News Briefs – Page 14
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News briefs
Hunter insolvent, new Wellies expected from ABG
Scottish company Hunter Boots, known for its original Wellington boot, went into administration in the UK on June 5 and changed its name to HBL Realisations Limited on June 14. U.S.-based Authentic Brands Group (ABG) announced on June 2 that it had acquired Hunter’s intellectual property. Documents filed by ...
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Frasers buys a stake in Boohoo
Regulatory filings showed that Frasers Group bought 63.5 million Boohoo shares, or 5 percent of the capital of the U.K. online fashion retailer. It also bought an 8.9 percent stake in Currys, a British retailer of domestic appliances and electronics. “We see potential synergies and an opportunity to strengthen ...
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KKR to purchase €40bn of buy now, pay later European loans from PayPal
Private credit funds and accounts managed by the American investment firm KKR will purchase up to €40 billion of buy now, pay later (BNPL) loan receivables originated by PayPal in France, Germany, Italy, Spain and the U.K.. KKR will acquire substantially all the European BNPL loan portfolio held on PayPal’s ...
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Careismatic Brands buys Bala Footwear
Careismatic Brands, a U.S. supplier of medical apparel, said that it has acquired Bala Footwear, a producer of footwear for nurses. No financial details were released. Bala Footwear was founded in 2020 in Portland, Oregon, by former Nike executives Brian Lockard and John Eberle, and former Under Armor executive Caprice ...
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VF launches its largest distribution center
VF Corporation launched operations at its new distribution center in Ontario, California, employing approximately 550 people during peak periods. The new 1.2 million square foot facility is the largest and most efficient within the group’s global network of 46 distribution centers, according to VF. The facility has the capacity to ...
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Permira reportedly mulls selling Golden Goose
The private equity Permira is exploring the sale of Golden Goose for over €2.5 billion, according to the news agency Bloomberg. In 2020, the private equity bought the Italian sneaker brand from Carlyle for €1.28 billion.
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Holding Moda plans to buy 2 Italian manufacturers of shoe uppers
Holding Moda, the investment vehicle created in 2018 by Hind-Holding Industriale, plans to buy two Italian producers of shoe uppers, said Claudio Rovere, the founder and chairman of Hind in an interview with the daily MF. Earlier this year, Holding Moda bought a majority stake in Beste, an Italian manufacturer ...
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New Balance invests $65m to expand factory in Maine
New Balance has announced a $65 million investment to expand its current athletic footwear manufacturing facility in Skowhegan, Maine. The expansion consists of an 11,150 square meter single-story addition to the existing five-story factory building, set for completion by the end of 2024, with around 1,900 square meters of the ...
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Coats appoints BNP Paribas as joint broker
Coats, the British manufacturer of industrial thread and footwear components, has appointed BNP Paribas as its joint corporate broker alongside Peel Hunt, its existing corporate broker, with immediate effect.
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Asos out of fashion as shares dumped from FTSE 250
The British fast fashion retailer Asos, once valued at more than £7 billion (€8bn), has been relegated from London’s FTSE 250 index of mid-sized companies, a sign of how its performance has declined in the post-Covid pandemic recovery. Its shares were worth 333 pence each on June 1, giving it ...
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Asos reportedly received a more than £1bn takeover approach in December
The Sunday Times reported that Asos had last December received a more than £1 billion (€1.5bn) approach from Trendyol, a Turkish company backed by the Chinese online giant Alibaba. A deal would have valued the British retailer at between £10 (£11.6) and £12 (13.9) per share, valuing the company at ...
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Reno’s Swiss subsidiary also files for bankruptcy
Just weeks after Reno and its Austrian subsidiary filed for bankruptcy, the German shoe retailer’s Swiss subsidiary has followed suit at a cantonal court in Zug. The future of the company’s 65 employees and 16 branches is now uncertain. Reno’s Swiss subsidiary was caught up with the same problems ...
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Jihua 3515 inaugurates a footwear research center
Jihua 3515, a footwear manufacturer based in the city of Luohe, in China’s Henan province, inaugurated a footwear research center on May 30. Founded in 1951, Jihua 3515 specializes in safety and work footwear, sports and outdoor shoes as well as formal styles. It has an annual capacity of more ...
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Clergerie’s future owner to be chosen on June 14
A Paris-based commercial court is scheduled to decide on June 14 who will take over Maison Clergerie. The French maker of luxury footwear was placed into receivership on March 29 after failing to reach an arrangement between shareholders and creditors. The company, which is based in Romans-sur-Isère in the Drôme ...
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News briefs
Asos may have to focus on cash preservation
Asos may have to focus on preserving its cash this year rather than investing to bolster growth, according to the U.S. bank Citi. It believes that the British online fashion retailer could suspend most of its capital expenditure in automation while continuing to rationalize its inventory position and controling ...
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News briefs
Pou Chen lays off over 5,700 workers in Vietnam
Taiwan-based Pou Chen Corporation, parent company of Yue Yuen and supplier to major Western sporting goods firms such as Nike, Adidas and Reebok, announced further layoffs of more than 5,700 workers at Pouyuen Vietnam Co. in Ho Chi Minh City between June 24 and July 8, according to media reports. ...
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News briefs
THG ends talks to be bought by Apollo
THG has terminated talks to be taken over by the private equity Apollo Global Management. On April 17, THG announced that it had received “a highly preliminary and non-binding indicative proposal” from Apollo to acquire its entire share capital. Following the proposal, THG entered into a short period of discussion ...
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Sneaker re-selling platform WeTheNew launches a €20m funding round
French-based limited-edition sneaker re-selling platform WeTheNew has announced a €20 million capital funding round. The Series B funding round was led by C4 Ventures, along with Singular, the company’s historical investor and the investment arm of Chalhoub Group, Chalhoub Ventures & Acquisitions. Also supporting the venture is French national team ...
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The German shoe maker EOD files for bankruptcy
The German footwear manufacturer EOD, known for the Groundies shoe brand, has filed for bankruptcy. The company applied for insolvency proceedings with the Freiburg District Court as it seeks to continue restructuring to get back on a stronger footing. EOD was already undergoing restructuring after liquidity came under pressure ...
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KG Schuhkay enters protective shield proceedings
Despite better-than-expected results, the Hamburg-based footwear retailer KG Schuhkay has launched a restructuring process under a protective shield procedure, as the business outlook was clouded by the fallout from the war in Ukraine, soaring inflation and a general change in consumer behavior since the autumn/winter 2022 season. The procedure, ...
