Chet Holmgren, Jaden Ivey Sit at the Top of Nike’s New Class
The NBA season is upon us and the Swoosh has a stacked lineup of new talent. The Beaverton brand announced on Friday that it has signed 14 new NBA rookie athletes. The new class includes No. 2 pick Chet Holmgren, Jaden Ivey, and Shaedon Sharpe. It’s been a solid couple of weeks for Nike. In addition to these signings, the brand also inked an NIL deal with the Bronny James and No. 1 overall pick Paolo Banchero signed with its Jordan Brand.
Anthony Puccio has all the info on the freshman class.
Jadakiss Buzzes into the Coffee Biz
Like father, like son. Hip-hop artist Jadakiss is launching a family coffee line called “Kiss Café” in conjunction with his son Jaewon and his father Bob Phillips, who spent 40 years in the coffee industry. “Coffee played a major role in the Phillips family as early as 1977. Being a man of routine, from music to fitness and health, coffee was always part of my life,” the rapper said in an Instagram. The family’s first product is its Biejo beans, a medium-dark roast Arabica blend sourced from Central America. Priced at $14.99. Jadakiss and Co. plan on announcing its first retail partners in the coming months.
Steve Ballmer Promises $400M to Black-owned Businesses
Not long after Steve Ballmer was announced as the wealthiest sports owner by Forbes, the current owner of the L.A. Clippers revealed that he will invest $400 million in private-fund ventures to support Black entrepreneurs. Along with his wife Connie, the Ballmers will partner with private equity firms and investment banks to address systemic racial inequities. “Our goal is to feed that need for venture start-up capital that is missing in the African American community… We hope it will signal to other investors the value in giving Black investment managers access to capital,” Ballmer added.
Balenciaga Cuts Ties with Ye
After years of being nearly synonymous, Balenciaga is parting ways with Kanye West. The high-end fashion brand hs officially cut ties with Ye following antisemitic remarks, among many other offensive incidents. After reporting its third-quarter earnings, the fashion label’s parent company Kering said in a statement to WWD, “Balenciaga has no longer any relationship nor any plans for future projects related to this artist.” Balenciaga quickly shied away from West following a controversial take in which he falsely claimed that George Floyd died as a result of a fentanyl overdose.
Snap Falls Short in Q3 Earnings, Shares Plummet 25%
Snap has had a tough 2022. Despite gaining 17 million new users in Q3, the company missed revenue expectations. In turn, the stock dropped 25% in response to the news. The social media company’s board of trustees approved a stock buyback program of $500 million to stimulate a cash infusion after back-to-back losing quarters.