Latest News Briefs – Page 83
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News briefs
Indian footwear exports up by 37% in H1
From April to September 2022, which corresponds to the first half of India’s fiscal year, the local leather industry reported export revenues of more than $2.8 billion, up by 25 percent year-on-year. Footwear led the sector’s exports higher, rising by 37 percent to nearly $1.3 billion. Exports of finished leather ...
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News briefs
Primark’s ‘click & collect’ trial crashes due to bigger-than-expected demand
Primark’s long-awaited online ordering trial has crashed after going live as it faced bigger than expected demand. Having resisted a move to internet shopping, the Irish fast fashion retailer decided to trial a “click & collect” service offering kids clothing, toys and nursery goods at 25 stores. However, shoppers are ...
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News briefs
Ecco opens design studio in Shanghai
The newly opened Ecco Design Studio in Shanghai is said to be characterized by collaboration and creativity with bright, open and interconnected spaces and is Ecco’s second studio after opening a studio in Brooklyn, New York, in 2021. Both studios not only focus on shoe and bag design but also ...
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News briefs
Beaumanoir buys Sarenza
Beaumanoir, a French fashion group, has completed the acquisition of Sarenza, a French footwear and apparel online retailer, from Monoprix. Beaumanoir had entered exclusive talks to buy Sarenza in July. ”This new acquistion is particularly strategic for our development. It is the achievement of investments in digital started several years ...
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News briefs
Spartoo drops its GMV growth guidance
Spartoo announced that its guidance regarding gross merchandise value (GMV) growth for 2022 and 2023 is now “obsolete.” The French online retailer had previously set a GMV growth target of more than 10 percent per year until 2024. The decision to drop the guidance ”follows the confirmation of a slowdown ...
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News briefs
China relaxes Covid restrictions
The Chinese government is relaxing some of its Covid-19 restrictions after the measures were rubber-stamped by the Politburo Standing Committee. Quarantine for inbound travelers is cut to eight days from 10, resulting in five days in state isolation centers and three days at home, according to the country’s National Health ...
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News briefs
Coats changes auditor
Coats intends to appoint Ernst & Young as auditor for the financial year commencing Jan. 1, 2023. The appointment is subject to shareholder approval at the 2023 annual general meeting. Deloitte, the current auditor of the British producer of industrial threads and footwear components, will undertake the audit of the ...
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News briefs
Etro sees sales at €500m in 5 years
Etro aims to have annual sales of about €500 million in five years’ time compared with an estimated in €270 million in 2022, according to Fabrizio Cardinali, the CEO of the Italian fashion house. This year, sales are expected to rise 20 percent. Cardinali said that the company is targeting ...
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News briefs
Meta cuts 11,000 jobs
Meta Platforms, the parent company of Facebook, Instagram, WhatsApp and Messenger, announced 11,000 job cuts, representing 13 percent of it staff. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d ...
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News briefs
Next buys Made.com brand, intellectual property
Next, the British clothing retailer, has agreed to acquire the brand name, domain names and intellectual property of Made.com Design Ltd from administrators for a consideration of £3.4 million (€3.9m). Made.com is an online furniture retailer created in 2010 by Ning Li, Brent Hoberman and Chloe Mackintosh.
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News briefs
Shares of Blibli’s parent company flat in market debut
The shares of Global Digital Niaga, the parent company of the Indonesian e-commerce company Blibli, closed unchanged on their first trading day on Nov. 8. The company raised some 8 billion rupiahs (€510m) in its initial public offering (IPO). The company was selling up to 17.77 billion new shares, or ...
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News briefs
Wolverine Worldwide appoints new lead independent director
Wolverine World Wide, Inc. appointed Nicholas T. “Tom” Long as lead independent director of the company’s board of directors, effective Nov. 4. Long, who has been a member of Wolverine Worldwide’s board of directors since 2011 and currently chairs the compensation committee, succeeds David T. Kollat, who will continue to ...
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News briefs
Cobblers Direct offers shoe repair services in DSW stores
Cobblers Direct has entered a partnership with DSW Designer Shoe Warehouse to offer shoe repair services in over 500 stores across the U.S. “We want customers to enjoy and get the most out of their purchases, so if they ever need a product repair, DSW’s partnership with Cobblers Direct ensures ...
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News briefs
StockX axes more jobs
StockX announced another round of layoffs with the departure of nearly 80 more people, according to media reports. In June, the Detroit-based sneaker marketplace already announced plans to lay off 8 percent of its workforce. With the announcement of the latest layoffs, the company said ”our business is multifaceted ...
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News briefs
Okabashi lays off 142 people as Yeezy Foam Runner terminated
After Adidas severed ties with the rapper and fashion designer Kanye West and put an end to the production of Yeezy-branded products, Okabashi announced the layoff of 142 employees. The Atlanta area footwear manufacturer had been producing Yeezy Foam Runner style since 2020. Okabashi said that it is coordinating with ...
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News briefsClarks recalls womens shoes over toxic chemical warning
Clarks launched a global recall of eight styles of the Breeze and Brinkley womens shoes after tests found they contained toxins. The shoes are all navy or dark navy-blue coloured and introduced for the spring/summer 2022 season. The British brand noted that ”not all styles would have been sold in ...
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News briefs
Scarpa leads EU-funded recycling project
Scarpa, the Italian outdoor footwear specialist, has announced the launch of Re-Shoes, a recycling initiative backed by the European Union (EU). As the project leader, Scarpa will coordinate the efforts of a consortium of international companies that involve the recycling of end-of-life footwear reprocessed into new footwear. The project, which ...
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News briefsNext maintains FY guidance as Q3 comes in ahead of expectations
Next maintained its full-year guidance as it posted a rise in third-quarter sales, despite soaring inflation hitting consumer spending. Full-price sales were up by 0.4 percent year-on-year in the 13 weeks to Oct. 29, slightly ahead of the expectations of the British fashion retailer. Online sales fell by 1.9 percent ...
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News briefs
eBay’s sales continue to decline
eBay has posted another revenue decline in the third quarter, which was marked by inflation and economic worries. In the quarter ended Sept. 30, revenues fell by 5 percent year-on-year to $2.4 billion. Adjusted income fell by 7 percent to $552 million. eBay has been struggling since the pandemic online ...
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News briefs
Revenues of major fashion groups up 18%
Global revenues for the major players in the fashion sector rose by 18 percent in the first nine months of 2022, with a 15 percent rise at constant currency rates, according to a report from the research arm of the Italian investment bank Mediobanca. The report analyzed the results of ...
