All Corporate articles – Page 21
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News briefs
Sabu postpones its general assembly to October
The German retail cooperative Sabu has postponed its 69th ordinary general meeting from June 18-20 to October 22-24 because of the Covid-19 pandemic. The event is scheduled to be held in Berlin. Joachim Seibel, the chairman of Sabu’s supervisory board, said that there was no alternative, because of slow progress ...
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News briefs
Genesco upgrades ERP system
Genesco has selected Jesta’s Vision Sourcing & Demand software to upgrade its enterprise resource planning (ERP) system. Jesta already powers Genesco’s merchandising operations. The Vision Sourcing & Demand ERP solution will be leveraged by several departments within Genesco’s wholesale and licensing business to scale and standardize its end-to-end supply chain ...
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Article
Li Ning’s SPAC files for a $250 million IPO
Trinity Acquisition has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $250 million in an initial public offering (IPO) of 25 million units at $10. The special purpose acquisition company (SPAC), based in Hong Kong, is led by Li Ning, the former Olympic champion turned ...
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News briefs
Juyi Group builds a new facility in China
The Chinese footwear company Juyi Group is building a 550,000 square meter high-technology manufacturing unit in Wenzhou’s Lucheng district. According to media reports, the facility represents an investment of about $307 million and will integrate artificial intelligence, Internet of Things and digitized logistics. Construction started in December 2020 and is ...
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News briefs
VF and Pensole offer corporate apprenticeship program for BIPOC students
As part of its ongoing commitment to racial equity, VF Corp. brands Timberland, Vans and The North Face, in partnership with Portland-based footwear design academy Pensole Academy, have launched a new educational program in the U.S. called ”DiverCity x DESIGN.” The program provides unique access to professional design experience and ...
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News briefsRating agencies back Crocs’ new debt offering
Crocs is planning to make a private placement for $300 million worth of senior notes due in 2029, with $180 million used to repay outstanding loans under a revolving credit line. The rest would be used for general corporate purposes. Moody’s gave a B1 rating to the notes. Standard & ...
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News briefs
Pittarello reaches a debt restructuring deal
The Italian footwear retailer Pittarello has struck a deal with its creditor banks to restructure its debt. The agreement was reached with the banks Intesa Sanpaolo, Banca Monte dei Paschi di Siena, UniCredit, Banca Patavina, Iccrea, UniCredit Leasing, Selma BPM and Alba Leasing. No details were released but the ...
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News briefsNew offices for Zara Man, Zara.com
Zara will inaugurate on March 17 new eco-efficient and high-tech premises in Arteixo, in the northwestern Spanish region of Galicia, where its parent company Inditex is located. The new 67,000 square meter building will house the studios of www.zara.com and the central design department of Zara Man. It is part ...
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ArticleHeinrich Dinkelacker completes relocation of production to Spain
Heinrich Dinkelacker, the traditional brand of high-end men’s shoes, has left Budapest for good, after relocating production to Almansa, Spain last year. The gradual move from Hungary to Spain began two years ago. The company said that the relocation was due to personnel and infrastructure problems in Budapest which ...
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News briefs
Wolverine gets S&P upgrade
Standard & Poor’s has upgraded its outlook for Wolverine Worldwide to stable and confirmed its BB issuer credit, while raising the rating on its senior secured credit facility to BB+. This came after Wolverine repayed a $171 million, 364-day loan contracted because of the coronavirus pandemic and reported better-than-expected results ...
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Article
ACBC raises €3.2m through new capital hike
ACBC, a Milan-based start-up company that is offering a modular footwear technology, completed a €3.2 million capital increase which attracted a string of investors, including the venture capitalist Boost Heroes, the online investing platform Doorway and the Italian government-controlled financial group Cassa Depositi e Prestiti through its unit AccelerORA!. The ...
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ArticleBirkenstock hikes investments, scales up production in Germany
The German footwear brand Birkenstock is stepping up investments and expanding its production capacity as global demand continues to grow despite the coronavirus pandemic. As production runs at near full capacity, the company plans to expand its site in Görlitz, in the Saxony region, its largest production site worldwide, and ...
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News briefs
Ballin Franco declared bankrupt
On Jan. 20, Ballin Franco & C. was declared bankrupt for insolvency by a court in Venice, Italy. The company is not to be confused with the luxury shoe maker Ballin, which is located in the same town of Fiesso d’Artico and that was recently taken over by Chanel. The ...
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ArticleClarks descendant says management failed to ‘move into 21st century’
Shoe maker Clarks failed to keep up with retail trends while shareholders prioritized dividends over investment, according to one of the family members. Galahad Clark, a descendant of founders Cyrus and James Clark, said the company failed to “move fast enough into the 21st century”, ultimately leading to a £100 ...
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News briefsL.K. Bennett debt restructuring plan cleared
The company voluntary agreement (CVA) of the upmarket British retailer L.K. Bennett was approved by creditors. It will result in five stores closing down and the remaining shops switching to turnover-based rents. The chain has 18 standalone stores. Among the creditors who voted against the CVA was the property company ...
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News briefs
Schuh obtains £19 million refinancing
Schuh, the British footwear retailer owned by the U.S. firm Genesco, has obtained a £19 million (€20.9m-$25.5m) financing facility with Lloyds Bank. The funding is part of the U.K. Treasury’s Coronavirus Large Business Interruption Loan Scheme (CLBILS). Schuh already had a credit facility with Lloyds and the refinancing will boost ...
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News briefsBoohoo appoints PKF Littlejohn as auditor after PwC resignation
Boohoo has appointed PKF Littlejohn as its auditor after the resignation of PwC in October in the wake of a scandal over working conditions at some suppliers to the fast-fashion e-tailer. The company came under scrutiny earlier this year after allegations that workers making Boohoo clothes were paid below the ...
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ArticleKering investigated by French financial prosecutor
Kering said that the French financial public prosecutor (Parquet National Financier) has opened a preliminary inquiry concerning the company in February 2019. The French luxury goods group added that it had not previously been informed of the inquiry. The comments come following media reports about the prosecutor investigating the company ...
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ArticleObuv Rossii undergoes rebranding as it moves away from shoes
The Russian footwear retailer Obuv Rossii is changing names to mark its diversification away from shoes. The company is removing the word Obuv (meaning shoes in Russian) from its name to become simply OR for the main operating unit and OR Group for the parent company. Even the stock ticker ...
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News briefsShoepassion launches Henry Stevens brand
The Berlin-based footwear company Shoepassion has decided to market its men and women’s collections under the Henry Stevens brand from spring 2021. The company, which was founded in 2010 and already owns the brands N91 and Heinrich Dinkelacker, will retain the name Shoepassion. The company will take the opportunity of ...
