Corporate and M&A – Page 12
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ArticleZalando to axe several hundred jobs
Zalando plans to cut several hundred jobs due to a more “challenging” business environment. The Berlin-based online fashion retailer employs 17,000 people. “We have decided to start a program that will remove several hundred overhead roles across many of our teams,” the company said in a message to staff. “Over ...
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ArticleSan Marina goes into liquidation
The French footwear retailer San Marina has been put into compulsory liquidation by a Marseille-based commercial court, leading to some 650 job losses in 163 stores. On Feb. 20, the court stated that no serious relaunch project had been put forward and that it had ordered the company to immediately ...
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ArticlePouyuen Vietnam to axe 6,000 jobs
Pouyuen Vietnam, one of Vietnam’s largest shoemakers, will cut 6,000 jobs due to a decline in orders, the news agency AFP reported citing a document of the labor department of Ho Chi Minh City’s local government. Pouyuen Vietnam, which is owned by the Taiwanese group Pou Chen, produces for Nike ...
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ArticleGörtz closes more stores amid heightened uncertainty
Görtz is closing more stores across Germany in a sweeping reorganization effort, after suffering a hefty sales drop during the Covid-19 pandemic. The ailing Hamburg-based footwear retailer declined to comment on the total number of stores to be closed or the number of employees affected, but according to the ...
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ArticleACBC more than doubles 2022 sales, enters partnership with Diadora
ACBC has yet to finalize its financial results for 2022, but the fast growing Italian B Corporation sneaker startup estimates that revenues grew by 130-140 percent year-on-year and Ebitda increased by 20-25 percent. “If we look at the last three years, revenues have been growing at an average of more ...
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ArticleThe upgrade of Expo Riva Schuh’s exhibition hall continues despite hiccups
Plans to upgrade the exhibition hall that hosts Expo Riva Schuh & Gardabags are progressing even though a significant portion of the project will be delayed following the bankruptcy of the construction group that had won a public tender for a large part of the works. The modernization of the ...
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ArticleDesigner Brands buys Keds from Wolverine Worldwide
Wolverine Worldwide has sold Keds, which it acquired in 2012 as part of its $1,249.5 million acquisition of the assets of the former Performance Lifestyle Group (PLG), for $83.6 million to the North American retailer Designer Brands Inc. The sale also includes the Pro-Keds athleisure brand and Keds’ e-commerce business. ...
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ArticleGo Sport France and Kookaï go into receivership
Go Sport France and Kookaï have been placed into receivership as some French retailers continue to suffer from the impact of the Covid-19 pandemic and competition from online businesses. Meanwhile, Pimkie is expected to be sold soon with the loss of about 500 jobs. On Feb. 2, 2022, a Grenoble-based ...
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ArticleZenden plans to expand its Russian retail network in 2023
Russia’s main shoe retailer Zenden announced plans to add 50 doors to its store network in 2023, taking advantage of the gaps in the market left by the withdrawal of Western brands. Currently, Zenden runs 250 brick-and-mortar stores in Russia, located primarily in the largest cities of the European part ...
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ArticleThe Danish trade show CIFF buys its rival Revolver
Two major Danish fashion trade fairs are merging as Copenhagen International Fashion Fair (CIFF) acquires its rival Revolver effective from summer 2023, in a move aimed at strengthening Copenhagen’s position as Scandinavia’s fashion capital. While Revolver employees will relocate to CIFF’s headquarters at the Bella Center in Copenhagen, from ...
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ArticleShoe retailer Schuh-Oase files for bankruptcy
The German footwear retailer Schuh-Oase has filed for bankruptcy, the latest of many shoe companies caught in a wave of insolvencies that has been gathering pace in Europe’s biggest economy. The coronavirus pandemic led to a significant drop in sales over the past two years and took its toll ...
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ArticleC-Suite interview: NeroGiardini aims to double in three years its sales from the Covid-19 trough
After three difficult years, that led to a significant reduction in sales, NeroGiardini is focusing on new markets to sell its wholly Italian made footwear. This year the Italian company will be entering the South Korean market.
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ArticleAmerican Exchange Group buys White Mountain Footwear
American Exchange Group has bought White Mountain Footwear, a U.S. company specialized in women’s shoes. The announcement comes a year after American Exchange Group’s purchase of Aerosoles in January 2022. American Exchange Group said that it plans to ”integrate and leverage the solid structure, sourcing and manufacturing capabilities, management and ...
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ArticleLanvin Group’s roller coaster market debut
Shares in Lanvin Group, the Chinese luxury goods group that owns the Italian shoemaker Sergio Rossi, plummeted about 25 percent on their market debut on the New York Stock Exchange, but the stock recovered most of its lost ground the following day. Lanvin’s flotation stems from the merger with Primavera ...
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ArticleOerlikon expands its luxury goods component business
The Swiss industrial group Oerlikon has signed a definitive agreement to acquire Riri, a Swiss-based provider of coated metal accessories for the luxury fashion industry, including footwear. No financial details were released but the transaction is expected to close in the first quarter 2023. Last year, Oerlikon bought Coeurdor, a ...
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Wolverine Worldwide announces divestitures, staff cuts
Driven by a focus on increasing long-term shareholder value, Wolverine Worldwide is divesting or licensing its Keds brand and Wolverine leather business segments and is initiating an unspecified headcount reduction. The staff cuts are projected to result in approximately $30 million in savings for the company in 2023, and the ...
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ArticleCoats de-risks exposure to its pension scheme
Coats, the British producer of industrial threads and footwear components, has further de-risked its pension scheme. The move is expected to boost resources to finance growth or to remunerate shareholders. The company said that the trustee of its U.K. pension scheme has purchased an about £350 million (€408m) bulk annuity ...
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ArticleOR Group nears bankruptcy
The Russian banks Sberbank and VTB Bank have joined bankruptcy proceedings against OR Group, the Russian arbitration courts database showed. Alongside Promsvyazbank, Sberbank and VTB Bank are the largest creditors of OR Group, formerly known as Obuv Rossii, which has been experiencing financial difficulties since the beginning of 2022. On ...
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ArticleBoohoo embroiled in another scandal on alleged working conditions
Boohoo has found itself embroiled in yet another scandal over alleged working practices after an undercover newspaper investigation. The London-based newspaper The Times placed a reporter in Boohoo’s warehouse in Burnley, north-west England, for a month, where staff described themselves as “slaves” and walked the equivalent of a half marathon ...
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ArticleEstée Lauder buys Tom Ford
Estée Lauder has signed an agreement to acquire Tom Ford in a deal with an enterprise value of $2.8 billion. The transaction will make the American cosmetics group the sole owner of the brand and all its intellectual property. The amount to be paid by Estée Lauder for the acquisition ...
