Latest Headlines – Page 65
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ArticleRussian footwear brand Basconi plans to expand
Amid a mass exodus of Western brands out of Russia, the local footwear company Basconi plans to enhance efforts aimed at improving the brand’s recognition and continues developing its franchise network, Vitaly Ifraimov, co-owner of Basconi, told to the Russian press. Basconi runs a network of 50 stores in Russia ...
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ArticleGenesco cuts guidance as Journeys disappoints, U.K. consumers face headwinds
Genesco cut its sales and earnings guidance for fiscal year 2023 after the Journeys business failed to meet expectations in the second quarter and as it also adopts a more conservative outlook in the U.K., where management noted that consumers are increasingly facing economic headwinds. Genesco is now forecasting full-year ...
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ArticleDesigner Brands raises its full-year guidance again
Designer Brands released a new update in its full-year guidance after better-than-anticipated second-quarter results. The company raised its full-year diluted earnings per share guidance to a range of $2.05 to $2.15 from a previous forecast of $1.90 to $2.00, which had already been upgraded in April 2022 from $1.75 to ...
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ArticleStella posts strong H1, warns about forthcoming demand
In the first half of 2022, Stella International increased revenues by 18.9 percent to US$827.2 million from $695.5 million a year earlier, driven by higher orders from its manufacturing business. However, the growth rate indicated a slowdown in the second quarter compared with the first quarter, when the top line ...
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ArticleShoe Carnival Q2 hit by lack of athletic inventory
Shoe Carnival’s net sales in the second quarter ended on July 30 fell by 6.0 percent year-over-year to $312.3 million. Nevertheless, it was the group’s second highest second-quarter sales ever and the top line was up by 16.4 percent compared with the second quarter of 2019, prior to the outbreak ...
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ArticleOR Group puts its Siberian shoe factory up for sale
The Russian shoe retailer OR Group, formerly known as Obuv Rossii, has started searching a buyer for its Berdsk-based shoe factory S-TEP, the Novosibirsk regional government said in a statement. S-TEP suspended operations on Aug. 1 due to financial difficulties. The factory was launched in the early 2000s and currently ...
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ArticleRichemont to sell majority stake in YNAP to Farfetch and Emirati businessman
Richemont has signed a deal to initially sell a 47.5 percent stake in its online fashion retailing unit Yoox Net-a-Porter (YNAP) to Farfetch and a 3.2 percent stake to Symphony Global, one of the investment vehicles of the Emirati businessman Mohamed Alabbar. The move will make YNAP a neutral distribution ...
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ArticleCaleres raises sales outlook after record Q2
Caleres maintained its guidance for earnings in the full year and raised and tightened its outlook for sales after a record second quarter for sales and earnings, projecting that it would maintain its momentum despite high inflation and uncertainties about consumer spending. Sales in the three months ended July 30 ...
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ArticleGrendene sees sales jump as Brazilian market recovers
Grendene saw its revenues in the second quarter of 2022 jump by 46.5 percent to 641.4 million reais (€123.5m), as its domestic sales surged by 49.4 percent to R$498.6 million (€96.0m) after an 8.9 percent drop in the previous quarter and export revenues improved by 37.4 percent to R$142.8 million ...
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ArticleArezzo continues to post record sales
After a record-breaking first quarter, Arezzo & Co posted its highest sales for a second quarter, with gross revenues reaching 1,165 million Brazilian reais (€224.5m), up by 65.1 percent from the previous year and by 138.0 percent compared with the second quarter of 2019. The Brazilian company achieved 24.8 percent ...
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ArticleBrazilian footwear exports continue to be strong
In July, Brazilian footwear exports rose by 35.3 percent in volume to 12 million pairs and by 50.8 percent in value to $111.8 million, according to data released by the Brazilian footwear association, Abicalçados. In the first seven months of 2022, footwear exports rose by 31.8 percent in volume to ...
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ArticleStuart Weitzman is profitable again despite a weak Q4
Stuart Weitzman, the footwear brand of the U.S. fashion group Tapestry, posted higher sales and returned to an operating profit in the full year ended on July 2 despite a weak fourth quarter. Revenues for the full year increased by 12 percent to $317.7 million, or by 11 percent on ...
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ArticleHow a Serbian shoemaker is benefiting from Russia’s need for new suppliers
The huge exodus of Western brands out of Russia following the country’s invasion of Ukraine in Feb. 24, has created a void benefiting to companies from countries non abiding to Western sanctions. Thanks to tight historical and cultural ties, Serbia continues to trade with Russia, even though the country has ...
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ArticleAlpargatas sees Havaianas’ revenues fall double-digit rates in U.S., China
Alpargatas suffered double-digit rate declines in the sales of its rubber sandal brand in both the U.S. and China during the second quarter but realized an 11.8 percent increase in price per pair during the period. Havaianas’ sales declined 46.3 percent in China to 8.7 million Brazilian reais (€1.7m) due ...
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ArticleABG reaches deal to take over Ted Baker
The American brand management company Authentic Brands Group (ABG) and Ted Baker have reached an agreement on the terms of a recommended final cash offer by ABG-Robin BidCo, a newly incorporated entity wholly-owned by ABG, to acquire the entire share capital of the British fashion group for 110 pence ...
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Yue Yuen H1 profits dragged down by Pou Sheng
Yue Yuen reported a 2.8 percent increase in first-half net income of $175.0 million versus $170.3 million for the six months ended June 30. Six-month revenues fell by 2.0 percent to $4,709,792,000 from $4,807,087,000, however, manufacturing segment sales were up by 14.4 percent to $3.19 billion. Ebit declined 17.7 percent ...
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ArticleWolverine lowers FY forecast
Wolverine Worldwide, concerned about inventory escalation in various U.S. retail channels and the likelihood of higher wholesale order cancellations in the market for the remainder of the year, has lowered its FY22 outlook downward. Lingering supply chain delays and currency exchange rates also contributed to the revision. The adjustment was ...
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ArticleCoats buys Renoflex and becomes a footwear component giant
Hot on the heels of the acquisition of Texon, a U.S. provider of footwear solutions, Coats announced the takeover of Rhenoflex, a German manufacturer of structural material solutions for the footwear industry. The back-to-back acquistions have turned the British industrial thread manufacturer into a significant supplier of components for the ...
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ArticleJimmy Choo continues to grow strongly
In the first quarter ended July 2, Jimmy Choo posted revenues of $172 million, up by 21.1 percent year-over-year on a reported basis and by 30.3 percent at constant currency rates. Excluding mainland China, which has been impacted by tough Covid-19 restrictions, revenues grew a reported 32 percent and 43 ...
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