Nike retained its title as the world’s most valuable apparel brand, brand value up 7 percent, according to the Brand Finance Global 500 2020. However, the report found the apparel sector will be among the most affected by the COVID-19 pandemic.
Category: Sports/Fitness
Nifty Games Raises More Than $12 Million
Nifty Games Inc., a developer and publisher focused on head-to-head sports games for mobile devices, has secured more than $12 million in Series A financing, with $15 million raised to date.
Under Armour Names Lisa Collier As Chief Product Officer
Under Armour Inc. announced the appointment of Lisa Collier as chief product officer. Collier joins Under Armour after leading NYDJ (Not Your Daughter’s Jeans) as President and CEO from 2016/19. Prior to joining NYDJ, she held numerous positions over her 13-year career with Levi’s Strauss & Co.
Varsity Brands’ Debt Ratings Outlook Lowered
Moody’s Investors Service said it reduced its debt rating outlook on Varsity Brands, the parent of Varsity Spirit, Herff Jones and BSN Sports, to negative from stable. The rating agency said the change reflects the company’s high financial leverage amid school closures across the U.S. in response to the coronavirus and the uncertainty around the duration of the outbreak and pace of re-openings once the pandemic subsides.
Nike Names Ann Hebert VP, GM Of North America Geography
Nike Inc. announced senior leadership changes to continue accelerating growth in its flagship market. Effective June 1, Nike veteran Ann Hebert, vice president of global sales, will become vice president, general manager of North America Geography, succeeding long-time executive Tom Peddie who is retiring from Nike.
Dick’s Seeing ‘Significant’ Traffic Decline Due To COVID-19
In an update on the impact of COVID-19, Dick’s Sporting Goods Inc. said it has seen a “significant reduction in customer traffic and demand” since March 10 resulting from the continued spread of COVID-19, although online growth has accelerated. The retailer also said with moves to bolster its cash position and expand its borrowing capacity, it will “be able to continue operations for several months, even with stores remaining closed.”
Play It Again Sports Parent Sees Modest Q1 Earnings Gain
Winmark Corp. reported earnings of $7.33 million, or $1.87 per share, in the first quarter ended March 28 against $7.28 million, or $1.73, a year ago, representing a gain of 0.7 percent. According to Winmark’s recently-filed 10K, Play It Again Sports’ 2019 system-wide sales were $227 million across its 280 locations.
Fitbit To Study The Role Of Wearables to Detect, Track And Contain Infectious Diseases
Fitbit is collaborating with The Scripps Research Institute and Stanford Medicine on research aimed at using Fitbit data to help detect, track and contain infectious diseases like COVID-19.
Dick’s Announces Proposed Offering Of Convertible Senior Notes
Dick’s Sporting Goods Inc. announced its intention to offer $500 million aggregate principal amount of convertible senior notes due 2025 in a private offering.
Vicis Acquired By Innovatus Capital Partners
Vicis, the high-tech football helmet startup that went into receivership in December, has been acquired by Innovatus Capital Partners, New York City investment firm that recently invested in Schutt Sports.
Pou Chen Corp To Suspend Vietnam Operations For Two Days
Pou Chen Corp., the world’s largest maker of athletic shoes, has been ordered to suspend production at its Pouyuen Vietnam business over COVID-19 concerns, Vietnamese state media reported.
Slinger Bag Signs Japan Distribution Agreement
Slinger Bag Inc., the maker of tennis ball launchers, announced its inaugural global distribution agreement with the Japanese sporting equipment distributor, Globeride Inc.
Hanesbrands Debt Rating Outlook Lowered
S&P Global Ratings revised its outlook on Hanesbrands Inc., the parent of Champion, to negative from stable. The rating agency said Hanesbrands will face significant sales and profitability declines in the upcoming quarters due to store closures and a drop in consumer spending on nonessential items arising from COVID-19 and resulting in an economic recession.
Survey: Americans Apprehensive About Returning To Gym
A new survey from Morning Consult finds 21 percent of Americans do not expect to feel comfortable going back to a gym for at least six months. Another 41 percent were not sure when they would feel comfortable, or offered no opinion.
ClubReady And Cross River Bank Partner To Provide Assistance To Fitness Studios
ClubReady, the provider of full-suite studio fitness and wellness club management software, and Cross River Bank, a provider of banking services for technology companies, announced a new partnership to offer access to Paycheck Protection Program (PPP) loans to its fitness studio customers.
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