World Surf League CEO Exits
The World Surf League (WSL) announced that CEO Erik Logan had left the company, effective immediately, with no reason for his departure. As the WSL begins a search for a new CEO, Emily Hofer, WSL’s chief people and purpose officer, and Bob Kane, chief operating officer and chief legal officer, will jointly lead the company.
Study: Consumers Plan To Spend More For BTS Despite Weaker Economy
Creator marketing platform LTK released the findings of its 2023 Back to School Shopper Study which found that, despite the weakened U.S. economy, 65 percent of Americans said they will shop during the back-to-school season, with 81 percent planning to spend the same or more than last year, with purchasing decisions driven by price and quality.
On Opens Store In Brooklyn
Swiss running brand On opened a store in Brooklyn’s Williamsburg neighborhood, marking its fourth retail location in the U.S. and its 23rd store globally. The company reported that future store openings are planned for Miami, Chicago, Austin, and Portland, OR.
EXEC: Jordan Brand Shines For Nike In FY23
On Nike’s fourth-quarter analyst call, John Donahoe, president and CEO, Nike, Inc. talked up progress and untapped opportunities for Nike Brand around global football (soccer), basketball and running categories, but Jordan Brand was by far the star performer for Nike’s fiscal year ended May 31.
EXEC: Nike Delivers Rare Quarterly EPS Miss, Cloudy Outlook
Nike missed on earnings for the first time in three years as compressed margins weighed on profits during its fiscal fourth quarter ended May 31. The sportswear giant also forecast first-quarter revenue below Wall Street targets as North America softness overshadowed China’s recovery. On the positive side, Nike indicated demand remains healthy across regions and inventories have been rebalanced to position the company for profitable growth going forward.
Nike Tops Fiscal Q4 Sales Expectations, Misses On Earnings On Margin Pressures
Nike, Inc. reported net earnings slid 28 percent in its fiscal fourth quarter ended May 31 and were just short of Wall Street expectations due in part to higher markdowns used to clear inventories.
Authentic Brands Raises $500M In Funding From General Atlantic
Authentic Brands Group has raised $500 million from its existing investor General Atlantic, bringing the private equity firm’s investment in the apparel chain operator to nearly $2 billion. The funds will be used to accelerate growth.
REI To Open A Store In Durango
REI Co-op announced it intends to open a retail store in Durango, CO, in spring 2025; this would be the retailer’s tenth store in the state.
KPMG Sees Back-To-School Spending Climbing 21 Percent
Back-to-school shoppers expect to spend, on average, $377 per child, 21 percent more than a year ago, ranging from $212 per preschooler to $640 for a first-year college student, according to KPMG’s 2023 Back-to-School Spending survey.
JLL Survey: Back-To-School Spending Expected To Rise 15.7 Percent This Year
According to JLL Retail Advisory’s back-to-school survey of more than 1,000 parents of school-aged kids, planned back-to-school spending will rise 15.7 percent. The company found that more than half of the parents have budgeted more this year to accommodate higher retail prices.
Report: Backcountry.com Could Land On Selling Block
TSG Consumer Partners is exploring options for Backcountry.com, including a potential sale, according to a report from Bloomberg.
KOA, Holo Footwear Announce Multi-Year Partnership
Kampgrounds of America, Inc. (KOA) and Holo Footwear announced a collaboration on a footwear line. The limited-edition KOA x Holo camp shoes will launch at Nordstrom in August.
Under Armour Makes Senior Leadership Changes
Under Armour reported the company made senior leadership changes, including hiring Marriott veteran Jim Dausch as EVP, chief consumer officer, effective July 24, and promoting Danny Miles to EVP, chief technology officer. Effective July 3, Dan Leraris, UA’s head of apparel, will begin serving as the company’s interim CPO.
L Catterton Appoints Peter Chang As Managing Partner
L Catterton, the consumer-focused investment boutique, hired Peter Chang as managing partner and co-head of Private Credit. With Shahab Rashid, Chang will co-lead the firm’s direct lending strategy.
Signa Sports’ Fiscal Q2 Revenues Slide 24 Percent
Signa Sports United N.V. (SSU) reported a wider operating loss in the fiscal second quarter ended March 31 as sales dropped 23.5 percent. The Berlin-based owner of numerous e-commerce sites focused on tennis, outdoor, and team sports said the results reflect continued weak demand versus pre-pandemic levels and “severely elevated” inventories across the marketplace.
