News Briefs – Page 26
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News briefs
Garmont changes ownership
Garmont International, the Vedelago, Italy-based manufacturer of outdoor and tactical footwear, has announced that Italian Strategy Private Equity (ISPE), managed by Riello lnvestimenti Partners, is acquiring a 65 percent stake in the company’s share capital. The transaction is expected to be completed by the end of March. Thereafter, Pierangelo Bressan, ...
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News briefs
Wolverine gets S&P upgrade
Standard & Poor’s has upgraded its outlook for Wolverine Worldwide to stable and confirmed its BB issuer credit, while raising the rating on its senior secured credit facility to BB+. This came after Wolverine repayed a $171 million, 364-day loan contracted because of the coronavirus pandemic and reported better-than-expected results ...
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News briefs
Moody’s downgrades VF
Completing its review of VF Corp.’s credit rating following its December acquisition of Supreme, Moody’s kept the company’s rating stable but lowered its senior unsecured debt and shelf ratings slightly. It confirmed its P-2 short-term commercial paper rating. Moody’s noted that VF’s financial leverage will remain high, predicting that its ...
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News briefs
Fred Perry buys George Cox
The British sportswear brand Fred Perry has bought the British footwear maker George Cox. The two brands are long-time collaborators and have partnered on several occasions. No financial details were released. George Cox will be integrated into Fred Perry’s global distribution network and have access to its digital expertise. Adam ...
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News briefs
Dr. Martens shareholder exercises over-allotment option
Dr. Martens said that the broker Goldman Sachs International exercised the over-allotment option granted by IngreLux, a Luxembourg company owned by funds advised by the British investment firm Permira, as part of the initial public offering of the British footwear company. With the exercise of the option, an additional 52,500,005 ...
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News briefs
Ballin Franco declared bankrupt
On Jan. 20, Ballin Franco & C. was declared bankrupt for insolvency by a court in Venice, Italy. The company is not to be confused with the luxury shoe maker Ballin, which is located in the same town of Fiesso d’Artico and that was recently taken over by Chanel. The ...
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News briefs
Mytheresa IPO to raise $407m
The initial public offering (IPO) of the parent company of Mytheresa, a Munich-based online retailer of luxury fashion, is due to raise nearly $407 million. The transaction values the company $2.2 billion. The company started trading on the New York Stock Exchange on Jan. 21 and the offering is expected ...
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News briefsCVC reportedly in talks to buy Birkenstock
The private equity CVC Capital Partners is in talks to buy Birkenstock, according to the news agency Bloomberg. Citing people familiar with the matter, Bloomberg said that the family-owned shoe maker could be valued more than €4 billion including debt. No final decision has been made and talks may not ...
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News briefsDr. Martens’ listing is scheduled early February
The British shoe maker Dr. Martens confirmed its intention to undertake an initial public offering, which is expected to be completed early February with the listing on the London Stock Exchange. The offer will comprise the sale of existing shares by IngreLux, a Luxembourg company owned by funds advised by ...
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News briefs
Argentine tannery Curtiembres Fonseca changes ownership
The Argentine tannery Curtiembres Fonseca was taken over by a group of local investors. The company said that the transaction ensures the continuity of the business and that contracts with customers and suppliers will be honored and jobs maintained. The new president of the board, Raúl Zylbersztein, indicated that he ...
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News briefs
Onward Luxury Group taken over by its management, changes names
The Japanese group Onward Holdings has sold its Italian unit Onward Luxury Group (OLG) to the latter’s management. With the management buyout completed in December, the company has changed names to High Italian Manufacturing (HIM). OLG was bought through the holding company Nemo which is owned by OLG’s chairman Fabio ...
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News briefsBeaumanoir sells a majority stake in its Chinese business
Beaumanoir, the French clothing and footwear retailer, has sold a majority stake in its Chinese business to Zhongke, which recently bought C&A’s activities in the country. No financial details were released. Beaumanoir decided to set up a “strategic partnership” with Zhongke because the Chinese market is evolving and the support ...
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News briefsL.K. Bennett debt restructuring plan cleared
The company voluntary agreement (CVA) of the upmarket British retailer L.K. Bennett was approved by creditors. It will result in five stores closing down and the remaining shops switching to turnover-based rents. The chain has 18 standalone stores. Among the creditors who voted against the CVA was the property company ...
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News briefs
Schuh obtains £19 million refinancing
Schuh, the British footwear retailer owned by the U.S. firm Genesco, has obtained a £19 million (€20.9m-$25.5m) financing facility with Lloyds Bank. The funding is part of the U.K. Treasury’s Coronavirus Large Business Interruption Loan Scheme (CLBILS). Schuh already had a credit facility with Lloyds and the refinancing will boost ...
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News briefsBoohoo appoints PKF Littlejohn as auditor after PwC resignation
Boohoo has appointed PKF Littlejohn as its auditor after the resignation of PwC in October in the wake of a scandal over working conditions at some suppliers to the fast-fashion e-tailer. The company came under scrutiny earlier this year after allegations that workers making Boohoo clothes were paid below the ...
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News briefs
Shoe Carnival launches new $50 million share buyback
Shoe Carnival’s board authorized a new share repurchase program of up to $50 million, effective from Jan. 1. The share buyback will replace the existing $50 million share buyback that was cleared on Dec. 12, 2019. Currently, $43.1 million remain available under the existing program and additional purchases may still ...
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News briefs
Ashley and ABG vie for Debenhams and Arcadia
Mike Ashley, the acquisitive boss of Frasers Group who is bidding for Debenhams, the biggest and oldest British department store chain, is reportedly interested now also in some of the assets of Arcadia, the bankrupt fashion retailing group that holds the largest number of concessions in Debenhams stores. His interests ...
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News briefsMichael Dornseifer buys Wolkenwerk
The businessman and footwear veteran, Michael Dornseifer, has bought the slipper brand Wolkenwerk from Hans Kreuch, who launched the label in 2016. Dornseifer sees Wolkenwerk as an “ideal” fit with his two other brands Bali-Bali and Jonny’s. Wolkenwerk retails at €49-59 and the collection is largely composed of women’s models. ...
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News briefsShoepassion launches Henry Stevens brand
The Berlin-based footwear company Shoepassion has decided to market its men and women’s collections under the Henry Stevens brand from spring 2021. The company, which was founded in 2010 and already owns the brands N91 and Heinrich Dinkelacker, will retain the name Shoepassion. The company will take the opportunity of ...
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News briefsItalian industrial dynasty takes over Shang Xia
The Italian holding company Exor will invest €80 million in the Chinese luxury goods company Shang Xia, of which the French luxury goods company Hermès is a key shareholder. Exor will inject the funds into Shang Xia via a reserved capital increase that will result in it becoming the company’s ...
