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American Eagle shares rise on partnership with Travis Kelce

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American Eagle launches AE x Tru Kolors by Travis Kelce.

Courtesy: American Eagle

Shares of American Eagle rose Wednesday morning after the apparel company announced a collaboration with football star Travis Kelce, just a day after he and singer Taylor Swift said they were engaged.

The stock was up roughly 5% in early trading.

Kelce’s sportswear brand, Tru Kolors, is launching a limited-edition collaboration with American Eagle, pairing the jeans brand with Kelce’s picks, including vintage-inspired T-shirts and “reimagined” varsity jackets. The collaboration was more than a year in the making, Kelce said, but the announcement came just a day after his proposal caused a global internet stir among fans.

“It was an awesome opportunity to team up with an established brand where both sides were excited to truly collaborate on every decision in the design and creative process that brought the ‘AE x TK’ collection to life,” Kelce, the creative director of the collection, said in a statement.

The new pieces are launching in two drops on Wednesday and on Sept. 24.

American Eagle wasn’t the only stock to get a bump from the NFL star’s engagement announcement this week. Shares of Signet Jewelers popped briefly following the proposal as fans focused on Swift’s “cushion cut” engagement ring.

Other companies wasted no time in using the proposal to promote their products, such as Domino’s, Grubhub and Solidcore, among others.

Kelce’s American Eagle collaboration comes after the jeans brand announced a collaboration with actress Sydney Sweeney in July. That team-up captivated the internet over what some critics deemed a tone-deaf campaign for its wordplay of good “jeans” and “genes.”

Shares of the company soared in a meme-stock fashion after the Sweeney promos were unveiled, aided by President Donald Trump calling the campaign the “hottest ad out there.”

The stock is up about 20% since mid-July.

Clarification: This story has been updated to clarify that Travis Kelce and Taylor Swift announced their engagement on Tuesday.

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Funding & Business

CapVest Nears €10 Billion Deal for Drugmaker Stada

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CapVest Partners is nearing a deal to acquire Stada Arzneimittel AG for around €10 billion ($11.7 billion) including debt, potentially ending the long-running saga to sell the German drugmaker, according to people familiar with the matter.

The London-based buyout firm is finalizing terms of an agreement with Stada’s private equity owners Bain Capital and Cinven, the people said. They could announce a deal as soon as Monday if there aren’t any last-minute hiccups, according to the people, who asked not to be identified because the information is private.



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Crypto Finds Gateway Into Australia’s $2.8 Trillion Pensions Pot

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Australia’s A$4.3 trillion ($2.8 trillion) retirement system — long regarded as one of the world’s best-regulated savings pools — is emerging as a new frontier for crypto.

Coinbase Global Inc. and OKX, two of the largest digital-asset exchanges, are rolling out products aimed at steering pension money into cryptocurrencies, underscoring how digital assets are edging further into mainstream finance.



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Mitsubishi Heavy To Double Gas Turbine Capacity as Demand Soars

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Mitsubishi Heavy Industries Ltd. aims to double its gas turbine capacity in the next two years as demand for the equipment rises globally due to replacement and data center needs.



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