All Corporate articles – Page 19
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News briefs
Unbound applies to be listed on the AIM
The British investment company Unbound Group has applied for the cancellation of its shares on the main market of the London Stock Exchange in order to be admitted on the AIM segment from Feb. 1. Unbound, which changed names from Electra Private Equity, owns the footwear brand Hotter.
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News briefs
Sabu launches new business and organizational development unit
Sabu launched a new business and organizational development division that will be led, effective immediately, by Kay Wegerhoff. The new unit will allow to more closely identify the current and future needs of members and suppliers, sort them by priority and implement projects and measures as needed, in the ...
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ArticleHow Nice Footwear structured the takeover of Favaro
Following the initial public offering (IPO) of Nice Footwear, which completed on Nov. 18, 2021, we have carried out an in-depth study of the company’s strategy, focusing on its acquisition of Favaro Manifattura Calzaturiera in June last year and its plans to develop the Italian producer of high-end women’s shoes. ...
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News briefs
S&P has a negative credit outlook for Crocs
Having completed its review of Crocs following its $2.5 billion takeover of Hey Dude, Standard & Poor’s gave a negative outlook to the company, in contrast with the stable outlook assigned by Moody’s. S&P indicated that it might downgrade Crocs if it fails to integrate the casual footwear brand as ...
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News briefs
AlgiKnit opens innovation hub in North Carolina
The biomaterials firm AlgiKnit opened on Dec. 15 an innovation hub in Morrisville, located in The Research Triangle area of North Carolina. The company, which produces yarns derived mostly from the seaweed kelp, will begin pilot projects with global brands from the new space in early 2022. The new facility ...
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ArticleSkechers downsizes its board
Skechers has reduced the size of its board of directors to seven members, following the resignation of four current members and the addition of a new one, Zulema Garcia, who will serve on the company’s audit committee. Garcia spent 24 years at KPMG before joining Herbalife Nutrition as senior vice ...
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ArticleLi & Fung teams up with Maersk
Li & Fung, the leading Hong Kong-based sourcing company, and Maersk, the world’s largest container shipping company, have agreed to form a strategic partnership to offer a more comprehensive range of end-to-end global supply chain services by utilizing their respective resources. As part of the deal, Li & Fung has ...
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News briefs
Brian Atwood launches a new collection
Brian Atwood is launching a new footwear collection with his brother Zak Rodriguez. The new collection will be called Il Fratellino (the little brother in Italian) and is scheduled to be launched in spring 2022. It will target young customers and will be inclusive and sustainable, according to the designers. ...
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News briefs
Skechers extends and expands its credit facility
Skechers has expanded its senior unsecured credit facility from $500 million to $750 million, extending its maturity date from November 2024 to December 2025. It will retain a $250 million accordion feature that allows the company up to $1 billion worth of liquidity. The syndicate of lenders features Bank of ...
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News briefs
Rizzo makes offer to creditors
Rizzo Group has made an offer to its creditors to avoid bankruptcy. The Swedish retailer’s composition offer, which also applies for its subsidiary Rizzo International, involves the entire payment of unsecured debt up to SEK 2,000 (€195-$220) and 25 percent of any excess amount. The company has been in corporate ...
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ArticleGeox plans to return to pre-Covid sales levels in 2024
Geox expects to approach pre-Covid sales levels in 2024, when it plans to achieve sales of over €800 million compared with €806 million in 2019. The Italian footwear company anticipates to finish 2021 with sales above €600 million. The compound average growth rate (CAGR) between 2021 and 2024 is estimated ...
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ArticleClarks 2-month strike over
The troubled British footwear company Clarks has reached an agreement with about 100 workers to end a two-month strike at its distribution centre in Somerset. The deal with the Community trade union, which follows mediation with the U.K.’s Advisory, Conciliation and Arbitration Service (Acas), is understood to protect hourly pay ...
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News briefs
Nice Footwear share price up 60% in bourse debut
The share price of Nice Footwear rose by 60.0 percent to €16.00 on Nov.18, the first day of trading for the Italian footwear company on the Euronext Growth segment of the Milan stock exchange. The stock was sold at €10.00 in an initial public offering comprising only newly issued shares. ...
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ArticleOR Group sets up a logistics unit
OR Group, which operates the Westfalika banner, has launched a new subsidiary company to develop logistics services, which will primarily involve opening new pick-up points. The logistics company called O2 LLC will be fully owned by the group’s parent company ORG PJSC. OR Group, formerly known as Obuv Rossii, started ...
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News briefs
Allbirds’ IPO proceeds rise to $348m
The underwriters of Allbirds’ public offering fully exercised an over-allotment option to purchase additional shares, which was not surprising in view of the doubling in the initially offered price of $15 a share in the course of trading. All in all, Allbirds has placed a total of 16,850,799 shares, raising ...
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ArticleFashion Bank offers a credit insurance policy to shoemakers
Fashion Bank, an Italian provider of data and credit ratings for the fashion industry, has entered an exclusive partnership with the Italian export credit agency Sace to offer a credit insurance policy for the fashion industry called Fashion Hub. The insurance policy was presented for the first time at a ...
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News briefs
Mitchell & Ness revives century-old athletic brand
Mitchell & Ness has revived Hood Rubber Company, a footwear brand that closed up shop in 1972. The brainchild of Frederic and Arthur Hood dates back to 1896. In 1914 it was among the first to produce a basketball shoe, with a canvas upper, and to use aluminum, rather than ...
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News briefs
Wolverine amends its credit facilities
Wolverine Worldwide has amended and extended its credit agreement with JP Morgan Chase, refinancing a $200 million term loan and taking its existing revolving credit up from $800 million to $1 billion. The maturity of both credit facilities has been stretched to end on Oct. 21, 2026. There was an ...
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News briefs
Sabu and Zusa enter a partnership
Sabu, a German retail cooperative, and Zusa, a Swiss footwear buying group, have agreed on a strategic partnership scheduled to start next year. The parties expect that the collaboration will lead to significant synergies in many activities, reduce costs and further improve the services for their members in both countries. ...
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ArticleClarks distribution center strike continues over fire and rehire threat
Workers at the British shoe maker Clarks are continuing their strike action over threats to fire them if they reject new contracts on lower pay, with the company claiming it had made “significant concessions” in recent days. The strike started on Oct. 4 when more than 100 staff walked out ...
