Elevate Outdoor Collective Promotes Josee Larocque to CEO
The parent company of the K2, Marker, Dalbello, Völkl, Ride, Line, Backcountry Access, Atlas Snow Shoe, Tubbs Snowshoes, and Madshus brands said COO Larocque replaces CEO John Colonna, who is leaving the company to pursue other interests.
Report: Holiday Shopping Intentions Driven by Consumer Optimism, Quest for Value
This year’s household food and grocery costs will impact holiday shopping for 62 percent of consumers, but more holiday shoppers, 57 percent, feel positive about personal finances than in 2023.
Amazon Plans to Hire 250,000 Holiday Workers, Same As Last Year
Amazon aims to add 250,000 U.S. seasonal employees during the 2024 holiday season, matching its target number from 2023.
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.
PrimaLoft Beefs Up Product Team
PrimaLoft, Inc. appointed Chris Gallo as senior vice president of product strategy and Andrea Paulson as senior vice president of innovation and technology. Gallo was most recently at Nobull while Paulson was at Saucony.
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.
Compass Diversified Acquires Lifoam Industries
Compass Diversified announced that its subsidiary, Altor Solutions, a manufacturer of custom protective and cold-chain packaging solutions for the industrial and life sciences markets, completed its previously announced acquisition of Lifoam Industries, LLC.
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.
New York Sports Club Hit by Data Breach
New York Sports Club notified 19,836 individuals, believed to be all employees, that their personal data was stolen due to a data breach.
Nike Crushes Q1 EPS Targets, Warns of Guidance Adjustment
Nike Inc. reported earnings for its first quarter handily topped Wall Street targets, but said it was postponing its upcoming Investor Day and indicated it “would address its approach to guidance” on its quarterly analyst call in light of the appointment of Nike veteran Elliott Hill as CEO. Sales in the quarter were down 10 percent with declines of 13 percent in direct and 8 percent in wholesale channels.
Pvolve Studio to Add Third Location in SFO Bay Area
Local entrepreneur Venetia Vonich, teamed up with friend and business partner Lupita Romero to expand the company’s reach in the San Francisco Bay area.
