Product & Marketing – Page 248
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ArticleTod’s enjoys recovery in Asia
Tod’s is seeing signs of recovery in Japan and South Korea on top of the strong growth already enjoyed in China. But the company warned that to meet market expectations, it would need some “respite” in store closures in the fourth quarter. Financial analysts anticipate full-year sales of €647 million. ...
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ArticleLosses continue for Yue Yuen
Despite China’s resilience against the pandemic in the third quarter, Yue Yuen Industrial Holdings remained in the red, following two quarters of losses. The company was strongly impacted by government measures to contain the spread of the disease at the start of the year, and although the Pou Sheng Chinese ...
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News briefsHotter owner prepares to sell the company
Electra Private Equity has hired the investment bank Stifel Nicolaus Europe to prepare the sale of Hotter Shoes. The timing of the disposal will be determined over the coming months as trading patterns normalize in Hotter’s new business model focused on direct to consumer channels predominantly in the U.K. and ...
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News briefs
Mizuno plans lifestyle footwear for Europe
The Japanese sports equipment and sportswear company Mizuno is planning to develop non-sports products like lifestyle footwear for the European market. In the first half of its fiscal year ending on March 31, 2021, Mizuno’s overall revenues declined by 22.5 percent from the year-ago period to 66.2 billion yen (€537.7m-$639.0m). ...
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ArticleGeox suffers accelerated sales decline amid new lockdowns
Geox has suffered a 30.0 percent decline in like-for-like sales in the fourth quarter to date - bringing the like-for-like sales decline in the year so far to 32.0 percent - amid new temporary store closures due to a second wave of the Covid-19 pandemic in its main markets. Comparable ...
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News briefsUnichel claims tagging has not eradicated counterfeiting in Russia
The mandatory tagging of shoes has not solved the problem of the wide presence of counterfeit footwear in Russia, according to Ekaterina Zheleznyakova, development director of the shoe producer and retailer, Unichel. So far, the project has only had a negative impact on legitimate businesses, resulting as an additional control ...
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ArticleL.K. Bennett plans to close stores, axe jobs
Upmarket British retailer L.K. Bennett plans to close up to five stores and move its remaining shops to turnover-based rents under a proposed company voluntary arrangement (CVA). The plan will lead to a small number of job losses as the company tries to mitigate the financial impact of the Covid-19 ...
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News briefsFLO enters the Ukrainian market
The Turkish footwear brand FLO Mağazacılık is opening its first store in the Ukraine, in the Ocean Plaza shopping center in Kiev. The company will sell its own and third-party brands, including Kinetix, Polaris, Lumberjack, Butigo, Dockers by Gerli, and Mercedes. In the future, FLO plans to introduce the Nine ...
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ArticleFerragamo books strong sales growth in China
Salvatore Ferragamo enjoyed very strong growth in China during the third quarter and in October. At constant-currency rates, retail sales in the Asian country surged by 38.3 percent year-on-year during the quarter and further accelerated in October. The Italian fashion company also posted “solid” retail sales growth in South Korea ...
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ArticleGörtz makes its CEO a shareholder, hires a new CFO
The German footwear chain Görtz is opening its capital to its top manager as it undergoes a management shake-up and further advances its multichannel strategy by pushing its online presence. The chief executive, Frank Revermann, who has served in this position since the end of 2015, will acquire shares ...
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ArticleClarks’ landlords criticize the rescue plan’s terms
The British shoe maker Clarks has been accused of freezing landlords out of discussions over its £100 million (€110.9m-$130.0m) bailout by Hong Kong-based private equity firm LionRock Capital. Landlords are furious that despite facing large losses on rent write-offs, they will only represent 25 percent of a vote to approve ...
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ArticleEU estimates Amazon broke competition rules
The European Commission believes Amazon violated competition rules by unfairly benefiting from non-public data on independent sellers who use its marketplace, it said in its preliminary findings from an antitrust investigation underway against the American e-commerce giant since last year. The European Union’s executive body added it was also launching ...
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ArticleGlobal footwear demand seen down by 22.2% in 2020
Global demand for footwear is expected to fall by 22.2 percent this year, due to the impact of the Covid-19 pandemic, according to an updated forecast made by a panel of experts for the latest Business Condition Survey of World Footwear. In its April edition, panelists had estimated the decline ...
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ArticleVF buys Supreme in $2.1bn deal
VF Corp. has announced a definitive agreement to acquire Supreme, a young and cool American streetwear brand that has become an iconic symbol of a countercultural approach to fashion. The transaction is expected to close before the end of 2020 and is based on an enterprise value of $2.1 billion ...
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ArticleEurazeo takes over premium sneaker brand Axel Arigato
Eurazeo, the French investment company which recently sold its remaining stake in Farfetch, has bought a majority stake in Axel Arigato, a Swedish brand of premium sneakers, ready-to- wear and accessories for €56 million. The investment was carried out by Eurazeo Brands, a division focused on consumer brands. The company ...
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News briefs
Deckers Brands highlights CSR goals and achievements
Deckers Brands has released its Creating Change FY20 Corporate Responsibility and Sustainability Report, in which the group highlights its achievements toward its sustainable development goals during the reporting year from Apr. 1, 2019 to March 31, 2020. Deckers owns a portfolio of footwear, apparel and accessories brands for casual lifestyle ...
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News briefsMelania changes ownership
Melania Italia, an Italian footwear company specializing in children’s shoes based in the footwear cluster in the Marche region, has been sold by the founding Gironacci family to two investors, F. & C. Gruppo Imprenditoriale d’Investimenti and Società and D’Amico Group Holding & Company. Melania was founded in 1966 by ...
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News briefsRumbo to close down
The Spanish footwear retailer Rumbo will close down after having failed to reach an agreement with its creditors to relaunch its business. The Murcia-based company has 68 stores and posted sales of about €25 million in 2019. Rumbo went into administration in June, but the court-appointed administrator, the legal firm ...
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ArticleFarfetch, Alibaba, Richemont, Pinault family form a formidable alliance in digital sales
Farfetch, Alibaba, Richemont and the Pinault family, which owns the French luxury goods company Kering, have entered a global partnership with the declared intent of providing luxury brands with “enhanced access” to the Chinese market as well as accelerating the digitization of the global luxury industry. Under the agreement, Farfetch ...
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News briefs
Alibaba grows by 30% in Q3
Confirming a recovery from the first wave of the Covid-19 pandemic in China, the Alibaba Group reported a 30 percent increase in overall revenues to 155.1 billion yuan renminbi (€19.9bn-$23.5bn) in the third quarter, leading to a rise of 28 percent in adjusted Ebitda to RMB 47.5 billion ($6.1bn-$7.2bn). The ...
