Latest News Briefs – Page 53
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News briefs
PVH sells Warners, Olga and True & Co. to Basic Resources
PVH is selling its Warners, Olga and True & Co. businesses to Basic Resources for $160 million, plus an earnout based on the net sales on a portion of the acquired businesses for calendar 2024, with a maximum value of $10 million. The transaction is expected to close at the ...
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News briefs
Comfort One Shoes buys Saxon Shoes
Comfort One Shoes, a Northern Virginia-based retailer, has bought Saxon Shoes, a footwear retailer based in Richemont and founded by the Weiner family 70 years ago. No financial details were available. Comfort One Shoes intends to retain the Saxon Shoes brand and keep the store at the Short Pump Town ...
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News briefs
Walmart and Vans settle trademark dispute
Walmart and Vans have settled a trademark lawsuit, under which Vans, which is owned by VF Corp. accused the U.S. retailer of copying the designs of its shoes, according to a filing with a Californian District Court. The trial was scheduled to start on Nov. 28. The companies said that ...
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News briefs
Bata India’s sales slip on inflationary pressure
Bata India said that in the second quarter end Sept. 30 revenues fell by 1.3 percent year-on-year to 8,191 million rupee (€92.0m), despite expanding its retail network, as inflationary pressure affected demand. In September, annual inflation in India stood at 5.02 percent, down from 6.83 percent in August. Ebitda rose ...
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News briefs
Orangenkinder opens new factory
The German children’s shoe manufacturer Orangenkinder opened a new factory as it expands its production capacity amid increasing demand. The company moved operations to a new factory in Wilhelmsdorf, near Erlangen, six kilometers away from its previous location in Oberreichenbach, at the end of September. The managing director, Verena ...
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News briefs
New CEO for Garmont
Garmont International, the Italian manufacturer of technical footwear, has appointed Andrea Nalesso as its new CEO. Nalesso takes over from Pierangelo Bressan, who remains chairman of the board and a shareholder in Garmont. After several years as sales manager at Geox and Dainese, Nalesso was managing director of several equipment ...
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News briefs
Italian economy may slow down in the coming months
Italy’s economy could slow down in coming months as business and consumer surveys indicate a continued decline in confidence, wrote statistics institute Istat in its monthly note on the Italian economy. Istat noted that consumer confidence fell for the fourth consecutive month in October, reaching its lowest level since January. ...
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News briefs
Görtz’s CFO leaves
Görtz’s management overhaul continues as the German shoe retailer undergoes an extensive transformation after resurfacing from bankruptcy and finding a new owner. After the CEO, Frank Revermann, left the Hamburg-based shoe chain at the end of July after almost eight years at the helm, the chief financial officer, Tobias ...
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News briefs
Frasers hikes its stake in Asos
Frasers Group has increased its stake in the British online fashion retailer Asos to 19.52 percent from 19.00 percent, according to a filing with the London Stock Exchange. Based on the filing, 12.74 percent of the voting rights are held through shares and the remaining 6.78 percent through financial instruments, ...
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News briefs
Cofra to build a factory in Egypt
The Italian safety footwear manufacturer Cofra is planning to invest €10 million in a factory in Egypt, Arab Finance reported citing the minister of trade and industry, Ahmed Samir. The factory will occupy a 50,000-square-meter area in the Robbiki Leather City cluster and is expected to create 2,000 jobs. ...
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News briefs
France launches scheme to repair shoes and clothing
On Nov. 7, the French gouvernment launched a subsidized program for the mending of clothing and footwear. The so-called “bonus réparation” is “good for the environment but also for purchasing power” said Christophe Béchu, the minister for ecological transition. Consumers will be able to have their clothes and shoes ...
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News briefs
Bangladeshi textile minimum wage increased by over 56%
The minimum wage committee of Bangladesh has approved a 56.25 percent raise in the minimum monthly salary of the country’s four million textile sector workers, bringing it to 12,500 takas (about €104). Raisha Afroz, the secretary of the government-nominated committee, told the news agency AFP that the new minimum salary ...
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News briefs
BasicNet’s sales rise, Ebit declines
BasicNet, the Italian parent of Kappa, Robe di Kappa, K-Way, Superga, Sebago and other brands, said that in the first nine months of 2023 consolidated revenues rose by 5.3 percent year-on-year to €297.5 million, while aggregate group brands revenues slipped by 7.6 percent to €858.4 million. Meanwhile, Ebitda increased by ...
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News briefs
Amazon posts 13% sales increase and more than triples net income in Q3
Amazon posted net sales of $143.1 billion in the third quarter ended Sept. 30, representing an increase of 13 percent compared with Q3 2022. Excluding the $1.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, the sales increase was 11 percent. International sales rose by ...
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Inditex in a 3-year deal to buy a significant portion of cycora
Inditex has formed a strategic partnership with Ambercycle, a Los Angeles based material science company, to help scale textile-to-textile recycled polyester. As part of this collaboration, the Spanish company, which owns Zara, among other banners, has signed a three-year agreement to buy a significant portion of the annual production of ...
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News briefs
Ferragamo takes full control of 3 Chinese joint ventures
Salvatore Ferragamo is taking full control of three joint ventures in Greater China by buying out the minority shareholder Imaginex for $42.0 million. Under the transaction, Ferragamo and its subsidiary Ferragamo Hong Kong are acquiring 25 percent stakes in Ferragamo Moda (Shanghai) and Ferrimag and a 24.8 percent stake in ...
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News briefs
Lenzing to axe 500 jobs
Lenzing plans to reduce global personnel costs by up to €30 million, or the equivalent of around 500 full-time jobs, by not filling positions that fall vacant due to retirements and natural attrition, as well as by job cuts. The move is part of a larger plan to achieve €100 ...
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News briefs
Relaxo’s sales rise nearly 9% in H1
Relaxo Footwears, an Indian group that sells shoes under various brands including Relaxo, Flite, Bahamas and Sparx, posted revenues from operations of 1,454 crore rupee (€163.1m) in the first half ended Sept. 30, up by 8.75 percent year-on-year. Total income grew by 9.28 percent to INR 1,472 crore (€165.2m). In ...
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News briefs
Caleres launches One Planet Standard designation
Caleres introduced the One Planet Standard designation for products that meet or exceed 51 percent on its Sustainable Footwear Index. The One Planet Standard considers the sustainability of a product across its entire lifecycle, including six key pillars: sample reduction, materials, packaging, supplier environmental social governance (ESG) initiatives, brand philanthropy ...
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News briefs
New Zealand sneaker brand has a new plant-based alternative to leather
New Zealand-based sustainable shoe brand YY Nation has released a new collection of court sneakers made using cactus. The release of the Fractus Cactus and the Status Cactus coincided with World Vegan Day on Nov.1. According to YY Nation, the cactus court sneaker range is “Crafted using natural materials ...
