News Briefs – Page 4
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News briefs
Shein reportedly files for an IPO in the U.S.
Shein, the Singapore-based fast fashion online retailer, has confidentially filed to go public in the U.S., according to The Wall Street Journal. Goldman Sachs, JP Morgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024, it added. Shein was valued at ...
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Footway employees and directors invest into the company
Footway Group AB has announced that key employees and board members, together with investors, have acquired a significant portion of the Swedish company’s capital. The transaction comprises a total of approximately 8.8 million shares, representing about 8.7 percent of the company’s share capital and 10.4 percent of the voting rights. ...
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KG Schuhkay completes protective shield proceedings
The Hamburg-based footwear retailer KG Schuhkay has completed its protective shield proceedings. Schuhkay applied for self-administration under the German insolvency law in late March this year and entered protective shield proceedings at the end of May. Despite better-than-expected results, the business outlook was clouded by the fallout from the ...
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Permira close to picking the banks for Golden Goose’s IPO
The private equity Permira is in the home stretch regarding the selection of the pool of banks that will arrange the initial offering (IPO) of Golden Goose, that could be held in 2024, according to the daily Il Sole 24 Ore. Goldman Sachs and BofA Merrill Lynch are the frontrunners ...
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Gerry Weber to be delisted
The German fashion group Gerry Weber is set to undergo a capital cut and to delist from the stock market as part of its restructuring plan, which was confirmed on Oct. 25 by the Essen Restructuring Court. The plan, which also includes a €50,000 capital increase, “was approved with ...
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Aku inaugurates a new production line
Italian-based outdoor footwear maker Aku has inaugurated a new line of production at its factory in Montebelluna. The new state-of-the-art machine for outdoor and professional footwear reportedly represents an investment of €1.3 million. The project has been developed in partnership with Stemma, also an Italian company which specializes in the ...
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New Balance starts construction of new factory in New England
New Balance has begun construction of a 9,500-square meter factory in Londonderry, New Hampshire. It is the first factory in the state and the sixth footwear manufacturing facility in the U.S.. The investment totals $70 million, will create more than 150 jobs and is expected to be operational by 2025. ...
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Ralf Ringer faces bankruptcy due to a dispute with the tax authorities
Ralf Ringer, a prominent Russian footwear retailer, faces the risk of being declared bankrupt for failing to pay the lease for a manufacturing facility. The company is locked into a dispute with the Russian tax authorities, which has blocked its bank accounts. As a result, the footwear retailer has missed ...
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Chaussea’s parent buys Pataugas
VGM Holding, which owns the French footwear retailer Chaussea, has bought the footwear brand Pataugas from the Hopps Group. No financial details were released. Created in the Basque region of France in 1950, Pataugas is particularly well-known in France for its comfortable walking shoes with rubber soles. The brand was ...
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Nice Footwear takes full control of Favaro, Emmegi
Nice Footwear has increased its stakes in Emmegi and Favaro Manifattura Calzaturiera to 100 percent from 80 percent. The Italian footwear company bought its initial stake in Emmegi, an Italian producer of premium handbags, in 2022 and its initial stake in Favaro, an Italian manufacturer of luxury women’s shoes, in ...
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PVH sells Warners, Olga and True & Co. to Basic Resources
PVH is selling its Warners, Olga and True & Co. businesses to Basic Resources for $160 million, plus an earnout based on the net sales on a portion of the acquired businesses for calendar 2024, with a maximum value of $10 million. The transaction is expected to close at the ...
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Comfort One Shoes buys Saxon Shoes
Comfort One Shoes, a Northern Virginia-based retailer, has bought Saxon Shoes, a footwear retailer based in Richemont and founded by the Weiner family 70 years ago. No financial details were available. Comfort One Shoes intends to retain the Saxon Shoes brand and keep the store at the Short Pump Town ...
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Orangenkinder opens new factory
The German children’s shoe manufacturer Orangenkinder opened a new factory as it expands its production capacity amid increasing demand. The company moved operations to a new factory in Wilhelmsdorf, near Erlangen, six kilometers away from its previous location in Oberreichenbach, at the end of September. The managing director, Verena ...
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Frasers hikes its stake in Asos
Frasers Group has increased its stake in the British online fashion retailer Asos to 19.52 percent from 19.00 percent, according to a filing with the London Stock Exchange. Based on the filing, 12.74 percent of the voting rights are held through shares and the remaining 6.78 percent through financial instruments, ...
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Ferragamo takes full control of 3 Chinese joint ventures
Salvatore Ferragamo is taking full control of three joint ventures in Greater China by buying out the minority shareholder Imaginex for $42.0 million. Under the transaction, Ferragamo and its subsidiary Ferragamo Hong Kong are acquiring 25 percent stakes in Ferragamo Moda (Shanghai) and Ferrimag and a 24.8 percent stake in ...
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Lenzing to axe 500 jobs
Lenzing plans to reduce global personnel costs by up to €30 million, or the equivalent of around 500 full-time jobs, by not filling positions that fall vacant due to retirements and natural attrition, as well as by job cuts. The move is part of a larger plan to achieve €100 ...
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Eurmoda buys Macuz
Eurmoda, an Italian supplier of components to the fashion industry, has bought Macuz, a Tuscan producer of high-quality metal components for the fashion industry. No financial details were available. Founded in Florence in 1952 by Marcello and Alma Macuz, the company will join a group that also comprises Margot and ...
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A second activist investor targets VF
Los Angeles-based Legion Partners, has acquired an undisclosed stake in VF Corp. and wants the group to divest brands such as Timberland, Bloomberg reported, citing sources familiar with the matter. Previously, the California-based activist investor Engaged Capital outlined that VF is suffering from bloated overhead that is driving down shareholder ...
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Frasers sells the Missguided brand to Shein
The British retailer Frasers Group has sold the intellectual property (IP) of the Missguided fashion brand to the online fast fashion retailer Shein. Under the terms of the transaction, Shein will acquire the IP and trademarks of Missguided, while Frasers will retain Missguided’s real estate and employees which have now ...
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Inc.5 Shoes raises $10m in a Series A funding
The Mumbai-based omnichannel footwear brand Inc.5 Shoes has raised $10 million in a Series A funding round led by the local private equity Carpediem Capital. Param Capital and P3 Venture Fund also participated in the found. Created in 1998, Inc.5 Shoes retails through 70 stores and more than 200 shop-in-shops ...
