Latest Headlines – Page 97
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ArticleBoohoo buys Dorothy Perkins, Burton and Wallis for £25m
The British online fashion retailer Boohoo is buying the Burton, Dorothy Perkins and Wallis brands for £25.2 million (€28.7m-$34.5m), completing the breakup of Arcadia, the retail empire of businessman Philip Green, which had to file for bankruptcy in November 2020. The deal does not include 214 physical stores, putting ...
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ArticleRecord sales for Deckers Brands
Deckers Brands’ sales surged in the third financial quarter ended Dec. 31, 2020, boosted by demand for Ugg and the continued global expansion of Hoka One One. Despite headwinds from Covid-19, the group’s sales progressed by 14.8 percent from the same period last year to a record $1,078 million, with ...
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ArticleThe Russian government may begin subsidizing online shoe exports
Russian marketplaces may be eligible to government subsidies for sales abroad, the Russian Industry and Trade Ministry said in a statement on its website. The government plans to spend 1.5 billion rubles (€16.3m-$19.7m) to support such exports between 2021 and 2023, but this figure is likely to be adjusted in ...
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ArticleSpain to invest in the re-engineering of the Elche cluster
The Elche footwear cluster near Valencia is lauching a project called Eco Challenge, which aims to reduce manufacturing costs by 30 percent through the re-engineering of the manufacturing process. The project has led to the creation of a consortium supported by the national footwear association Fice, Valencia’s shoe industry association, ...
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ArticleBirkenstock hikes investments, scales up production in Germany
The German footwear brand Birkenstock is stepping up investments and expanding its production capacity as global demand continues to grow despite the coronavirus pandemic. As production runs at near full capacity, the company plans to expand its site in Görlitz, in the Saxony region, its largest production site worldwide, and ...
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ArticleStuart Weitzman cuts expenses as sales fall
In the fiscal second quarter ended on Dec. 26, Stuart Weitzman managed to lift its operating profit despite a decline in revenues thanks to aggressive cost savings. The brand, which is owned by the American group Tapestry, posted net sales of $85 million, down by 27 percent from $116 ...
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ArticleSkechers’ Q4 underpinned by e-commerce
Skechers’ sales in the fourth quarter decreased by 0.5 percent year-on-year to $1,324 million. Results were underpinned by a 143 percent surge in U.S. digital sales, after the group rolled out a ”Buy online pickup in store” (BOPIS) service in time for the holiday season. Net income fell by 10 ...
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ArticleANWR Group posts growth in 2020 but footwear business hit
Despite the challenging market conditions, ANWR Group expanded its business volume to €17.8 billion last year, up by 22 percent from the previous year. However, the coronavirus-related drop in orders hit the footwear and leathergoods businesses of the German cooperative. The group’s shoe business suffered a 20 percent fall in ...
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ArticleBrexit will lift the cost of exporting Italian shoes to the U.K.
Brexit will inevitably increase the cost of exporting Italian shoes to the U.K., explains Siro Badon, chairman of the Italian footwear association Assocalzaturifici, in an interview with Shoe Intelligence. But, fortunately, the U.K.’s departure of the customs union and single market has not significantly affected the supply chain of Italian ...
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ArticleJD Sports on the hunt for more purchases after £464m cash call
JD Sports Fashion is on the hunt for more acquisitions after raising £464 million (€529m-$634m) through a placing of new shares on the London Stock Exchange on Feb. 4. The company said that 58.4 million shares were placed at 795 pence each (€9-$10.8), representing about 6 percent of its share ...
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ArticleMicam cancelled
Micam, the Milan-based footwear trade show which was scheduled to be held from March 21 to 23 at the Fieramilano Rho exhibition center, has been cancelled because of the Covid-19 pandemic. Mipel, a fair for leather goods and accessories, TheOneMilan, which focuses on women’s clothes, Lineapelle, a show for semi-finished ...
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ArticleFootway’s new online platform has teething problems
Last April’s acquisition of Sportamore and its growing internationalization enabled Footway to expand the number of visitors and customers on its numerous websites across Europe, but reduced its profitability last year. With the inclusion of Sportamore for the last two months of 2020, the Swedish online shoe retailer reported a ...
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ArticleJimmy Choo’s Q3 sales decline by 26.7%
Jimmy Choo posted a 26.7 percent year-on-year decline in sales to $121 million in the third quarter ended on Dec. 26 as the luxury shoe brand continues to feel the impact of the Covid-19 pandemic. On a constant currency basis, revenues decreased by 27.3 percent. The shoe maker posted an ...
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ArticleBezos hands over leadership of Amazon
Jeff Bezos will hand over the chairmanship of Amazon’s board in the third quarter of 2021 to Andy Jassy, the head of the cloud business Amazon Web Services (AWS). Bezos founded Amazon in 1994 and built the company from an online bookstore into a trillion-dollar corporation. According to Bloomberg, ...
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ArticleGeox to close 110 stores over 3 years
Geox plans to close about 110 small and less profitable stores over the next three years following net closures of 107 during 2020. The shops will be closed as leases expire in order to avoid paying penalties. The pruning is expected to reduce the company’s annual sales by €65-70 million ...
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ArticleU.K.-EU trade heavily affected by Brexit, worse may be ahead
Brexit has complicated life for merchants in the European Union exporting to the U.K., which highlights new paperwork requirements, higher administrative costs, delivery delays and uncertainty about what the rules of the game are now that the U.K. is no longer a member of the single market since Jan. 1. ...
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ArticleGabor sees return to growth in 2022
The German shoe manufacturer Gabor took a hit from the coronavirus pandemic and the resulting lockdowns as canceled reorders, payment defaults and short-time work at factories sent sales plummeting in 2020. It expects this year to be challenging and to return to growth in 2022. The Rosenheim-based company reported sales ...
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ArticleFerragamo’s Q4 sales slowdown reignites concern
In the fourth quarter, Salvatore Ferragamo’s sales slowed down compared to the third quarter despite a 61.1 percent year-over-year surge in online sales and double-digit growth rates in the retail business in China and Taiwan. The weakness of the top line reignited concern about the brand’s capacity to compete against ...
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ArticleAsos buys four Arcadia brands in £330m deal
The British online retailer Asos has snapped up Arcadia’s fashion brands Topshop, Topman, Miss Selfridge and the sportswear brand HIIT from the administrators Deloitte in a deal worth about £330 million (€373.0m-$451.1m). Arcadia collapsed in November 2020. The deal, funded out of cash reserves, does not include 70 stores, and ...
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ArticleJD Sports continues U.S. expansion with DTLR acquisition
After the recent acquisition of Shoe Palace, JD Sports Fashion continues its expansion in the U.S. with the announced purchase of a 100 percent stake in DTLR Villa. Based in Baltimore, and currently majority owned by the New York-based private equity firms BRS & Co. and Goode Capital, DTLR was ...
