Product & Marketing – Page 145
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ArticleShoe Zone lifts earnings guidance as revenues surge
Shoe Zone lifted its earnings guidance after full-year revenues surged by a third as stores were fully open during the business year after the easing of Covid-19 related lockdowns. The British footwear retailer now expects adjusted pre-tax profits for the year ended on Oct. 1 to be at least £11 ...
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News briefs
THG’s sales rose 2.1% in Q3
THG, also known as the The Hut Group, posted a 2.1 percent increase in revenues to £518.6 million (€597m) in the third quarter of 2022 and an 8.8 percent rise to £1,595 million (€1,838m) in the first nine months of the year. The British online retailer said revenue growth was ...
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News briefs
Italmobiliare buys Sidi Sport
The Italian holding company Italmobiliare has bought a 100 percent stake in Sidi Sport, an Italian brand of footwear for cycling and motorcycling, for €86 million. Italmobiliare is paying €53.5 million in cash and the rest of the funds were provided by Banco BPM. The deal is based on enterprise ...
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News briefs
Adidas severs ties with Kanye West
Faced with mounting public pressure and following a “thorough” internal review, Adidas announced it is immediately ceasing its partnership with rapper and fashion designer Kanye West, also known as Ye, that began in 2013. The decision, fueled by weeks of public antisemitic remarks by West, will take a financial ...
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News briefs
StockX appoints head of brand protection
Sneaker marketplace StockX has appointed Paul Foley as head of brand protection, reporting directly to chief supply chain officer Sean McCartney. Foley will lead the company’s product verification efforts. He brings more than three decades of experience in brand protection, global operations and supply chain management to his new role. ...
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ArticleRussian shoe factories ramp up military production
Several Russian shoe factories have ramped up the production of military boots and other military items, such as berets, in the wake of mass mobilization in the country. Russia invaded Ukraine on Feb. 24 but military setbacks prompted the country’s president, Vladimir Putin, to order a partial mobilization on Sept. ...
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News briefs
Price growth in footwear is slowing down in the U.S.
In September, retail prices for footwear grew by 3.9 percent year-on-year in the U.S., the weakest increase in 18 months, according to Footwear Distributors and Retailers of America (FDRA). Meanwhile, overall inflation reached 8.2 percent in the country. Prices rose by 4.8 percent for women’s shoes, by 3.5 percent for ...
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News briefs
Stella’s sales slow down
In the third quarter of 2022, Stella International increased overall revenues by 4.8 percent year-over-year to $460.5 million, with manufacturing revenues rising to $453.6 million from $431.6 million. In the first nine months of the year, revenues increased by 13.5 percent to $1,288 million, with manufacturing sales increasing to $1,261 ...
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ArticleFunds2Orgs doubles compensation to partners of its sneaker recycling scheme
Sneakers4Funds said that it has doubled compensation to U.S. partners taking part in its sneaker recycling program. The business, which was launched in 2016 by Funds2Orgs, pays running stores, clubs and events to help keep sneakers out of landfills. “This segment is rapidly becoming a large part of the overall ...
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News briefsRed Wing Shoe names Allison Gettings CEO
Red Wing Shoe Company has named Allison Gettings president and chief executive officer, effective Jan. 1. Gettings, who is currently president, will assume the role of CEO following the planned retirement of Mark Urdahl who has served as the company’s CEO since 2016. Gettings will become the 10th CEO and ...
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News briefs
Skechers sues Hermès for alleged patent infringement
Skechers USA has sued Hermès International and Hermès of Paris for alleged patent infringement of its proprietary Massage Fit sole technology. The lawsuit was filed on Oct. 18 in the United States District Court for the Southern District of New York in Manhattan. In 2022, Hermès introduced two footwear ...
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News briefs
Kering’s Q3 sales up 23%
In the third quarter of 2022, Kering’s revenues rose by 23 percent to €5,137 million. On a comparable basis, the top line was up by 14 percent. Sales at the group’s key Gucci brand totaled €2,581 million, up by 18 percent as reported and by 9 percent on a comparable ...
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ArticleGlobal footwear market to enjoy sustained growth in the coming years
The global footwear market is expected to grow at a sustained pace over the coming years, according to various surveys that were released in the past weeks. However, the estimates regarding the actual size of the market and the forecasts of its growth rate vary significantly from one market research ...
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News briefs
Nordic countries weigh on Footway’s results
Habit.se reports that Swedish e-commerce company Footway Group posted an operating loss of SEK 13.5 million (€1.2m) in the third quarter, compared with SEK 0.8 million (€72,700) in the corresponding period last year. Overall, the company posted sales of SEK 261.6 million (€23.8m) in the third quarter – SEK 76.3 ...
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News briefs
Amazon faces class action for allegedly favoring some products
Amazon faces a class action in the U.K. for allegedly favouring some products on its platform. According to estimates, the lawsuit, if successful, could result in damages of £900 million (€1,034m) for the U.S. online retailer. The legal action, which is expected to be filed in the Competition Appeal Tribunal ...
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News briefsHermès 9-month sales up by 30.0%
In the first nine months of the year, Hermès’ sales stood at €8,611 million, up by 30.0 percent on reported basis and 24.0 percent at comparable exchange rates. Sales for the sole leather goods and saddlery business were up by a reported 19.1 percent and by 12.5 percent at ...
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News briefs
French shoe sales up 3.5% in September
Sales of shoes in France rose by 3.5 percent month-over-month in September, overperforming the overall market, according to the latest survey on retail trade released by the Bank of France. In September, overall retail sales in France grew by 2.2 percent compared with August on a seasonal and working day ...
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ArticleAsos to write off stock as new CEO launches reorganization
Asos is writing off up to £130 million (€150m) of stock and starting a price slashing program to reduce inventory as it embarks on a reorganization of the business under the leadership of its new chief executive, José Antonio Ramos Calamonte. The company had built up inventory to cope with ...
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News briefsMicam returns to a four-day format in February
The next edition of Micam, the footwear trade fair held at the Fieramilano Rho exhibition center at the outskirts of Milan, will run for four days from Feb. 19 to 22. The show will be open from 9.30 am to 6.30 pm on the first three days and from 9.30 ...
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ArticleData fails to show significant reshoring is underway
Despite all the talk of moving footwear production out of Asia and bringing it closer to consumption markets, the so-called reshoring, there is no indication of such a trend in the data currently available, according to Joana Vaz Teixeira, editor of World Footwear, a media initiative of the Portuguese footwear ...
