All Corporate articles – Page 18
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News briefs
Genesco opens new headquarters
Genesco formally opened its new headquarters at 535 Marriott Drive in Nashville, Tennessee, on Nov. 3. The building spans 182,000 square feet spread over seven floors. It hosts services to support Genesco’s brands that include Journeys, Journeys Kidz, Johnston & Murphy, Levi’s footwear, Dockers footwear and Bass footwear. The U.S. ...
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ArticleJoules goes into administration as rescue talks collapse
The British fashion retailer Joules is appointing administrators after talks on a financial rescue failed, putting 1,600 jobs and 132 stores at risk. The company held talks last week with investors to raise emergency funds but needed bridging finance to avoid defaulting on a £5 million (€5.7m) bank loan due ...
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Ecco opens design studio in Shanghai
The newly opened Ecco Design Studio in Shanghai is said to be characterized by collaboration and creativity with bright, open and interconnected spaces and is Ecco’s second studio after opening a studio in Brooklyn, New York, in 2021. Both studios not only focus on shoe and bag design but also ...
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Meta cuts 11,000 jobs
Meta Platforms, the parent company of Facebook, Instagram, WhatsApp and Messenger, announced 11,000 job cuts, representing 13 percent of it staff. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d ...
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StockX axes more jobs
StockX announced another round of layoffs with the departure of nearly 80 more people, according to media reports. In June, the Detroit-based sneaker marketplace already announced plans to lay off 8 percent of its workforce. With the announcement of the latest layoffs, the company said ”our business is multifaceted ...
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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 ...
