News Briefs – Page 11
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News briefs
Nice Footwear delisting process to start Jan. 9
The public tender launched by the Italian private equity firm Palladio Holding for the Italian footwear group Nice Footwear will start on Jan. 9 and last until Feb. 10. The move to delist the footwear company comes just over a year of its flotation on the Milan stock exchange on ...
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News briefs
Shoe Carnival launches a new $50m share buyback
Shoe Carnival’s board has authorized a new share repurchase program for up to $50 million of its common stock, starting Jan. 1, 2023. The program replaces an existing $50 million share repurchase program that was authorized on Dec. 16, 2021 and expires on Dec. 31, 2022. The board also ...
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News briefs
Florence issues €500 bonus to staff
Gruppo Florence, an Italian conglomerate of luxury goods firms, will grant all its staff a €500 bonus that will be paid in shopping vouchers in December. The bonus will be distributed to the group’s 2,200 staff and aims to help employees face the cost of higher energy prices. The group ...
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News briefs
Asos reportedly in talks with lenders about hiring restructuring expert
Asos and its lenders are reportedly discussing whether to hire a restructuring expert following the departure of Katy Mecklenburgh, the interim chief financial officer of the British online fashion retailer. A number of turnaround professionals held informal talks about a role, which would sit below executive level, but no decision ...
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News briefsPlan to take Tod’s private is dropped
DeVa Finance, the investment vehicle of Diego Della Valle, the chairman, CEO and controlling shareholder of Tod’s, announced it was abandoning plans to merge with Tod’s in order to delist the Italian luxury goods group from the Milan stock exchange. Uncertainty about the fate of Tod’s’ shares had continued since ...
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News briefs
The parcel delivery firm Maergo raises $20m in seed round
Maergo, a U.S. parcel delivery platform previously known as X Delivery, has closed a $20 million seed round. Lead investors included Deep Lake Capital, funds managed by investor and entrepreneur Neel Shah, and ACR Strategic Credi, with participation from RyderVentures, the venture capital arm of Ryder System. With the closing ...
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News briefs
Next buys fashion retailer Joules, saving 1,450 jobs
The British apparel and footwear chain Joules has been bought out of administration by its founder Tom Joule and Next in a deal that will save 1,450 jobs. Next will buy around 100 Joules shops for £34 million (€39.5m) and take a 74 percent stake in the company after a ...
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News briefs
H&M cuts 1,500 jobs
H&M is reducing its workforce by about 1,500 positions as part of a cost savings and efficiency program. Overall, the Swedish retailer estimates the program will provide annual savings of about SEK 2 billion (€182.2m), which it expects to “become visible” in the second half of 2023. The program is ...
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News briefs
Superdry in talks to refinance its debt
Superdry is in talks with Bantry Bay Capital, a specialist lending provider, to obtain a financing that would replace an existing £70 million (€80.1m) asset-backed lending facility which expires at the end of January. “There can be no certainty that an agreement will be reached, nor as to the terms ...
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News briefs
Primark unveils £140m investment to open 4 new stores, create jobs
Primark plans to invest £140million (€163.1m) as it looks to increase footfall during the cost of living crisis hitting the U.K. The program will result in the opening of four new stores and the creation of at least 850 jobs. Associated British Food, the parent company of the fast fashion ...
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News briefs
Genesco and Designer Brands appoint new board members
Genesco has appointed Matthew Bilunas and Carolyn Bojanowski as independent directors of its board, effective Jan. 29, which is the beginning of the company’s fiscal year. Bilunas is chief financial officer of Best Buy, a retailer of electronic devices, and Carolyn Bojanowski is executive vice president in charge of merchandising ...
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News briefs
CCC’s shareholders approve capital boost
Shareholders of CCC Group approved plans for equity financing of up to 500 million zloty (€106.3 million), as the Polish group seeks to raise fresh cash to bring down debt. In an extraordinary general meeting on Nov. 17, shareholders approved a resolution to issue up to 14 million new shares ...
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News briefs
Genesco opens new headquarters
Genesco formally opened its new headquarters at 535 Marriott Drive in Nashville, Tennessee, on Nov. 3. The building spans 182,000 square feet spread over seven floors. It hosts services to support Genesco’s brands that include Journeys, Journeys Kidz, Johnston & Murphy, Levi’s footwear, Dockers footwear and Bass footwear. The U.S. ...
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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
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
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 ...
