This week, the headlines in the sneaker world were filled with a billboard proclaiming, “Adidas Plans Cheaper Versions of Popular Shoes Like the Samba” and outrage from sneaker aficionados that the brand would dare step on the toes of its iconic shoe.
Category: Sports/Fitness
Ex-Nike DEI Boss Sentenced to 5 Years for Fraud
Barbara Furlow-Smiles stole over $5 million from Nike and Facebook as a DEI manager. Her greed got her a sentence of five years and three months in Federal prison this week.
Gildan Lawsuits Against Investors are Dismissed in Canadian Courts
Browning West, LP, a long-term shareholder of Gildan Activewear Inc. and beneficially owns approximately 5.0 percent of Gildan’s outstanding shares, said the two lawsuits brought by Gildan’s Board against Browning West have been dismissed.
EXEC: CEO Kevin Plank Outlines Dramatic Turnaround Plan for Under Armour
With some apparent aggravation on what the brand has become, Plank noted that Under Armour has become a brand that competes primarily on price versus what should be its core competency—performance and technical innovation.
Classic Football Shirts Secures $38.5M Funding Round for Expansion; Appoints Exec Chair
The Chernin Group invested $38.5M of growth equity capital into the company. Cormac Barry, a senior executive with over 25 years’ experience in online B2C, online B2B and retail across multiple sectors has joined the company as executive chairman.
Benelli Hires Chief Logistics Officer
Chris Binion assumed the role as chief logistics officer, effective May 15. He is a seasoned professional with over 20 years of experience in logistics and distribution.
Skechers First Brand to Buy Super Bowl LIX Ad
“This is the best stage in all of sports to communicate Skechers’ comfort and innovation message.” —Michael Greenberg, President, Skechers
Supercar Designer, McLaren, Debuts Limited-Edition E-Bike Range
Designed with hand-laid carbon-fiber frames and five power settings: Off, Eco, Trail, Sport, the Race 600W and 250W versions of both Extreme and Sport versions will be available in limited numbers.
Dillard’s, Inc. Sees Fiscal Q1 Comps Dip 2 Percent; Net Income Sinks 11 Percent
Total retail sales, which excludes the company’s construction business, CDI Contractors, LLC, for the fiscal first quarter were $1.49 billion, down 1 percent from $1.52 billion in the year-ago Q1 period.
Five Iron Golf to Open in Dubai; Secures Development Rights in the UAE
Five Iron Golf will open its most expansive venue in Dubai, spearheaded by entrepreneurs Matthew Csillag and David Zabinsky, alongside General Manager Andrew Bostock. With a multi-unit franchise agreement spanning six sites in the UAE, the team secured exclusive development rights in the region.
Under Armour Issues Tepid FY Outlook as Company Resets Weak U.S. Business
The company reported fiscal 2024 Q4 net revenue was down 5 percent year-over-year to $1.3 billion for the three-month period ended March 31, 2024, while reported EPS shrank to to 2 cents a diluted share in Q4 from 38 cents in the prior-year Q4 period.
HanesBrands and TCU Extend Long-Term Apparel Partnership
HBI secured a five-year extension of its current partnership with Texas Christian University, renewing the exclusive rights to manufacture and distribute Horned Frog fanwear in the mass retail channel.
Puma Rewrites a Classic: Takes Easy Rider From the Tracks to the Streets
A retro running silhouette that “embodies a classic era of footwear design,” the iconic Easy Rider, rooted in running, has undergone an evolution in 2024.
EXEC: Descente Ltd. Fiscal Year Profits Increase in Double Digits on Solid Sales Growth
Net sales for the fiscal year increased 5.3 percent to ¥127.0 billion reportedly due primarily to growth in DTC net sales that expanded the channel composition ratio, sales growth in South Korea, and China’s incorporation of Le Coq Sportif Co., Ltd. into consolidated results from the previous fourth quarter.
EXEC: Industry Organizations Push Back on Biden Administration’s Tariff Decisions
The decision to maintain Section 301 China tariffs and implement new tariffs has U.S. retail and brand companies up in arms over the decision released this week by the Biden administration.
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