All Corporate articles – Page 21
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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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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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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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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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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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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 ...
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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 ...
