All Corporate articles – Page 11
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News briefs
Okabashi lays off 142 people as Yeezy Foam Runner terminated
After Adidas severed ties with the rapper and fashion designer Kanye West and put an end to the production of Yeezy-branded products, Okabashi announced the layoff of 142 employees. The Atlanta area footwear manufacturer had been producing Yeezy Foam Runner style since 2020. Okabashi said that it is coordinating with ...
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ArticleCCC to raise funds, restructure debt
CCC Group announced plans to extend the duration of financing set to mature in the first half of 2023 and has called an extraordinary general meeting of shareholders on Nov. 17 to discuss equity financing of up to 500 million zloty (€106.3m) as it looks to raise fresh cash to ...
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Skechers escorts Kanye West out of L.A. corporate building
Slowly but surely, Kanye West should realize that he is no longer welcome due to the antisemitic, racist and hateful remarks he made recently across multiple forums. After the recent contract cancellations with Adidas, Balenciaga, CAA, MRC and Gap, Skechers USA now released a statement in which it reports that ...
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Adidas severs ties with Kanye West
Faced with mounting public pressure and following a “thorough” internal review, Adidas announced it is immediately ceasing its partnership with rapper and fashion designer Kanye West, also known as Ye, that began in 2013. The decision, fueled by weeks of public antisemitic remarks by West, will take a financial ...
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Nice Footwear sets up a joint venture with Avirex
Nice Footwear is creating a joint venture with Avirex, a brand known for its leather jackets and chinos pants. Nice Footwear, which specializes in the production of sneakers, has held over the past years the license to produce footwear under the Avirex brand. Under the agreement, Nice Footwear will create ...
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ArticleItalian shoemakers start using the VCS self-assessment ESG program
VCS (Verified & Certified Steps), a software package allowing the self-assessment of environmental, social and governance (ESG) performances launched by Assocalzaturifici, the Italian footwear association, is currently being tested by three Italian shoemakers. “We chose three companies of different sizes and with different business models” for the pilot tests, explained ...
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ArticleSan Marina placed into receivership
The French footwear retailer San Marina was placed under controlled administration, or receivership, on Sept. 22 at its request by a Marseille-based commercial court. San Marina employs 673 people in 163 stores in France. The so-called observation period of the receivership is set to last until March 23, 2023, ...
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ArticleGörtz and Surf4Shoes file for bankruptcy amid uncertainty, soaring inflation
Görtz and Surf4Shoes are among the latest companies caught in a wave of bankruptcies that appears to be gathering pace in Germany. Heightened consumer uncertainty, sky-rocketing inflation and rising energy prices are seen as the main destabilizing factors, as the war in Ukraine rages and the European Union’s sanctions against ...
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ArticleThe Italian retailers Scarpe&Scarpe and Pittarosso are due to merge
The financial group Pillarstone has taken over Scarpe & Scarpe and is expected to create in the near future a large footwear retailing group in Italy by merging it with Pittarosso. Responsible & Sustainable Corporate Turnaround Fund (RSCT), a turnaround fund managed by Pillarstone Italy, obtained 70 percent of Scarpe ...
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VF cutting 600 jobs
VF Corp. the Denver-based company that owns brands such as The North Face, Timberland, Smartwool, Altra, Icebreaker and Vans, is cutting 600 jobs worldwide, the Denver Business Journal reported, citing a letter sent by the president and CEO, Steve Rendle, to employees. VF is axing 600 office-based roles, which will ...
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ArticleHow OpenMall plans to hold its first metaverse fashion show early 2023
OpenMall, an Italian startup specializing in social commerce, plans to hold its first virtual fashion show in the metaverse early 2023. Source: OpenMall Massimo Spica “We expect to finalize agreements with several brands by the end of the summer, and each brand will have its fashion show,” ...
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Kizik raises $20m in a series B fund round
Kizik, based in Lindon, Utah, has completed a $20 million series B funding round led by the private equity The Newcastle Network. The American footwear brand, whose parent company is HandsFree Labs, specializes in slip on shoes. It will use the funds to launch a Kizik Kids line and to ...
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Bernard Arnault to reinforce control over LVMH parent company
The French businessman Bernard Arnault plans to transform Financière Agache, a family holding company which controls the French luxury goods conglomerate LVMH, into a limited partnership. The move will enable the businessman and his five children to maintain control over the group. “The LVMH group is a family-based group whose ...
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Aldo completes its restructuring
On July 14, Aldo Group exited from its restructuring process initiated in May 2020 when it filed for protection under Canada’s Companies’ Creditors Arrangement Act. “It is with great relief that we put this process behind us, and with excitement that we now look ahead. The work and restructuring we’ve ...
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GM Leather is listed on the Milan stock exchange
GM Leather, an Italian leather manufacturer, was listed on the Milan stock exchange on July 13. In its debut on the Euronext Growth Milan, the stock closed 1.63 percent higher compared to its initial public offering price (IPO) of €1.75 per share after having reached an intraday high of ...
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Tallinna Kaubamaja Grupp completes the restructuring of its footwear business
The Estonian group Tallinna Kaubamaja Grupp said that it is completing the restructuring of its footwear business. After closing the ABC King and SHU physical retail networks during 2022, the group’s wholly owned subsidiary TKM King will merge its remaining footwear wholesale business with Selver, which is also fully controlled ...
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Gucci’s Pigini unit to build a new upper plant in Italy
Pigini, a footwear subsidiary of the fashion house Gucci, will buid a new production site in Recanati, in the Italian region of the Marche, home to a large footwear cluster. The more than 10,000 square meter facility is expected to employ about 400 people in three years’ time and will ...
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Germany faces ‘very difficult’ choices due to gas shortage
Germany faces gas shortages and will have to make “very difficult” choices for households and companies if Russian supplies continue to decline, warned the Economy Minister Robert Habeck. “We will have to close certain industrial activities…For some sectors it will be catastrophic. We aren’ talking about two days or two ...
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Rocky Brands to cut non-manufacturing headcount
Rocky Brands will close the Boston office it obtained with the acquisition of Honeywell International’s lifestyle footwear business as well as cut the non-manufacturing headcount related to the acquired brands by approximately 13 percent. The actions are expected to result in $3.0-$4.0 million in annualized savings for the company that ...
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OR Group undergoes a restructuring
The Russian footwear retailer OR Group, formerly known as Obuv Rossii, announced that its online marketplace Westfalika temporarily stopped accepting orders, as a part of an anti-crisis program embarked on by the company. OR Group has also started restructuring its retail network, closing the least profitable stores. In particular, three ...
