Latest Headlines – Page 53
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ArticleBrazilian exports decline in volume in Q1
Brazil’s footwear manufacturers exported 38.44 million pairs of footwear in the first quarter of 2023, down by 5.7 percent year-over-year, for a total of $328.44 million, up by 2.4 percent, according to the local footwear associaton Abicalçados. In the sole month of March, exports totaled 11.67 million pairs, down by ...
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ArticlePhoenix International’s credit rating outlook is raised
The rating agency Infomerics Valuation and Rating Limited (IVR) has reaffirmed the long-term rating of “IVR BBB-“ for 124.00 crore rupee (€13.8m) of long-term bank loan facilities contracted by the Indian group Phoenix International. Infomerics also improved its credit outlook to “stable” from “negative” thanks to an improvement in lease ...
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ArticleFerragamo posts weak Q1 sales as its relaunch remains uncertain
As expected by financial analysts, Salvatore Ferragamo released weak sales figures for the first quarter of 2023, down by 4.0 percent to €278.0 million. At constant currency rates, the decline reached 6.5 percent year-over-year. The contribution Maximilian Davis, who became the creative director of the Italian fashion house on March ...
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ArticleFootway sees sales drop in Q1, but grows internationally
Several Swedish media outlets have reported on Footway Group’s first-quarter figures, which show that the Swedish e-commerce group’s sales fell 7.9 percent year-on-year to SEK 215.9 million (€19.08m). Operating profit (Ebitda) for the quarter was SEK -24.5 million (-€2.17m), an improvement from SEK -71.2 million a year earlier. According to ...
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ArticleStella’s Q1 sales drop as clients clear out inventories
In the first quarter of 2023, Stella International suffered a 25.8 percent drop in manufacturing revenues to $277.4 million from $374.6 million a year earlier as footwear shipments declined by 31.4 percent to 9.6 million pairs from 14.0 million as certain sport and casual customers pulled back on ordering to ...
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ArticleReno’s Austrian subsidiary files for bankruptcy
After the shoe retailer Reno filed for bankruptcy in Germany at the end of March, the company’s Austrian subsidiary has followed suit. HR Group GesmbH, Reno’s Austrian branch, has applied for bankruptcy proceedings at the regional court in Wiener Neustadt. Based in Leobersdorf, the company operates 29 Reno stores ...
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ArticlePölking files for bankruptcy
The German shoe wholesaler Pölking filed for bankruptcy after a several years of lagging sales as theCovid-19 pandemic took its toll, gradually eroding liquidity. At the request of the company, the district court of Osnabrück opened insolvency proceedings under self-administration, amid a tidal wave of bankruptcies that continues ...
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ArticleWhat if the metaverse settled for something simple?
BitNile Metaverse says that its metaverse at BitNile.com has surpassed 500,000 “active users” in the month since it opened its “early-access phase.” Question is, why should we care? After all, a single metaverse like Roblox – which, as our readers might recall, has deals with Nike, Adidas, H&M and FIFA ...
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ArticleYue Yuen to invest $276m in Indian plant
Yue Yuen has entered into a memorandum of understanding with the government of the Indian state of Tamil Nadu to invest 23 billion rupees ($276 million) to build a manufacturing plant. Under the agreement, the regional government will provide infrastructure support to the project including power, water supply, telecommunication facilities ...
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ArticleTowards a money tweet?
The Delaware corporation known as Twitter was merged into a new Nevada corporation known as X Corp. on March 15. This is according to SilverFlume, the business portal for the latter U.S. state. The owner of both, Elon Musk, has since tweeted a message consisting of a single letter: X. ...
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ArticleDr. Martens lowers profits guidance again as distribution center blunder costs rise
Dr. Martens lowered its profit guidance for the third time in five months after admitting that operational blunders at its Los Angeles distribution center (DC) have cost more than anticipated. The company issued its second profit warning in January after problems at the center created bottlenecks. The previous warning, in ...
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ArticleCzech footwear firm Vasky acquires Botas
The Czech footwear company Vasky has acquired its peer Botas, which went into liquiditation at the beginning of the year. Prior to the takeover, the two companies had collaborated on a new footwear collection called Botas x Vasky that was launched early April 2023. Botas was created in 1949 and ...
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ArticleAllbirds faces class action for alleged false and misleading information
On April 14, Bernstein Liebhard, a U.S. law firm specializing in securities litigation and corporate governance, said that a securities class action lawsuit has been filed on behalf of investors who purchased Allbirds’ shares. The lawsuit was filed in the United States District Court for the Northern District ...
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ArticleUnbound withdraws support for WoolOvers offer as new bidder emerges
Unbound Group, the British owner of Hotter Shoes, has withdrawn its support for a potential takeover by WoolOvers Group after receiving a rival offer from London-based Marwyn Investment Management, which has pledged to inject £10 million (€11.4m) into the firm. Marwyn made its approach on April 5, Unbound revealed in ...
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ArticleKazakh shoe prices set to rise due to mandatory labeling
Mandatory origin labeling of shoes came into force in Kazakhstan on April 1, despite criticisms by small retailers. Market players had urged the authorities to delay the reform, which has already been postponed for almost a year, or to make the labelling voluntary.In the last week of March, a significant ...
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ArticlePittards’ overdraft facility increased by £340,000
Pittards’ overdraft facility was increased by £340,000 by Lloyds after the British leather and leather goods company completed a cash call. The bank also extended Pittards’ other borrowing facilities until June 30, 2023. Negotiations with Lloyds regarding new facilities or the restructuring of existing facilities remain ongoing, Pittards said. ...
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ArticleRussian marketplaces join forces to clamp down on counterfeit goods
A group of Russia’s largest online marketplaces launched a joint initiative to establish a blacklist of suppliers found peddling counterfeit goods. The businesses decided to clamp down on fraud after facing growing criticism from customers and concern from regulators. Russia’s Center for the Development of Advanced Technologies, a government agency ...
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ArticleThe stocks of former IPO stars Allbirds and Dr. Martens continue their freefall in Q1
The prices of stocks monitored by Shoe Intelligence rebounded by about 5 percent overall in the first quarter of 2023 compared with the previous three months driven by some key clusters such as large U.S. footwear companies, online retailers and luxury goods groups. However, both Allbirds and Dr. Martens, previously ...
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ArticleBirkenstock’s factory in Pasewalk nears completion; new CFO appointed
Birkenstock’s new shoe factory in Pasewalk, Germany, is nearing completion, with production at the site set to start the third quarter of 2023. Seven months after laying the foundation stone for its €120-million plant last August, the footwear giant has held a topping-out ceremony with 250 guests. The construction ...
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ArticleGolden Goose boosts FY sales above €500m
In 2022, Golden Goose increased its sales by 30 percent to €501 million, driven by a 55 percent rise in revenues in the Americas to €230.4 million. In Europe, Middle East and Africa sales grew by 33 percent to €193.1 million, but the top line was down by 4 percent ...
