Latest Headlines – Page 46
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ArticleHow Turkey is still benefiting from Covid-19 reshoring, even if some production has returned to the Far East
Turkish footwear exports are set to break a new record in 2023, partly thanks to the reshoring of some production from the Far East during the Covid-19 pandemic. After reaching an all-time high of $1.2 billion in 2022, Berke Içten, head of the association of Turkish footwear manufacturers TASD, forecasts ...
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ArticleFoot Locker suspends dividend payments amid falling sales
Foot Locker announced the suspension of its dividend payments and a cut in its full-year guidance after posting a decline second-quarter sales. The news led to an over 28 percent plunge in the company’s share price on the Nasdaq market in New York. In the second quarter ended July 29, ...
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ArticleKYX re-emerges as a platform for secondhand sneakers
Rising from the ashes of the sneaker subscription platform KYX World, that disappeared at the end of 2022, KYX Sneakers has reinvented itself as a platform for the resale of secondhand sneakers. The platform is launching with over 2,000 used sneakers priced between $50 and $2,000 a pair. KYX Sneakers ...
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ArticleFootasylum picks NewStore for its omnichannel experience
The British footwear retailer Footasylum has selected NewStore, which provides a German omnichannel cloud platform for retailers, to power its omnichannel experience across some 60 stores in the U.K. “This new partnership builds on Footasylum’s modern technology architecture, which also includes Talon.One, a promotion and loyalty automation solution. Together, NewStore ...
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ArticleStella improves its operating margins in H1
Stella International, the Hong-Kong based footwear manufacturer and retailer, improved its operating margins thanks to an increase in the average selling price (ASP) per pair due to new customers for its luxury and high-end fashion categories as well as higher demand for premium products, including for the sports category. The ...
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ArticleStuart Weitzman will be relying on sneakers, China to boost sales
Stuart Weitzman, the premium footwear brand of the U.S. fashion group Tapestry, posted fourth-quarter sales that were more than $12 million below expectations of financial analysts. However, the brand is relying on the launch of an extended sneaker assortment and the reopening of the Chinese market, after the lifting of ...
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ArticleBata India is exploring a partnership in its local market
Bata India said that it is exploring the opportunity of a partnership in its domestic market but had no developments to announce. ”We would like to inform that the company continues to explore opportunities for strategic alliance / collaborations / tie-up for the Indian market and as and when matters ...
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ArticleSoft global footwear demand continues to impact Yue Yuen
Profit attributable to Yue Yuen (YY) shareholders declined by 52 percent to $83,601,000 for the six months ended June 30 from $175,049,000 a year earlier, as sales fell by 12 percent to $4,154,968,000 from $4,709,792,000. Ebit fell by 36 percent to $143,227,000. The company cited a sluggish global macroeconomic environment ...
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ArticleJimmy Choo’s Q1 sales rise as expected
In the first fiscal quarter ended on July 1, Jimmy Choo posted revenues of $183 million, up by 6.4 percent compared to the prior year on a reported basis and by 7.0 percent at constant currency rates. The brand’s operating income was $16 million and operating margin 8.7 percent, compared ...
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ArticleGrendene is optimistic about H2 despite a weak Q2
Grendene suffered an 8.6 percent decline in gross revenues to 586.2 million reais (€108.9m) in the second quarter of 2023, but the Brazilian footwear group is optimistic about the second half of the year, when it usually achieves about 60 percent of its sales. Thanks to a positive first quarter, ...
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ArticleArezzo continues to book record sales
Arezzo & Co continued its record-breaking streak, having posted its highest-ever revenues for a second quarter and its biggest-ever sales day. The company said its second-quarter gross revenues reached $1.4 billion Brazilian reais (€260 million) in the quarter, representing a 21.6 percent increase year-on-year and a 100.8 percent increase over ...
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ArticleFerragamo’s sales weakness expected to continue until Q4
After suffering a 4.8 percent decline in total revenues to €600.1 million in the first half due to two consecutive quarterly decreases, Salvatore Ferragamo is expected to experience another weak third quarter before showing signs of recovery in the final three months of the year, according to Paola Carboni, financial ...
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ArticleWolverine’s new CEO to spearhead turnaround as Q2 results tumble
Chris Hufnagel, who was named president and CEO on Aug. 10, of Wolverine Worldwide, Inc (WWW) with immediate effect following the sudden departure of Brendan Hoffman, faces numerous headwinds from day one, with the group’s second-quarter figures now released. They range from getting inventory and debt to proper levels and ...
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ArticleTapestry to buy Capri in a deal worth $8.5bn
Tapestry, the U.S. owner of the brands Coach, Kate Spade and Stuart Weitzman, has entered into a definitive agreement to buy Capri Holdings, which owns the brands Versace, Jimmy Choo and Michael Kors. Under the terms of the transaction Capri shareholders will receive $57.00 per share in cash. The total ...
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ArticleHow reshoring requests proved short-lived for Portuguese producers
Demand to reshore footwear manufacturing from Asia to Portugal has petered out after growing substantially in 2022, several Portuguese producers told Shoe Intelligence. Last year, as high inflation, energy prices and China’s zero-covid policies upended the global footwear supply chain, Portuguese manufacturers were approached by clients who wanted to reshore ...
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ArticleAlpargatas still plagued by inefficiencies, high inventory levels
Alpargatas, the Brazilian parent of flip-flop brand Havaianas and the Rothy’s footwear brand, continues to be challenged by high inventory levels in the South American market and inefficiencies in its overall operation that are impacting sales, margins and profitability. The group reported a 53.1 million Brazilian reais (€9.9m) consolidated net ...
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ArticleSteve Madden’s expects an improvement in H2 after Q2 sales fall 17%
Steve Madden’s revenues decreased by 16.8 percent to $445.3 million in the second quarter of 2023 from $535.0 million a year earlier. However, the company expects an improvement in the second half of the year even if it remains cautious especially regarding re-orders from wholesale clients. Revenues for the wholesale ...
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ArticleNext lifts guidance again on strong rise in Q2 full-price sales
Next has raised its annual profit forecasts again after strong second-quarter full-price sales and better-than-expected clearances of summer stock. The British fashion retailer raised guidance by £10 million (€11.6m) to £845 million (€980m), just six weeks after its last upgrade. Next also forecast that annual full-price sales will be 1.8 ...
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ArticleBoot Barn’s Q1 sales rise, beating the company’s forecast
Boot Barn’s net sales rose by 4.9 percent to $383.7 million in the first fiscal quarter ended on July 1, from $365.86 million the previous year. Net income fell from $39.3 million to $34.3 million, with net income per diluted share coming in at $1.11, compared to $1.26 the previous ...
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ArticleWeyco posts higher profit, margin despite lower Q2 sales
Weyco Group suffered a 9.9 percent decline in second-quarter sales to $67.0 million as the group’s portfolio of footwear brands faced difficult year-over-year comparisons and a wholesale market flush with inventory. Nonetheless, the group improved several operating metrics in the period ended June 30. Operating income rose by 18 percent ...
