Corporate and M&A – Page 5
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ArticlePermira buys a majority stake in Gruppo Florence
London-based private equity Permira has agreed to acquire a majority stake in Gruppo Florence from its shareholders. The deal is expected to close in the fourth quarter of 2023. No financial terms were disclosed, but Reuters cited a source close to the matter saying that the deal values Gruppo Florence ...
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ArticleAsos raises £80m by issuing shares
Asos raised about £80 million (€92.1m) of gross process by selling newly issued ordinary shares, but there is concern that the British online fashion retailer will need further cash to finance its restructuring. The shares were sold at 418.1 pence (€4.81) each. The proceeds will support the company’s Driving Change ...
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ArticleOne of Alpargatas’ main shareholders wants to increase its stake
The investment firm MS Alpa Participações wants to buy 32 million preferred shares in Alpargatas, the Brazilian footwear company known for the Havaianas brand, at 10.50 Brazilian reais (€1.97) each through a public tender. Alpargatas was informed of the offer on May 19 after the close of the Brazilian ...
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ArticleUnbound puts itself up for sale as funding crisis continues
Unbound, the owner of Hotter Shoes, is putting itself up for sale as the beleaguered British retailer started another restructuring of its operations amid an ongoing funding crisis. The firm said that it was facing constraints after failing to secure fresh cash in light of weaker-than-expected first-quarter trading. It expects ...
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ArticleJD Sports’ unit Spodis to take over Gap France
Spodis, a unit of JD Sports Fashion, has been chosen by a Grenoble-based commercial court to buy for €300,000 part of the assets of Wilsam, which manages franchised Gap stores in France. “With realistic operating and financial forecasts, a capacity to support working capital and investments with its own resources, ...
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ArticleHotter Shoes’ parent in trouble as Marwyn drops £10m investment plan
Hotter Shoes’ owner Unbound Group has called in a turnaround specialist after a £10 million (€15m) funding deal collapsed amid a continuing deterioration in trading conditions. Last month, Marwyn Investment Management said it would provide the funding via an equity placing at 10.5 pence (12 euro cents) per share. However, ...
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ArticleWolverine explores options for Sperry
Wolverine Worldwide reported better-than-expected first-quarter results and said it was exploring options for its Sperry footwear and apparel brand as it works to reshape its business amid a deterioration in market trends since the start of the year, macroeconomic concerns and a cold spring selling season that has hit consumer ...
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ArticleJD Sports in talks to buy Courir
JD Sports Fashion announced that on May 8 it entered into exclusive negotiations with the owners of Groupe Courir to buy the French chain of sportswear for €325 million euros in cash. The acquisition is seen as a good fit for the British brokerage Peel Hunt and will enable JD ...
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ArticleAfter Reno, HR Group files for bankruptcy
After the German shoe retailer Reno filed for bankruptcy, its former parent company HR Group, one of the largest shoe retailers in the country, has gone down the same path. The group has applied for insolvency proceedings for nine companies - including Hamm Reno Group GmbH and Mayer Systempartner ...
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ArticleNB Renaissance takes over U-Power
NB Renaissance signed a binding agreement to buy U-Power, an Italian producer of safety footwear. No financial details were released. The investment firm will acquire all the company but Franco Uzzeni, who founded U-Power in 2006, will reinvest part of his proceeds in the footwear company and obtain a 30 ...
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ArticleReno’s Austrian subsidiary files for bankruptcy
After the shoe retailer Reno filed for bankruptcy in Germany at the end of March, the company’s Austrian subsidiary has followed suit. HR Group GesmbH, Reno’s Austrian branch, has applied for bankruptcy proceedings at the regional court in Wiener Neustadt. Based in Leobersdorf, the company operates 29 Reno stores ...
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ArticlePölking files for bankruptcy
The German shoe wholesaler Pölking filed for bankruptcy after a several years of lagging sales as theCovid-19 pandemic took its toll, gradually eroding liquidity. At the request of the company, the district court of Osnabrück opened insolvency proceedings under self-administration, amid a tidal wave of bankruptcies that continues ...
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ArticleYue Yuen to invest $276m in Indian plant
Yue Yuen has entered into a memorandum of understanding with the government of the Indian state of Tamil Nadu to invest 23 billion rupees ($276 million) to build a manufacturing plant. Under the agreement, the regional government will provide infrastructure support to the project including power, water supply, telecommunication facilities ...
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ArticleCzech footwear firm Vasky acquires Botas
The Czech footwear company Vasky has acquired its peer Botas, which went into liquiditation at the beginning of the year. Prior to the takeover, the two companies had collaborated on a new footwear collection called Botas x Vasky that was launched early April 2023. Botas was created in 1949 and ...
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ArticleUnbound withdraws support for WoolOvers offer as new bidder emerges
Unbound Group, the British owner of Hotter Shoes, has withdrawn its support for a potential takeover by WoolOvers Group after receiving a rival offer from London-based Marwyn Investment Management, which has pledged to inject £10 million (€11.4m) into the firm. Marwyn made its approach on April 5, Unbound revealed in ...
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ArticlePittards’ overdraft facility increased by £340,000
Pittards’ overdraft facility was increased by £340,000 by Lloyds after the British leather and leather goods company completed a cash call. The bank also extended Pittards’ other borrowing facilities until June 30, 2023. Negotiations with Lloyds regarding new facilities or the restructuring of existing facilities remain ongoing, Pittards said. ...
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ArticleBirkenstock’s factory in Pasewalk nears completion; new CFO appointed
Birkenstock’s new shoe factory in Pasewalk, Germany, is nearing completion, with production at the site set to start the third quarter of 2023. Seven months after laying the foundation stone for its €120-million plant last August, the footwear giant has held a topping-out ceremony with 250 guests. The construction ...
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ArticleRocky Brands sells the Servus brand to PetroQuim unit
Rocky Brands has sold the Servus brand to PQ Footwear, a subsidiary of Industrias PetroQuim, a producer of footwear and plastic components based in the Dominican Republic. The transaction closed on March 30, 2023. The proceeds from the transaction were used to pay down debt, Rocky Brands said without disclosing ...
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ArticleGörtz’s new owners disclosed
The Munich-based entrepreneurial couple Leonie and Burkhard von Wangenheim are Görtz’s new owners, according to the troubled Hamburg shoe retailer. The Wangenheims acquired a 100 percent stake in the insolvent retailer through the Fürderhin limited liability company as part of the protective shield procedure. Leonie von Wangenheim serves as Fürderhin’s ...
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ArticleDeichmann to invest €500 mln in 2023
Deichmann plans to invest around €500 million this year, half of which is earmarked for Germany. Investments will focus on the modernization and expansion of the store network, as well as in international growth, digitalization and logistics. The German footwear retailer plans to open 200 new stores worldwide. At the ...
