Latest Headlines – Page 165
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Austria’s Vögele Shoes files for insolvency
Schuh & Schuh PKTS, the Austrian shoe retail chain that was formerly known as Vögele Shoes, filed for insolvency proceedings at the local court of Feldkirch at the end of January. The move affects 49 stores in Austria and 241 employees. The list of creditors includes 330 entities.The company said ...
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Sabu enters the Netherlands
Sabu, the German shoe retailers' cooperative, has created a subsidiary in the Netherlands. The new company, Sabu Schoen & Marketing, is based in Heel and run by Stephan Krug, chief executive of Sabu Schuh & Marketing, the parent company in Germany, and by Richard Brekelmans. Entering a challenging new market, ...
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Eram will leave Belgium
Eram has announced that it will divest entirely in Belgium. The French shoe retailer will eventually shut down all its stores in the country, which have a total staff of around 130. Eram had announced a restructuring plan, in October 2016, which would have entailed the loss of 70 jobs ...
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Office's profits hit by Truworths’ takeover
Office, one of the major shoe retail chains in the U.K, reported sales of 387.8 million pounds (€456.3m-$488.1m) for its latest financial year, ended last June 26. Thirty percent were made in the previous fiscal year because the duration of the reporting period was extended by an extra 22 weeks ...
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Yoox Net-A-Porter posts double-digit sales growth
Yoox Net-A-Porter (Ynap) reported a 11.4 percent increase in fourth-quarter revenues to €538 million. At constant exchange rates, the increase was 19.2 percent. Growth was driven by sound performance across all business lines and solid growth in all key regions. Full-year revenues increased by a reported 12.4 percent for 2016, ...
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A North American e-tailer shuts down
Shoeme Technologies shut down all its web stores in the U.S. and Canada – Shoes.com, OnlineShoes.com and ShoeME.ca - on Jan. 27 and filed for bankruptcy protection from its creditors. The Canadian-based shoe e-tailer has also closed down the two physical Shoes.com stores that it had recently opened in Vancouver ...
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Ivanka Trump is still in the headlines
President Donald Trump stood up for his daughter Ivanka a few days ago, criticizing Nordstrom for its decision to stop selling products bearing her name in its department stores this season. Using a White House Twitter platform and noting that she has been “always pushing me to do the right ...
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Steve Madden acquires Schwartz & Benjamin
Steve Madden has announced that it has completed the acquisition of Schwartz & Benjamin, a privately-held American family of companies specializing in the design, sourcing and sale of licensed and private label footwear. The transaction was completed for cash at closing plus an earn-out provision based on financial performance through ...
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Another fund acquires Golden Goose
Golden Goose Deluxe Brand, the Italian high-end shoe company that has become famous for its leather sneakers, will be acquired by a private equity fund, Carlyle Europe Parners. Two other funds, Permira and General Atlantic, were reportedly in the running for its acquisition. The price agreed by Carlyle was not ...
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LVMH performs well but warns investors
All the three major French luxury groups – LVMH, Kering and Hermès International – have reported improved results for the fourth quarter of 2016 and the year as a whole. Judging also from the more positive results recorded by footwear specialists like Salvatore Ferragamo and Tod's (other articles on them ...
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Gucci’s “reinvention” drives Kering’s growth
Strong sales increase on a comparable basis of 25.5 percent at Gucci and 12.7 percent at Yves Saint Laurent helped the Kering group to book an overall sales increase of 8.1 percent last year, the strongest one since 2012. On a reported basis, sales grew by 6.9 percent to €12.38 ...
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Hermès grows by 7.5%
In a preliminary financial statement, Hermès International indicated that its sales increased by 7.5 percent in 2016 to about €5.2 billion, breaking the €5 billion threshold for the first time, with an increase of 7.4 percent on a comparable basis. The operating profit was slightly higher than in 2015, the ...
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Ferragamo resumes its growth
Salvatore Ferragamo reported a 4 percent year-on-year increase in fourth-quarter sales to €424 million, compared with a 1.7 percent rise in the third quarter, which was itself a reversal of the negative trend registered in the first half. At constant currency rates, fourth-quarter sales grew by 1 percent. The company ...
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Tod’s decline softens
Tod's says it improved its sales performance in the fourth quarter of last year by focusing on “iconic and evergreen products” during the fall/winter season. Nevertheless, the trend remained negative, with quarterly sales down by 1.5 percent year-on-year to €246.3 million during the period, but representing a sharp upturn as ...
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Jimmy Choo posts higher sales, helped by the weak pound
Jimmy Choo has announced a 15 percent jump in sales to £364 million (€290.9m-$340.5m) for the full year to Dec. 31, 2016, helped by the weak pound and sales growth in Asia and Europe. At stable currency exchange rates, the sales increase was of 2 percent.Retail revenues were up by ...
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Bally establishes a new creative team
Bally has announced the departure of Pablo Coppola, its creative director. Coppola had joined Bally as design director in February 2014. Prior to that, he had worked for Dior, Tom Ford, and Céline. From now on, design at Bally will be entrusted to a “creative collective” including three design heads, ...
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Stronger-than-expected sales at Skechers
Skechers' share price jumped by 5.7 percent in after-hours trading on Thursday after the company posted revenues and comparable-store sales for the fourth quarter of 2016 that topped analysts' forecasts. Sales rose by 5.8 percent in the quarter to $764.3 million, while analysts had predicted a turnover of $723.7 million. ...
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Ugg’s parent performs less than expected
Deckers Brands' net profit for the third quarter ended Dec. 31 sank by 73.9 percent from the same period a year earlier, down to $41 million, due to lower sales and extraordinary charges of $128.9 million related to a write-down of the Sanuk brand's goodwill and intangible assets, retail impairments ...
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Lloyd has a new deal in China
As reported by Shoe Intelligence one year ago, Lloyd signed an exclusive distribution contract for ten years with Kingwood in China in 2015. Kingwood is also the exclusive Chinese distributor for Gabor, Sioux and Zilli, a French luxury brand. Lloyd previously had a distribution contract with a Hong-Kong-based company, Fairton.As ...
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Rising Asian paper prices affect packaging
Paper is the major component in the packaging of products made in Asia, accounting for an estimated five percent of the ex-factory price. During the last few years, Asian recycled containerboard prices have been enjoying modest price fluctuations. Suddenly, last November, there was a significant spike in prices all across ...
