All Shoe Intelligence articles in Volume 22, Issue 7+8 – Page 2
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Article
Geox expects significant cash absorption in Q1
Geox anticipates posting a significant cash burn in the first quarter of the year due to seasonal effects and the impact of the Covid-19 pandemic. But, the situation is continuing in the second quarter and the company is negotiating the extension of credit lines.
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Article
Boohoo hikes cash pile while Farfetch continues to burn cash
boohoo is building up its cash pile thanks to its highly cash-generative business model and is ready to go on an acquisition campaign. Meanwhile, Farfetch continues to burn cash.
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ArticleCovid-19 takes a heavy toll on the luxury sector
The personal luxury goods sector is set to pay a heavy price in 2020 because of the coronavirus pandemic. According to the findings of a survey by Boston Consulting Group (BCG) and Bernstein , Covid-19 could wipe out almost a third of the sector’s market value, estimated to have ...
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ArticleThe Italian footwear industry prepares to restart
On April 20, Gucci reopened ArtLab , a facility producing prototypes and samples for the brand’s leathergoods and footwear lines in Scandicci, near Florence. The announcement was a milestone in Italy’s attempt to gradually return to normality after the government imposed a nationwide lockdown on March 10 to combat ...
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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 ...
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News briefs
Jimmy Choo owner Capri aims for carbon neutrality
Capri Holdings , owner of Jimmy Choo , Michael Kors and Versace , announced targets to be 100% carbon neutral in its direct operations and to source 100% of its energy for its owned and operated facilities from renewable sources by 2025. Unveiling its first group-wide corporate sustainability strategy, ...
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News briefs
Burberry labels sustainability achievements
Burberry is rolling out new labeling globally to show how products meet sustainability criteria. The new, pistachio-colored labels provide information on how products meet so-called “positive attributes,” including the amount of recycled nature fibers in materials, delivery against carbon emissions standards and social policies such as paying workers a ...
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News briefs
New Balance settles lawsuit against Nautica
The trademark-infringement lawsuit that New Balance filed in Massachusetts in August 2019 against Authentic Brands Group over use of the letter “N” on footwear and apparel by the brand Nautica has been settled. All claims against Nautica have been dismissed without prejudice, and each party will be covering its own ...
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News briefs
Belgium postpones its summer sales
Belgium is postponing the start of its summer sales by one month, to August 1, to cushion the blow of the Covid-19 pandemic. About 90 percent of the country’s fashion retailers signed an open letter to the government requesting postponement to generate full-price revenues from their unsold stock. Shoe and ...
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News briefs
Loro Piana opens concept store in Hong Kong
According to the Hong Kong Tatler , Loro Piana has opened its first Rare Walk concept store in Asia at the K11 Musea mall in Hong Kong. The store is dedicated not to ready-to-wear fashion but to the brand’s shoes, notably the White Sole and Open Walk ...
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News briefs
Keen to donate shoes for Covid-19 relief
Keen Footwear has pledged to donate up to 100,000 pairs of shoes, worth about $10 million, to the workers on the front lines and the families at home fighting through the coronavirus crisis. The program is called “ Together We Can Help .” As reported on snewsnet.com , within ...
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Article
Stuart Weitzman parent cuts North America retail staff
Tapestry is laying off 2,100 retail workers and threatening to axe more jobs from June 1 as it seeks to weather the Covid-19 pandemic. The company is also focusing its resources in the digital field.
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News briefs
Ecco restructuring its European sales
In an effort to get closer to consumers, Ecco has decided to restructure its European sales organization, decentralizing the management of its wholesale operations. They will be led by a dedicated general manager in each of the three European regions. In the framework of this reorganization, Erik Heldoorn, sales director ...
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ArticleSome stores are re-opening in Germany
After consultations with the state governors, German Chancellor Angela Merkel announced on April 15 that certain types of stores could open again from Monday April 20, after being shut down for five weeks. The retail lockdown for non-essential items was relaxed only for stores that have a maximum surface ...
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News briefs
Skechers makes donation to Petco
Skechers has donated more than $509,000 to the Petco Foundation , bringing its total contributions toward animal welfare agencies to more than $5.45 million. The latest donation stems from the proceeds of the Bobs from Skechers collection. Petco is helping pet shelters and other such agencies in the ...
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News briefs
Footway’s bid for Sportamore has succeeded
The tender offer launched by Footway for Sportamore has been accepted by 95.9 percent of the Swedish sports e-tailer’s shareholders. Footway, a more international-oriented online shoe retailer, is paying a total of 439 million Swedish kronor (€40.4m-$43.9m) for Sportamore. Because of its de-listing from the Nasdaq Stockholm ...
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Article
Skechers’ Q1 net falls by 55%
Skechers USA reported a drop of 54.9 percent to $49.1 million in its net earnings for the first quarter ended March 31 on 2.7 percent lower revenues of $1,242 million. In terms of local currencies, sales were down by 1.2 percent, with a small increase of 2.9 percent in ...
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Article
Caleres, Shoe Carnival boost credit lines
Caleres and Shoe Carnival expanded existing credit lines to ensure liquidity while stores remain closed during the Covid-19 pandemic.Shoe Carnival also eased the covenant on its credit agreement.
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News briefs
Assocalzaturifici helps Italian companies sell online
Assocalzaturifici has launched BDroppy , a new multichannel platform to help its member companies sell online all over the world by reaching thousands of dropshippers. The project is a ”strategic partnership” between the Italian footwear manufacturers association and Branddistribution . BDroppy will enable Italian footwear companies to sell their ...
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News briefs
Crocs offering free shoes to medical personnel
Crocs is offering medical personnel in the U.S. battling the Covid-19 pandemic a free pair of Crocs , shipping included. The American company began gearing up in late March to dispatch up to 10,000 pairs a day in response to online requests. In addition, Crocs plans to donate up ...
