All Corporate articles – Page 20
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News briefs
Debenhams files for administration
On April 6, Debenhams filed a notice of intent to appoint an administrator. The British retailer’s move would provide protection from any legal action that could push the business into liquidation, especially while the nationwide lockdown over the Covid-19 pandemic keeps its 142 department stores shuttered. Debenhams is preparing to ...
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Peta invests in luxury brands
The American animal-rights group People for the Ethical Treatment of Animals (Peta) has taken advantage of the stock market’s decline caused by the Covid-19 pandemic to purchase stakes of undisclosed sizes in approximately 20 companies in the luxury industry, among them Kering, Burberry, Ralph Lauren and Guess. The purpose is ...
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Neiman Marcus debt ‘unsustainable’
The credit rating of the iconic American department store was downgraded by S&P as the U.S. retailing industry suffers the impact of the novel coronavirus Covid-19 pandemic. Meanwhile, Moody’s cut its rating for J.C. Penney.
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Foschini to forgo rent payments during South African lockdown
The South African retailer Foschini has said that it will not pay rent on its stores during the nationwide Covid-19 lockdown that began on March 27. “Once the situation normalizes we will then be able to assess the full financial impact on the business and will engage with you further,” ...
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Aeffe’s share buyback
While many companies have dropped or suspended share buybacks to withhold cash because of the uncertain impact of the Covid-19 pandemic, Aeffe, the owner of Pollini and various fashion brands, has being purchasing its own shares in the latter part of March and early April. The last batch of shares ...
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Article
André hit by coronavirus
The once flourishing André chain of urban shoe shops, which has been struggling for several years, has been placed in insolvency proceedings, protecting it from its creditors. The lockdown of its 120 stores on March 16 because of the coronavirus outbreak was the final straw, as it lost nearly €4 ...
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Birkenstock introduces collection
Birkenstock unveiled its latest collection at Sole DXB, Dubai’s biggest street festival, on Dec. 5-7. The annual Sole DXB festival serves as a regional platform for footwear, fashion and arts. The launch, within the framework of Birkenstock’s international expansion strategy, took place shortly ahead of the brand’s entrance into the ...
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Carlos Wizard Martins acquires Alpargatas Argentina
The Brazilian businessman Carlos Wizard Martins has acquired the entirety of Alpargatas S.A.I.C. of Argentina, and with it the worldwide rights to the Topper brand of athletic footwear. The similarly named Alpargatas S.A. will remain a separate operation in Brazil. In September 2018 Wizard Martins paid $24 million for a ...
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Insolvent, Fritzi aus Preußen presents new investor
After the opening of insolvency proceedings on Dec. 30, Fritzi aus Preußen, the German-based manufacturer of shoes and bags, presented a new investor. EinsPlusVier from Hannover will take over all contracts that are relevant to them with immediate effect. The local court of Hannover opened insolvency proceedings under self-administration. After ...
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Report issued on bankruptcy of SLEM
The final report on the bankruptcy of SLEM, the Shoe Leather Education Museum in Waalwijk, Netherlands, has been issued, over two years after it took place. In July 2017, the curtain fell on the SLEM foundation as its ambitions proved too expensive. The municipality decided to distance itself from the ...
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Comyp files for debt refinancing
On Jan. 10, an Italian shoe manufacturer, Comyp, filed for a debt refinancing arrangement with a Padua-based court. The court granted the company 120 days to present a debt refinancing proposal, according to the site ilnordestquotidiano.it. The company was created in the 90s and has produced shoes under the brand ...
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Genesco to move its headquarters
In about a year, Genesco will be moving its headquarters within the city of Nashville from Murfreesboro Road, where they have been since 1965, to Marriott Drive. There the footwear retailer and wholesaler will occupy about two-thirds of a 310,000-square-foot building. The company estimates that the move will create jobs ...
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La Halle plans to restructure
La Halle, part of the Vivarte group, is planning a new restructuring plan that would cut 101 jobs at its logistics department and headquarters. The plan will affect 63 jobs out of 467 at the Parisian headquarters and 38 jobs out of 300 at the logistical center in Issoudun, in ...
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Vivarte confirms sale of San Marina
Reaching the probable end of its slimming-down process, the French Vivarte group has confirmed the sale of its San Marina chain of shoe shops and of a logistics subsidiary, SMC Services, to two French entrepreneurs, Thierry Le Guénic and Stéphane Collaert, and an investment firm, Société d’Investissement Grimonprez (SIG). They ...
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Article
A good quarter at Ugg’s parent company and new plans in Europe
Deckers Brands, the parent of Ugg and other footwear brands, recorded good sales and earnings in the third quarter ended on Dec.31, once again boosted by Hoka One One, which is now selling fewer shoes in the U.S. than in the rest of the world. The group’s total revenues ...
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Article
Another CEO for Stuart Weitzman
Eraldo Poletto will quit on March 1 as chief executive and brand president of Stuart Weitzman, the American footwear company owned by the Tapestry group, to be replaced by Giorgio Sarné. The group, formerly called Coach, acquired Stuart Weitzman in 2015 for more than $530 million, but it has had ...
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Article
Ambitious new goals for CCC
The management board of CCC, the Polish shoe manufacturer and retailer, has announced new ambitious growth objectives through 2022. It said that it plans to increase its sales to an annual level between 8.5 billion and 9.0 billion zloties, around €2 billion, by the end of 2022. At the ...
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Article
JD’s acquisition of Footasylum hits anti-trust hurdle
Mike Ashley, the maverick boss of Sports Direct, must be jumping with joy at getting his way with his criticism of JD Sports Fashion’s acquisition of Footasylum last April, which is again being questioned by the U.K.’s Competition and Markets Authority (CMA). The CMA launched a review of the case ...
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Article
Spartoo acquires Easy Peasy
Spartoo has acquired Easy Peasy from the Noël group, which was put into liquidation in the autumn of 2019. The financial details of the acquisition have not been disclosed. Easy Peasy is an eco-friendly brand that makes baby booties. The brand was founded in 2008 by two young creatives who ...
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Article
Dr. Martens’ owner buys Golden Goose for €1.28 billion
The London-based private equity firm is buying a majority stake in the Italian footwear company Golden Goose from another investment group, the Carlyle Group. The size of Permira’s investment was not released but financial sources indicated that the price tag was €1.28 billion – a price more or less equivalent ...
