News Briefs
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News briefs
Lanxess exits the polymer business
Lanxess signed a contract to sell its Urethane Systems business to Japan’s UBE Corporation. The enterprise value amounts to €460 million with expected proceeds of around €500 million. With the transaction, the German specialty chemicals company exits the polymer business. The Urethane Systems business comprises five manufacturing sites globally as ...
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News briefs
LVMH buys a stake in Moncler key shareholder
LVMH, through a special purpose vehicle, has purchased a 10 percent stake in Double R, the investment vehicle controlled by Ruffini Partecipazioni Holding, which owns a 15.8 percent stake in Moncler, an Italian brand of premium down jackets. The financial terms of the deal were not disclosed. Under the terms ...
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News briefs
Geox reviews US operations, to close New York office
Geox is winding down its US operation, according to Footwear News. Enrico Mistron, Geox’s CEO since March 2024, told the publication that the office in New York City will be closed and that the group is reviewing its business model in the US and will provide “visibility in a few ...
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News briefs
Deckers carries out a six-for-one share split
Deckers Brands carried out a six-for-one share split to make the ownership of its stock more affordable and attractive to a broader group of investors. The share split was approved by shareholders on Sept. 6 and shares started trading on a post-stock split adjusted basis on Sept. 17. ...
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News briefs
THG to demerge its technology business
THG is looking into the option of demerging its technology services arm, THG Ingenuity, as the British e-commerce group looks to focus on its cash generative businesses. “After extensive discussions with shareholders over the past 12 months, THG is progressing options to demerge THG Ingenuity, leaving our highly profitable and ...
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News briefs
German shoe chain Gero Mure files for bankruptcy
The German shoe chain Gero Mure has filed for bankruptcy as rising costs, online competition and the lingering effects of the Covid-19 pandemic put a strain on footwear retail. Around 40 employees across six stores – two in Mannheim’s Planken shopping street, two in Baden-Baden, and one each in ...
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News briefs
Tapestry reportedly plans to sell Stuart Weitzman
Tapestry is close to selling Stuart Weitzman, according to various media reports. Giorgio Sarné, the CEO of the footwear brand, is set to leave his position but will remain in his job until October, according to Footwear News citing Tapestry. Along with Stuart Weitzman, Tapestry owns Coach and Kate Spade ...
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News briefs
Gucci may return to growth in H2 of 2025
Gucci is likely to be stuck in its turnaround for a while due to a tough luxury-demand environment and the time it will take for new products to ramp up, according to the broker RBC Capital Markets. Gucci is not expected to return to revenue growth until the second half ...
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News briefs
Allbirds carries out a 1-for-20 reverse stock split
Allbirds proceeded with a 1-for-20 reverse stock split for its Class A common stock and Class B common stock. The reverse stock split was carried out to bring the Californian footwear company into compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. Allbirds’ ...
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News briefs
Esprit closes all German stores
The fashion brand Esprit will close all 56 of its stores in Germany by the end of the year, resulting in the loss of approximately 1,300 jobs in retail and at the headquarters in Ratingen, the German press agency DPA reported. Parent company Esprit Europe GmbH, along with six ...
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News briefs
Investors propose to take Nordstrom private
Nordstrom received an offer from members of the Nordstrom family and the Mexican retailer El Puerto de Liverpool (Liverpool) to take the US department store chain private. Nordstrom said that the special committee of its board of directors received a proposal from Erik and Pete Nordstrom, and other members of ...
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News briefs
Frasers Group expands into Australia and New Zealand
The British retail company Frasers Group has expanded its presence in Australia and New Zealand by acquiring a 14.65-percent stake in Accent Group Limited, a major retail and distribution company specializing in performance and lifestyle products. This strategic investment is part of Frasers Group’s broader plan to increase its global ...
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News briefs
Ted Baker closes all its stores in the UK, Ireland
Ted Baker, the troubled British fashion retailer owned by the US group Authentic Brands Group (ABG), will close on Aug. 20 the 31 stores it still operates in the UK and Ireland, which could result in more than 500 layoffs, according the consulting and advisory firm Teneo, which is Ted ...
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News briefs
United Commerce Group buys Greats from Steve Madden
New York-based Unified Commerce Group (UCG) bought the premium sneaker brand Greats from Steve Madden, which had bought the label in 2019. As part of the deal, Steve Madden will take a stake in UCG, according to Footwear News. UCG also invested in the Utah-based womenswear retailer Böhme. “Today we ...
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News briefs
Berkemann and Everybody part ways
The German comfort shoe manufacturer Berkemann Group and the Italian women’s shoe brand Everybody have decided to dissolve the joint venture they formed in 2021. Under the partnership, Everybody’s’ Venetian designer, Gianni Ziliotto, was in charge of design and product development in Stra, Italy, while sales, customer service, accounting ...
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News briefs
Mec Europa expects a surge in sales thanks to €2m investment
Mec Europa Due, an Italian producer of premium and luxury shoes, has invested €2 million to bring inhouse manufacturing tasks and bolster capacity by increasing the number of assembly lines to seven from five. The company, based near the northern Italian town of Brescia, now has a production capacity of ...
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News briefs
Nuo buys a minority stake in Scarpa
Scarpa, the Italian specialist for mountain and outdoor footwear, has that the investment holding company Nuo has acquired a minority stake in the company. Cornaro, the holding company of the Parisotto family, will continue to hold the majority and maintain control. No financial details were released. Following this transaction, ...
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News briefs
Superga and Sebago licensee CMH Consulting files for bankruptcy
Superga and Sebago’s licensee CMH Consulting, Management and Handel has filed for bankruptcy. The company, based in Kufstein, Austria, has held since 2013 the license in Germany and Austria for the two brands owned by the Italian group BasicNet. CMH Consulting applied for restructuring proceedings without self-administration. Around ...
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News briefs
Austrian textile and shoe retailer Vianello files for bankruptcy
The Austrian fashion retailer Vianello has filed for bankruptcy after taking a hit from falling sales amid a spike in costs. The Klagenfurt Regional Court opened restructuring proceedings without self-administration for the Carinthian textile and shoe chain. Sixty-two employees and 40 creditors are affected by the insolvency, with ...
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News briefs
Belledonne raises €1m in funding
Belledonne Paris raised €1 million from external investors to finance its expansion. Since its launch in 2018 thanks to a crowdfunding effort via the Paris and Montreal-based platform Ulule, Belledonne has been self-financed. The brand has also benefited from the support of Au delà du cuir (ADC), the leading French ...
