Xponential Fitness Appoints Former Adidas NA President as CEO
Mark King, the former president of Adidas North America, was hired as Xponential Fitness’ new CEO. He will also join the company’s Board of Directors.
Adidas Investigating China Corruption Allegations
Adidas received an anonymous letter indicating potential compliance violations in China and is “intensively investigating this matter with external legal counsel.
Piper Sandler Bolsters Consumer Equity Research Team
Anna Andreeva will join the New York office and is responsible for footwear, softlines and global brand analysis. Andreeva began her career in equity research at J.P. Morgan, where she was part of the number one-ranked Institutional Investor team covering specialty retail.
Under Armour Renews Sponsorship with University of Maryland
UA has been the department-wide exclusive outfitter since 2005 and will continue to design and supply the training and game-day footwear, apparel and equipment for Maryland’s varsity athletic teams.
Consumer Sentiment Falls to 7-Month Low
University of Michigan Survey Director Joanne Hsu stated, “While consumer sentiment declined this month, the 3.5 Index point dip is relatively minor in the grand scheme. That decline is within the margin of error for the survey.”
Auburn’s Aid Station, Trails and Ales To Close
The running store opened in 2018 and moved in June 2021 to 927 Lincoln Way in Auburn, CA, nearly doubling its square footage.
Fromuth Racquet Sports Acquires Tennis-Point
Online retailer Tennis-Point, formerly owned by Signa Sports United, has been acquired by Fromuth Racquet Sport. In the short term, Tennis-Point will be operated as a separate business and keep its name and contact details.
Walmart Targets Gen-Z with ‘No Boundaries’ Relaunch
Launching in stores and on Walmart.com on July 16, the new No Boundaries label, often abbreviated as “NOBO,” will include a broader assortment backed by a major marketing push on TikTok, Roblox and Instagram and, for the first time, has a dedicated fashion design team creating the collection.
EXEC: Nike’s Valuation Dips Again in Kantar’s 2024 Most Valuable Brands Study
Nike retained its No.1 brand position in apparel in Kantar Brand’s “Most Valuable Global Brands Report” for 2024 but its valuation fell for the second year in the row while big gains were marked by Zara, Lululemon, Adidas, Uniqlo, and H&M.
Cocona Labs Finalizes China WFOE Incorporation
The company is now a wholly foreign-owned enterprise (WFOE) in Shanghai, China. With a growing percentage of Cocona’s yearly revenue attributed to Chinese brand customers, the market is a “critical component for success.”
Paka Opens Flagship in Peru
Paka Apparel, maker of sustainable clothing using fully traceable alpaca wool from wild-roaming alpaca in Peru, opened its first store in Cusco, Peru.
Revolve To Open First Permanent Store In Aspen
The store opening “supports Revolve’s broader strategy to blend online and offline shopping, giving customers more touchpoints” and follows the company’s “successful” pop-up shop the company opened in the same location in December 2023.
Numerator: Consumer Confidence Held Steady in May
Consumer confidence was about flat compared to April, with 41 percent of consumers very or somewhat comfortable spending money on discretionary purchases.
Report: Under Armour to Begin Move into New Headquarters in November
The space will also include a two-story, 30,000-square-foot Under Armour Brand House store and a two-story, 30,000-square-foot fitness performance center.
Momentec Brands Names Chairman, CFO and SVP of Product Development
Formed out of the merger of Augusta Sportswear Brands and Founder Sport Group, Momentec Brands appointed David Baxter as chairman, Mike Moore as chief financial officer, and Joel Bennink as SVP of product development. Most recently, Baxter was the president of Under Armour for the Americas Region. Bennink spent 13 years at Under Armour, where he led the growth and development across Team, Golf and Curry-branded apparel.
