All Shoe Intelligence articles in Volume 25, Issue 9+10 – Page 3
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News briefs
Kelso hikes its stake in THG
The investment company Kelso has increased its total stake in THG to 8.0 million shares, through a mix of ordinary shares and contracts for differences, representing around 0.55 percent of the total share capital of the British online retailer. The company said that the investment in THG is focused around ...
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News briefs
Zegna sees ‘encouraging recovery’ as China reopens
The Italian fashion house Ermenegildo Zegna has started 2023 with an “encouraging recovery led by the reopening in China following restrictions tied to Covid-19 and the robust growth in our business in the United States and Europe led by our retail, and for Zegna a healthy increase in productivity, which ...
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News briefs
Hoka launches a collection for kids
Hoka, a division of Deckers Brands, has launched its first-ever footwear collection for children. “You’ll find 100 percent Hoka DNA woven throughout our new Youth collection, including sustainably minded materials that help our next generation of athletes tread lighter,” said Hy Rosario, director outdoor and kids at Hoka. “The Youth ...
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News briefs
Allbirds expands and extends its credit line
Allbirds reported in a regulatory filing that it has entered into an amendment credit agreement with its lender, JPMorgan Chase, that increases the committed amount from $40 million to $50 million. In addition, the amended terms include an increase in the uncommitted additional borrowing capacity from $35 million to $50 ...
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News briefs
OrthoLite Cirql hires a director of development and commercialization
OrthoLite, the U.S.manufacturer and provider of insoles and material solutions for footwear, has appointed Marc Kronenberg as director of development and commercialization for OrthoLite Cirql, a plastic-free, recyclable, biodegradable and industrially compostable foam technology. Kronenberg brings to the OrthoLite Cirql team more than two decades of global footwear manufacturing experience, ...
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News briefs
JD Sports creates new global leadership position
JD Sports Fashion appointed Michael Armstrong to the newly created position of global managing director to drive growth and advance expansion plans internationally, particularly in the North American and European markets, to become the “leading global sports-fashion powerhouse.” Armstrong will work under CEO Régis Schultz to oversee JD’s strategic direction, ...
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ArticleReno’s Austrian subsidiary files for bankruptcy
After the shoe retailer Reno filed for bankruptcy in Germany at the end of March, the company’s Austrian subsidiary has followed suit. HR Group GesmbH, Reno’s Austrian branch, has applied for bankruptcy proceedings at the regional court in Wiener Neustadt. Based in Leobersdorf, the company operates 29 Reno stores ...
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News briefs
Piquadro’s Q4 sales up by 22%
Piquadro generated revenues of €48.8 million in its fourth quarter ended March 31, up by 22 percent compared to the year earlier. For the full year, revenues increased by 17.5 percent to €175.6 million. In the fourth quarter, the Piquadro brand reported revenues of €23 million, up by 19.9 percent ...
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News briefs
3A expects sales of €105m in 2023
3A, an Italian distributor of international sportswear and fashion brands, posted revenues of €94 million, up by 27 percent in 2021. Despite an increase in costs, the Ebitda margin widened to 8 percent from 6 percent a year earlier. The company ended 2022 with a net profit of €4.8 million. ...
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ArticlePölking files for bankruptcy
The German shoe wholesaler Pölking filed for bankruptcy after a several years of lagging sales as theCovid-19 pandemic took its toll, gradually eroding liquidity. At the request of the company, the district court of Osnabrück opened insolvency proceedings under self-administration, amid a tidal wave of bankruptcies that continues ...
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ArticleWhat if the metaverse settled for something simple?
BitNile Metaverse says that its metaverse at BitNile.com has surpassed 500,000 “active users” in the month since it opened its “early-access phase.” Question is, why should we care? After all, a single metaverse like Roblox – which, as our readers might recall, has deals with Nike, Adidas, H&M and FIFA ...
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News briefs
THG's operating loss widens
THG’s operating loss widened to £495.6 million (€562m) in 2022 from £137.5 million the year earlier, as profits were hit by the non-cash impairment of £275.4 million (€312m), in addition to certain non-recurring costs which continue to decline. Adjusted Ebitda for the year amounted to £64.1 million (€73m), in line ...
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ArticleYue Yuen to invest $276m in Indian plant
Yue Yuen has entered into a memorandum of understanding with the government of the Indian state of Tamil Nadu to invest 23 billion rupees ($276 million) to build a manufacturing plant. Under the agreement, the regional government will provide infrastructure support to the project including power, water supply, telecommunication facilities ...
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News briefs
Italy entrepreneurs concerned about a recession
A majority of Italian entrepreneurs are concerned about the prospects of a recession although they expect an economic downturn will be temporary and have a less negative impact than past recessions, according to a survey carried out by the consultancy EY. In particular, 87 percent of Italian entrepreneurs interviewed are ...
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News briefs
THG receives a preliminary takeover offer from Apollo
THG said that it has received “a highly preliminary and non-binding indicative proposal” from the private equity Apollo Global Management to acquire its entire issued and to be issued share capital. There can be no certainty that any firm offer will be made, the British online retailer added. Under U.K. ...
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ArticleTowards a money tweet?
The Delaware corporation known as Twitter was merged into a new Nevada corporation known as X Corp. on March 15. This is according to SilverFlume, the business portal for the latter U.S. state. The owner of both, Elon Musk, has since tweeted a message consisting of a single letter: X. ...
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News briefs
Zalando names Kelly Bennett chairman of the supervisory board
Zalando’s nomination committee has proposed a new composition of the supervisory board for the annual general meeting, which will be held virtually in Berlin on May 24, 2023. Current vice chairman Kelly Bennett, who has been a member of the board since 2019, would take over as chairman from Cristina ...
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News briefs
Bobux seeks a buyer as it goes into receivership
Bobux International, a New Zealand-based brand of children’s shoes, was placed into receivership after suffering from Covid-19 related supply chain issues and overstocking as well as the overhaul of its IT system that went over budget. The company was founded in 1991 by Colleen and Chris Bennett. In 2022, it ...
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ArticleDr. Martens lowers profits guidance again as distribution center blunder costs rise
Dr. Martens lowered its profit guidance for the third time in five months after admitting that operational blunders at its Los Angeles distribution center (DC) have cost more than anticipated. The company issued its second profit warning in January after problems at the center created bottlenecks. The previous warning, in ...
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ArticleAllbirds faces class action for alleged false and misleading information
On April 14, Bernstein Liebhard, a U.S. law firm specializing in securities litigation and corporate governance, said that a securities class action lawsuit has been filed on behalf of investors who purchased Allbirds’ shares. The lawsuit was filed in the United States District Court for the Northern District ...
