Corporate and M&A
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Article
Tod’s shareholder calls for higher bid price to delist company
Tabor Asset Management, a US investment company that has a 1.1 percent in Tod’s, is urging shareholders to reject a public tender to delist the Italian fashion group on the grounds that it does not fully value the company. On March 22, the Italian stock market regulator Consob approved the ...
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Article
Shoepassion’s creditors clear its restructuring plan
Shoepassion’s creditors have cleared its restructuring plan, the insolvent Berlin-based footwear company said. The plan was confirmed by the Berlin-Charlottenburg district court. The omnichannel company started insolvency proceedings under self-administration on March 6 last year, joining a host of footwear companies swept away by a tidal wave of bankruptcies ...
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Article
Style Capital snaps up Autry, launches retail expansion plan
The Italian private equity group Style Capital has acquired a 50.2 percent stake in Autry International, the owner of the Italian sneakers brand Autry, and announced a retail expansion plan that will see the opening of more than 20 Autry brand stores in luxury shopping destinations in Italy and abroad. ...
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Article
Former Görtz CEO Frank Revermann takes over Onygo
Görtz’s former CEO Frank Revermann took over Deichmann’s sneaker and streetwear subsidiary Onygo, said the former parent company confirming media reports. At the beginning of October, Deichmann announced that Onygo would cease operations by August 2024 at the latest, citing major structural changes in the fashion retail sector, exacerbated ...
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Article
Klingel sells the Wenz and Impressionen brands to Witt
The insolvent mail order company Klingel Group has sold the Wenz and Impressionen brands to the omni-channel retailer Witt, which is part of the Hamburg-based Otto Group, as it continues the disposal of its assets. The sale was approved by the creditors’ committee and the parties now wait for ...
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Article
UFG files for bankruptcy
Unlimited Footwear Group (UFG) has unexpectedly filed for bankruptcy in the Netherlands. The proceedings started on Feb. 20 and a Breda-based court appointed an administrator. The announcement comes as a shock as UFG’s stand was bustling with activity at Expo Riva Schuh & Gardabags, an international trade show specializing in ...
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Article
Shoe Carnival buys Rogan Shoes
Shoe Carnival has acquired Rogan Shoes, a 53-year-old work and family footwear company with 28 stores in Wisconsin, Minnesota and Illinois which trade under the Rogan’s Shoes banner, for a purchase price of $45 million. The US footwear retailer expects the acquisition to be immediately accretive to its fiscal 2024 ...
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Article
Kenyan footwear producer seeks a partner to launch leather-shoe production
Saagar Shah, whose family owns and manages Kenya Suitcase Manufacturers (KSM), is planning to enter the leather-shoe market and is seeking a partner with skills in the production of uppers. The Mombasa-based company generates half its revenues from the production of rubber boots, polyvinyl chloride (PVC) shoes, for adults and ...
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Article
New delisting attempt for Tod’s
After failing at the end of 2022, Tod’s’ key shareholders are trying again to delist the Italian company by offering a higher price. Financial analysts are divided on whether the new attempt will be successful. Under the current offer, Crown Bidco, a company controlled by L Catterton, a private equity ...
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Article
Creditors clear Richter’s restructuring plan
The insolvent Austrian company Ferdinand Richter, the oldest children’s shoe manufacturer in Europe, will continue operations after creditors approved a restructuring plan by a large majority. Under the restructuring plan, creditors will receive 20 percent of the claimed sums, 5 percent of them immediately. The initial cash sum is ...
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Article
VF starts a strategic review of its assets
VF Corp., whose current portfolio includes The North Face, Vans, Timberland and Dickies, has initiated a strategic review of its brand assets. The announcement comes after the company’s shareholder Engaged Capital made in October a presentation “highlighting the actionable and significant opportunities for long-term value creation at the company.” According ...
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Article
How Expo Riva Schuh continues to modernize and expand its international reach
Expo Riva Schuh & Gardabags and its stakeholders are investing to modernize the trade show and expand its pool of exhibitors and buyers. In an exclusive interview with Shoe Intelligence, Alessandra Albarelli, the general manager of Riva del Garda Fierecongressi, outlines the strategy enacted to enable the event to continue ...
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Article
Alviero Martini under court administration amid supply chain labor exploitation charges
Alviero Martini has been placed under court administration by the Milan court, following a probe that found its supply chain relied on Chinese sweatshops that exploited workers to produce the Italian fashion house’s accessories and shoes. The probe was initiated by the public prosecutors Paolo Storari and Luisa Baima Bollone ...
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Article
Arklyz to buy Lloyd Shoes from Ara
Arklyz AG, based in Stans, Switzerland, has signed a definitive agreement to buy the German brand Lloyd Shoes, along with all its operating subsidiaries, from Ara. The buyer plans to provide support and resources to grow Lloyd’s wholesale, omnichannel and international business. The transaction is expected to close in the ...
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Article
Wolverine World Wide sells the Sperry brand to ABG and the inventory to Aldo
Wolverine World Wide has sold the rights to the Sperry brand to Authentic Brands Group (ABG) and part of the brand’s inventory to the Aldo Group for a total of about $130 million to be largely cashed in the first quarter. Wolverine will use the proceeds to pay down debt ...
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Article
Minelli partially saved
The French footwear retailer Minelli is being acquired by three investors and avoids going into liquidation, the news agency AFP reported citing a decision by a Marseille-based commercial tribunal. However, the investors will only keep a third of Minelli’s employees and less than half its stores. The retailer, rebranded Maison ...
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Article
Wolverine’s inventory and debt are below expectations at the end of 2023
Wolverine World Wide confirmed its sales and earnings guidance released in November, while inventory and net debt are below expectations. The U.S. company expects full-year and fourth-quarter revenues of approximately $2.24 billion and $527 million, respectively. The annual and quarterly revenues for the ongoing business are estimated at $2.20 billion ...
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Fessura plans to raise €2.1 million in a crowdfunding
Fessura, a sneaker company based in Italy’s Marche region, is proceeding with a crowdfunding due to close on Jan.17 on the Mamacrowd platform. The maximum size of the transaction was increased to €2.1 million from €1.6 million “to give the opportunity to the many investors who have expressed interest in ...
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Article
Deichmann ends MyShoes brand, closes 90 stores
Footwear retailer MyShoes, a subsidiary of the German group Deichmann, will cease business operations in Germany and Austria by the end of 2024. Overall, 90 stores will be affected by the closings, with 29 in Austria and 61 in Germany, impacting 750 employees, including 150 in Austria and 600 ...
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Article
Wolverine sells assets in Asia for $70m
Wolverine Worldwide announced the sale of assets in Asia that will generate a combined $70 million in proceeds and further streamline the group’s structure. The U.S. company will raise $61 million by exercizing an option to sell a minority ownership interest in the entity that owns the Saucony intellectual property ...