December 1, 2021

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Pairs of the Off-White x Air Jordan 1 Retro High “Chicago” are selling for roughly $10,000 after Off-White founder and Louis Vuitton designer Virgil Abloh passed away Sunday.

The shoes, released in November 2017, originally sold for $190.

Allbirds Sales and Losses On The Rise

Allbirds/Design: Alex Brooks

In Allbirds’ first public earnings report, the sustainable apparel and shoe manufacturer posted $62.7 million in third-quarter revenue, a 33% jump from the same period last year.

Co-founder and co-CEO Joey Zwillinger attributed [[link removed]] some of the bump to new footwear and its activewear line [[link removed]], Perform Apparel, which was announced in August.

The company’s gross profit for the quarter reached $33.9 million, a significant increase compared to the $25 million it recorded last year.

U.S. revenue rose 42% year-over-year to $47.7 million.International revenue increased 10% to $15 million.Year-to-date, Allbirds’ net revenue has outshined last year’s by 29%, increasing from $140 million in the first nine months of 2020 to $180.3 million in 2021.

Despite the revenue growth, net losses widened [[link removed]] to $13.8 million compared to a loss of $7 million last year, largely due to selling, general, and administrative expenses.

At the end of the third quarter, Allbirds had an inventory totaling $99 million, up 55% from last year. The brand has 35 brick-and-mortar stores.

Allbirds went public via IPO in November, bringing in proceeds of roughly $252.8 million minus offering costs and underwriting discounts. The company raised its full-year outlook from $270 million in revenue to $272 million.

Looming Lockout Spurs $1.6B+ in MLB Signings

Robert Hanashiro-USA TODAY Sports/Design: Alex Brooks

With Major League Baseball facing an imminent lockout, free agents are signing at a furious pace in what will likely be a record-breaking offseason.

The collective bargaining agreement between the league and its players association expires at midnight Wednesday, and it is widely presumed [[link removed]] that the league will lock out its players at the time. This step would freeze transactions, meaning that no player from this loaded free-agent class could sign a deal until a new CBA is reached.

Players have rushed to sign deals ahead of that deadline, agreeing to over $1.6 billion in guaranteed contracts.

The Texas Rangers agreed to $561.2 million in new deals, namely to infielders Corey Seager ($325 million) and Marcus Semien ($175 million).The New York Mets have committed $254 million in new deals, including a three-year deal with ace pitcher Max Scherzer which shattered the record for average annual value at $43.3 million per season.The Tampa Bay Rays broke the record for a contract given to a player with less than a year of service time with their 11-year, $182 million deal for shortstop Wander Franco.

The MLBPA is seeking to restructure rules to allow players to get bigger paydays earlier in their careers. Players have no ability to negotiate salaries in their first three years and operate under the arbitration system for the next three.

MLB is also interested in rule changes, including [[link removed]] expanding the playoffs from 10 to 14 teams.

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2022 LPGA Purses Are Getting Bigger

Kelvin Kuo-USA TODAY Sports/Design: Alex Brooks

As coverage continues to increase, more sponsors than ever are realizing the potential of investing in women’s sports — and the LPGA Tour is reaping the benefits.

Prize money for next year’s Tour is closing in on $90 million [[link removed]], with 15 players earning $1 million or more during last season’s 72nd edition. A decade ago, only eight achieved that feat during the season.

The largest first-place check was $1.5 million for the CME Group Tour Championship in November.

Next year, that will increase by another $500,000 to $2 million for a total of $7 million in prize money — $2 million more than this year.The first major of 2022, the Chevron Championship, will pay out $1.9 million [[link removed]] more than the 2021 event, with the purse hitting $5 million.Five years ago, only 15 LPGA Tour events had a purse of $2 million or more — now there’s 19.The same year, the five majors had a total purse of $18.7 million. Now, it reaches $26.3 million.

Commissioner Mollie Marcoux Samaan referenced an awakening to women’s sports as an undervalued asset. Next year, the LPGA Tour will have more than 500 hours of broadcasts.

Going forward, a presenting sponsor is still needed for the U.S. Women’s Open, which could have the biggest purse in women’s golf.

KKR Bids for Telecom Italia

Serie A TIM/Design: Alex Brooks

New York-based private equity firm KKR is taking aim at Italy’s biggest telecommunications company with a takeover bid for Telecom Italia.

Earlier this month, Telecom Italia announced [[link removed]] it may seek to renegotiate its $1.1 billion deal with DAZN to distribute Serie A broadcasts after Telecom posted disappointing earnings results.

Formerly a state-controlled monopoly, Telecom Italia has seen its value steadily drop over the last five years. However, after a roughly 38% increase since Nov. 19 in the wake of the takeover bid, Telecom Italia reached an $11 billion market capitalization.

Telecom Italia and DAZN teamed up to secure rights to Serie A in a three-year deal earlier this year. The pact gained approval in July after Italian regulators received assurances that league matches would still be available to customers who don’t subscribe to Telecom Italia’s internet service.Telecom Italia’s CEO Luigi Gubitosi resigned [[link removed]] on Friday following a disagreement with top investor Vivendi.

The deal will have to be approved by Italian regulators to move forward, which may take steps to preserve the company’s Italian identity. One option could be to have public-private bank Cassa Depositi e Prestiti SpA increase its 10% stake in Telecom Italia.

In September, KKR announced that it was selling [[link removed]] off its entire $852.9 million stake in retailer Academy Sports.

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Today's Action

NHL

07:08 PM

Flyers (+160) at Rangers (-185)

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07:40 PM

76ers (+105) at Celtics (-125)

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NCAA

07:30 PM

Washington State (0) at Arizona State (0)

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*All times are EST unless otherwise noted.

*Odds/lines subject to change. T&Cs apply. See [[link removed]] for details.

Question Of The Day

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Tuesday’s Answer

37% of respondents play chess.

Written by Abigail Gentrup [[link removed]], Owen Poindexter [[link removed]]

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