Latest Headlines – Page 15
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ArticleRussia mulls creating footwear clusters to boost local production
The Russian government is discussing the establishment of footwear clusters in the European part of the country, aiming to meet at least 10 percent of domestic demand. The clusters are planned in the Dagestan Republic, Rostov and Moscow province, or oblast, the Russian newspaper Izvestia reported, citing sources close to ...
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ArticleThe stocks of footwear companies continued to be under pressure in Q3
The prices of stocks monitored by Shoe Intelligence fell by 7 percent on average in the third quarter of 2023 compared with the previous three months amid ongoing concern about the economic outlook due to weak demand, higher interest rates and stubborn inflation. In the second quarter, the panel was ...
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ArticleSpartoo’s H1 sales decline but earnings improve
In the first half of 2023, Spartoo saw its gross merchandise value (GMV) decrease by 2.6 percent compared to the year earlier to €101.6 million and revenues excluding value-added tax slipped to €72.9 million from €73.9 million. The percentage of GMV generated by brands owned by the French retailer increased ...
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ArticleBoohoo cuts its sales guidance
Boohoo has warned that full-year sales are likely to fall more than expected after a weak first half of the fiscal year. The British online fashion retailer said that in the six months to Aug. 31 revenues fell by 17 percent year-on-year to £729.1 million (€841.2m), with domestic sales down ...
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ArticleBirkenstock valued up to $9.2bn in IPO
Birkenstock has set a value of up to $9.2 billion at the top end of the price range for its initial public offering (IPO), or more than seven times its annual sales. Birkenstock Holding Limited, which is registered in Jersey and has its headquarters in London, has filed for an ...
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ArticleHow a Malaysian shoemaker is hedging the China risk and trying to expand in the U.S. and Europe
Sweetkiss Shoes Footwear Co., a Malaysian incorporated footwear group known for its Dr Shooz brand, launched a new factory in Ho Chi Minh City, Vietnam, in July 2023 to supplement its Chinese facility, which is located in Guangzhou and has been operational since November 2012. Source: Sweetkiss Shoes ...
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ArticleReno completes partial restructuring but creditors’ claims triple
The ailing German shoe retailer Reno has completed a partial restructuring, the insolvency administrator said. “It is a positive development for a procedure that initially offered little hope of an even remotely satisfactory result,” Immo Hamer von Valtier from the InsoTreu law firm said in a statement. “By ...
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ArticleC & J Clark International hit by post-Covid supply issues, but group results step ahead
C & J Clark International reported lower turnover and profits last calendar year as post-Covid pandemic supply chain issues hit stock availability. The company is the unit of the Clarks group that manages the activities in the U.K., all of the wholesale business in Asia as well as some of ...
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ArticleAsos lowers guidance as wet summer hits U.K. sales
The British online fast fashion retailer Asos said that operating profits for the full year will come in at the bottom end of expectations and free cash flow will be significantly lower than guidance after domestic sales in July and August were hit by wet weather. In a fourth-quarter trading ...
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Articlea.k.a Brands in 1-for-12 reverse share split
a.k.a. Brands Holding Corp. will carry out a one-for-12 reverse stock split of its common stock, that will become effective on Sept. 29 at 5:01 PM Eastern Time, after the close of trading on the New York Stock Exchange (NYSE). On Oct. 2, 2023, the company’s common stock will begin ...
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ArticleRussian online retailer Lamoda plans to open 300 physical stores
Major Russian marketplace Lamoda plans to invest 30 billion rubles (€300m) over the next three years to open 300 brick-and-mortar stores in the country, partly taking over a former Adidas branch. The first 50 stores are expected to be operational by the end of 2023, a source close to the ...
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ArticleLeder & Schuh reports strong increase in sales for 2022
Austria’s Leder & Schuh, one of Europe’s largest shoe retailers, reported a strong increase in sales in 2022, confirming the previous year’s positive sales trend. Revenues rose to €351 million from €280 million in 2021, an increase of around 25 percent. The company’s gross profit rose to €147.5 million ...
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ArticleThe attendance at Micam and its sister fairs rises by 21%
Micam, the footwear fair which ran from Sept. 17 to 20 at the Fieramilano Rho exhibition center at the outskirts of Milan, along with the trade shows Mipel, The One Milan and HOMI Fashion&Jewels Exhibition attracted 42,273 visitors, up by 21 percent compared with the September 2022 edition, from 129 ...
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ArticleNext lifts guidance again as strong summer, wage rises boost sales
Next lifted full-year guidance for the third time in four months after better-than-expected summer sales and said easing inflationary pressures could see a fall in prices next year. Pre-tax profits are now forecast to come at £875 million (€1bn) from a previous guidance of £845 million (€974.2m), with the brand ...
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ArticleHuntsman launches a liquid thermoplastic polyurethane for midsoles with framas
Huntsman said that it has developed a liquid thermoplastic polyurethane (LTPU) that enables the rapid manufacture of high-performing midsoles and is “aligned with the circularity ambitions of brands manufacturing sports and athleisure footwear.” The system is being launched jointly with framas, a German firm specializing in injection moulding and plastic ...
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ArticleChina becoming more challenging for foreign investors - AmCham Shanghai
Sentiment about doing business in China is at a record low as the country becomes more challenging for foreign investors, according to a survey released by The American Chamber of Commerce in Shanghai (AmCham Shanghai). “U.S.-China bilateral tensions, Covid disruptions and macroeconomic pressures, member companies report worsening business results and ...
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ArticleBrazil’s footwear exports continue to decline
In August, Brazilian footwear exports were down by 12.8 percent year-over-year in volume to 9.34 million pairs and by 18.6 percent in value to $95.6 million, according to data released by the Brazilian footwear association Abicalçados. In the first eight months of 2023, shoe exports totaled 82.28 million pairs, down ...
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ArticleBirkenstock’s 9-month sales up 21%
Birkenstock’s sales in the nine-month period ended June 30, 2023, rose by 21 percent to €1,117 million as the number of units sold grew by 5 percent and the average selling price increased by 15 percent. Direct-to-consumer penetration grew to 37 percent of revenues over the period from 34 percent ...
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ArticleCoats Footwear joins forces with Lenzing
Coats Footwear has entered a collaboration with the Austrian-based Lenzing Group to create the footwear industry’s first synthetic-free engineered uppers and fabrics. The companies have combined Coats Footwear’s ProWeave technology with Lenzing’s Tencel Lyocell Filament to create a “dynamic re-imagined footwear uppers and fabrics, which combine sustainability and performance ...
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ArticleItalian shoemakers suffer a sharp slowdown in Q2
Italian shoemakers increased their revenues by an estimated 1.2 percent year-over-year in the second quarter of 2023 compared with a 13.6 percent rise in the first quarter of the year, according to a survey carried out by Confindustria Moda’s research center among members of the Italian footwear association Assocalzaturifici “The ...
