Sole to the highest bidder: Sotheby’s to auction rare Nike sneakers

Nikes famous Moon Shoe and limited-edition trainers produced by Kanye West, Air Jordan and Adidas will be sold Sothebys in New York has announced its first-ever auction dedicated to sneakers. The auction house will sell 100 pairs of the rarest sneakers ever produced, including a sample of one of the first Nike running shoes with a pre-sale high estimate of $160,000. The Nike Moon Shoe is one of only 12 pairs created. It was designed by Nike co-founder and track coach Bill Bowerman for runners at the 1972 Olympics trials and the pair up for auction is handmade, according to streetwear marketplace Stadium Goods, which is teaming up with Sothebys for the event. Other sneakers include 2011 and 2016 versions …

Italian airline apologizes over Obama blackface video

London (CNN Business)Italian airline Alitalia has apologized for a promotional video that featured an actor in blackface portraying former US President Barack Obama. “It has since been removed. For our company, respect for everyone is mandatory, it was never our intention to hurt anyone and we will learn from what has happened.” Blackface refers to darkening one’s complexion using paint or makeup. In the United States, the racist practice has its roots in 19th century minstrel shows but it also appeared in Europe. The use of blackface in the video produced a backlash on social media. “This @Alitalia video showcasing a silent blackfaced “Obama” is reprehensive on so many levels: racism, extreme provincialism, willful ignorance of facts, lack of historic …

Amazon’s Quest to Be Fashionable Continues

Amazon isn’t exactly the most stylish place to shop for clothes. Most of its top-selling women’s fashion items are simple pieces: easy dresses, spandex workout gear, socks, and underwear—a lot of it from brands you’ve probably never heard of. But that doesn’t mean Amazon isn’t a powerhouse for apparel sales. As traditional department stores have declined, Amazon has become one of the most popular clothing retailers in the US, especially among millennials. The company has its own in-house clothing brands, as well as subsidiaries like Shopbop for higher-end women’s fashion and Zappos for shoes. Now, Amazon is experimenting to attract a new, more fashionable segment of consumers: social media influencers and the people who love to follow them. Earlier this …

What to know about Robert F. Smith, the man paying off Morehouse grads’ student loans

(CNN)Robert F. Smith lifted a huge burden off the graduating class of Morehouse College when he announced during his commencement speech that he would pay off the student loan debt of more than 300 students. Smith is the richest black person in the United States, with a net worth of $5 billion, according to Forbes. Yes, he’s richer than Oprah. He’s the founder of the investment firm Vista Equity, which boasts capital commitments of $46 billion, according to its website. In 2019, Smith was #355 on the Forbes Billionaires List. Smith is the son of educators who started his career as a chemical engineer for Goodyear and Kraft. He attended business school at Columbia University and went on to make …

Trump’s Trade War With China Hasn’t Wrecked TechYet

Now for your latest installment of the on-again, off-again trade war between the US and China, we have President Trump blasting Beijing for reneging on commitments to clamp down on intellectual property theft, end forced technology transfers from US tech companies, and allow US companies greater access to the domestic Chinese market, including in cloud computing. Until Sunday’s tweets, the smart money had been on a deal. The sudden cooling—and a promise that tariffs on $200 billion of Chinese goods imported into the US would rise from 10 percent to 25 percent on Friday—has spooked financial markets and unsettled businesses ranging from apparel to autos and especially to tech. Reaction to the new hostilities ranged from warnings of a 20 …