Corporate and M&A – Page 16
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ArticleGeox closes its Serbian factory
Geox is closing down its Serbian plant in Vranje due to a decline in demand for formal men’s and women’s shoes, in which the factory is specialized. The plant was built between 2014 and 2015 and became fully operational in 2016. Its construction was heavily subsidized by the Serbian government. ...
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ArticleNice Footwear buys Favaro Manifattura Calzaturiera
Nice Footwear, an Italian company specializing in sneakers, has taken over Favaro Manifattura Calzaturiera, an Italian manufacturer of luxury women’s shoes. No financial details regarding the transaction were released, but the company specified that it is acquiring only 80 percent of Favaro, the remaining 20 percent staying in the hands ...
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ArticleVivarte in exclusive talks to sell Minelli
Vivarte has entered exclusive talks to sell its footwear and accessories brand Minelli to the businessmen Stéphane Collaert and Laurent Portella, who run the footwear brand San Marina. Collaert was involved in the purchase of San Marina, in February 2020, from Vivarte. Created in 1973, Minelli is part of the ...
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ArticleRizzo applies for extension of restructuring period
Rizzo Group, formerly known as Venue Retail Group, has applied for a three-month extension to its corporate reorganization which began on March 23 following a ruling by a Stockholm-based court. On April 23, the group’s wholly-owned Rizzo International also applied for corporate reorganization. In a statement, the Swedish company said ...
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ArticleSpartoo aims to raise about €22m in an IPO
The French footwear and fashion e-retailer Spartoo intends to raise about €22 million from an initial public offering (IPO) now underway, with funds earmarked to accelerate growth of its footwear business, roll out new physical stores and invest in brand awareness. The offering of shares to retail investors runs through ...
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ArticleSecond-hand marketplace Depop bought for $1.625bn
Etsy, an American e-commerce company focused on handmade or vintage items and craft supplies, is buying Depop, a London-based marketplace for the resale of fashion items, for $1.625 billion consisting primarily of cash. The transaction is expected to close during the third quarter of 2021. Depop will continue to be ...
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ArticleChaussea obtains conditional clearance to buy La Halle stores
The French competition authority has approved the purchase of 128 La Halle stores by the footwear retailer Chaussea on the condition that it sells four points of sale to guarantee consumer choice in four catchment areas. The antitrust body, called Autorité de la Concurrence, noted that Chaussea operates stores selling ...
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ArticleGörtz granted €28 million federal loan to weather Covid impact
The German footwear chain Görtz received a €28 million loan from the German federal government’s Economic Stabilization Fund (WSF) to weather the impact of the coronavirus crisis. The company’s funding request was approved in April, according to the ministry of economics. The ailing Hamburg-based firm was granted the much-needed ...
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ArticleLVMH hikes stake in Tod’s to 10% and triggers takeover speculation
Tod’s’ shares rose by 11.39 percent to €39.32 in trading on the Milan exchange on April 23 after the announcement that LVMH would increase its stake in the Italian footwear company to 10.0 percent, a move analysts believe could be a prelude to an eventual acquisition. Tod’s’ chairman Diego Della ...
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ArticleThe Hickies brand of no-tie shoelaces is for sale
Acting in behalf of Midcap Funding XVII Trust, which is Hickies’ main lender, Hilco Streambank is seeking bids for the acquisition of the American brand of no-tie shoelaces and related assets on its website by May 20 at the latest, setting a date of May 25 for their auction. The ...
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ArticleBirkenstock assigned a ‘B’ rating by S&P
The rating agency S&P Global assigned a ‘B’ rating with a stable outlook to BK LC Lux Finco 1 Sàrl, the parent company of Birkenstock. The rating comes after the private equity firm L Catterton and its affiliates, including Financière Agache, the investment company of the Arnault family, agreed to ...
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ArticleActivist shareholder seeks to take control of Genesco’s board
Legion Partners Asset Management, which owns 5.6 percent of Genesco’s capital, is seeking to take control of the eight-member board of the American footwear firm with the intention of boosting the company’s earnings and share performance. Legion is proposing the election of seven nominees - Marjorie Bowen, Thomas Kibarian, Margenett ...
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ArticleStockX's value surges to $3.8 billion
StockX, the American online market for sneakers, raised $195 million in a secondary tender offering and an additional $60 million in Series E-1 primary shares at a $3.8 billion valuation. Altimeter Capital led the all-cash offer, with the participation of existing investors and of a new institutional investor, Dragoneer. The ...
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ArticleRizzo Group to undergo another restructuring
Rizzo Group, formerly known as Venue Retail Group, has applied for a new corporate reorganization with a Stockholm-based court. The decision follows a “sharp drop in sales” due to harsher restriction measures following a second wave of the Covid-19 pandemic from October 2020. The request comes six months after the ...
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Li Ning’s SPAC files for a $250 million IPO
Trinity Acquisition has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $250 million in an initial public offering (IPO) of 25 million units at $10. The special purpose acquisition company (SPAC), based in Hong Kong, is led by Li Ning, the former Olympic champion turned ...
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ArticleJD expands in Central and Eastern Europe
Pursuing its international expansion, JD Sports Fashion has signed an agreement to acquire a 60 percent stake in the Marketing Investment Group (MIG), a wholesaler and multi-channel retailer with a network of 410 retail stores in Poland and eight other neighboring countries. The deal is due to be closed before ...
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ArticleItalian industrial dynasty buys 24% stake in Christian Louboutin
The Dutch incorporated holding company Exor will invest €541 million to buy a 24 percent stake in the French luxury shoe maker Christian Louboutin, which is controlled by the founders. The transaction is expected to close in the second quarter and Exor will have the right to appoint two of ...
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ArticleHeinrich Dinkelacker completes relocation of production to Spain
Heinrich Dinkelacker, the traditional brand of high-end men’s shoes, has left Budapest for good, after relocating production to Almansa, Spain last year. The gradual move from Hungary to Spain began two years ago. The company said that the relocation was due to personnel and infrastructure problems in Budapest which ...
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ArticleThe Peter Kaiser brand is saved, but the German factory will be closed
The insolvent women’s shoe manufacturer Peter Kaiser is being partially taken over. The managing director, Stefan Frank, and the investors Hans-Joachim and Gisela Sander, from the founding family of the Darmstadt-based hair care giant Wella Group, have agreed to buy the brand and other assets of Peter Kaiser Schuhfabrik GmbH ...
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ArticleBirkenstock is taken over by companies linked to LVMH
Birkenstock is being taken over by investment companies linked to the French businessman Bernard Arnault, the controlling shareholder and head of the French luxury goods group LVMH. The transaction will enable the German family-owned sandal maker to expand in Asia. Under the deal, the private equity firm L Catterton and ...
