All Corporate articles – Page 14
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News briefs
Trussardi seeks court protection
The Italian fashion brand Trussardi has asked a Milan-based court to appoint an administrator to manage its debt of €51.1 million. In order to enact the so-called crisis settlement procedure the company’s entire board has resigned. According to the daily Il Sole 24 Ore, the procedure, which is similar to ...
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ArticleRussia’s retailer Paolo Conte goes bankrupt
A Russian court has declared St. Petersburg-based footwear retailer Paolo Conte bankrupt, sparking concern over the future of small-scale players in the country. Paolo Conte operated 81 stores and was ranked sixth in the list of the largest mid-priced footwear retailers in Russia. The company started facing financial difficulties in ...
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ArticleNordstrom exits Canada
Nordstrom is exiting Canada, a market it entered in 2014 with “a plan to build and sustain a long-term business there,” announced Erik Nordstrom, the chief executive officer of the U.S. retailer. The Canadian business operates six Nordstrom stores and seven Nordstrom Rack units, as well as the Nordstrom.ca website, ...
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News briefs
Gap France goes into receivership
Wilsam, the company that manages 20 franchised Gap stores in France, has been placed under controlled administration, or receivership, according to a Grenoble-based commercial court. The decision was made following a request made by the company’s manager Patrick Puy as well as by the prosecutor’s office, said the deputy prosecutor, ...
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News briefs
VF issues €1bn in unsecured senior notes
VF Corporation is issuing unsecured senior notes, whose proceeds will be used to finance general corporate purposes, including the repayment of borrowings under its commercial paper program. The U.S. company has priced €500 million of unsecured senior notes due 2026 at 99.704 percent of the principal amount with a coupon ...
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News briefs
Loro Piana opens a new footwear factory
Loro Piana, the Italian fashion brand bought by the French luxury goods group LVMH in 2013, has inaugurated a new footwear factory in Porto San Giorgio, in the central Italian region of the Marche. Production will focus on the brand’s White Sole shoes.
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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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News briefs
Coats refinances debt from the Texon acquisition
Coats, the British industrial thread and footwear components manufacturer, said that it successfully completed a competitively priced $250 million issue of U.S. private placement (USPP) notes. The issuance, on investment grade terms and heavily oversubscribed, refinances the $240 million facility which funded the acquisition of Texon in July 2022, Coats ...
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News briefs
Pinko launches the joint venture Pinko Shoes with Eli Group
Cris Conf, the parent company of the Italian fashion brand Pinko, has created the joint venture Pinko Shoes with the objective of achieving €40 million in annual revenues within six years. Cris Conf has a 51 percent stake in the joint venture, while the remaining 49 percent is owned by ...
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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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News briefs
Snipes invests in a new logistic center
The sports and lifestyle retailer Snipes is building a new service and logistics center in Bedburg, Germany, in order to be positioned for the planned expansion of the company. The construction is the largest logistics investment ever made by the sneaker and streetwear retailer. According to the company, Snipes is ...
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News briefsBoohoo revamps executive incentive plan after share price drop
Boohoo has launched a new performance plan for senior managers after deciding previous targets were too hard to reach given the collapse in the company’s share price. The British online fashion retailer said its existing incentives had “little or no value” as shares had to reach at least £5 (€5.62) ...
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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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News briefs
Walmart may close 3 technology hubs in the U.S.
Walmart plans to close three of its U.S. technology hubs, according to The Wall Street Journal citing memo sent by Suresh Kumar, the global chief technology officer of the American retailer, to staff. The hubs that are due to be closed are located in Austin, Carlsbad and Portland. Walmart will ...
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News briefs
Hong Kong Jiahe International obtains financing for Java factory
Hong Kong Jiahe International, a wholly-owned subsidiary of the Taiwanese shoe manufacturer Yuqi International, which produces outdoor footwear for customers such as Under Armour, Decathlon and The North Face, has obtained funding to build an $83 million shoe factory in Indonesia, Footwearbiz reported. The loan, provided by a pool of ...
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News briefsSosandar plans to raise £4.5m
Sosandar plans to raise gross proceeds of £4.5 million (€5.6m) by issuing new ordinary shares. The British fashion brand plans the placing of at least 18,181,818 new ordinary shares via an accelerated bookbuild at a price of 22 pence (€0.25) per share in order to raise minimum gross proceeds of ...
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News briefs
JD Sports unveils plans for sales growth, rapid store expansion
JD Sports Fashion has revealed plans to grow revenues and margins by double digits over the next five years alongside a rapid store expansion, The plan also includes capital expenditure of £500-600 million (€560-673m) a year, with 50-60 percent of the spend focused on store expansion in underpenetrated markets. This ...
