EXEC: PWC Survey Finds Major Apparel Lift from GLP-1 Users, Mixed Payback for Fitness Activities
EXEC: Frasers Group’s Sports Direct UK Segment Posts DD Profit Growth as Sales Decline
EXEC: Mips AB Organic Growth Accelerates in Q2, Posting 42 Percent Increase
EXEC: CEO of Anta’s Namesake Brand Resigns
EXEC: JD Sports Relocating North America HQ in Indiana to Support JD Banner Rollout
SGB Update
Fanatics Appoints Chief Information Officer
Fanatics appointed Parag Agrawal, formerly at Chobani, to the role of chief information officer. In this newly created role, Agrawal will reportedly lead Fanatics’ internal digital systems transformation, which spans accounting, financial planning and analysis and human resources.
Faxon Firearms Secures Bill Hicks & Co. for Wholesale Distribution
Faxon Firearms, based in Fairfield, Ohio, has inked a new wholesale distribution partnership with Bill Hicks & Co., Ltd.
European American Armory Acquires Facility in Tennessee
European American Armory, the Florida-based importer of shooting products, has acquired a large manufacturing facility in Mountain City, Tennessee, with additional acreage for future expansion.
Nike Closes Downtown Naperville Store
Nike closed its Live concept store in downtown Naperville, IL on July 13, according to local reports. The company provided no reason for the closure.
Whoop Names Reebok Vet Kristen Moss as First Chief Communications Officer
Kristen Moss most recently served as VP of Strategic Communications for North America at The Coca-Cola Company. Previously, she was head of Global Corporate Communications for Reebok, within the Adidas organization, where she reportedly led communications for the brand’s $2.5 billion sale to Authentic Brands Group.
SGB Executive
EXEC: Lululemon Cut to Sell by Truist Securities on Dimming Recovery Prospects
Truist Securities reduced its rating on Lululemon Athletia to “Sell” from “Hold” as the firm believes the yoga-themed retailer’s turnaround will prove more challenging than current price levels show. Joseph Civello, Truist’s lead analyst in the space, also trimmed his price target on Lululemon to $94 from $115 and slashed his EPS estimates on LULU […]
EXEC: PWC Survey Finds Major Apparel Lift from GLP-1 Users, Mixed Payback for Fitness Activities
A recent PWC study found the apparel category driving huge benefit from GLP-1 drugs, with spending on the category increasing 9.9 percent within six to eight months after users start taking it. The impact on fitness is more mixed, with cardio activities experiencing healthy increases from GLP-1 adoption, but group fitness and strength training has seen little benefit.
EXEC: U.K.’s Shoe Zone Lifts Guidance on Improving Sales Trends
UK off-price shoe retailer Shoe Zone reported that sales over the last two months of May and June have come in ahead of market expectations. The company said the better-than-expected performance “was aided by the company’s warehouse closing down sale and favorable seasonal weather at half term.”
EXEC: Asia Footwear Manufacturer Stella International Sees Modest Growth in Q2
The China-based manufacturer of footwear for Nike, Saucony, Under Armour, Merrell, Timberland, Ugg and others reported unaudited consolidated revenue inched up 1.2 percent in the second quarter ended June 30, driven by a 1.3 percent increase in pairs.
EXEC: Frasers Group’s Sports Direct UK Segment Posts DD Profit Growth as Sales Decline
Frasers Group reported that profits at its UK Sports segment rose 17.6 percent in its fiscal year ended April 26 as higher gross margins tied to Sports Direct’s Elevation Strategy and reduced expenses offset sales declines due to store rationalization at its Game UK chain and restrained consumer spending. The retailer warned that consumer spending will likely remain challenging this year.
