All Corporate articles – Page 12
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News briefs
S&P revises outlook for Wolverine Worldwide
S&P Global has revised its outlook on Wolverine Worldwide to negative but maintains its BB rating on the issuer credit rating. Wolverine ended the first quarter with a debt-to-equity ratio of 5.2x due to last year’s acquisition of Sweaty Betty, a $30 million settlement related to PFAS contamination at a ...
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DuPont Biomaterials sold, reincorporated as Covation Biomaterials
Following the completion of the purchase from DuPont for approximately $240 million, the Chinese Huafon Group has reincorporated former DuPont Biomaterials as a stand-alone company under the name Covation Biomaterials headquartered in the U.S. state of Delaware. Covation aims to create sustainable building blocks for customers to make innovative bio-based ...
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Camel Active Footwear licensee HC Footwear files for bankruptcy
HC Footwear, a unit of Hamm Market Solutions which holds the Camel Active license for footwear, has filed for bankruptcy. Supply chain disruptions, soaring freight costs and extended lockdowns drove the Osnabrück-based company into insolvency, HC Footwear said in a statement. The war in Ukraine and a decline in ...
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Richemont’s sale of YNAP is taking time
Richemont said that talks involving third parties to restructure its online retailing unit Yoox Net-a-Porter (YNAP) are proceding ”well” but require time. In November 2021, Richemont announced that it was in advanced talks to enhance its partnership with Farfetch. At the time, the Swiss group unveiled that the deal under ...
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Fendi’s new footwear plant scheduled to open this autumn
Fendi, the Rome-based luxury goods brand owned by the French group LVMH, expects to open this autumn its new footwear manufacturing plant in Fermo, in Italy’s Marche region. The 75,600 square-foot facility will host production currently carried out in a nearby site in Porto San Giorgio. In September 2021, Fendi ...
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ArticleAldo’s North American creditors approve its restructuring plan
Aldo Group said that its North American creditors have voted in favor of its restructuring plan, almost two years after the footwear and accessories company filed for protection under Canada’s Companies’ Creditors Arrangement Act. However, the outcome of the procedure remains conditional to the creditors’ agreement for the international division, ...
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ArticlePikolinos aims to be a leader in sustainability
Pikolinos decided in January to adopt a new corporate structure giving to the three children of the founder Juan Perán Ramos full control of the Spanish footwear company, which is expected to end the fiscal year finishing in April 2022 with revenues of around €100 million. Under the new organization, ...
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News briefsTod’s wants to enhance the value of its brands
Tod’s wants to enchance the value of its four brands this year and has stopped trading with Russia following the country’s invasion of Ukraine on Feb. 24, according to the company’s chairman and chief executive Diego Della Valle. The group owns the brands Tod’s, Hogan, Roger Vivier and Fay. Speaking ...
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ArticleACBC plans an IPO within two years
ACBC, a fast-growing Italian B Corporation which focuses on sustainable footwear, aims to be listed on the New York Stock Exchange within the next two years. In an exclusive interview with Shoe Intelligence, Gio Giacobbe, who founded the company in 2017 with Edoardo Iannuzzi, explained that the company has preferred ...
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ArticleScarpe & Scarpe debt restructuring scheme approved by creditors
The large majority, 87 percent, of creditors of the Italian footwear retailer Scarpe & Scarpe have approved the company’s debt restructuring scheme. The plan was approved by all preferential, or Class-1, creditors such as the Italian tax authority, the customs office and social security, and by 83 percent of unsecured, ...
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ArticleLanvin Group to be listed in New York by merging with a SPAC
Lanvin Group, the Chinse luxury goods group formerly known as Fosun Fashion Group, has entered into a merger agreement with Primavera Capital Acquisition Corporation (PCAC), a special purpose acquisition company (SPAC) listed on the New York Stock Exchange. The transaction values Lanvin Group at a pro forma enterprise value of ...
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ArticleGerman shoemakers write off the Russian market
The Russian invasion of Ukraine has affected the businesses of many German shoe and leather goods manufacturers, which had been built up over the past few years. “The consequences of this massive unrest are not foreseeable at this point in time,” said Manfred Junkert, general manager of HDS/L, the federal ...
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News briefs
Steptronic goes into administration
Jimmy Saunders and Michael Lennon of the restructuring advisory practice Kroll were appointed joint administrators of Steptronic Footwear on March 9. Being placed in administration is a British form of bankruptcy proceedings. Steptronic is based in Rushden, Northamptonshire, and has over 3,000 high street and online outlets as customers. The ...
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Serafini exits creditor protection program
The Italian shoemaker Serafini has exited a debt restructuring program, known as “concordato preventivo di continuità”, helped by a significant growth in e-commerce. “At the end of 2021 we exited the debt restructuring program,” explained Fabrizio Serafini, head of the company and fourth generation of the family who established the ...
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ArticleLi Ning excluded from Norway’s sovereign fund
The Chinese sportswear company Li Ning has been excluded from Norway’s sovereign fund, Norwegian Government Pension Fund Global, because of possible links to alleged human rights abuses in the Chinese province of Xinjiang, said the Norwegian central bank, Norges Bank, which manages the fund. The fund’s Council on Ethics recommended ...
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ArticleSberBank pulls out of the EU
The Russian leader SberBank is withdrawing from the European market, after being hit by massive financial sanctions in retaliation for Russia’s invasion of Ukraine. “Sberbank has decided to withdraw from the European market. The group’s subsidiary banks face abnormal outflows of funds and threats to the security of their employees ...
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News briefs
ECB warns that SberBank units in the EU are failing
The European Central Bank (ECB) has assessed that the units of Russian lender SberBank in Austria, Slovenia and Croatia are failing or likely to fail because of a decrease in their liquidity. SberBank Europe, which is based in Austria, and its two subsidiaries in Slovenia and Croatia, have experienced ”significant ...
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News briefs
Fire breaks out at an Alpargatas site
In the early morning of Feb. 21, a fire broke out at an Alpargatas plant located in the city of Santa Rita, in the Brazilian state of Paraíba. So far the company has not identified casualties and staff was released before the beginning of the work shift at the site. ...
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News briefs
Pikolinos streamlines its structure
Pikolinos has streamlined its structure by absorbing its leather supplier Pies Cuadrados, which like Pikolinos is owned by the Perán family. Through the reorganization, the company Molicopi, which owned Pies Cuadrados is being liquidated. In 2019, Pikolinos already modified its structure with a partial spin-off of its parent company. The ...
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ArticleScarpe & Scarpe plans to continue on its own
The Italian footwear retailer Scarpe & Scarpe, which is currently under a creditor protection scheme, plans to remain independent. The company will outline its business plan and debt repayment proposal to creditors on Feb. 28. The retailer was created in 1961 in Turin and currently has 137 stores across Italy. ...
