S&P Global Ratings lowered its issue-level ratings on VF’s unsecured debt due to the debt being taken on from its pending acquisition of Supreme.
Category: Footwear
Xero Shoes Secures Investment
TZP Group announced a strategic investment and partnership with Feel The World, Inc., dba Xero Shoes.
Apex Global Brands Sees 17 Percent Drop In Q3 Revenues
Apex Global Brands, which counts Hi-Tec, Cherokee and Tony Hawk among its lifestyle brands, reported revenues fell 17 percent in the third quarter ended October 31 although it was able to slightly narrow its loss in the period. The company secured an extension on a forbearance agreement from its lenders.
FDRA Adds Board Members
FDRA has added a new slate of top footwear executives to its board of directors as part of its assumption of, and effort to reinvigorate, the Fashion Footwear Association of New York (FFANY).
JD Sports Acquires Shoe Palace
JD Sports said it has acquired Shoe Palace for $325 million in a move that will expand its footprint on the West Coast. The U.K.’s largest sneaker chain marked its entry in the U.S. with the acquisition of Finish Line in 2018.
Under Armour Sued Over Rush Fabric Claims
Under Armour Inc is facing a proposed class-action lawsuit accusing it of misleading consumers about the purported performance-enhancing features of its Rush apparel line.
Foot Locker Appoints Chief Information Officer
Foot Locker Inc. announced the appointment of Himanshu Parikh as senior vice president, chief information officer. He formerly worked for Michaels and Ross Stores.
Adidas Assesses Strategic Alternatives For Reebok
Adidas AG said it has begun a review of whether to sell its underperforming Reebok brand. Adidas said Monday it will announce a decision on March 10 when it presents its new five-year growth plan.
REI To Close Yonkers Store
REI plans to close its store in Yonkers on Feb. 12, 2021, according to a report from Rockland/Westchester Journal News.
Sports Direct’s Parent Sees 7.4 Percent Sales Drop In First Half
Frasers Group PLC reported revenues declined 7.4 percent in the six months ended October 25, largely caused by temporary store closures due to COVID-19, offset by the strong reopening of stores after lockdown and growth in its online business. Sales at Eastern Mountain Sports and Bob’s Stores in the U.S. saw double-digit declines.
Tecnica Appoints North American Business Unit Director, Tecnica Footwear
Tecnica Group has hired Rob Phillips to the newly created position of North American business unit director, Tecnica Footwear. Responsible for overseeing commercial operations, product and marketing, Phillips joins Tecnica with over 14 years of sales and management experience including seven years with 5.11.
Academy Sports Reports Record Q3 Sales And Earnings
Academy Sports and Outdoors Inc., in its first earnings report since going public, reported earnings vaulted 188 percent on an adjusted basis in the third quarter ended October 31. Revenues jumped 17.8 percent. Results were well ahead of Wall Street’s targets. The retaller marked its fifth consecutive quarter with a comparable sales increase.
Imports Still Strong Though October
Imports remain strong through October after setting new records this fall as retailers stocked up both stores and warehouses for the holiday season and met new demands for quick delivery of online orders, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
Brooks And Vaude Sign The Climate Pledge
Brooks Running and Vaude have each signed The Climate Pledge, a commitment to be net-zero carbon by 2040, a decade ahead of the Paris Agreement’s goal of 2050.
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