Instagram Will Explore NFTs and Nike Reports Slow Growth in This Week’s Business and Crypto Roundup

Instagram Will Explore NFTs and Nike Reports Slow Growth in This Week’s Business and Crypto Roundup

12/25/2021

Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before.

HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries.

Business

1.  Selfridges owners have sold the company

The legendary London store has now been acquired by Thai retail group Central Group and Austrian property company Signa Holding. The joint deal is valued at an estimated £4 billion GBP (approximately $5.36 billion USD).

2. Chanel has increased the prices of some of its classic handbags 

A spokeswoman from Chanel told Bloomberg that the price increases are due to “unspecified exchange-rate fluctuations, changes in production costs and to ensure its handbags cost roughly the same around the world.” Some speculate that Chanel is hiking up its bag prices to appear more exclusive.

3.  Elon Musk says he’ll pay over $11 billion USD in taxes this year

Musk previously asked his nearly 63 million followers whether or not he should sell 10% of his stake in Tesla to pay taxes, with a majority voting in favor of the move. CNBC‘s Robert Frank suggests that his tax bill “is the largest in history.”

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