they added.

Fibre2Fashion News Desk (DS)



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Moët Hennessy in legal dispute with former CFO over NDA breach

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Moët Hennessy in legal dispute with former CFO over NDA breach


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Bloomberg

Published



October 1, 2025

Moët Hennessy and its former finance chief are embroiled in a legal dispute after the drinks company accused him of violating a non-disclosure agreement by allegedly leaking internal information related to a sexual-harassment case.

LVMH unit faces legal clash as ex-CFO challenges dismissal terms – DR

Mark Stead signed the NDA in July 2024 as part of a settlement agreement following his dismissal for alleged expense abuses, including a stay at a luxury hotel in New York. The settlement included severance benefits and required Stead to adhere to strict confidentiality and non-disparagement terms.

The company has since alleged that Stead provided confidential details to news outlet La Lettre in relation to its handling of a complaint filed by Maria Gasparovic, a former colleague and senior manager. During a hearing in Paris on Friday, Moët Hennessy’s legal representative claimed that the September 2024 article published by La Lettre contained information that could only have come from Stead.

Stead’s attorney, Eric Charlery, denied the allegations and described the dismissal as “a ploy,” arguing that the legal proceedings were intended to punish Stead for supporting Gasparovic. Charlery has asked the court to annul the NDA, which he claims prevents his client from speaking out about the harassment allegations affecting his partner. Stead is also pursuing claims for unfair dismissal and damages, with a total compensation request that may exceed €4 million ($4.7 million).

Charlery stated that Moët Hennessy escalated the situation by publicly accusing both Stead and Gasparovic in La Lettre of attempting to blackmail the company into a larger financial settlement. He argued that the accusation damaged Stead’s reputation and constituted a breach of the settlement’s non-disparagement clause.

“Mark Stead is now a pariah,” Charlery told the tribunal. “When a company run by Bernard Arnault accuses you of blackmail, word gets around.”

Moët Hennessy initially filed a lawsuit seeking €135,000 from Stead for breaching the settlement. The company has also filed a defamation complaint against Gasparovic.

The case comes amid a series of legal disputes at LVMH Moët Hennessy Louis Vuitton SE, the parent company of Moët Hennessy. The group has undergone a management reshuffle and staff reductions. In a separate case, a former digital sales executive recently sought €1.7 million in damages, alleging that he was dismissed for reporting sales to Russia that evaded sanctions. Gasparovic is also pursuing her own legal action against the company, which has, in turn, filed a defamation countersuit.

Charlery said that Stead had agreed to the NDA “to have peace,” but noted that the conflict has continued and Stead is now facing difficulties finding a comparable senior finance role.

LVMH did not respond to a request for comment. Charlery declined to comment further outside the courtroom. A ruling in Stead’s case is expected on Nov. 19.



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