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Russian billionaire seeks sanctions relief, FTX buys 30% stake in Skybridge, Tapestry unveils growth strategy

Notable business headlines include Russian billionaire Mikhail Fridman offering $1 billion of his own money to a Ukrainian bank he co-founded in an effort to lift U.K. sanctions against him, cryptocurrency company FTX buying a 30% stake in Skybridge Capital, and luxury brand company Tapestry unveiling its three-year growth strategy.

Video Transcript

[AUDIO LOGO]

JULIE HYMAN: Russian businessman Mikhail Fridman is offering a billion dollars of his own money to a Ukrainian bank he cofounded, that's according to "The Wall Street Journal." It's reportedly in an effort to lift British sanctions against him. The billionaire has seen his assets frozen and investor tires-- ties severed following UK sanctions against Russia. However, Fridman denies making a quid pro quo offer to Ukraine. British officials say the UK does not condone any sanction avoidance.

[MUSIC PLAYING]

A venture capital unit of crypto exchange platform FTX is buying a 30% stake in SkyBridge Capital. Recently, SkyBridge has been making moves into the crypto space through direct token buying and private investments. This is now the latest joint venture by Sam Bankman-Fried and Anthony Scaramucci. That's after the duo launched a crypto conference in the Bahamas this past April. And of course, Bankman-Fried has been investing in a lot of different crypto investments, rescuing some of them, in fact.

Luxury brand company Tapestry striking an upbeat tone, announcing it's speeding up its turnaround plan with a new three-year growth strategy. Says it expects to see $8 billion in revenue by 2025. That would be a three-year compound growth rate of 6% to 7%. The company also set individual targets for its three brands-- that is, of course, Coach, Kate Spade, and Stuart Weitzman. Tapestry also noted, it's not seeing a slowdown in consumer spending. That's despite the current economy.

And that's very much in line, Brian Sozzi, with what you were hearing from, as you were just talking about, luxury retailers at the conference you were at this week.

BRIAN SOZZI: So very true. Thanks for tuning in, Julie.