EXEC: Stalking Horse Bidder Emerges In Rockport Bankruptcy
The Rockport Company’s stalking horse bidder in its bankruptcy auction has signed a purchase agreement that sets the value of the company’s intellectual property and the buyer’s right to purchase the company’s equity interest in certain subsidiaries and puts in place a formula for valuing inventory purchased at closing.
EXEC: Nike’s Valuation Declines In Kantar’s 2023 Most Valuable Brands Study
In Kantar’s 2023 BrandZ Most Valuable Global Brands Report, Nike continues to reign as the highest-valued brand; however, the company lost ground year-over-year due to a slowdown at retail, challenges from an inventory glut, the post-pandemic shift away from activewear, and increased competition from Chinese brands.
EXEC: Vans Seeks Path Back To Growth With New OTW By Vans As The Vault Retires
The Vault by Vans product chapter will conclude by the end of 2023, making way for the launch of OTW by Vans in early 2024 with a distinctive e-commerce experience and be available through a globally-curated selection of wholesale partners.
EXEC: Wall Street Cautiously Optimistic On VF’s “Outsider” CEO Hire
Shares of VF Corp. were up slightly Tuesday despite the company’s surprising move to go outside the industry to hire Bracken Darrell, former CEO of computer accessories maker Logitech International, as its new CEO. Analysts were hopeful Darrell’s track record for driving growth, executing turnarounds and global expertise offsets his lack of experience in the apparel and footwear space.
EXEC: Outdoor Participation Holding Onto Pandemic Gains
The 2023 Outdoor Participation Report shows that the outdoor recreation participant base grew 2.3 percent in 2022 to 168.1 million people, or 55 percent of the U.S. population over age six, and is increasingly more diverse in ethnicity, race, age, sexual, and gender identity.
EXEC: Rockport’s Top Industry Creditor Outlines Company Risk To Investors
In a letter to investors on June 16, the Board of Directors of Stella International Holdings Limited, the largest creditor listed in the bankruptcy filed last week by The Rockport Company with approximately $24.1 million owed to the footwear manufacturer, outlined the risk to the company by Rockport’s filing.
EXEC: Rockport Blames Bankruptcy On Lackluster Back-To-Work Recovery
Rockport survived a steep drop in sales in 2020 during the first year of the pandemic, but an inventory glut to capitalize on the return to working in offices post-pandemic failed to deliver and led to the iconic footwear company’s second bankruptcy in five years, according to court papers.
Golf Equipment Sales Growth Moderates, But Still Well Above Pre-Pandemic Levels
Golf ball sales have surged upward this spring with a boost from healthier inventory levels and the return of promotions to help offset some weakening across golf club categories, according to the latest data from Golf Datatech and the National Golf Foundation. Growth across most equipment categories remains well ahead of pre-pandemic 2019 levels.
The Rockport Co. Files For Chapter 11 Bankruptcy; CEO Resigns
The Rockport Co. has filed Chapter 11 bankruptcy in a U.S. District Court in Delaware and intends to file a motion seeking authorization to pursue an auction and sale process.
EXEC: Ammo, Inc. Eyes Recovery Year With Focus On Premium Offerings
Ammo, Inc. reported a loss in its fiscal year ended March 31, as sales dropped 20.3 percent; however, company officials forecasted improved profitability in FY24 due to its focus on premium brass and large-caliber ammunition rounds within its ammunition business and several enhancements, including a payment suite and cart platform, to its GunBroker.com marketplace.
EXEC: A Cautious Look Ahead After Retail’s Bumpy Ride In First Quarter
For many retailers with a prominent presence in the active lifestyle space, the first quarter worsened as the months went on with a large part of the blame placed on inflationary and macro-economic pressures. Seven retailers – Academy Sports, Hibbett, Foot Locker, Genesco, Shoe Carnival, Designer Brands and Macy’s – reduced their outlook for the year, although three – Lululemon Athletica, TJX Cos. and Ross Stores – bucked the trend by raising guidance.
EXEC: Adidas Earns Upgrade On Lionel Messi’s Move To Miami
Bernstein analysts upgraded their rating on Adidas from “Market Perform” to “Outperform” in part due to Lionel Messi’s move to join Inter Miami to become Major League Soccer’s biggest star. In 2017, Messi signed a lifetime contract with Adidas worth a reported $1 billion.
Citi Survey: Nike’s Appeal Strong In North America And Improving In China
Recent survey data from analysts at Citi found Nike’s consumer appeal remained vibrant in North America with the brand by far the most-popular athletic brand in the region. Among Chinese consumers surveyed, Nike generated sequential improvement in consumer sentiment and held a slight lead as the favorite brand in the country.
Yue Yuen Manufacturing Business Revenues Falls 10.8 Percent In May
Yue Yuen Industrial (Holdings) Limited, a subsidiary of Pou Chen Corporation that manufactures a large percentage of global athletic and outdoor footwear, reported that its net consolidated operating revenue for May was $701.0 million against $758.0 million a year ago, a 7.8 percent decline versus the year-ago month.
EXEC: Boot Barn Resets Growth Expectations With Push Beyond Western
Speaking at William Blair’s 43rd Annual Growth Stock Conference, Jim Conroy, Boot Barn’s president and CEO, said that while Boot Barn may have been founded as a western boot retailer in 1978, its growth trajectory has resized multiple times as it has expanded across work, fashion and country lifestyle categories.
