News Briefs – Page 18
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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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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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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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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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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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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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News briefs
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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News briefs
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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News briefs
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 ...
