After a timidly optimistic start to the year, the global M&A market cooled in the first half, conditioned by a highly uncertain economic and geopolitical environment, and is expected to remain challenged in the back half, according to PwC’s mid-year report. Between January and May 2025, M&A global volume in the consumer sector fell 9 percent.
Author: SGB Executive
EXEC: On Holdings’ Stock Downgraded on Currency Headwinds, Tariff Concerns
Raymond James reduced its stock rating on On Holdings to “Outperform” from “Strong Buy” and lowered its earnings estimates due to the strengthening of the Swiss Franc and the impact of tariffs. Raymond James’ analyst Rick Patel wrote, “While we see 2Q being ‘less clean’ due to FX, tariffs, and slower wholesale growth (due to timing of launches), we remain bullish on ONON as a long-term story.”
Puma SE Cuts FY Guide Based on DD Apparel Decline, U.S. Tariffs, and Currency Hit in Q2
The sales decline was reportedly driven by the key markets North America (-9.1 percent currency-adjusted), Europe and Greater China. The company’s second quarter net loss came in at €247.0 million, compared to net income of €41.9 million in Q2 2025.
EXEC: Hoka and Ugg Get International Lift and Post Wholesale Strength Globally for Deckers Brands in Q1
Deckers Brands President and CEO Stefano Caroti said the strength of the company’s business continues to be driven by the “remarkable growth” in international markets with Hoka and Ugg both contributing to the company’s 49.7 percent increase in international revenue, while navigating “a choppy U.S. consumer environment.
Black Diamond Parent Sees Call-Out in Investment Company’s Second Quarter Letter
Laughing Water Capital said in its letter that Clarus is “subscale” and undergoing a reset after expanding their SKU count a bit too much. Thirteen hedge fund portfolios held Clarus shares in their portfolios in the second quarter, flat to last year.
EXEC: Moncler Group Sees Q2 DTC Sales Down for Moncler Brand, Up Mid-Singles for Stone Island
Moncler Group, parent of the Moncler brand and Stone Island brand posted a rather flat first half in 2025. In the second quarter, Group revenues were €396.6 million, down 1 percent currency-neutral compared with the 2024 Q2 period.
NRF Sees Resiliency in 2025 BTS Shoppers; Will Spend More on Footwear and Apparel
Katherine Cullen, the National Retail Federation’s VP of industry and consumer insights, and Mark Mathews, its chief economist and executive director of research, who identified that this year’s back-to-school (BTS) consumers are shopping earlier and with discounters to save money due to ongoing tariff and inflationary discussions.
EXEC: Rapala Gets DD Lift from North America in H1; Asia and Europe Fall on Trade Uncertainty
The company reported sales in North America increased 12 percent compared to the 2024 H1 period. With comparable translation exchange rates sales were up by 14 percent. The Europe and Asia markets were said to be impacted by increased uncertainty and limited economic visibility.
EXEC: ATA, Bass Pro, and Dick’s SG Face Archery Price-Fixing Class Action Lawsuit
A proposed class action lawsuit charges the Archery Trade Association (ATA) conspired with numerous manufacturers, distributors and retailers, including Bass Pro Shops, Dick’s Sporting Goods and Cabela’s, to artificially inflate the prices of bowhunting and archery equipment by implementing minimum advertised pricing (MAP) policies.
EXEC: Royal Robbins and Fjällräven Parent Fenix Outdoor Continued Sales Declines in Q2
The parent of the Fjällräven, Royal Robbins, Devold, and Frilufts, generated net sales for the quarter amounted to €144.9 million in Q2 2025, compared to vs €149.6 million in Q2 2024, a decrease of 3.1 percent. year-over-year.
EXEC: Moody’s Sees Tariffs Weighing On Apparel Retail Through First Half Of 2026
Moody’s Ratings, in an update, said that while a pause in some tariffs lessens the profitability hit, it’s maintaining a negative outlook on the Global Retail and Apparel sector, as tariffs are expected to “materially” impact earnings through the first quarter of 2026, with apparel and footwear sellers particularly vulnerable.
EXEC: TaylorMade Acquisition at Center of Next Korean (Golf) War
South Korean fashion retailer F&F Co said it has hired Goldman Sachs to advise on an acquisition of TaylorMade, and that it would take legal action if the owner of the global golf products maker proceeds with a separate sale process.
Survey: Asics, Bass Pro, Golf Galaxy, Red Wing, and Timberland Make U.S. Best Retailers List
Red Wing Shoes came in at the top of the active lifestyle brands as the brand ranked No. 6 overall, while Golf Galaxy ranked No. 7 in the survey’s report. Other retailers in the active lifestyle space with high rankings in the survey included Asics (17), Timberland (19) and Bass Pro (25).
Authentic Brands Group Warns Market of Employment Scam
These scams are often initiated via email, employment websites and social media, and may include fake interview requests, offer letters or attempts to collect personal and financial information.
EXEC: Sports Direct’s Solid Full Year Performance Offset by Other Parent Company Factors
U.K.-based Frasers Group, the parent of Sports Direct, Everlast, and Evans Cycles, among many others, reported a 7.4 percent decline in sales for its fiscal year ended April 27, as continued sales growth from Sports Direct was offset by moves to right-size other sports banners and weakness in its luxury segment.
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