Latest Headlines – Page 7
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ArticleBirkenstock’s earnings and guidance disappoint
Birkenstock released a disappointing first set of earnings as a public company prompting its stock to plummet nearly 8 percent on the day. The company also warned of a further Ebitda margin squeeze in the new fiscal year due to ramp-up costs at its new factory near Pasewalk in Germany. ...
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ArticleAlviero Martini under court administration amid supply chain labor exploitation charges
Alviero Martini has been placed under court administration by the Milan court, following a probe that found its supply chain relied on Chinese sweatshops that exploited workers to produce the Italian fashion house’s accessories and shoes. The probe was initiated by the public prosecutors Paolo Storari and Luisa Baima Bollone ...
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ArticleExpo Riva Schuh attracts 9,000 visitors
Expo Riva Schuh & Gardabags, the Italian trade show specializing in footwear, bags and accessories held from Jan. 13 to 16 in Riva del Garda, hosted 1,300 exhibitors and brands from 39 countries and attracted 9,000 visitors, of which 80 percent came from Europe and 20 percent from the rest ...
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ArticleArklyz to buy Lloyd Shoes from Ara
Arklyz AG, based in Stans, Switzerland, has signed a definitive agreement to buy the German brand Lloyd Shoes, along with all its operating subsidiaries, from Ara. The buyer plans to provide support and resources to grow Lloyd’s wholesale, omnichannel and international business. The transaction is expected to close in the ...
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ArticleNeroGiardini is expanding in South Korea, Japan and the U.S.
After recently entering the Japanese and Korean markets, NeroGiardini, an Italian brand located in Italy’s Marche region, is now expanding in the U.S. The internationalization policy pursued by Alessandro Bracalente, the managing director and son of the founder Enrico Bracalente, aims to boost sales in the U.S., which is the ...
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ArticleExpo Riva Schuh to host 1,300 exhibitors
Expo Riva Schuh & Gardabags, scheduled from Jan. 13 to 16 at Riva del Garda, will host 1,300 exhibitors and brands from 39 countries. To mark its 100th edition, the Italian trade show will hold a “Celebration Night” during which it will honour “historical stakeholders who have accompanied and ...
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ArticleGenesco targets rents, moving non-selling activities out of stores to cut costs, boost profits
Genesco is focusing on bringing down rent costs and moving non-selling activities outside of stores, as it implements a $40 million cost-cutting program aimed at boosting profitability. “We are continuing to focus on rent, which is our biggest operating expense line,” explained Tom George, the chief financial officer, during the ...
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ArticleWolverine World Wide sells the Sperry brand to ABG and the inventory to Aldo
Wolverine World Wide has sold the rights to the Sperry brand to Authentic Brands Group (ABG) and part of the brand’s inventory to the Aldo Group for a total of about $130 million to be largely cashed in the first quarter. Wolverine will use the proceeds to pay down debt ...
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ArticleShoe Zone to phase out Original format stores by end 2026
Shoe Zone plans to spend a minimum of 3-4 percent of sales annually to cover 50 store projects, head office infrastructure and IT changes after growing revenues in fiscal 2023, despite trading from fewer locations. As part of a reorganization of its estate, the British budget footwear company expects to ...
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ArticleMinelli partially saved
The French footwear retailer Minelli is being acquired by three investors and avoids going into liquidation, the news agency AFP reported citing a decision by a Marseille-based commercial tribunal. However, the investors will only keep a third of Minelli’s employees and less than half its stores. The retailer, rebranded Maison ...
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ArticleCrocs looks to international business to drive growth
Crocs expects international markets to outperform its domestic business in coming years, after a 2023 marked by a strong performance for the U.S. footwear group in Asia, led by “extraordinary” growth in China. Markets outside of the U.S. now represent nearly 40 percent of the group’s business, said Andrew Rees, ...
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ArticleLuís Onofre re-elected at the helm of Apiccaps
Luís Onofre was re-elected president of Apiccaps, the Portuguese association of footwear, components and leather goods manufacturers, for a new three-year term. Joaquim Moreira will chair the association’s general meeting and Domingos Ferreira the supervisory board. In a statement, Onofre said that “it should be recognized that in recent years, ...
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ArticleGenesco slashes FY earnings guidance after disappointing Christmas period
Genesco slashed its full-year earnings guidance in the wake of weak Christmas sales. In the nine weeks to Dec. 30, which represent about two-thirds of the company’s fiscal fourth quarter, like-for-like sales decreased by 4 percent. Same-store sales decreased by 6 percent and comparable sales for the company’s e-commerce businesses ...
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ArticleWolverine’s inventory and debt are below expectations at the end of 2023
Wolverine World Wide confirmed its sales and earnings guidance released in November, while inventory and net debt are below expectations. The U.S. company expects full-year and fourth-quarter revenues of approximately $2.24 billion and $527 million, respectively. The annual and quarterly revenues for the ongoing business are estimated at $2.20 billion ...
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ArticleDestruction of new shoes is an absolute exception in Germany
The destruction of new apparel and footwear is the absolute exception and new items only make up a small fraction of the goods sent to the landfill, according to Germany’s textile, shoes and leather goods trade association, BTE. The remarks followed the European Union’s steps in early December of ...
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ArticleCrocs hikes its FY guidance
Crocs now expects to post record 2023 revenues of approximately $3.95 billion, which would represent more than 11 percent growth year-over-year, compared with the previous guidance of a 10-11 percent increase. “2023 was a strong year for Crocs, Inc. that culminated in a successful holiday season with market share gains ...
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ArticleItalian footwear companies suffer a decline in sales in the second half of 2023
After the gains posted in the first half of 2023, driven by a 13.6 percent year-over-year surge in the first quarter and a timid 1.2 percent rise in the second quarter, revenues of Italian shoe makers are estimated to have dropped by 5.8 percent year-over-year in the third quarter, according ...
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ArticleGenesco appoints a new chief merchandising officer for Journeys
Genesco appointed Chris Santaella as executive vice president and chief merchandising officer of the Journeys Group, effective Feb. 5. He replaces Pete Hicks, who retired in October 2023, and will report to Andy Gray, Journeys’ president. “An accomplished and diversified global merchant, Santaella will lead Journeys’ buying, merchandising, planning and ...
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ArticleNext lifts guidance again but warns of potential stock delays from Red Sea shipping attacks
Next has lifted annual guidance for the fifth time in eight months after full-price sales came in £38 million (€44m) more than expected during November and December, but warned that attacks on shipping in the Red Sea by Iran-backed Yemeni Houthi militants could cause supply delays. Full-price sales in the ...
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ArticleJD Sports cuts profit guidance as sales disappoint
JD Sports Fashion’s sales came in lower than expected in the 22 weeks to Dec. 30 and the British retailer cut its full-year profit guidance. The company reported that constant currency organic revenue growth was 6.0 percent during the 22-week period, while like-for-like growth was 1.8 percent. “This was slightly ...
