Corporate and M&A – Page 8
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ArticleDeichmann 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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ArticleWolverine 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 ...
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ArticleCaprice takes over Peter Kaiser
Caprice, which is owned by the German group Wortmann Schuh-Holding KG, has acquired the women’s footwear brand Peter Kaiser. The Pirmasens-based shoe manufacturer said that it plans to retain ”the brand core, which is based on an excellent fit and high-quality materials” but intends to update the collections and to ...
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ArticleClarks set to axe UK 103 jobs and announces Benelux tie-up with GAB
Clarks is cutting more than 100 jobs in response to economic headwinds and the cost-of-living crisis that has seen British consumers tighten their belts in response to soaring inflation. The U.K. footwear company said it expected tougher trading conditions to continue into next year and would need to manage overheads ...
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ArticleMoody’s upgrades Golden Goose’s credit rating outlook to positive
Moody’s Investors Service has changed Golden Goose’s credit rating outlook to positive from stable thanks to the company’s significantly deleverage. The U.S. credit rating agency also affirmed the Italian sneaker company’s B2 corporate family rating, its B2-PD probability of default rating, and the B2 instrument rating on the company’s €480 ...
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ArticleA new acquisition for Tre Zeta Group
Tre Zeta Group has acquired a 100 percent stake in Solettificio Do.Gi., an Italian company specializing in the design and production of insoles for women’s shoes for the world’s leading luxury brands. Situated in Civitella in Val di Chiana, in the Tuscan province of Arezzo, Do.Gi. was founded in 1977 ...
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ArticleAustrian children’s shoe manufacturer Richter files for bankruptcy
The Austrian company Ferdinand Richter, the oldest children’s shoe manufacturer in Europe, has filed for bankruptcy with the Graz regional court. The company, which is based in Pasching, near Linz, with management in Graz, is however planning to continue operations, according to media reports. Ferdinand Richter has around €7.9 ...
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ArticleGolden Goose’s revenues rise by 19% in the first nine months
Golden Goose’s revenues in the first nine months of 2023 stood at €421 million, up by 19 percent year-over-year and up by 60 percent compared with 2021. The brand achieved 69 percent through direct-to-consumer channels. In the sole third quarter of 2023, revenues of the Italian sneaker brand were up ...
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ArticleGruppo Florence plans a Milan-based ‘hub’ in 2024
Gruppo Florence, an Italian holding company that owns 28 suppliers to the luxury goods industry, including three footwear manufacturers, is planning to create a “hub” in Milan to exhibit the know-how of its various businesses. The hub dubbed “villaggio delle meraviglie” (the village of wonders) by Gruppo Florence’s CEO, Attila ...
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ArticleHow an Italian shoe maker is dealing with the change of aspirations of its workers
The footwear industry in Italy, as in many other developed countries, is having to tackle with an aging workforce and a lack of appeal for young people, which has resulted in a shortage of skilled staff. But, the situation is aggravated by growing competition for resources from well-funded brands which ...
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ArticleVeldskoen Shoes diversifies into the travel industry
Veldskoen Shoes, a South African footwear brand, is expanding into the travel industry through a partnership in the U.S. with Rhino Africa Co, a safari company. The partners have launched Veldskoen Travel, a digital travel service “designed to provide unforgettable travel experiences to Africa,” it said in a statement. “Veldskoen’s ...
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ArticleWolverine accelerates its transformation plan
Wolverine World Wide, the owner of a large brand portfolio, including Merrell, Saucony, Sperry, Sweaty Betty, Hush Puppies and Wolverine, announced actions to accelerate its ongoing strategic transformation into a “brand-led and consumer-obsessed growth company.” Chris Hufnagel, President and CEO, said: “We are moving with speed and urgency to transform ...
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ArticleBirkenstock pays down its debt
Birkenstock Holding PLC, the Jersey -registered and New York Stock Exchange listed company that controls Birkenstock, made early repayments on loans issued for the acquisition of the German sandal maker by the U.S. private equity L Catterton in April 2021. It used the net proceeds from its initial public offering ...
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ArticleVF drops guidance, launches turnaround plan
Admitting its U.S. business “isn’t working well” and its cost structure is too high, VF Corp. reported its second-quarter results with a comprehensive plan to turn around its flagging businesses under CEO Bracken Darrell, who joined the group in late July. Key elements of the strategy focus on fixing its ...
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ArticleHow Serafini is relaunching itself after exiting creditor protection
After seeing €3 million of credits “go up in smoke” for having sold its footwear to financially weak resellers, the Tuscan footwear company Serafini entered a debt restructuring program agreement known in Italy as “concordato preventivo di continuità”, from which it exited early 2022. Serafini was a very successful sneaker ...
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ArticleHermès could consider investments in Italian shoe, fashion suppliers
Hermès could invest in some of its Italian footwear and fashion suppliers to further integrate its supply chain, said Eric du Halgouët, the company’s executive vice president of finance. “We could consider vertical integration with investments to consolidate partnerships with some suppliers that share our standards,” he said during a ...
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ArticleArnault family’s control over LVMH now secured for decades
On Oct. 23, 2023, Jean Arnault, the son of Bernard Arnault, turned 25 ensuring that the control of the LVMH group remains in the hands of the Arnault family for the coming decades, reported the Italian daily, Il Sole 24 Ore. In Dec. 22, 2008, Bernard Arnault, the chairman and ...
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ArticleVF shareholder pushes for turnaround plan
In a presentation, California-based activist investor Engaged Capital outlined that the parent company of Vans, The North Face (TNF), Timberland, Supreme and others is suffering from bloated overhead that is driving down shareholder value and called for a more detailed turnaround plan for VF Corp. It said that the overhead ...
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ArticleFrasers to acquire SportScheck in Germany
The British retailer Frasers Group has entered into a binding agreement with Signa Retail Department Store Holding GmbH to acquire SportScheck, one of the leading sports retailers in Germany. Completion of the transaction will be subject to regularory clearance. Frasers expects the transaction to close in the first quarter of ...
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ArticleDeichmann names a new head of brand & licensing and ends the Onygo brand
The German shoe retailer Deichmann has appointed Dražen Pehar as its new head of brand & licensing, succeeding Jürgen Achenbach, who left the company in May to pursue a new role. Pehar, who has been working for the company since September, will be responsible for marketing activities for the ...
