News Briefs – Page 12
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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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Skechers escorts Kanye West out of L.A. corporate building
Slowly but surely, Kanye West should realize that he is no longer welcome due to the antisemitic, racist and hateful remarks he made recently across multiple forums. After the recent contract cancellations with Adidas, Balenciaga, CAA, MRC and Gap, Skechers USA now released a statement in which it reports that ...
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Pimkie in talks to be taken over
Pimkie, a French fast fashion label and chain store for young women, has entered exclusive talks to be bought by a business consortium comprising Lee Cooper France, Kindy and Ibisler Tekstil. The joint bid by the three companies was judged on its financial and operational merits in order to ensure ...
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Italmobiliare buys Sidi Sport
The Italian holding company Italmobiliare has bought a 100 percent stake in Sidi Sport, an Italian brand of footwear for cycling and motorcycling, for €86 million. Italmobiliare is paying €53.5 million in cash and the rest of the funds were provided by Banco BPM. The deal is based on enterprise ...
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News briefs
Adidas severs ties with Kanye West
Faced with mounting public pressure and following a “thorough” internal review, Adidas announced it is immediately ceasing its partnership with rapper and fashion designer Kanye West, also known as Ye, that began in 2013. The decision, fueled by weeks of public antisemitic remarks by West, will take a financial ...
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Blibli’s parent aims to raise €540m in IPO
Global Digital Niaga, the parent company of the Indonesian e-commerce company Blibli, aims to raise as much as 8.17 trillion rupiahs (€540m) in its initial public offering next month, according to the company’s prospectus. The company plans to sell up to 17.77 billion shares, or 15 percent of its total ...
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JD Sports tightens its grip on Deporvillage
JD Sports Fashion announced that Iberian Sports Retail Group (ISRG) has acquired an additional 18 percent holding in the issued shares of Deporvillage from co-founders Xavier Pladellorens and Àngel Corcuera for a cash consideration of €19.8 million. Following the transaction, ISRG will hold a 98-percent stake in Deporvillage, while Pladellorens ...
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News briefs
Two Italian makers of footwear machinery join forces
Atom MB and Cerim, two producers of footwear machinery based in Vigevano, about 20 kilometers southwest of Milan, have agreed to join forces. The companies have created Avantium, a 50-50 joint venture that will group the activities of Cerim and of Atom MB’s unit MB. The MB business stems from ...
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News briefs
Nice Footwear sets up a joint venture with Avirex
Nice Footwear is creating a joint venture with Avirex, a brand known for its leather jackets and chinos pants. Nice Footwear, which specializes in the production of sneakers, has held over the past years the license to produce footwear under the Avirex brand. Under the agreement, Nice Footwear will create ...
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News briefs
Walmart buys a robotics automation company
Walmart has agreed to acquire Alert Innovation, a robotics automation company that develops material-handling technology for automating order fulfillment in retail supply chains. Walmart has been working with Alert to customize technology for its market fullfillment centers (MFC) since 2016. ”Further investing in this technology will enable us to leverage ...
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News briefs
Golden Goose acquires Italian Fashion Team
Luxury sneakers specialist Golden Goose announced that it acquired Italian Fashion Team, a high-end sneakers producer and Golden Goose’s main supplier, for an undisclosed amount. The two companies have worked together for seven years. Based in Casarano, near the Apulian city of Lecce, Italian Fashion Team is headed by founder ...
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Prada buys a stake in the tannery Superior
Prada has purchased a 43.65 percent stake in Superior, a Tuscan tannery specialized in calfskin processing, for an undisclosed amount. Superior has recently focused its investments on process digitization and a sustainable development plan centered on the circular economy, energy efficiency and water resource protection. According to the terms of ...
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Kolektive buys the U.K. footwear distributor 33 Joints
The investment company Kolektive Ventures, which trades under the name Projekt Indigo in the U.K., has bought a majority stake in the British footwear distributor 33 Joints in a move to establish its presence in the U.K. footwear market. Kolektive aims to help 33 Joints build up awareness for the ...
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News briefs
Calzedonia buys Antonio Marras
The Italian group Calzedonia has bought an 80 percent stake in the fashion house Antonio Marras. No financial details were released. Calzedonia said that it will help the development of the fashion house thanks to its expertise in retailing and production, as well as its financial strength. The designer Antonio ...
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News briefs
VF cutting 600 jobs
VF Corp. the Denver-based company that owns brands such as The North Face, Timberland, Smartwool, Altra, Icebreaker and Vans, is cutting 600 jobs worldwide, the Denver Business Journal reported, citing a letter sent by the president and CEO, Steve Rendle, to employees. VF is axing 600 office-based roles, which will ...
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News briefs
Diego Della Valle files document to delist Tod’s
Tod’s said that its main shareholder, Diego Della Valle, has filed documents with the Italian market regulator Consob for a public offer to delist the Italian fashion house from the Milan stock exchange. As announced earlier in August, DeVa Finance, which is controlled by DI.VI. Finanziaria di Diego Della Valle ...
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Spartoo completes minority stake purchase in SAAJ
Spartoo has completed the acquisition of a minority stake in the French 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. The investment will enable the SAAJ brand to accelerate its development, according ...
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Kizik raises $20m in a series B fund round
Kizik, based in Lindon, Utah, has completed a $20 million series B funding round led by the private equity The Newcastle Network. The American footwear brand, whose parent company is HandsFree Labs, specializes in slip on shoes. It will use the funds to launch a Kizik Kids line and to ...
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News briefs
Bernard Arnault to reinforce control over LVMH parent company
The French businessman Bernard Arnault plans to transform Financière Agache, a family holding company which controls the French luxury goods conglomerate LVMH, into a limited partnership. The move will enable the businessman and his five children to maintain control over the group. “The LVMH group is a family-based group whose ...
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News briefs
Coats completes the acquisition of Texon
On July 21, the British industrial thread manufacturer Coats announced that it had completed the acquisition of Texon, a U.S. footwear solutions provider. Coats bought Texon at an enterprise value of $237 million and a total net cash consideration of $211 million. The acquisition is based on an Ebitda multiple ...
