All Shoe Intelligence articles in Volume 25, Issue 21+22 – Page 2
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News briefs
Asos posts a full-year loss
Asos posted an adjusted pretax loss of £70.3 million (€80.8m) in the fiscal year ended Sept. 3, compared with a profit of £22 million the prior year, as adjusted revenues fell by a like-for-like 11 percent to £3,538 million (€4,068m). Adjusted Ebitda fell to £124.5 million (€143.1m) from £183.9 million ...
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ArticleNext hikes its FY guidance again
Next reported in the third quarter ended Oct. 28 full-price sales up by 4.0 percent on last year, £23 million (€26.5m) ahead of the British fashion retailer’s guidance which was for a 2.0 percent increase. Full-price sales achieved online were up by 6.5 percent year-over-year in the quarter, and by ...
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ArticlePrada’s footwear sales slow down sharply in Q3
In the first nine months of 2023, footwear sales for Prada Group in the retail channel rose by 16 percent year-over-year at constant currency rates to €556 million. Shoes represented 19 percent of the group’s retail sales. In the sole third quarter, footwear sales grew by 10 percent, half the ...
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ArticleVF drops guidance, launches turnaround plan
Admitting its U.S. business “isn’t working well” and its cost structure is too high, VF Corp. reported its second-quarter results with a comprehensive plan to turn around its flagging businesses under CEO Bracken Darrell, who joined the group in late July. Key elements of the strategy focus on fixing its ...
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News briefs
Polygiene posts an operating loss in Q3 due to lower sales
Despite a 30 percent decline in third-quarter revenues to 28.7 million Swedish kroner (€2.4m) and a corresponding operating loss of SEK 2.4 million, Polygiene is optimistic about fourth-quarter results as early orders have exceeded expectations. The group, which said third-quarter results showed signs of a slow recovery, has shifted its ...
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News briefs
Timberland opens its first concept store in Japan
Timberland has opened its first concept store in Japan, in Tokyo’s Daikanyama neighborhood. The store offers footwear, limited-edition items and products created in collaboration with both domestic and international brands and artists, as well as the Japan-only premium line, Timberland +81 3. “With the launch of the Timberland +81 ...
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ArticleHow Serafini is relaunching itself after exiting creditor protection
After seeing €3 million of credits “go up in smoke” for having sold its footwear to financially weak resellers, the Tuscan footwear company Serafini entered a debt restructuring program agreement known in Italy as “concordato preventivo di continuità”, from which it exited early 2022. Serafini was a very successful sneaker ...
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News briefs
Doucal’s sees 2023 sales above €25m
Doucal’s, a producer of upmarket men’s and women’s shoes located in Montegranaro, in Italy’s Marche region, expects to post sales of more than €25 million this year, a slight increase from 2022. In an interview with the Italian business daily Il Sole 24 Ore, Gianni Giannini, who runs the family-owned ...
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News briefs
A second activist investor targets VF
Los Angeles-based Legion Partners, has acquired an undisclosed stake in VF Corp. and wants the group to divest brands such as Timberland, Bloomberg reported, citing sources familiar with the matter. Previously, the California-based activist investor Engaged Capital outlined that VF is suffering from bloated overhead that is driving down shareholder ...
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ArticleDeckers raises full-year guidance again, plans to divest Sanuk
Bolstered by sales contribution from its Ugg brand and continued momentum in its Hoka business, Deckers Brands generated a 76 percent increase in second-quarter operating income to $224.6 million on nearly 25 percent total net sales growth to $1.09 billion for the three months ended Sept. 30. Net income was ...
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News briefs
Frasers sells the Missguided brand to Shein
The British retailer Frasers Group has sold the intellectual property (IP) of the Missguided fashion brand to the online fast fashion retailer Shein. Under the terms of the transaction, Shein will acquire the IP and trademarks of Missguided, while Frasers will retain Missguided’s real estate and employees which have now ...
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ArticleGerman industry association fears new wave of insolvencies due to Covid aid repayments
Germany’s textile, shoes and leather goods trade association BTE warned of a new wave of insolvencies and closures, as fashion and footwear retailers continue to struggle with the fallout from the coronavirus pandemic while possible repayments of pandemic state aid loom, adding to the already challenging conditions. According to ...
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ArticleAldo in licensing agreement with ABG’s Roxy brand
Aldo Group has entered into another licensing agreement with Authentic Brands Broup (ABG), Jonathan Frankel, the president of Aldo Product Services told Footwear News. The new agreement involves the design, production and distribution of footwear for ABG’s newly acquired Roxy brand. The first collection of Roxy footwear for women’s ...
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News briefs
U.S. bioPU producer Algenesis raises $5m in funding round
Algenesis Corporation, an American plant-based material science company, has raised $5 million in a funding round. Algenesis claims that its Soleic technology is the world’s first renewable, high performance, fully biodegradable and backyard compostable biopolyurethane (bioPU) made from plants and algae. Unlike petroleum-based polyurethane (PU), Soleic PU can biodegrade in ...
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News briefs
Crocs launches Retail Takeback Pilot Program in the U.S.
On Oct. 27, Crocs launched in the U.S. the Retail Takeback Pilot Program to donate or recycle old shoes. Under the program, consumers can bring old Crocs shoes, in any condition, back to all of the brand’s retail stores in 10 states: Colorado, Georgia, Illinois, Michigan, Massachusetts, Minnesota, Ohio, Pennsylvania, ...
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News briefs
Shein in partnership with ABG’s Forever 21 brand
Authentic Brands Group (ABG) has signed a long-term partnership agreement with Shein for Forever 21, a lifestyle and fashion brand for men and women present globally in 572 locations and online. Through the partnership, the fast fashion online retailer will design, manufacture and distribute a line of Forever 21 apparel ...
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ArticleSkechers raises full-year earnings guidance as DTC continues to bolster Q3 sales gains
Skechers once again raised its earnings guidance for the full year after reporting better-than-expected results in the third quarter and despite continued uncertainty about the macroeconomic environment and consumer spending. Sales in the three months ended Sept. 30 reached a record $2,025.0 million, up by 7.8 percent compared to the ...
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News briefs
Inc.5 Shoes raises $10m in a Series A funding
The Mumbai-based omnichannel footwear brand Inc.5 Shoes has raised $10 million in a Series A funding round led by the local private equity Carpediem Capital. Param Capital and P3 Venture Fund also participated in the found. Created in 1998, Inc.5 Shoes retails through 70 stores and more than 200 shop-in-shops ...
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News briefs
Skechers launches technical basketball shoes
Just in time for the start of the new NBA season, Skechers has unveiled its first line of technical basketball shoes to be sold in North America, the Philippines and China. The first wave of Skechers basketball shoes includes two different mid-top models, SKX Resagrip and SKX Float. Skechers has ...
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ArticleHermès could consider investments in Italian shoe, fashion suppliers
Hermès could invest in some of its Italian footwear and fashion suppliers to further integrate its supply chain, said Eric du Halgouët, the company’s executive vice president of finance. “We could consider vertical integration with investments to consolidate partnerships with some suppliers that share our standards,” he said during a ...
