SGB Update Apparel
Hanesbrands’ Debt Ratings Lowered Due to High Leverage
S&P Global Ratings reduced the debt ratings on Hanesbrands, Inc. due to lower-than-expected sales and declining profitability. The rating agency also said turnaround in the Champion brand would take time as the company focuses on reducing excess inventory and repaying debt this year.
Newell Brands’ Debt Downgraded On Weak Outlook
Moody’s downgraded the debt ratings of Newell Brands due to continued pressure on Newell’s business segments and profitability from weaker consumer demand and inventory destocking, which Moody’s anticipates will continue for the remainder of 2023 and into early next year.
Happy Socks Names New CEO
Happy Socks hired Alexander Meyer as chief executive officer. Most recently, he was chief customer officer at The Bay, the Canadian department store chain.
B2B Surplus Inventory Marketplace Raises $30 Million Series B Round
The company reported it has had a 500 percent increase in uploaded inventory in the last year, with a gross merchandise value (GMV) run rate increasing over 10x year-over-year and the team has doubled in size.
Digital Brands Group Announces 1-for-25 Reverse Stock Split
The company will effect a 1-for-25 reverse stock split of its common stock, par value $0.0001 per share, effective on August 22, 2023, at 12:01 a.m., EST, pursuant to the vote of its shareholders on August 21, 2023.
Tractor Supply Launches Open Buying Days
Tractor Supply said the Open Buying Days are open to individuals and businesses nationwide. The event seeks to uncover unique products that align with Tractor Supply’s purpose – to help customers as they live Life Out Here.
Adidas Renews Partnership With Newcastle United
Adidas renewed its partnership with Newcastle United, the U.K. soccer club that competes in the Premier League, as its kit sponsor.
Kontoor Brands Hires New CFO; Current CFO to Retire at Month-End
Current EVP/CFO Rustin Welton will retire from Kontoor after four years with the company. Kontoor hired VF Corp.’s former corporate development VP, Joe Alkire , to replace Welton as EVP/CFO.
Rally House Opens Store in Cleveland Market
Rally House opened a retail store at the Great Lakes Mall in Mentor, OH, just east of the Cleveland metro.
Report: Starter Plans Comeback With New Licensing Deals
Starter is reportedly negotiating on-field licensing deals with the Fox Sports-controlled USFL and the Arena Football League as part of a comeback.
Galvin Green Appoints Global Sales Director
Premium hi-tech golf apparel brand has appointed experienced corporate executive Per Ågren to a new position as its global sales director.
Columbia Sportswear Names SVP, Global Distribution Network
Columbia Sportswear Company hired Tom Gyles as SVP, global distribution network. He formerly worked for PVH and Gap, Inc.
Westcliff University Partners with Nike/BSN Sports
Westcliff University, based in Irvine, CA, entered into a five-year partnership with Nike through BSN Sports.
Ben Sherman Inks License Agreement with BSI Apparel
Ben Sherman announced a new licensing agreement with U.K.-based BSI Apparel Limited, a subsidiary of Broadgate1960, the parent company of Crew Clothing Company, Saltrock Surfwear and Pringle of Scotland.
Study Names Top Product Placement Brands in Movies and TV
Nike, Adidas, Ray-Ban, Converse and Under Armour ranked as the top-five clothing and accessories brands featured as product placement in films, according to a recent study from U.K.-based Merchant Marine.
