SGB Executive Apparel
Gildan Board Responds to CEO Ouster Backlash Coming from One-Third of Shareholders
The fiasco consuming the Gildan Activewear Board of Directors continues to worsen as the first large investor that cried foul last week after the Board ousted the CEO has increased its stake in the company and is now urging the company to take immediate action.
EXEC: Rip Curl and Oboz See Trailing 4-Month Sales Down Despite Solid Black Friday
Group sales were reportedly down 12.5 percent year-over-year for the four-month fiscal year-to-date period, reflecting “ongoing weakness in consumer sentiment.” Wholesale sales were disappointing for Rip Curl and Oboz brands.
Study: Retailers See Big Online Sales Declines After Closing Brick & Mortar
ICSC found that closing a store reduced online sales in the trade area surrounding that store by 11.5 percent. For emerging retailers, there was reportedly less of an impact, as online sales for largely DTC brands that closed a store decreased by 5.2 percent.
Gildan Investor Wildfire Spreads as More Firms Join the Call to Reinstate CEO
Anson Funds and Anson Advisors is the latest to express disappointment with the Gildan Board and voiced concerns over the Board striking a backroom deal with an Individual shareholder in exchange for support rather than engaging with investors troubled by poor succession planning.
Study: The Retailers Getting the Most Online Benefit from New Stores
According to the analysis of the ICSC’s survey of 850 shoppers, department stores had a 50.6 percent increase in online spending, followed by apparel retailers with an 11.6 percent increase in e-commerce sales.
EXEC: Authentic’s Reebok Europe Partner Acquired by Korean Retailer
Coupang, Inc., a Korea-based global retailer, reported plans to acquire the business and assets of online luxury retailer Farfetch, Authentic’s partner chosen to manage Reebok in Europe.
Gildan’s Ousted CEO Denies Giving M&A Ultimatum to Directors
Glenn Chamandy, the former CEO of Gildan Activewear Inc., issued a statement denying media reports that he gave an ultimatum to the activewear company’s board regarding strategy or potential acquisitions. He also denied that he was involved in succession planning.
EXEC: Former Giants Star Carl Banks Plots Starter’s Comeback for G-III Sports
Starter, the U.S. apparel manufacturer whose satin jacket was once a fixture in the 1990s on pro team sidelines and music videos, is readying a large-scale comeback with the help of nostalgia, on-trend product and expanded rights with major league teams. Carl Banks, president of G-III Sports, talked with SGB Executive about the brand’s resurgence.
Gildan Board Hit With Strong Shareholder Blowback After CEO Ouster
Two large Gildan investors are pressing the company’s Board of Directors to reverse its decision to terminate company Founder and former CEO, Glenn Chamandy and reappoint him as CEO of the company.
EXEC: Foot Locker Earns Upgrade On Turnaround Prospects
Shares of Foot Locker rose 10.1 percent Thursday after Piper Sandler & Co. upgraded Foot Locker from “Neutral” to “Overweight.” Piper analyst Abbie Zvejnieks believes the sneaker retailer’s turnaround potential compares favorably to other turnaround stories in the active lifestyle space, including Allbirds, Under Armour, VF Corp., and Wolverine Worldwide.
EXEC: McKinsey Identifies Tech Outerwear Among Hot Fashion Trends For 2024
In its The State of Fashion 2024 study, McKinsey & Co. provided a bullish outlook for technical outerwear, stating the category “has been propelled by consumers post-pandemic embrace of healthier lifestyles as well as ‘gorpcore,’ and is likely to accelerate even further in 2024.”
Study: Retailers See Online Sales Boosted by Store Openings
ICSC quantified the impact of opening or closing physical stores on online sales and retailers’ overall performance. Its latest study, the third installment in ICSC’s research on the halo effect of brick-and-mortar retail on online sales, is said to again prove the power of physical retail by demonstrating that a new store boosts online sales, while a closed store impedes them.
EXEC: Nike Scores Two Analyst Upgrades
Citi raised its rating on Nike to “Buy” from “Neutral,” while Barclays gave Nike its “2024 Best Idea” recommendation. Both investment firms cited the potential for Nike to have a margin recovery and brand innovation tied to the 2024 Paris Olympics.
EXEC: Craft North America CEO Talks Gaining Traction in Run Footwear
In late November, Craft Sportswear announced plans for a phased relocation of its North American headquarters to Seattle, WA, in 2024 to bolster the brand’s expansion into outdoor and specialty retail and its recent entry into running footwear in the U.S. Craft North America CEO Eric Schenker talked with SGB Executive about Craft Sportswear’s heritage, the run footwear opportunity, and why the CEO has chosen not to move to Seattle.
EXEC: Lululemon’s Tepid Holiday Guidance Overshadows Strong Q3
Lululemon Athletica, Inc. lifted its overall full-year outlook after earnings and sales in the third quarter ended October 29 topped guidance for the third straight quarter but also forecast fourth-quarter guidance that came in lighter than expected in an apparent sign to investors of a potential sales slowdown.
