All Shoe Intelligence articles in Volume 25, Issue 11+12 – Page 3
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ArticleUnbound puts itself up for sale as funding crisis continues
Unbound, the owner of Hotter Shoes, is putting itself up for sale as the beleaguered British retailer started another restructuring of its operations amid an ongoing funding crisis. The firm said that it was facing constraints after failing to secure fresh cash in light of weaker-than-expected first-quarter trading. It expects ...
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News briefs
Asos may have to focus on cash preservation
Asos may have to focus on preserving its cash this year rather than investing to bolster growth, according to the U.S. bank Citi. It believes that the British online fashion retailer could suspend most of its capital expenditure in automation while continuing to rationalize its inventory position and controling ...
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ArticleAlibaba misses revenue forecast but steps up investments
Alibaba reported that its revenues had missed the forecasts for its fourth quarter. The company is struggling to attract new users as the Chinese e-commerce market matures and new competitors chip away at market share. However, the Chinese e-commerce group released an update on its restructuring and plans to step ...
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ArticleU.S. footwear stocks tumble after Foot Locker’s profit warning
Shares in U.S. footwear companies nosedived after Foot Locker issued a profit-warning due to the softening of market conditions and the need to increase markdowns to reduce inventories. Mary Dillon, Foot Locker’s president and chief executive officer, said that since the launch of the company’s Lace Up Strategy at its ...
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ArticleFarfetch resumes growth in Q1 and confirms its full-year guidance
Farfetch resumed growth and narrowed its adjusted losses in the first quarter of 2023. It confirmed its full-year guidance of about 20 percent in gross merchandise value (GMV) and a positive Ebitda margin. Quarterly GMV totaled $931.7 million, up by a reported 0.1 percent year-over-year and by 4 percent at ...
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News briefs
Kanye West files trademark for “YZY sock shoes”
Kanye West has filed an application for “YZY sock shoes” via its holding company, Mascott Holdings, TMZ has first reported. Mascotte Holdings, Inc. was formed in June 2004 by West and agent Andre Bodiford. The new trademark application, filed on May 4 to the United States Patent and Trademark Office ...
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News briefs
Pou Chen lays off over 5,700 workers in Vietnam
Taiwan-based Pou Chen Corporation, parent company of Yue Yuen and supplier to major Western sporting goods firms such as Nike, Adidas and Reebok, announced further layoffs of more than 5,700 workers at Pouyuen Vietnam Co. in Ho Chi Minh City between June 24 and July 8, according to media reports. ...
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ArticleHow an Italian startup is working with the fashion industry to promote upcycling
The mission is simple: to give value to end-of-life products by introducing designer collections deriving from the creative reuse of second-hand clothing and discarded textiles cuttings. Appcycled was born with this purpose two years ago. It was founded by three young people eager to promote upcycling in the fashion industry. ...
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ArticleBoot Barn reports lower-than-expected Q4 revenues, expects weak sales in Q1
Boot Barn posted lower-than-expected revenues in the fourth quarter that ended on April 1 and anticipates weak sales in the first quarter of its new fiscal year, sending shares sliding as much as 13 percent on the news. The American Western-style footwear and apparel retailer reported net sales of ...
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News briefs
Pollini Q1 sales up by over 23%
Pollini, the luxury footwear brand owned by the Italian fashion house Aeffe, posted sales of €10.4 million in the first quarter of 2023, up by a reported 23.1 percent from a year earlier. Meanwhile, Aeffe booked revenues of €93.2 million during the period, down by 8.2 percent on the year ...
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ArticleShoe Zone's half-year sales surge, but profit halved
Shoe Zone reported a strong rise in half-year sales as consumers sought value for money during the cost-of-living crisis hitting the U.K., but inflation and labor costs meant profits for the period were halved. Sales for the 26 weeks to April 1 grew by 8 percent to £75.4 million (€86.6m) ...
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ArticleCoats’ sales are hit by destocking
In the first four months of 2023, Coats suffered a 20 percent year-over-year decline in revenues, organically and at constant currency rates, largely due to continued widespread industry destocking affecting its Apparel and Footwear divisions. On a reported basis, group revenues were down by 12 percent. Organic revenues were down ...
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ArticleBoohoo swings to FY loss but forecasts return to profit this year
For the fiscal year end on Feb. 28, Boohoo reported annual pre-tax losses of £90.7 million (€104.2m) and a sharp fall in sales but predicted a return to underlying profit in the current fiscal year and produced a surprise positive cash flow which pleased investors on the London Stock Exchange ...
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ArticleSteve Madden’s Q1 sales decline despite growth outside the U.S.
In the first quarter of 2023, Steve Madden suffered a 17.1 percent year-over-year decrease in revenues to $463.8 million due to declines in both its wholesale and direct-to-consumer (DTC) businesses. International revenues were a bright spot for the company, increasing by 13 percent in the quarter and accounting for over ...
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ArticleGrendene sales inch up despite challenging domestic market, slump in exports
Grendene reported revenues of 657.6 million reais (€122.9m) in the first quarter of 2023, up by 4.2 percent compared to the year earlier although consumers in its home market of Brazil continued to see their disposable income eroded by high inflation, interest rates and unemployment while exports were under pressure ...
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News briefs
Sergio Rossi names Paul Kotrba interim CEO
Sergio Rossi, the Italian luxury footwear brand owned by Lanvin Group, has named Paul Kotrba interim chief executive officer, replacing Riccardo Sciutto. Kotrba was chief operating officer at Wolford, which is also controlled by Lanvin Group. Sciutto joined Sergio Rossi in April 2016 from Hogan, the luxury sneaker brand owned ...
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ArticlePrada's Q1 footwear sales up 20%
In the first quarter of 2023, footwear sales for the Prada group in the retail channel rose by 20 percent at constant currency rates to €176 million from €147 million a year earlier. Shoes represented 18 percent of the group’s quarterly retail sales. The group said that both its formal ...
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News briefs
Kizik opens its first store
Kizik, a U.S. brand specializing in slip-on shoes based in Lindon, Utah, is opening its first ever brick-and-mortar store near Salt Lake City on May 19. The 1,293 square foot store is located at Fashion Place Mall and was designed by MG2/The Lionesque Group. The store will offer Kizik’s full ...
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ArticleRussia’s Zenden plans to push on sports footwear
Russian casual footwear retailer Zenden has set its sights on sports footwear, a niche the company sees as lucrative after the departure of the leading Western brands. Alexander Sarychev, Zenden’s chief executive, revealed that the company, in the coming years, plans to accelerate the development of its sports brand Pulse, ...
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News briefs
Smuggling from Kazakhstan is affecting the Russia footwear industry
Counterfeit footwear smuggled from Kazakhstan is inflicting a lot of pain on the Russian footwear industry, according to Vladimir Denisenko, head of Russia’s major footwear manufacturer Unichel. Law enforcement agencies are trying to stem contraband, but as Russia and Kazakhstan are both members of the Eurasia Economic Union and share ...
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