SGB Update Apparel
JCPenney Bogged Down by Soft Traffic in Q2
The retailerr eported a net loss of $96 million in the second quarter, which ended August 3, as same-store sales declined 7.7 percent. The loss compares with earnings of $19 million a year ago. Net sales declined 8.9 percent to $1.53 billion from $1.68 billion.
Adidas’ UK Sales Fall 9 Percent in 2023
Companywide, Adidas’ sales in 2023 declined 5 percent to €21.4 billion in Euro terms with flat currency-neutral revenues. The discontinuation of the Yeezy business represented a drag of around €500 million on the year-over-year comparison during 2023.
Long-Time Nike Board Member Douglas Houser Passes Away
Douglas Houser, an attorney who incorporated Nike and served on the company’s Board of Directors for 50 years, passed away at the age of 89.
Mytheresa to Acquire Yoox Net-a-Porter from Richemont
Richemont will sell YNAP to Mytheresa with a cash position of €555m and no financial debt, subject to customary closing adjustments. The transaction will create a multi-brand digital group. The closing of transaction is expected to be in H1 2025.
S&S Activewear Completes Acquisition of Alphabroder
S&S Activewear completed the purchase of Alphabroder, uniting two branded apparel distributors to support customers and suppliers across corporate and consumer markets.
Stussy to Open New York City Flagship
The 5,600-square-foot space will open at 50 Prince Street. The location was formerly McNally Jackson, an independent bookseller with five New York locations.
On Brand to Open First Australian Store
The 390-square-meter flagship store draws inspiration from Melbourne’s “urban landscape,” is is the company’s 42nd globally.
Orvis Sets Layoffs and Store Closures; Discontinues Catalog
The 112 employees affected by the layoffs represent 8 percent of Orvis’ workforce. In the U.S., Orvis operates 70 retail stores and 10 outlets. In the UK, the company operates 18 retail stores and one outlet. The company did not disclose what store would be affected by the closures.
Salomon Opens Pop-Up In New York City, Plans Store Openings
The brand’s first store in SoHo, will serve as a test for Salomon as it plans to open five stores in 2025, beginning with a permanent space in New York City.
Beyond Yoga Launches Club Beyond, a NYC Experiential and Retail Pop-Up
From October 11-16, Club Beyond, located at 31 East 17th Street, will offer two to three classes a day in fitness and wellness with guests and instructors, with workshops, brand experiences and the first Beyond Yoga retail store in the city.
Report: Growing Participation Rates Supporting Outdoor Rec Sales and M&A
Capstone suggested that financial performance across the sector is expected to improve as firms work through excess inventories, limit promotion activity, and mitigate margin pressures.
Academy Sports’ Debt Ratings Raised by S&P
S&P Global Ratings raised Academy Sports And Outdoor Inc.’s debt rating because the retailer has sustained S&P’s adjusted leverage well below the 2x area despite modest EBITDA margin contraction.
REI to Close Again on Black Friday, Encourage ‘Nature Therapy’
REI Co-op will again close all stores, distribution centers, activity centers, call centers, and headquarters on Thanksgiving and Black Friday Outdoor and pay its employees to spend the day outside.
Ames Watson to Lead Champion’s U.S. Collegiate and Teamwear Business
Ames Watson will oversee Champion’s U.S. collegiate apparel and teamwear business through GearCo, which is managed and operated by Ames Watson, following its sale to Authentic Brands Group.
Dick’s SG to Hire Fewer Seasonal Workers This Year
The retailer plans to hire nearly 8,000 seasonal workers for this year’s holiday season, a step back from the 8,600 planned hires in 2023. A steady decline in employee turnover since 2021 led DKS to a decrease in the number of seasonal workers this year.
