News Briefs – Page 24
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News briefs
Grendene to build a new plant
The board of the Brazilian footwear manufacturer Grendene has approved a new factory in Crato, in the state of Ceará. Construction of the 10,800-square-meter manufacturing facility is planned for 2022. The plant will cost 30 million reais (€4.7m-$5.5m) and generate 1,000 jobs. It will increase Grendene’s production capacity by 500,000 ...
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New investor for FootBalance
FootBalance, a Finnish manufacturer of custom insoles, has entered into a partnership with a new investor, London-based IPGL Limited. IPGL has acquired Scope Growth II L.P.’s shares in the company. “FootBalance has during our ownership evolved from a local provider of insoles to become a global category leader in foot ...
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Sequential sells DVS Footwear to Elan Polo
While exploring strategic options to keep afloat, the Sequential Brands Group sold on July 19 its 65 percent stake in DVS Footwear to Elan Polo International for $2 million in cash. DVS is a global American brand of skate shoes founded in 1995. In April, Sequential sold another footwear brand ...
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Clarks staff ready to strike to avoid cut in labor rights
Workers at Clarks are considering taking strike action over plans by the British shoe company to fire and then rehire them on inferior terms. Loss-making Clarks was taken over by Hong Kong-based private equity firm LionRock Capital earlier this year as the Clark family lost control of the business for ...
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VF sells its Work segment, except Dickies and Timberland Pro
After announcing in April that it had reached a definitive agreement to sell this business unit, VF Corp. announced that it has completed the divestiture of the workwear portion of its Work segment to an affiliate of Baltimore-based Redwood Capital Investments, LLC, a diversified holding company. The transaction includes the ...
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Lectra buys Neteven to boost e-commerce solutions
Lectra, a French company that produces laser cutting machinery used by shoemakers, has agreed to buy the entire capital and voting rights of Neteven, a French firm which enables brands to automate and facilitate distribution on online marketplaces. Under the deal, Lectra will initially buy 80 percent of Neteven’s capital ...
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News briefs
Goat Group more than doubles in value
The sneaker market is red hot, particularly online. The Goat Group more than doubled its valuation to $3.7 billion in its latest round of financing from $1.8 billion in the previous one last September. The proceedings from the $195 million financing round will be used to add new hubs in ...
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Colis Privé moves towards a bourse listing
The French delivery service Colis Privé said that the French financial market regulator AMF has approved its registration document in view of a possible initial public offering (IPO) on the Paris stock exchange. In 2020, Colis Privé posted sales of €233.8 million while current Ebitda stood at €21.5 million. Last ...
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Yandex enters the Russian fashion market
Yandex, a Russian provider of internet services, has completed the acquisition of Private Trade, which operates the online stores KupiVIP and Mamsy. Both sites focus on selling shoes and clothes online, with KupiVIP also managing five brick-and-mortar stores. With the acquisition, Yandex, which runs the aggregator of online stores Yandex.Market, ...
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Snipes buys the Polish chain Distance
Snipes, the German-based sneaker and streetwear retail chain owned by Deichmann, is expanding in Poland with the acquisition of the retailer Distance. The deal still has to obtain regulatory clearance and no financial details were released. Distance has been active in Poland since 2003. It has 31 stores and an ...
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News briefs
Chaco moves to new Michigan factory
Chaco, an outdoor lifestyle footwear brand owned by Wolverine World Wide, Inc., has moved to a larger and upgraded U.S. manufacturing facility in Rockford, Michigan, “to meet growing demands for increased footwear production, customization program, and reweb and resole requests from consumers,” the company said. The new factory provides 25 ...
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Tod’s chairman would sell to LVMH if he sells
Diego Della Valle, the chairman and main shareholder of Tod’s, said that if he ever decided to sell the company it would be to the French businessman Bernard Arnault. However, he added that he and his family currently have no plans to sell Tod’s. Arnault is the main shareholder of ...
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Bally and Marquee Brands reportedly vying for Sergio Rossi
Bally and Marquee Brands, a U.S. firm that owns several brands including the Italian shoemaker Bruno Magli, are competing to buy the Italian footwear brand Sergio Rossi from the investment fund Investindustrial, according to the financial information website Mergermarket. According to the website, talks are at an advanced stage and ...
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L Catterton completes the takeover of Birkenstock
The U.S. private equity L Catterton has completed the acquisition of the German footwear company Birkenstock after the deal was approved by the European Commission. The commission concluded that the acquisition ”would raise no competition concerns, given the companies’ moderate combined market positions resulting from the proposed transaction.” The transaction ...
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On Running is again reported to be eyeing an IPO
On, the Zurich-based sports brand backed by Roger Federer, publicly denied a report in a Swiss newspaper last July that it was planning to go public in 2021. Citing a source close to the matter, Reuters reported again on April 30 that On was making preparations for an initial public ...
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VF divests its occupational workwear operations
Completing a divestiture process that began in January 2020, VF Corp. has sold the occupational workwear portion of its Work segment to a subsidiary of Redwood Capital Investments for a yet undisclosed price. The deal should be closed during VF’s present quarter, which ends on June 30. The group is ...
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Kinetyx gets funding for its “kinesomic sensory insole”
Kinetyx’ director, Robin Thurston, believes that every shoe in the world will be fitted with sensors twenty years from now. The Canadian high-tech company, which was spun off by its parent, Orpyx Medical Technologies, nearly one year ago, has secured new funding for its continued R&D on a “kinesomic sensory ...
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Birkenstock to invest an extra €1.8m in its components site
Birkenstock is investing an additional €1.8 million in the modernization of its German site in Bernstadt which employs about 800 people and produces uppers and buckles for the sandal maker. It indicated the funds will be used for the renovation of social areas as well as the creation of office ...
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Allbirds reportedly preparing for IPO
Allbirds, the B Corporation certified Californian brand of footwear and apparel, is interviewing banks in preparation for an initial public offering (IPO), according to the DealBook newsletter of The New York Times. The company was last valued at around $1.7 billion in a $100 million Series E funding round held ...
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News briefs
Sequential sells Heelys for $11m
The Sequential Brands Group, which is under strong pressure to pay back its debts, has sold the Heelys brand of wheeled shoes to BBC International, a U.S. footwear company that has been Heelys’ core licensees since 2013, when Sequential bought the brand for $5.5 million. Heelys was one of the ...
