SGB Executive Apparel
Bain: Luxury Seen Losing Pandemic Boost
Bain & Company’s Luxury Study forecasted the global personal luxury goods market will grow 4 percent on a currency-neutral basis to €362 billion ($393 bn) in 2023, below a forecast between 5 percent to 12 percent the consultancy published in June.
Fila Holdings’ Sales Slide On Fila Brand Weakness
Korea-based Fila Holdings Corp. reported sales fell 8.3 percent in the third quarter as a 35.1 percent decline at the Fila brand segment offset a gain of 3.3 percent at Acushnet (Titleist, Footjoy). Fila brand’s sales tumbled in the U.S. due to the impact of elevated inventories.
EXEC: On Delivers Record Quarterly Results, Elevated Inventories Concerning
Swiss running brand On delivered its seventh consecutive record quarter in revenues and achieved its highest gross margin since its August-2022 IPO. However, shares closed down slightly on Tuesday due to concerns over elevated inventory levels and its ability to deliver growth to match On’s stock’s high multiple.
EXEC: Study Finds Team Sports Participation Trails Pre-Pandemic Level
According to the Aspen Institute’s recently released State of Play 2023 report, kids are trying sports about as much as they did before COVID-19, but they’re not playing as frequently.
EXEC: YTD Footwear Shipments Fall Nearly 25 Percent at Yue Yuen
Year-to-date revenue attributable to footwear manufacturing activity, including athletic/outdoor shoes, casual shoes and sports sandals, decreased by 20.4 percent to US$3.50 billion as average selling prices rose in mid single digits.
Descente Sees Mid-Single-Digit Growth in Fiscal H1
Descente, Ltd. reported that revenues for the fiscal six months ended September 30 rose 4.9 percent to ¥59.9 billion ($396 mm) from ¥57.2 billion a year ago. Gains from the incorporation of Le Coq Sportif (Ningbo) Co. Ltd. (NLCS) into China’s consolidated results and growth in activewear overall offset decreased sales in golfwear.
EXEC: Asics Lifts Outlook On Robust Third Quarter Results
Asics Corp. raised its outlook for the year after reporting strong earnings improvement in the third quarter and nine months ended September 30. Sales grew 14.5 percent in the third quarter and 23.4 percent in the nine months with healthy gains across regions.
EXEC: Inside the Champion Discussions and Actions at HBI
Like many other CEOs in the active lifestyle retail market these days, Stephen Bratspies is working through heavy retail inventories, shifting consumer trends and the effects of inflation. But Champion offers an even bigger challenge—a fickle consumer’s changing preferences.
EXEC: Mizuno’s Fiscal Q2 Sales Expand Across All Regions; Running and Golf Decline
Mizuno Corp.’s sales grew 8.1 percent in the fiscal second quarter ended September 30 and 23.8 percent in the half. The Japanese-based sporting goods sales and profits reached record levels in the six months, with sales increasing across all geographies and in all its main business categories.
EXEC: Adidas CEO Sees U.S. Marketplace Challenges Lasting Well into 2024
On Adidas’ third-quarter conference call with analysts, Bjorn Gulden, CEO, said Adidas’ sales in the U.S. “will probably not grow at all in the first half” of 2024 as North America lags other regions in rightsizing inventory levels. He said, “Inventory levels in the U.S. in general is still an issue. I think it lags about six months versus the rest of the world.”
EXEC: Inside Wolverine’s Plan for the Future—and the New Realities of 2023
New CEO Chris Hufnagel said WWW continues to reshape its portfolio, reduce inventory and redesign the company to become consumer-obsessed brand builders, focused squarely on building compelling products and telling amazing stories.
EXEC: Under Armour Can’t Dodge North American Turbulence
Under Armour reported sales and earnings in the fiscal second quarter ended September 30 topped analyst targets, but annual sales guidance was reduced due to further deterioration in the North American wholesale business. CEO Stephanie Linnartz told analysts, “Several forces are at play here, including inflation and consumer confidence, normalizing inventory levels amid still broad promotions, and overall softness in our future wholesale order book.”
New Wave Group Gets Lift from Tenson Deal to Post Q3 Sales Growth
The Swedish-based owner of Ahead, Auclair, Craft, Cutter & Buck, and Tenson AB, reported that net sales increased 5 percent (+1 percent currency-neutral) to SEK 2,337.0 million, but sales would declined had it not been for sales from the acquired outdoor gear brand Tenson.
EXEC: Black Diamond’s NA Sales Show Some Stabilization
Clarus Corp. reported that Black Diamond’s sales improved sequentially from the second quarter and were down modestly in the third quarter as the North American region showed signs of stabilization to offset softness in its European business.
EXEC: BRC Sees Cautious UK Consumer Spending Stalling in October
The BRC reported that total UK retail sales increased 2.5 percent in October. The number was said to be below the three-month average growth of 3.1 percent and the 12-month average growth of 4.2 percent as reported by the BRC.
