All Corporate articles – Page 17
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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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News briefs
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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News briefs
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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News briefs
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 ...
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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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News briefs
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 ...
