SGB Update Apparel
New Balance Advances Plan For Sixth New England Factory
New Balance has secured tax breaks to support the opening of a new manufacturing facility in Methuen. According to The Boston Globe, the state Economic Assistance Coordinating Council approved $900,000 in state tax credits to help subsidize the $33 million project, and the city is pitching in with $272,000 in property tax breaks.
Stormtech Performance Apparel Welcomes Jay Paparone
Stormtech Performance Apparel appointed Jay Paparone to the USA sales management team, effective immediately.
Cherokee Global Brands Becomes APEX Global Brands
Cherokee Global Brands announced that it will be changing its name to APEX Global Brands to reflect the company’s expanded brand portfolio, marketing and design services, effective June 27.
Meek Mill Becomes Co-Owner Of Lids
In an interview with Business Insider, Meek Miller, the rapper, announced that he had become a co-owner of Lids, the hat chain.
StockX Earns $1 Billion Valuation In Funding Round, Appoints New CEO
StockX, the sneaker re-selling website, has closed on a $110 million Series C funding round from investment firms DST Global, General Atlantic, and GGV Capital. The company also announced the appointment of Scott Cutler, formerly at eBay, as CEO.
Ex-Billabong Boss Matthew Perrin Released From Jail A Year Early
Former Billabong CEO Matthew Perrin has been released from jail a year before his parole eligibility date, according to the Sydney Morning Herald.
Former Lord & Taylor President Joins Adidas North America
Vanessa LeFebvre, former president of Lord & Taylor, is joining Adidas as SVP of commercial, overseeing the brand’s U.S. wholesale, stores and online businesses.
Jordan Brand Signs Jayson Tatum
Nike’s Jordan Brand signed Jayson Tatum, star forward from the Boston Celtics, to an endorsement deal.
Puma Commits To 35 Percent Reduction In Carbon Emissions By 2030
Puma said it’s aiming for a 35 percent reduction of its greenhouse gas emissions by 2030, a target which was approved by the Science Based Target initiative (SBTi).
Academy Sports Debt Ratings Upgraded Following Distressed Exchange
Standard & Poors Corp. raised Academy Sports’ debt ratings to ‘CCC+’ from ‘SD’ (selective default), as expected, a few days after lowering its rating following the retailer’s repurchase of a portion of its senior secured term loan facility due 2022. S&P said its continued negative outlook on Academy “reflects our expectation that weak performance will persist and meaningful operational improvement is unlikely in the next 12 months.”
Columbia Sportswear Testifies Against the Trump Administration’s Proposed Tariff Hike
Katie Tangman in her testimony said, “Reducing investment to pay millions of dollars in extra tariffs and to move production, will seriously hinder our ability to continue to grow and create more U.S. jobs. At a time of rapid retail change, we simply cannot afford to slow our investments due to these punitive tariffs.”
Lululemon Quietly Closes Men’s-Only Stores
Lululemon Athletica has quietly closed its men’s-only stores in New York City and Toronto. A Lululemon spokesperson told Bloomberg customers respond better to Lululemon “as a dual-gender brand.”
Adidas “Stripes” Ruled Invalid In EU Trademark Case
The European Union General Court ruled against Adidas in a trademark dispute over its famous three stripes.
Fred’s Closing Another 49 Stores
The Memphis-based discount chain Fred’s is closing 49 more stores. It’s the third round of closings since April and comes five weeks after “going out of business” liquidation sales began at 105 Fred’s stores and follows the decision to shutter 159 locations.
NRF Warns USTR To Avoid Additional Tariffs
The National Retail Federation urged the Office of the U.S. Trade Representative to avoid 25 percent tariffs on $300 billion in Chinese goods and released a new study examining key product categories and the negative impact on American consumers.
NRF Senior Vice President of Government Relations David French said, “We support efforts to achieve better trade deals, but American consumers shouldn’t be caught in the crosshairs.”
