All Corporate articles – Page 20
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Sheme to consolidate its position in China and Germany
Sheme, a Chinese brand of luxury women’s shoes which attracted the spotlight by being the first Chinese footwear brand to have attended the fashion weeks in London, Paris and New York, aims to consolidate its positions in its existing markets of China, which represents about 90 percent of sales, and ...
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ArticleEobuwie issues convertible bonds for SoftBank
Eobuwie, the online retailer owned by the Polish group CCC, has sold 500 million zloty (€109.4m-$129.1m) worth of bonds to SoftBank Vision Fund 2. The proceeds of the bonds will help finance Eobuwie’s international expansion. The online retailer plans to more than double its annual sales to PLN 5 billion ...
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Sequential will be able to honor its debts
The bankrupt Sequential Brands Group is now expected to be able to pay its $435.1 million in liabilities through the auction of its assets. With You, a company that owns a 37.5 percent interest in the Jessica Simpson brand, has launched a bid for the remaining shares owned by SQBG ...
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Kingmaker prepares to reopen a Vietnam factory
After nearly three months of halted production, Kingmaker’s footwear factory in the Binh Duong Province in southern Vietnam is now ready to restart operations in several phases. The region in which the plant is located has obtained “green zone” status, and over 70 percent of the factory’s employees have received ...
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Grendene to build a new plant
The board of the Brazilian footwear manufacturer Grendene has approved a new factory in Crato, in the state of Ceará. Construction of the 10,800-square-meter manufacturing facility is planned for 2022. The plant will cost 30 million reais (€4.7m-$5.5m) and generate 1,000 jobs. It will increase Grendene’s production capacity by 500,000 ...
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ArticleRizzo applies for extension of restructuring period
Rizzo Group has applied for a three-month extension to its corporate reorganization. The restructuring began on March 23 following a ruling by a Stockholm-based court and had already been extended to Sept. 23. The company has started to work on a composition with creditors. The valuation of inventories and intra-group ...
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New investor for FootBalance
FootBalance, a Finnish manufacturer of custom insoles, has entered into a partnership with a new investor, London-based IPGL Limited. IPGL has acquired Scope Growth II L.P.’s shares in the company. “FootBalance has during our ownership evolved from a local provider of insoles to become a global category leader in foot ...
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ArticleGeox closes its Serbian factory
Geox is closing down its Serbian plant in Vranje due to a decline in demand for formal men’s and women’s shoes, in which the factory is specialized. The plant was built between 2014 and 2015 and became fully operational in 2016. Its construction was heavily subsidized by the Serbian government. ...
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Clarks staff ready to strike to avoid cut in labor rights
Workers at Clarks are considering taking strike action over plans by the British shoe company to fire and then rehire them on inferior terms. Loss-making Clarks was taken over by Hong Kong-based private equity firm LionRock Capital earlier this year as the Clark family lost control of the business for ...
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Goat Group more than doubles in value
The sneaker market is red hot, particularly online. The Goat Group more than doubled its valuation to $3.7 billion in its latest round of financing from $1.8 billion in the previous one last September. The proceedings from the $195 million financing round will be used to add new hubs in ...
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ArticleRizzo applies for extension of restructuring period
Rizzo Group, formerly known as Venue Retail Group, has applied for a three-month extension to its corporate reorganization which began on March 23 following a ruling by a Stockholm-based court. On April 23, the group’s wholly-owned Rizzo International also applied for corporate reorganization. In a statement, the Swedish company said ...
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Chaco moves to new Michigan factory
Chaco, an outdoor lifestyle footwear brand owned by Wolverine World Wide, Inc., has moved to a larger and upgraded U.S. manufacturing facility in Rockford, Michigan, “to meet growing demands for increased footwear production, customization program, and reweb and resole requests from consumers,” the company said. The new factory provides 25 ...
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ArticleGörtz granted €28 million federal loan to weather Covid impact
The German footwear chain Görtz received a €28 million loan from the German federal government’s Economic Stabilization Fund (WSF) to weather the impact of the coronavirus crisis. The company’s funding request was approved in April, according to the ministry of economics. The ailing Hamburg-based firm was granted the much-needed ...
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Birkenstock to invest an extra €1.8m in its components site
Birkenstock is investing an additional €1.8 million in the modernization of its German site in Bernstadt which employs about 800 people and produces uppers and buckles for the sandal maker. It indicated the funds will be used for the renovation of social areas as well as the creation of office ...
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ArticleBirkenstock assigned a ‘B’ rating by S&P
The rating agency S&P Global assigned a ‘B’ rating with a stable outlook to BK LC Lux Finco 1 Sàrl, the parent company of Birkenstock. The rating comes after the private equity firm L Catterton and its affiliates, including Financière Agache, the investment company of the Arnault family, agreed to ...
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Callegari resumes production after fire
The Italian shoe maker Calzaturificio Callegari has resumed production after its factory in Fratta Polesine, in the Veneto region, was destroyed by a fire on March 10. The shoe maker is temporarily operating in a facility located in the town of Rovigo which belongs to one of its subcontractors. The ...
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Li & Fung launches an incubator for digital ventures
Li & Fung, the sourcing giant headquartered in Hong Kong, is launching LFX, a new and separate company designed to capitalize on new digital opportunities that can transform the retail industry and enable sustainability along the supply chain. Described as “an incubation, investment and operating platform,” LFX will launch and ...
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ArticleActivist shareholder seeks to take control of Genesco’s board
Legion Partners Asset Management, which owns 5.6 percent of Genesco’s capital, is seeking to take control of the eight-member board of the American footwear firm with the intention of boosting the company’s earnings and share performance. Legion is proposing the election of seven nominees - Marjorie Bowen, Thomas Kibarian, Margenett ...
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Lenders take control of Sequential’s board
Four out of the eight members of Sequential Brands Group’s board of directors have resigned as required by the extension until Apr. 19, 2021 of a credit agreement with Wilmington Trust and other lenders. The remaining members on the board represent mostly lenders such as KKR and Blackstone Group. The ...
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ArticleRizzo Group to undergo another restructuring
Rizzo Group, formerly known as Venue Retail Group, has applied for a new corporate reorganization with a Stockholm-based court. The decision follows a “sharp drop in sales” due to harsher restriction measures following a second wave of the Covid-19 pandemic from October 2020. The request comes six months after the ...
