News Briefs – Page 30
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News briefs
CCC’s chairman sells some of his shares
Dariusz Milek, founder and chairman of CCC Shoes & Bags, has reduced the stake he holds in the international Polish-based shoe retailing company indirectly through Ultro Holding of Luxembourg and a subsidiary. He now owns 24.84 percent of the ordinary and preferred shares in CCC, leaving him with 34.98 percent ...
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News briefs
Paraboot returns to full capacity
Paraboot, the French manufacturer of high-end footwear, has returned to full capacity production from May 4 at its factory in Saint-Jean-de-Moirans. The site closed down following the outbreak of Covid-19 in France but resumed partial manufacturing on April 6 and gradually increased production. The facility has an annual capacity of ...
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News briefs
Boohoo raises £197.7 million as it prepares itself for acquisitions
The U.K. online fashion retailer boohoo is building up a warchest to finance takeover opportunities that are expected to arise in the coming months in the wake the Covid-19 pandemic. The company already has its sights set on potential targets. Boohoo has raised gross proceeds of £197.7 million (€221.5m-$239.5m) through ...
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News briefs
JD’s takeover of Footasylum is blocked
After a more in-depth review of JD Sports Fashion’s acquisition last year of the Footasylum chain in the U.K., Britain’s Competition and Markets Authority (CMA) announced on May 6 its decision to block it, arguing that it would lead to a “substantial lessening of competition nationally,” with higher prices and ...
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News briefs
Prada scraps dividend payment
Like many other companies, Prada has decided to drop its full-year dividend to retain financial resources in the light of the crisis caused by the Covid-19 pandemic. It said that the decision will give it access to ”further resources to rapidly go back to its previous activity levels in the ...
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News briefs
Wolverine changes its brand structure
By May 30 at the latest, Todd Spaletto will be stepping down as president of Wolverine Worldwide’s Michigan Brands group, which consists of the Merrell, Chaco, CAT Footwear, Hush Puppies and Sebago brands. Rather than replace him in the post, Wolverine is promoting three executives and dividing responsibility for its ...
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News briefs
Debenhams files for administration
On April 6, Debenhams filed a notice of intent to appoint an administrator. The British retailer’s move would provide protection from any legal action that could push the business into liquidation, especially while the nationwide lockdown over the Covid-19 pandemic keeps its 142 department stores shuttered. Debenhams is preparing to ...
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News briefs
Peta invests in luxury brands
The American animal-rights group People for the Ethical Treatment of Animals (Peta) has taken advantage of the stock market’s decline caused by the Covid-19 pandemic to purchase stakes of undisclosed sizes in approximately 20 companies in the luxury industry, among them Kering, Burberry, Ralph Lauren and Guess. The purpose is ...
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News briefs
Neiman Marcus debt ‘unsustainable’
The credit rating of the iconic American department store was downgraded by S&P as the U.S. retailing industry suffers the impact of the novel coronavirus Covid-19 pandemic. Meanwhile, Moody’s cut its rating for J.C. Penney.
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News briefs
Foschini to forgo rent payments during South African lockdown
The South African retailer Foschini has said that it will not pay rent on its stores during the nationwide Covid-19 lockdown that began on March 27. “Once the situation normalizes we will then be able to assess the full financial impact on the business and will engage with you further,” ...
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News briefs
Aeffe’s share buyback
While many companies have dropped or suspended share buybacks to withhold cash because of the uncertain impact of the Covid-19 pandemic, Aeffe, the owner of Pollini and various fashion brands, has being purchasing its own shares in the latter part of March and early April. The last batch of shares ...
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News briefs
Ferragamo acquires Arts
For about €15 million, Salvatore Ferragamo is buying the whole capital of Arts, an Italian company in Scandicci, near Florence, that specializes in the production of prototypes, engineering, quality control and the monitoring of suppliers for the production of men’s shoes. The owner of Arts is Gerry Ferragamo, a nephew ...
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News briefs
Birkenstock introduces collection
Birkenstock unveiled its latest collection at Sole DXB, Dubai’s biggest street festival, on Dec. 5-7. The annual Sole DXB festival serves as a regional platform for footwear, fashion and arts. The launch, within the framework of Birkenstock’s international expansion strategy, took place shortly ahead of the brand’s entrance into the ...
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News briefs
Carlos Wizard Martins acquires Alpargatas Argentina
The Brazilian businessman Carlos Wizard Martins has acquired the entirety of Alpargatas S.A.I.C. of Argentina, and with it the worldwide rights to the Topper brand of athletic footwear. The similarly named Alpargatas S.A. will remain a separate operation in Brazil. In September 2018 Wizard Martins paid $24 million for a ...
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News briefs
Insolvent, Fritzi aus Preußen presents new investor
After the opening of insolvency proceedings on Dec. 30, Fritzi aus Preußen, the German-based manufacturer of shoes and bags, presented a new investor. EinsPlusVier from Hannover will take over all contracts that are relevant to them with immediate effect. The local court of Hannover opened insolvency proceedings under self-administration. After ...
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News briefs
Report issued on bankruptcy of SLEM
The final report on the bankruptcy of SLEM, the Shoe Leather Education Museum in Waalwijk, Netherlands, has been issued, over two years after it took place. In July 2017, the curtain fell on the SLEM foundation as its ambitions proved too expensive. The municipality decided to distance itself from the ...
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News briefs
Comyp files for debt refinancing
On Jan. 10, an Italian shoe manufacturer, Comyp, filed for a debt refinancing arrangement with a Padua-based court. The court granted the company 120 days to present a debt refinancing proposal, according to the site ilnordestquotidiano.it. The company was created in the 90s and has produced shoes under the brand ...
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News briefs
Genesco to move its headquarters
In about a year, Genesco will be moving its headquarters within the city of Nashville from Murfreesboro Road, where they have been since 1965, to Marriott Drive. There the footwear retailer and wholesaler will occupy about two-thirds of a 310,000-square-foot building. The company estimates that the move will create jobs ...
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News briefs
La Halle plans to restructure
La Halle, part of the Vivarte group, is planning a new restructuring plan that would cut 101 jobs at its logistics department and headquarters. The plan will affect 63 jobs out of 467 at the Parisian headquarters and 38 jobs out of 300 at the logistical center in Issoudun, in ...
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News briefs
Vivarte confirms sale of San Marina
Reaching the probable end of its slimming-down process, the French Vivarte group has confirmed the sale of its San Marina chain of shoe shops and of a logistics subsidiary, SMC Services, to two French entrepreneurs, Thierry Le Guénic and Stéphane Collaert, and an investment firm, Société d’Investissement Grimonprez (SIG). They ...
