Latest Headlines – Page 3
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Venezuelan shoemakers rely on government intervention to regain market share
Faced with a difficult domestic economic environment, tough competition from neighboring countries and China as well as illegal imports, Venezuelan footwear manufacturers are relying on government help to relaunch a flagging industry. With one billion pairs of shoes produced annually, Latin America accounts for 4.8 percent of world footwear production, ...
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Kidpik and Nina Footwear are merging
Kidpik, a kids’ online clothing subscription-based company listed on the Nasdaq stock exchange in New York, and Nina Footwear, a private company operating a brand specializing in women’s and kids’ dress shoes, have agreed to combine. Under the deal, Kidpik will take over Nina Footwear through a reverse merger. Nina ...
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Shoes For Crews files for Chapter 11 to sell a refinanced US business
Shoes For Crews and its US affiliates have filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware in order to sell the business rapidly as well as obtain the financial resources necessary to invest in growth across key markets globally. The Florida-based group ...
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Manolo Blahnik opens a store in Hong Kong
Manolo Blahnik has opened a store in Hong Kong thanks to a joint venture with Bluebell Group. The two companies have been working together since 2016 and collaborate in various Asian markets. The partners already have stores operating under the banner of the London-based luxury footwear brand in Japan, Malaysia, ...
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Tod’s shareholder calls for higher bid price to delist company
Tabor Asset Management, a US investment company that has a 1.1 percent stake in Tod’s, is urging shareholders to reject a public tender to delist the Italian fashion group on the grounds that it does not fully value the company. On March 22, the Italian stock market regulator Consob approved ...
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Asos, Boohoo, George at Asda commit to green claim rules in the UK
The UK’s Competition and Markets Authority (CMA) said that Asos, Boohoo and George at Asda have signed undertakings that commit them to an agreed set of rules around the use of green claims. The regulator also issued an open letter urging fashion retailers to review their claims and practices in ...
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H&M continues to target a 10% operating margin
In the first quarter ended Feb. 29, H&M Hennes & Mauritz significantly improved its bottom line as the Swedish fashion retailer strives to bolster its operating margins. The company saw sales gradually improve during the month of February thanks to “well-received” spring collections and confirmed its target of a 10 ...
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Asos’ sales plunge 18% in the first half but guidance maintained
Asos reported a sharp fall in sales for the first half of its fiscal year due to slowing demand and large discounts to clear excess stock, but the British online fashion retailer insisted that its turnaround plan was on track and maintained annual guidance. Sales plunged by 18 percent in ...
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Stella improves its operating profits despite a decline in sales
In 2023, Stella International Holdings bolstered its operating and net profits despite declining revenues, down by 8.5 percent to $1,493 million. Shipments slumped by 12.5 percent year-on-year to 49.0 million pairs, but the average selling price grew to $29.7 a pair from $28.5 in 2022. By product categories, ...
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Shoe Carnival sees growth resuming this year
Shoe Carnival expects its top line to grow by 4.0 percent to 6.0 percent in fiscal year 2024 after falling by 6.8 percent to $1,176 million the year earlier, as the recent acquisition of Rogan’s Shoes, continued strength at the Shoe Station banner, e-commerce growth and improving trends at its ...
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Lloyd Shoes grows by 9% in 2023
Lloyd Shoes continued to grow last year “as a result of positive developments across all business areas”, despite a “difficult overall situation,” the German shoemaker announced. Sales were up by 9 percent in the 2023 financial year, climbing to €128 million, up from €114.95 million in 2022, when the ...
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Golden Goose’s sales rose 18% in 2023
In 2023, Golden Goose increased sales by 18 percent at constant exchange rates to €587 million, amid speculation that it is preparing to be listing on the Milan stock exchange. The Italian premium sneaker brand increased adjusted Ebitda by 19 percent to €200 million, and adjusted Ebit by 22 percent ...
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Tempe to build a new distribution center in Valencia region
Tempe, the footwear unit of Inditex, will build a new 141,000 square-meter distribution center in the Valencia region. The announcement was made by Inditex which plans to invest €900 million a year in 2024 and 2025 to increase its logistics capacity. The other projects include a new 286,000 square-meter distribution ...
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Lululemon says response to footwear collection exceeds expectations
Lululemon said that the response to the launch in February of its new footwear collection, which includes its first models for men, “is exceeding” expectations. The Canadian producer of performance apparel for yoga, running and training entered the footwear market in March 2022 with the launch of its first running ...
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Next maintains its guidance despite expectations of lower full-price sales
Next maintained its guidance for the year ending in January 2025 despite warning that growth in full-price sales could slow down. The British fashion company said it is still expecting pre-tax earnings of £960 million (€1.12bn) based on a 2.5 percent increase in full-price sales, with a 5 percent rise ...
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Designer Brands hit by a weaker footwear market
Designer Brands reported a decline in fourth-quarter sales due to a deterioration of the footwear market in North America. When announcing the results for the quarter ending on Feb. 3, the CEO, Doug Howe, said that the footwear company enjoyed a rebound in the latter part of the period but ...
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Caleres to bolster international presence with “outsized investments”
Caleres is focusing first on China as part of a strategy to build its international business, announcing the opening of 45 new Sam Edelman stores in the country this year and the return of its Naturalizer brand to China with 10 new stores in autumn 2024 and a digital relaunch. ...
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Spartoo posts a positive free cash flow
Spartoo booked a positive free cash flow of €0.7 million in 2023, compared with a negative €23.6 million in 2022, due to a reduction in working capital, thanks to a decrease in inventories, as well as a drop in investments to €1.3 million from €2.9 million. The group’s inventory fell ...
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Deichmann continues to grow in 2023
Deichmann continued to grow in 2023 despite difficult business conditions, especially in its home market. The German footwear retailer, which is present in 34 countries, generated gross revenues of €8.7 billion, or a net €7.4 billion, in 2023, up by just over 7 percent on a currency-adjusted basis. Like-for-like sales, ...
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Gabor’s sales are steady
The German shoe manufacturer Gabor Shoes reported steady sales in the fiscal year 2023 after a sharp rebound in 2022 and announced a management reorganization. The company, based in Rosenheim, in Upper Bavaria, said that total sales of all brands including licenses reached €322 million last year, less than 1 ...