SGB Executive Sports & Fitness
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: 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: SEC Charges Terminated Foot Locker Exec with Insider Trading
Barry Siegel, the former senior director of order planning management for North America, agreed to a civil settlement after allegedly using material nonpublic information about sales and inventories to short FL shares prior to two Foot Locker earnings announcements in 2023.
EXEC: Leatt Partners with ZyroFisher in Distribution Deal for UK and Ireland
ZyroFisher will begin distributing Leatt products in the UK and Ireland in Spring 2025, with pre-orders starting November 2024, providing a larger portfolio of mountain bike-oriented protective products.
EXEC: Golden Goose Gets Strong DTC Lift to Post DD Growth in First Half
DTC net revenues reached €226.8 million, accounting for 73 percent of total revenues in the first half on 18 percent year-over-year growth. Wholesale revenues were down 5 percent y/y to €74.6 million in H1, accounting for 24 percent of total net revenues in the period.
Cultural Shift: Lululemon’s Global Wellness Report Finds Wellbeing Burnout
Lululemon’s fourth annual 2024 Global Wellbeing Report underscores a move towards a more personalized approach to well-being amid a fast-paced digital lifestyle. For market stakeholders, understanding the nuanced needs of consumers is key for success in this evolving landscape.
EXEC: Giant Group Subsidiary Acquires Stages Cycling Assets Out of Chapter 11
SPIA Cycling, Inc., a subsidiary of Taiwan-based The Giant Group, has successfully acquired key assets of the Stages Cycling brand from its owner companies, some of which filed for Chapter 11 bankruptcy protection in June.
EXEC: Analysts See Nike’s CEO Change Giving the Brand Room to Maneuver
Not since ET, the Extraterrestrial has the resurgence of someone named Elliott created the amount of excitement Nike, inc. generated on Thursday when the company named former Nike exec Elliott Hill as the next president and CEO of the largest sporting goods company in the world
EXEC: Nike Putting the Band Back Together as Elliott Hill Named CEO, Effective Oct. 14
The Nike, Inc. Board and current CEO John Donahoe have decided he will retire from his role as president and CEO and from the Nike, Inc. Board of Directors effective October 13.
EXEC: The 2024 Holiday Retail Calendar Adds Twists, Turns and Speed, According to BCG
In 2023, consumers completed over 50 percent of their Holiday shopping before Thanksgiving. However, the peak Holiday period (after Cyber Monday through Christmas Eve) was still the busiest, with 36 percent of shopping. This year that period will only have 27 days.
