Nike faces 38% revenue drop, TikTok for Business, Kanye West’s Yeezy partners with Gap, H&M to close stores & shift focus online

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  1. Nike swung to a $790 million loss in Q4, but executives remained focused on the future, announcing a new phase of its consumer direct strategy with up to 200 small-format stores. Story by Cara Salpini.
  2. TikTok is announcing to advertisers that it’s open for business. Coverage from Sarah Perez.
  3. In a tweet on Friday, Kanye West shared a photo of clothing being taken out of bag that says “developed by Yeezy and GAP.” Reporting from Melissa Repko and Lauren Hirsch.
  4. H&M said it plans to close 170 stores in 2020 and cut back on store openings while shifting focus to online shopping. Story by Mary Hanbury.

Source: Nike plans up to 200 small-format stores, despite 38% revenue drop | Retail Dive

Source: TikTok launches TikTok For Business for marketers, takes on Snapchat with new AR ads | TechCrunch

Source: Gap stock soars after Kanye West touts collaboration with his fashion brand Yeezy | CNBC

Source: H&M speeds up store closings in 2020 and shifts focus to online shopping | Business Insider

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