Latest News Briefs – Page 93
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News briefs
Frasers buys stake in MySale
Frasers Group, the owner of Sports Direct, has acquired a 28.7 percent stake in MySale, an off-price fashion marketplace headquartered in Sydney. The financial terms of the deal have not been disclosed. Frasers explained that the move will allow end-of-line group products to be cleared via an established clearance channel. ...
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News briefs
H&M Q2 sales up 12% in local currencies
In the second quarter running from March 1 to May 31, H&M grew net sales by 17 percent to SEK 54.504 billion (€5.96bn) with a 12 percent increase in local currency terms. Excluding Russia, Belarus and Ukraine, sales were up by 17 percent in local currencies. Gross profit increased to ...
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News briefs
Shoe Zone sees FY adjusted pretax profit of at least £8.5m
Shoe Zone expects adjusted profit before tax for the full year ending on Oct. 2, to be “not less” than £8.5 million (€9.8m). The British footwear retailer said that since the publication of its interim results in May its business has been trading well and has also seen strong margin ...
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News briefs
Global luxury goods market to approach $300 bn in 2026
The global luxury goods market is expected to reach $296.9 billion by 2026, according to the report “Global Luxury Goods Industry” released by Reportlinker.com. This compares with an estimated size of the market of $224.8 billion in 2020 and represents a compound annual growth rate (CAGR) of 4.8 percent over ...
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News briefs
Skechers opens a superstore in New Jersey
Skechers has opened its biggest East Coast retail destination in New Jersey. The nearly 22,000-square-foot store is on the second floor of The Mills at Jersey Gardens retail center. The superstore features dedicated Skechers Performance and Skechers Work shop-in-shop areas, a 4,000-square-foot dedicated Skechers apparel shop, as well as a ...
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News briefs
Gucci’s Pigini unit to build a new upper plant in Italy
Pigini, a footwear subsidiary of the fashion house Gucci, will buid a new production site in Recanati, in the Italian region of the Marche, home to a large footwear cluster. The more than 10,000 square meter facility is expected to employ about 400 people in three years’ time and will ...
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News briefs
Spartoo buys a minority stake in the brand SAAJ
Spartoo has signed an agreement to buy a minority stake in the brand SAAJ through a capital increase. No further financial details were released. SAAJ is a fast-growing digital native brand, founded in 2016 by Maelys and Jérémy. ”It stands out for its original creations entirely designed and realized ...
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News briefs
China shortens Covid quarantine to 10 days for incoming visitors
China has decided to cut the mandatory quarantine period for incoming visitors to 10 days from up to three weeks previously, according to new Covid-19 guidelines from the national health commission. People entering the country must now spend seven days in a government-controlled facility before monitoring their health a further ...
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News briefs
German consumer confidence falls to record low - GfK
After the U.K., German consumer confidence is estimated to have dropped to record low due to the war in Ukraine and rising inflation. Consumer confidence in Germany in July is expected to decline to a record low of -27.4 from -26.2 points in June, revised from a preliminary estimate of ...
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News briefs
Low-cost footwear to increase market share in Russia this year
This year, the Russian footwear market could face a 15-20 percent slump in sales in value and a 25-30 percent drop in volume, forecast Anush Gasparyan, commercial director of the Russian consultancy Fashion Consulting Group. The average price of shoes is set to rise by 30 percent year-on-year, pushing consumers ...
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News briefs
Turkish fashion retailers mull expansion in Russia
Several Turkish fashion brands such as adL, Mudo, LTB, Twist and İpekyol intend to enter the Russian market, taking advantage of the withdrawal of Western companies. The Russian newspaper Izvestia reported that Turkish groups have entered into negotiations with Russian shopping centers about opening their stores in the coming months. ...
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News briefs
Deichmann sells Russian business
The German shoe retailer Deichmann has left the Russian market, selling all 37 stores with remaining inventory to a local partner. No financial details were released. The Russian press reported that Deichmann had stopped supplying its Russian retail network several weeks before. The stores will reopen under a new brand ...
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News briefs
Germany faces ‘very difficult’ choices due to gas shortage
Germany faces gas shortages and will have to make “very difficult” choices for households and companies if Russian supplies continue to decline, warned the Economy Minister Robert Habeck. “We will have to close certain industrial activities…For some sectors it will be catastrophic. We aren’ talking about two days or two ...
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News briefs
U.K. consumer confidence at record low
Consumer confidence in the U.K. in June hit a new record low of -41, down from -40 in May and -9 in June 2021, according to data released by market research group GfK. “With prices rising faster than wages, and the prospect of strikes and spiralling inflation causing a summer ...
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News briefs
French footwear sales surge in May
Retail sales in France in May rose by 0.6 percent in volume from April on a calendar and seasonally adjusted basis with a 2.8 percent decline in food sales offset by a 1.8 percent increase in the sales of manufactured goods, according to data released by the Bank of France. ...
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News briefs
Boohoo names a new CFO
Boohoo has appointed Shaun McCabe as chief financial officer. He will succeed Neil Catto, who will become an executive director, remaining on the board of the British online fashion retailer, with responsibility for strategic projects. McCabe is expected to take up his new role later this year. Catto will remain ...
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News briefs
Nike pulls out of Russia
The U.S. sportswear company Nike is pulling out of the Russian market. The brand had already suspended its activity in the country on March 3 following Russia’s invasion of Ukraine on Feb. 24. In a statement, the brand said that it would not reopen the stores that it had closed ...
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News briefs
Frasers hikes stake in Hugo Boss
Frasers Group, the parent company of Sports Direct, has increased its investment in Hugo Boss. The company now has 3,425,000 shares of common stock in the German fashion group, representing 4.9 percent of its total share capital. It also holds 18,289,000 shares via the sale of put options, representing 26.0 ...
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News briefs
Superfeet introduces hiking-specific Adapt insoles
Insoles manufacturer Superfeet has expanded the Adapt family of insoles by introducing Adapt Hike Max. Designed specifically for hiking, these insoles use the Adapt collection’s patented Adaptive Comfort Technology, and they are made with two layers of Superfeet’s Aerolyte foam. The Adapt Hike Max Insoles are the first hiking-focused insoles ...
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News briefs
Walmart has a controlling stake in AI robotics automation provider
The U.S. retailer Walmart has a 62.2 percent stake in Symbotic, a provider of artificial intelligence-enabled robotics automation technology, according to a filing with the US Securities and Exchange Commission. On June 8, Symbotic became a listed company on Nasdaq through a merger with the special purpose acquisition company SVF ...
