Gant has named Patrik Söderström chief executive officer, effective February 2020. He will take over for Brian Grevy, who, as reported, is re-joining Adidas to lead Global Brands.
Author: SGB Media
Report: VF Corp. Among Bidders For Golden Goose
According to Reuters, VF Corp. is among the companies looking to acquire Golden Goose. Sources indicate the company is competing with private-equity firms Permira and Advent as well as strategic investors PVH, Ralph Lauren and Tapestry for the Italian shoe brand.
Christy Sports Finds New Equity Partner
Christy Sports, LLC announced that it has received a significant strategic investment from TZP Capital Partners III, L.P. TZP, a private equity firm based in New York City, acquired Norwest Equity Partners’ equity stake in the winter sports retailer.
Firearms Background Checks Up 11 Percent On Black Friday
The Federal Bureau of Investigation reported its National Instant Criminal Background Check System processed 202,465 firearms checks on Black Friday, as reported by USA Today. That represents an 11 percent increase from last year’s figures of 185,713 and fell just short of the single-day record: 203,086 in 2017.
Online Sales Break Records On Black Friday
Overall online sales on Black Friday jumped 19.4 percent to $7.4 billion, the second-largest Internet shopping day ever, according to data compiled by Adobe Analytics. The $7.4 billion marked the biggest sales day ever for Black Friday and trailed only last year’s Cyber Monday’s $7.9 billion for the number 1 spot of all-time in online revenue, according to Adobe’s data.
Black Friday Brick-and-Mortar Sales Up 4.2 percent
Black Friday shopping at physical stores saw a 4.2 percent increase in sales compared to 2018, according to First Data Insights. The greatest increase over normal shopping activity was seen across electronics and appliances, sporting goods, and clothing/shoe stores.
Outdoor Voices Opens Flagship In Manhattan’s Flatiron District
Outdoor Voices, the Austin-based activewear brand, on Friday opened a flagship in New York’s Flatiron District. The 1,400-square-foot store will be located at 19th Street and Fifth Avenue and represents the company’s 10th store.
MEC Facing Financial Struggles
MEC (Mountain Equipment Co-op) lost Canadian $11.5 million in the year ended February 24, 2019 after restructuring charges against income of C$11.7 million the prior year. According to a report from Canada’s CBC, Canada’s largest outdoor gear retailer’s sales have slowed due to heightened online competition.
Citi Trends Posts Q3 Loss
Citi Trends, which is increasing its emphasis on gift-giving merchandise and away from apparel, reported a loss in the third quarter as comps increased 2.6 percent while increasing its full-year outlook. The retailer also said it plans to annually grow store base by 25 to 30 stores and remodel 50 stores and named Peter Sachse as interim CEO.
Hudson’s Bay Bidding War Heats Up
Hudson’s Bay Company (HBC), the parent of Saks, has received a third – and higher – offer from Catalyst Capital Group to acquire the company.
Easton Diamond Sports Launches “Future of Baseball Social Media” Summit
Easton Diamond Sports on Friday hosted the first-ever “Future of Baseball Social Media” Summit as part of launching the organization’s first annual Team Easton Experience.
Bearpaw Appoints VP Of Sales For North America
Bearpaw appointed Marty Meade as VP of sales for North America effective November 25, 2019. He was vice president of sales and brand manager for Hi-Tec and Magnum Brands.
Gap Downgraded By S&P
Standard & Poors (S&P) lowered the issuer credit rating to ‘BB’ from ‘BB+’. The downgrade reflects our view that Gap Inc.’s performance struggles will persist as it faces a torrent of competitive headwinds and potential distractions from the planned separation of its core Old Navy brand in mid-2020
Pure Fishing Appoints Dave Bulthuis President Of North America
Pure Fishing named Dave Bulthuis the new president of North America. Bulthuis is the former vice president of sales for Costa Sunglasses, where he served in a number of capacities since 2003.
Under Armour Upgraded To “Strong Buy” By Raymond James
Raymond James on Wednesday upgraded Under Armour to “Strong Buy” from “Outperform,” describing the firm as “underrated” and an “underdog.” In the note, Matthew McClintock wrote that his team has “become more comfortable with the company’s risk/return profile, particularly regarding execution risk, headline risk, and valuation.”
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