All Article articles – Page 116
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Stuart Weitzman parent cuts North America retail staff
Tapestry is laying off 2,100 retail workers and threatening to axe more jobs from June 1 as it seeks to weather the Covid-19 pandemic. The company is also focusing its resources in the digital field.
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ArticleSome stores are re-opening in Germany
After consultations with the state governors, German Chancellor Angela Merkel announced on April 15 that certain types of stores could open again from Monday April 20, after being shut down for five weeks. The retail lockdown for non-essential items was relaxed only for stores that have a maximum surface of ...
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Skechers’ Q1 net falls by 55%
Skechers USA reported a drop of 54.9 percent to $49.1 million in its net earnings for the first quarter ended March 31 on 2.7 percent lower revenues of $1,242 million. In terms of local currencies, sales were down by 1.2 percent, with a small increase of 2.9 percent in the ...
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Caleres, Shoe Carnival boost credit lines
Caleres and Shoe Carnival expanded existing credit lines to ensure liquidity while stores remain closed during the Covid-19 pandemic.Shoe Carnival also eased the covenant on its credit agreement.
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Crocs’ Q1 sales decline, despite strong growth in America
Coronavirus hampered Crocs’ results early in the first three months of the year, especially in Asia, but this was partly offset by high store comparable sales in America, where the virus disrupted retail late in the quarter. Revenues for the first quarter declined by 5.0 percent from the year-ago quarter ...
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VF books $380 million impairment for underperforming Timberland
VF Corporation booked a goodwill impairment charge of $320 million on Timberland, which has not been performing as well as its other brands. In the full year ended on March 28, the group expects operating profit to be between $1.0 billion and $1.1 billion for its continuing operation. It also ...
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Yue Yuen’s manufacturing revenues fall by 10%
Yue Yuen Industrial Holdings is warning investors that its results for the first quarter of 2020 will show a net loss of $50 million to $70 million, compared with a gain of $75 million in the year-ago period, because of the disruption of its supply chain and the lockdown of ...
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Europe and e-commerce helped Wolverine in Q1
After posting record financial results in the fourth quarter of 2019, Wolverine Worldwide also fared relatively well in the first quarter ended on March 28, given the challenging conditions caused by Covid-19, thanks mainly to higher online sales, a strong performance in Europe and the Saucony brand.
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APLF postponed to 2021, offers digital matching solutions
In the wake of the Covid-19 pandemic, the organizers of the Asia Pacific Leather Fair (APLF) have finally decided to postpone until next year the annual edition of the event. To keep the business community connected, APLF is offering digital solutions and on May 7 is holding a sourcing event ...
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Ecco goes more digital
The expansion of Ecco’s store portfolio growth slowed to the addition of only six extra shops, with 200 openings and 194 closures. On the other hand, investments in direct-to-consumer sales channels continued in 2019, with net sales from retail and e-commerce combined increasing by 10.9 percent. Revenues from online channels ...
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Covid-19 will shake the Russian footwear market
The Russian footwear market is expected to suffer a double whammy consisting of higher prices, due to the depreciation of the ruble, and lower demand, stemming from the lockdown to combat the Covid-19 pandemic and economic hardship. The price of shoes is predicted to jump by 20 to 35 percent ...
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Vivarte turns to courts to save La Halle
To avoid a total collapse of La Halle, hit by the closure of all of its stores due to Covid-19, the Vivarte retail group has opened a ”safeguard procedure” with the Paris Commercial Court. The aim is to restructure the debt of the big French chain of low-priced shoe and ...
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Spain, Portugal to benefit from accelerated reshoring
The novel coronavirus Covid-19 pandemic could lead to an acceleration in the reshoring of manufacturing to Europe. Alicia Garcia-Herrera, senior fellow at the European think tank Bruegel, said in an interview with Exame magazine that the shift could be significant for countries such as Spain and Portugal. The move out ...
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ArticleGlobal footwear consumption seen down by 22.5% in 2020
The Covid-19 pandemic is expected to slash global footwear consumption by 22.5 percent this year and prompt the industry to rethink the organization of the supply chain. Sneakers and e-commerce continue to be viewed as the growing segments of the market over the next three years.
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U.S. shoe retail chains react to Covid-19
Genesco furloughed several employees at its corporate offices, call centers and distribution centers, slashing its workforce by 90 percent. More highly compensated employees will have their pay reduced. The group said it will continue to maintain health benefits for all furloughed employees. On a positive note, Genesco said that ...
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CCC’s online sales mitigate coronavirus impact
CCC, the international Polish-based shoe manufacturer and retailer, saw revenues for the first quarter of 2020 decline by 9 percent from the year-ago quarter to PLN 944 million (€207.9m-$226.5m).
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Ferragamo’s Q1 sales drop by 30.6%
Salvatore Ferragamo said that its sales fell by 30.6 percent to €220 million in the first quarter due to the impact of the novel coronavirus, Covid-19. At constant currency rates, the top line was down by 31.4 percent.
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Scarpe&Scarpe files for bankruptcy protection
Aiming to obtain an arrangement with its creditors, Scarpe&Scarpe has filed for bankruptcy protection with the tribunal of Turin, where it has its headquarters. The Italian footwear and apparel retailer has 153 stores and 1,800 employees
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Bernard Arnault becomes world’s 3rd richest man
With a family fortune of $92.0 billion, Bernard Arnault, who runs and controls the French luxury goods conglomerate LVMH, has become the world’s third-richest man, overtaking the legendary investor Warren Buffet, according to the latest ranking of the world’s billionaires compiled by Forbes. Evidently, LVMH has been weathering the coronavirus ...
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Asos raises £247 million in capital increase
Asos raised £247 million pounds (€281m-$308m) with the placement of 15,805,943 new ordinary shares. The British online fashion retailer said that the cash call was intended to protect it against a prolonged downturn stemming from the current Covid-19 pandemic and to position the business for long-term growth.
