Latest Headlines – Page 64
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ArticleItaly faces a huge population decline
Italy is facing a huge decline in population as well as significant demographic changes that are likely to prompt further labor shortage and modify consumption patterns. Italy’s population is expected to drop from an estimated 59.2 million on Jan. 1, 2021, to 57.9 million in 2030, 54.2 million in 2050 ...
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ArticleGörtz and Surf4Shoes file for bankruptcy amid uncertainty, soaring inflation
Görtz and Surf4Shoes are among the latest companies caught in a wave of bankruptcies that appears to be gathering pace in Germany. Heightened consumer uncertainty, sky-rocketing inflation and rising energy prices are seen as the main destabilizing factors, as the war in Ukraine rages and the European Union’s sanctions against ...
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ArticleHotter Shoes lifts sales but notes pressure on consumer spending
Hotter Shoes’ owner, Unbound Group, reported higher half-year sales and margins driven by strong demand, despite the tougher economic outlook. Unbound, formerly known as Electra Private Equity, said revenues rose to £27.6 million (€31.60m) from £25.0 million, driven by its multi-channel sales model. It posted a pre-tax loss of £2.14 ...
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ArticleEU expects to strike a trade deal with Indonesia in 2024
The European Union expects to be able to reach a free trade agreement with Indonesia within two years, despite a trade dispute regarding palm oil and nickel, according the European Commission’s Executive Vice President and Commissioner for Trade, Valdis Dombrovskis. Dombrovskis believes it is possible to reach a comprehensive economic ...
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ArticleHalf of Italian footwear companies' revenues still below pre-Covid levels
After a year-on-year increase of slightly more than 16 percent in the second quarter of 2022, revenues of Italian footwear manufacturers grew by 14.5 percent in the first half of the year, beating expectations. However, growth remains uneven, benefitting mainly to established brands while small producers, which are the backbone ...
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ArticleA report confirms the shift out of China into Vietnam
A report available on ResearchAndMarkets.com indicates that Nike and Adidas are leading a move out of China into Vietnam for the manufacturing of shoes, confirming a trend that has been observed in data and analyses that Shoe Intelligence has collected over the past years. The document called “Research Report on ...
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ArticleNice Footwear’s sales and profits rise sharply
Nice Footwear posted strong top line and bottom line growth in the full year ended on April 30, 2022, despite a rise in costs. Revenues grew by 51 percent to €32.8 million, with €17.1 million of sales achieved in Italy and €15.7 million abroad. The top line of Italian footwear ...
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ArticleMicam attracts over 1,000 brands
Micam will host 1,012 brands at its forthcoming edition, scheduled from Sept. 18 to 20, or 23 percent more than during its March 2022 edition. Fifty-four percent of the brands are Italian and the remaining 46 percent come from abroad. Micam, which will be held at the Fieramilano Rho exhibition ...
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ArticleInditex books strong H1 sales
Inditex, the Spanish group that owns the brands Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius and Oysho, posted sales of €14.8 billion in the first half ended July 31, up by 24.5 percent from a year ago and 25 percent higher at constant currencies despite the current inflationary environment and closure ...
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ArticleStuart Weitzman expects to outperform the market
Stuart Weitzman, the premium footwear brand of the U.S. fashion group Tapestry, expects to overperform the market in the coming years. It forecasts to increase revenues from $317.7 million in the full year ended on July 2 to $450 million in fiscal 2025, representing a compound average growth rate (CAGR) ...
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ArticleHow Italian manufacturers are crossing the Rubicon to preserve their industry
A group of Italian shoemakers and components manufacturers located in San Mauro Pascoli have decided to join forces and create a consortium called Rerum, which starts for Rete Rubicone Moda, to preserve the cluster’s supply chain. Rubicone, or Rubicon in English, is the name of a nearby river famously crossed ...
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ArticleThe Italian retailers Scarpe&Scarpe and Pittarosso are due to merge
The financial group Pillarstone has taken over Scarpe & Scarpe and is expected to create in the near future a large footwear retailing group in Italy by merging it with Pittarosso. Responsible & Sustainable Corporate Turnaround Fund (RSCT), a turnaround fund managed by Pillarstone Italy, obtained 70 percent of Scarpe ...
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ArticleAsos cuts FY guidance on weak August sales
Asos has cut its guidance for the full year ended on Aug. 31 as sales slowed down in August. However, it noted that sales, adjusted pre-tax profit and net debt are anticipated to be within the range of financial analysts’ expectations. According to a consensus compiled by the British fashion ...
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ArticleTod’s’ sales return to pre-Covid levels
With a 17 percent increase in first-half sales to €467.5 million, Tod’s is back to pre-pandemic levels and beat market expectations by nearly €4 million. At constant currency rates, the top line grew by 14.3 percent. The Italian fashion group grew by double-digit rates in all markets, except in ...
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ArticlePrimark’s earnings are being squeezed by inflation
In the 2022/2023 fiscal year, Primark’s operating margin will be squeezed by rising inflation which is pushing up its costs and eroding the disposable income of it clients, said Associated British Foods (ABF), the parent company of the clothing retailer. The profit warning was released with the group’s preliminary results ...
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ArticleFerragamo beats expectations despite slowdown in China
Salvatore Ferragamo beat expectations in the first half of 2022 with a 17 percent surge in revenues, at constant exchange rates, to €630.3 million, versus analysts’ estimates of €621 million, according to a consensus compiled by Reuters. The operating profit totaled €95.4 million in the six months ended June 30, ...
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Apple now competes with Google, Meta in digital advertising
Apple is making strides in advertising adoption and is now competing with Google and Meta, according to a report released by appsumer. Apple Search Ads (ASA) has “joined the duopoly of Meta and Google at the top table of advertiser adoption as it grew adoption nearly four percentage points YoY ...
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ArticleEcco completes the renovation of its headquarters
Ecco has completed the refurbishment of its headquarters located in Bredebro. The town, situated in southern Denmark, has been the company’s home since its foundation in 1963 by Birte and Karl Toosbuy. The site comprises various corporate functions including finance, supply chain, procurement, information technology, human resources and corporate responsibility. ...
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ArticleAlibaba unit Lazada to enter the European market
Alibaba’s unit Lazada plans to enter the European market and take on its online rivals such as Amazon and Zalando. In an interview with Bloomberg News, Lazada’s CEO, James Dong, highlighted that Europe is a “very big market” and that ”for most of the European brands, their largest retail partner ...
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ArticleVietnam exports up 13% in first 7 months
In the first seven months of 2022, Vietnamese exports of leather, footwear and leather goods totaled more than $14 billion, up by 13 percent year-over-year, in line with the forecast made at the start of the year by the Vietnamese leather, footwear and handbag association, Lefaso. Lefaso had predicted that ...
