U.S. Trade Activity Rebounds But Global Trend Continues to Weaken
Volume of new orders and invoices exchanged between U.S. buyers and their suppliers grew at 3 points above its expected range in Q2, recovering from a level 6 points below the baseline in the previous two quarters.
Fashion Brand Styched Acquires India Sneaker Startup Flatheads
Styched, an online apparel brand based in India and founded in 2019, acquired Flatheads, a direct-to-customer (DTC) online casual sneaker start-up that gained attention after appearing in season two of Shark Tank India.
South Korean Fashion E-tailer Musinsa Nets $190 Million Funding Round
Musinsa, an online fashion platform in South Korea, raised a $190 million round of Series C funding led by KKR, with participation from Wellington Management.
EXEC: Anta Sports Sees Retail Sales Accelerate in Q2; Fila Up in High-Teens
Anta brand retail sales increased in high-single-digits in Q2, while Fila brand sales increased in the high teens. The All Other Brands segment posted 70 percent to 75 percent growth in the period.
Retail Sales Up Again in June Despite Slower Job Growth
The U.S. Census Bureau is reporting overall retail sales in June were up 0.2 percent from May and up 1.5 percent year-over-year (YoY). Sporting goods stores were down 1 percent MoM seasonally adjusted and down 0.9 percent unadjusted YoY.
Academy Is Opening Two More Stores In Central Texas In F23
Academy Sports and Outdoors, Inc. reported it will open two new stores in Central Texas this fall in Brenham and Kyle, respectively and is on track to open 13-to-15 stores in 2023, with the goal of opening 120-to-140 new stores by the end of 2027.
EXEC: Lululemon Lays Off 100 Employees at Mirror Business
Lululemon confirmed with SGB Media reports that it has laid off 100 employees from Lululemon Studio, which represents its Mirror connected fitness business. In mid-April, reports arrived that Lululemon was working with an advisor to explore the sale of Mirror.
Hotter Shoes Parent to Appoint Administrators to Sell Operating Subsidiary
Unbound Group, the parent company of British footwear retailer Hotter Shoes, suspended trading of its shares on the London Stock Exchange and appointed administrators for its primary operating subsidiary, Beaconsfield Footwear, Ltd., after failing to find a buyer or to raise capital to restructure the business.
Wolverine World Wide, Inc.’s Debt Ratings Outlook Lowered
S&P Global Ratings revised its outlook on Wolverine World Wide Inc. due to the footwear company’s recent underperformance and challenging conditions going forward.
361 Degrees International Posts Low-Teens Retail Sales Growth in Q2
361 Degrees International Limited reported its retail sales (in terms of the retail value) of 361° core branded products for the second quarter of 2023 posted low-teens growth compared to the comparable period of 2022.
Ross Stores Opens 27 New Stores in July
Ross Stores opened 18 Ross Dress for Less and nine DD’s Discounts stores across 14 states in June and July as part of the company’s plan to add approximately 100 new stores—75 Ross and 25 DD’s Discounts—during fiscal 2023.
Journeys Launches Second-Hand Resale Program
Journeys launched Journeys Second-Hand, an apparel resale program where customers can shop secondhand apparel through the company’s website and resell their worn clothing for a Journeys shopping credit.
Signa Sports Adds Accell Group’s Former CEO to Board
Signa Sports United N.V. (SSU) announced plans to appoint Anthonie Anbeek, most recently CEO of Accell Group, to its Board of Directors, effective April 1, 2024.
Canada Ports Strike to End After Tentative Deal Is Reached
A 13-day-old strike that disrupted shipments at Canada’s western ports, including the Port of Vancouver and Prince Rupert, is scheduled to end after the dockworkers’ union and a group of employers agree on a tentative deal.
Ponto Footwear Names Former Wolverine, TNF Executive as President
Ponto, the sustainable footwear brand based in Encinitas, CA, hired Barry McGeough as brand president. Most recently, McGeough was the global vice president for product and digital innovation at Wolverine Worldwide.
