Gildan’s Ousted CEO Denies Giving M&A Ultimatum to Directors
Glenn Chamandy, the former CEO of Gildan Activewear Inc., issued a statement denying media reports that he gave an ultimatum to the activewear company’s board regarding strategy or potential acquisitions. He also denied that he was involved in succession planning.
VF Corp. Data Breach Impacting Ability to Ship Orders
The company detected a cybersecurity breach in its systems on December 13 that is “reasonably likely to continue to have a material impact on the company’s business operations,” including its ability to fulfill online orders.
EXEC: Former Giants Star Carl Banks Plots Starter’s Comeback for G-III Sports
Starter, the U.S. apparel manufacturer whose satin jacket was once a fixture in the 1990s on pro team sidelines and music videos, is readying a large-scale comeback with the help of nostalgia, on-trend product and expanded rights with major league teams. Carl Banks, president of G-III Sports, talked with SGB Executive about the brand’s resurgence.
Jordan Brand President Joins Albertsons Board
Albertsons Companies, Inc. reported that Sarah Mensah, president of the Jordan Brand for Nike, Inc., had joined the supermarket chain’s Board of Directors.
Coliseum Capital Co-Founder Joins Gildan Board; Firm Plans Further Investment
After a week of turmoil at Gildan Activewear Inc. with the ouster of company Founder and CEO Tom Chamandy, and pushback from at least two large investors, Gildan found support elsewhere on Monday, announcing a support agreement with Coliseum Capital Management, LLC.
Wolverine Transforming Saucony and Merrell Model in China; Sells Asia Leathers Business
Wolverine World Wide, Inc. said it plans to shift its Merrell and Saucony businesses in China from a joint venture model with with Xtep to a license and distribution rights model. It also agreed it sell its Asia-based Wolverine Leathers business. Both actions are expected to simplify Wolvderine’s business model and generate $70 million in proceeds.
Report: Sycamore Partners Exploring Bid For Macy’s
Private equity firm Sycamore Partners is reportedly eyeing making a bid for Macy’s, Inc., according WWD. The speculation comes after the Wall Street Journal, on December 12, reported that Arkhouse Management and Brigade Capital Management made a $21 a share, or $5.8 billion, offer for the department store chain.
Yeezy Hires Head of Design
Kanye West’s fashion brand Yeezy hired Russian designer and former Adidas collaborator Gosha Rubchinskiy as head of design.
Paris Saint-Germain, Lids and Fanatics Open New Store in Toronto
The Paris Saint-Germain (PSG) opened a new club store in partnership with Lids and Fanatics at 399 Queen Street West in Toronto.
Paka launches Pakacloud, Alpaca Fiber Fleece Alternative
Paka, the Alpaca apparel manufacturer based in Peru, launched Pakacloud, an alpaca-based fleece.
Adidas AG Appoints HR Chief to Supervisory Board
The Supervisory Board of Adidas AG has appointed Michelle Robertson as an Executive Board member, responsible for global human resources, people and culture, effective January 1, 2024.
Association of Golf Merchandisers Honors Top 100 Golf Shops
The Association of Golf Merchandisers (AGM) announced the 2024 AGM Platinum Awards winners, recognizing the Top 100 golf shops.
Costco’s Q1 Profits Top Targets
Costco reported earnings rose 16.5 percent in its fiscal first quarter ended November 26 as same-store sales rose 3.8 percent, including a 2.0 percent gain in the U.S. Earnings topped analyst expectations.
HanesBrands Appoints Former Walmart U.S. CEO as Chairman
HanesBrands announced that its Board of Directors had appointed William Simon as chairman of the board, effective December 31. His appointment follows Ronald Nelson’s decision to retire as chairman and a member of the Board at the end of the year.
Gildan Board Hit With Strong Shareholder Blowback After CEO Ouster
Two large Gildan investors are pressing the company’s Board of Directors to reverse its decision to terminate company Founder and former CEO, Glenn Chamandy and reappoint him as CEO of the company.
