Latest Headlines – Page 103
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ArticleVF buys Supreme in $2.1bn deal
VF Corp. has announced a definitive agreement to acquire Supreme, a young and cool American streetwear brand that has become an iconic symbol of a countercultural approach to fashion. The transaction is expected to close before the end of 2020 and is based on an enterprise value of $2.1 billion ...
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ArticleEurazeo takes over premium sneaker brand Axel Arigato
Eurazeo, the French investment company which recently sold its remaining stake in Farfetch, has bought a majority stake in Axel Arigato, a Swedish brand of premium sneakers, ready-to- wear and accessories for €56 million. The investment was carried out by Eurazeo Brands, a division focused on consumer brands. The company ...
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ArticleFarfetch, Alibaba, Richemont, Pinault family form a formidable alliance in digital sales
Farfetch, Alibaba, Richemont and the Pinault family, which owns the French luxury goods company Kering, have entered a global partnership with the declared intent of providing luxury brands with “enhanced access” to the Chinese market as well as accelerating the digitization of the global luxury industry. Under the agreement, Farfetch ...
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Better-than-expected Q3 results for Wolverine
Although they were down on last year’s third quarter, Wolverine Worldwide posted better-than-expected sales in the three months to Sept.26, led by double-digit growth from Saucony and Chaco. The impact of coronavirus-related restrictive measures on retail was partly offset by a growth of 56.4 percent in the group’s own e-commerce ...
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ArticleJimmy Choo sees opportunity to hike prices, expand casual footwear range
Jimmy Choo has reached breakeven in the second quarter and sees the opportunity to significantly increase its prices and to expand its casual footwear assortment.
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ArticleBogs steps up as Covid lockdowns hit Q3 sales at Florsheim
U.S. shoemaker Weyco swung to a third-quarter loss as lower casual and formalwear sales offset a strong performance from the Bogs North American outdoor wholesale unit. The company, which also owns the Florsheim, Stacy Adams and Nunn Bush brands, reported a net loss of $5.9 million for the three months ...
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ArticleClarks reaches £100m rescue deal with private equity LionRock
The Asian private equity firm LionRock Capital has reached an agreement to rescue the iconic British shoe brand Clarks in a £100 million (€110.9m, $130.0m) deal that will see the founding family keep a stake in the business. The deal, which requires approval of a Company Voluntary Arrangement (CVA), will ...
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ArticleZalando Q3 sales volumes up by 29.9%
In the third quarter, Zalando’s gross merchandise volume (GMV) grew by 29.9 percent to €2.5 billion while revenues advanced by 21.6 percent to €1.8 billion. The German e-tailer continued to benefit from accelerated consumer shift towards digital purchases and the “strong performance “of its Partner Program and Lounge services. Adjusted ...
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ArticleAmazon Q3 sales up 37%, net profit triples
Amazon’s third-quarter sales grew by 37 percent to $96.1 billion. They were boosted by booming online transactions during the coronavirus crisis worldwide, which prevented or discouraged shoppers from purchasing in physical stores. Excluding a $691 million favorable impact from year-over-year changes in foreign exchange rates during the quarter, sales increased ...
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Primark faces £375 mn loss of sales due to Covid restrictions
The Irish fast fashion retailer Primark, which is owned by Associated British Foods (ABF), could lose £375 million pounds (€415.9m-$484.0m) in sales due to the closure of stores following restrictions imposed by local authorities throughout Europe to combat the Covid-19 pandemic. The estimate includes a planned lockdown in England. As ...
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ArticleGrendene recovers sharply in Q3 driven by domestic market
Grendene posted the best third quarter in its history in terms of gross revenues, and the third best in volumes, as the company recovered, thanks to domestic demand, from a dismal second-quarter performance, caused by the Covid-19 pandemic. The Brazilian footwear manufacturer posted a 9.5 percent increase in gross revenues ...
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ArticleStuart Weitzman’s sales improve from the previous quarter
In the fiscal first quarter ended on Sept. 26, Stuart Weitzman posted net sales of $56 million, down by 35 percent from $87 million in the same period of the prior year. Nevertheless, sales exceeded the company’s expectations and marked a sharp improvement from the previous quarter, when they stood ...
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ArticleSteve Madden to boost private label business, cut Chinese production
Steve Madden expects that its private label business with Walmart and Target will increase notably next year as the mass retailers have shown strong resilience and benefited from the market disruption caused by the Covid-19 pandemic. Last year, Walmart and Target represented nearly a third of the fashion company’s accounts ...
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ArticleU.S. footwear market showing signs of stabilization
The U.S. footwear industry suffered sharp sales declines in 2020 due to lifestyle changes and shifts in consumer behavior due to the Covid-19 pandemic, but trends are expected to stabilize and recover through 2021, according to NPD’s Future of Footwear report. The fashion category, which has been hit the hardest ...
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ArticleSequential quarterly improvements for Skechers
While Skechers’ third-quarter sales decreased by 3.9 percent year-on-year and net earnings dropped by 37.6 percent to $64.3 million, it was a significant improvement from the second quarter, when sales where 78.3 percent lower and the company ended with a net loss of $68.1 million. The pandemic significantly impacted Skechers ...
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ArticleHoka’s momentum shows no signs of slowing
Once again Hoka One One posted very strong results, helping Deckers Brands grow in its second fiscal quarter ended on June 30. Despite headwinds from Covid-19, the group’s sales progressed by 15.0 percent from the same period last year to reach a new quarterly record of $623.5 million, with ...
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Puma returns to profit and growth
Puma’s revenues for the third quarter rose by 13.3 percent in constant currencies to €1,583, leading to a 13.0 percent rise in net income to €100.5 million. This is in sharp contrast with the second quarter, when the company was hit by a 32.3 percent drop in revenues and ended ...
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ArticleShoe Zone threatens to close 90 stores due to U.K. tax
Shoe Zone could close up to 90 stores over the next couple of years if the British government goes ahead with plans to reintroduce the “antiquated business rates system” in April 2021. The British shoe retailer said that the suspension of rates in April 2020 by the government to help ...
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ArticleRocky Brands’ Q3 profits up by 36%
As the wholesale channel bounced back after a decline in the second quarter, Rocky Brands’ net income rose by 36.0 percent to $7.6 million in the third quarter, on revenues that progressed by 15.8 percent from the year-ago quarter to $77.8 million. The management highlighted strong demand for its product ...
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New concept manager for ANWR’s Quick Schuh
The Ariston-Nord-West-Ring (ANWR) group has appointed a new concept manager for its discount-oriented franchising subsidiary Quick Schuh. Johannes Schnütgen, an experienced manager with an in-depth knowledge of the franchise concept, takes over the post from David Mastrorilli, who will now be responsible for the business development of ANWR Schuh. ...
