News Briefs – Page 15
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News briefs
Crocs completes the acquisition of Heydude
Crocs completed the purchase of the privately-owned casual footwear brand Heydude on Feb. 17. The acquisition was funded by $2.05 billion in cash and 2,852,280 Crocs shares issued to Heydude’s founder. Heydude is expected to deliver annual revenues of $700 to $750 million, including the period of time prior ...
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News briefs
U.K. online retailer Studio Retail files for administration
The British online retailer Studio Retail Group filed for administration for itself and Studio Retail Limited, its wholly owned subsidiary, after failing to obtain a £25 million (€30m) short-term loan. The company also suspended its shares on the London Stock Exchange while it begins the U.K.’s form of bankruptcy proceedings. ...
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News briefs
Hengst files for bankruptcy
Hengst Footwear, which is based in the Dutch town of Steenwijk, has filed for bankruptcy, according to the local media. “This step was a difficult decision for our family,” Karen Hengst, who owns the company with her husband Hans, was quoted as saying. She cited the impact of the ...
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News briefs
Shoe Zone distributes treasury shares to managers
Shoe Zone distributed 12,878 ordinary shares out of treasury to its finance director, Terry Boot, the general counsel, Catherine Bowen, and the operations director, Steve Orr, in connection with their remuneration packages. Boot, who is also a director of the British footwear retailer, received 7,626 shares. As a result of ...
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News briefs
Genesco doubles its share buyback program
Genesco’s board of directors has authorized a $100 million increase to its existing $100 million share repurchase authorization. Under the existing share repurchase authorization announced in September 2019, the U.S. footwear company has bought roughly 1.72 million shares at a total cost of about $99.0 million, at an average price ...
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News briefs
Foot Solutions buys the Florida-based retailer Happy Feet Plus
Foot Solutions, a U.S. retailer of wellness footwear and custom orthotic insoles, is buying the Florida-based retailer Happy Feet Plus. Details of the transaction were not disclosed. Foot Solutions also announced the promotion of Taylor Berry to vice president of operations and Bryan Scott to senior vice president of ...
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News briefs
The Italian helmet firm Kask takes over the U.S. bootmaker Vogel
Kask, an Italian company founded in 2004 specialized in sports and work helmets, announced the acquisition of Vogel, a Manhattan-based maker of riding boots and other footwear since 1879. The purchase is part of Kask’s strategy of increasing its presence in the fashion business while remaining an established company in ...
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News briefs
Unbound starts trading on AIM and renews its management
Unbound Group, the owner of the British footwear retailer Hotter Shoes, started trading on the AIM segment of the London Stock Exchange on Feb. 1. The company, which was previously called Electra Private Equity, previously announced that it was moving from the stock exchange’s main market to the AIM as ...
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Unbound applies to be listed on the AIM
The British investment company Unbound Group has applied for the cancellation of its shares on the main market of the London Stock Exchange in order to be admitted on the AIM segment from Feb. 1. Unbound, which changed names from Electra Private Equity, owns the footwear brand Hotter.
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News briefs
Sabu launches new business and organizational development unit
Sabu launched a new business and organizational development division that will be led, effective immediately, by Kay Wegerhoff. The new unit will allow to more closely identify the current and future needs of members and suppliers, sort them by priority and implement projects and measures as needed, in the ...
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News briefs
Jupiter halves stake in Boohoo after profit-warning
Jupiter Fund Management has slashed its holding in Boohoo to 4.7 percent from 9.99 percent, according to a stock market filing. The investment firm was Boohoo’s second largest institutional shareholder after T Rowe Price International. No reasons were given for the disposal, but the move comes less than a month ...
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News briefs
Schwan-Stabilo buys a stake in Doghammer
The German Schwan-Stabilo group has taken a minority stake in Doghammer, a young outdoor footwear brand. The agreement was signed shortly before the end of 2021. Further details of the transaction were not disclosed. Doghammer was established in 2015 by Matthias Drexlmaier and Maximilian Hundhammer in Rosenheim in Bavaria. Since ...
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News briefs
S&P has a negative credit outlook for Crocs
Having completed its review of Crocs following its $2.5 billion takeover of Hey Dude, Standard & Poor’s gave a negative outlook to the company, in contrast with the stable outlook assigned by Moody’s. S&P indicated that it might downgrade Crocs if it fails to integrate the casual footwear brand as ...
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News briefs
StockX is reportedly working on its IPO
StockX, the fast-growing auction platform for heritage sneakers and other collectibles, has started working on a public offering with Morgan Stanley and Goldman Sachs, said Bloomberg, quoting “people with knowledge of the matter.” The report, which could not be confirmed, comes a couple of months after StockX announced its first ...
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News briefs
ABG cancels its IPO registration
The Authentic Brands Group has officially withdrawn the application that it had made with the U.S. Securities & Exchange Commission on July 6, 2021 for an initial public offering. ABG, which is still in line to take over Reebok before the end of the current quarter, had indicated in November ...
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News briefs
Dr. Martens’ main shareholder sells down its stake
IngreLux, a Luxembourg company owned by funds advised by the investment firm Permira, has sold 65 million ordinary shares in Dr. Martens at a price of 395 pence (€4.73-$5.35) each in a placing, raising gross proceeds of approximately £257 million (€307.7m-$347.8m). The price represents a 6 percent discount from the ...
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News briefs
Holding Industriale buys 50% of the Italian shoe maker Valmor
Holding Industriale, an Italian investment firm which focuses on small and medium-sized companies, has bought a 50 percent stake in the shoemaker Valmor through its unit Holding Moda. It is Holding Industriale’s first foray into the footwear business. Valmor’s headquarters are in Civitanova Marche, situated in the footwear cluster of ...
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News briefs
Data analyst Volumental raises $13m
Volumental, a Swedish firm that helps footwear brands and retailers leverage data to improve in-store and online shopping experiences, has raised $13 million, its largest financing round to date. The financing was led by CNI, a private equity firm based in Stockholm, and provided investors with a minority equity stake. ...
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News briefs
AlgiKnit opens innovation hub in North Carolina
The biomaterials firm AlgiKnit opened on Dec. 15 an innovation hub in Morrisville, located in The Research Triangle area of North Carolina. The company, which produces yarns derived mostly from the seaweed kelp, will begin pilot projects with global brands from the new space in early 2022. The new facility ...
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News briefs
Shoe Carnival clears new $50m share buyback
Shoe Carnival’s board authorized a new share repurchase program for up to $50 million of its common stock, effective Jan. 1, 2022. It replaces an existing $50 million share repurchase program that was authorized on Dec. 15, 2020, and that expires on Dec. 31, 2021. Additional purchases may be made ...
