Mavic Promotes François Joly to Head of Sales
Joly will oversee all commercial activities, including OEMs, which he previously led, and the sales teams responsible for aftermarkets and distributors.
EXEC: Post Earnings Call, Analysts See Slow Recovery for Nike
Shares of Nike, Inc. fell about 7 percent on October 2. SGB Media spoke with eleven Wall Street analysts to explore Nike’s turnaround prospects. Several remain bullish on Elliot Hill’s return as CEO; however, a return to healthy growth might only happen in calendar year 2026.
CCM Hockey Agrees to Acquisition by European PE Firm Altor
The Canadian equipment brand owned by Birch Hill Equity Partners agreed to be acquired by the Swedish private equity firm Altor. The transaction is expected to close by the end of 2024.
EXEC: Beyond Yoga Acceleration Seen as Key Focus for Levi Strauss Going Forward
Through a transformational pivot to operating as a DTC-first company, Levi Struss & Co. is narrowing its focus to realize the full potential of the Levi’s brand as well as accelerate Beyond Yoga.
EXEC: Rip Curl and Oboz Parent Taps Former Nike Exec as New CEO
The parent company to the Rip Curl, Oboz and Kathmandu brands has named former Nike executive and current KMD Board member Brent Scrimshaw as its new group CEO. Michael Daly has given notice to the Board of his resignation.
EXEC: Basic-Fit Sees Top 20 Investor Pressure Board to Sell Fitness Company
Buckley Capital Management, LLC and its affiliates are confident that there is significant interest from private equity, and implored Basic-Fit’s management and the Board to initiate a strategic review process.
EXEC: Nike Signals Uphill Struggle as New CEO Settles In
On Nike’s first-quarter analyst call, Matt Friend, EVP and CFO, said Nike is finding success with some new products, particularly in running, and the hiring of Nike veteran Elliott Hill as CEO was enthusiastically received by Nike’s employees. However, he warned that business conditions worsened in the quarter with online traffic, retail sales across the marketplace and spring orders all coming in lighter than planned.
EXEC: U.S. Now Largest Region for JD Sports; Finish Line Banner to Retire
The parent of the JD, Hibbett, Finish Line, DTLR, and Shoe Palace retail brands in the U.S. and JD and others worldwide saw revenue grow 5.2 percent to £5.03 billion in the first half, including £61 million from 10 days of Hibbett sales.
EXEC: Patagonia Lays Off 41 Employees at Ventura HQ in Restructuring
CEO Ryan Gellert said in a LinkedIn post that the restructuring aims to “enhance product development, improve customer experiences, and foster a vibrant workplace culture.”
EXEC: Sports Direct Parent’s Bid for Mulberry Rejected
Luxury handbag maker Mulberry Group Plc rejected a takeover approach from Frasers Group, the parent of Sports Direct, and announced plans to proceed with its emergency fundraising to support a turnaround.
Analysts: Nike Could Cut Guidance Tonight
Several analysts expect Nike will lower guidance for the second straight quarter when it reports first-quarter results after the market’s close on Tuesday due in part to weakness in China but also to lower the bar for incoming CEO, Elliott Hill.
Iconix Completes Acquisition of Salt Life in Bankruptcy Proceedings
Brand management company Iconix International Inc., in partnership with the Hilco Consumer-Retail Group (HCR), has completed its acquisition of the Salt Life apparel brand for $38.74 million after previous owner Delta Apparel Inc. filed Chapter 11 bankruptcy in late June. All 28 of Salt Life’s stores will close following the company’s bankruptcy sale as the brand’s new ownership transitions to a wholesale and e-commerce business model.
EXEC: The Pro’s Closet to Shutter in October After 18-Year Run
Deeper than usual discounts on bike and gear this week were seen as end of season sales, but when opening the site on Thursday, September 26, it was clear the end had come for the 18-year effort to make cycling accessible to more people.
EXEC: Rip Curl and Oboz Parent KMD Posts Double-Digit Decline for Fiscal Year
Rip Curl total sales decreased 7.3 percent y/y to NZ$538.9 million, Oboz sales decreased 20.0 percent y/y to NZ$79.4 million, and Kathmandu total sales decreased 14.5 percent to NZ$361.1 million for the year.
EXEC: Vista Delays CSG Merger Vote Again as Large Investor Opposes Deal
The company noted in a media release that October 9 is the last possible date for the company to hold the special meeting ahead of the October 15, 2024 termination date in the merger agreement with CSG. A large investor said not so fast.
