Apr 17, 2019

How Gen Z is reviving passé brands

Rocking the look in New York. Photo: Daniel Zuchnik/Getty

The quirky tastes of Gen Z are bringing old — and nearly obsolete — clothing brands back.

What's happening: The sports apparel brand Champion, which sells simple sweatshirts that feature its red and blue "C" logo, is having a big comeback, Bloomberg reports.

The big picture: In the age of Instagram marketing, a couple of snaps of Chance the Rapper, Beyoncé or Kylie Jenner sporting a simple pair of sweatpants from a forgotten brand is enough to propel that company to success.

  • Champion's U.S. sales jumped from $600 million in 2010 to $1.4 billion last year. Teenage boys rank Champion as one of their top 15 favorite fashion brands — alongside A-list companies like Gucci and Tommy Hilfiger.
  • The company expects to hit $2 billion in sales by 2022.

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Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.