SGB Update Apparel
Costco Store in Virginia to Unionize
At the Costco store in Norfolk, VA, employees voted overwhelmingly to join the Teamsters, the largest union in America, marking the first “victory” for workers at a Costco location in two decades.
A Range of Business Issues, Brands and Retailers Top SGB Media’s Most Read for December
December 2023 featured many of the annual recaps and look aheads inherent in end-of-year business reporting; however, traffic and readership also rewarded a piece on Macy’s $5.8 billion buyout offer with the Most Read Article nod for the month.
Aspen Skiing Co. Sues U.K. Skiwear Brand Over Influencer Photos
Aspen Skiing Co. filed a lawsuit against Perfect Moment, the U.K.-based skiwear brand, for sending influencers to its four resorts to “falsely associate” themselves with the brand to “gain reputation” without permission.
Fairmonde Golf Secures Investment LPGA Tour Pro
Fairmont Golf, based in Sheridan, WY, reported that Angel Yin, the American professional golfer playing on the LPGA Tour, had invested and is a shareholder in its women’s apparel golf brand.
Forward Outdoor Apparel Hires Global Brand Director and Head of Product
Forward Outdoor Apparel, the freeskiing and snowboarding apparel brand, appointed Tony McWilliam as global brand director and Lionnel Ducruet as head of product.
Xcel Wetsuits Hires Head of E-Commerce
Xcel Wetsuits hired Johnny Gothard to head its e-commerce business in the U.S. and international markets. Most recently, Gothard was director of e-commerce at Rip Curl.
Lands’ End Secures New Term Loan
Lands’ End, Inc. entered into a new term loan of $260 million. The company used the proceeds to refinance its existing term loan ahead of maturity in September 2025.
Golf Rounds Played Jump In November
Golf Datatech reported that U.S. golf rounds played rose 8.2 percent year-over-year in November, rebounding from a slight decline in October.
Report: Merchandise Returns Reach 14.5 Percent in 2023
According to the report released by the National Retail Federation and Appriss Retail, for every $1 billion in sales, the average retailer reportedly incurs $145 million in merchandise returns. Online sales do see a higher return rate, at 17.6 percent.
Report: U.S. Holiday Season Retail Sales at Low End of Forecast
U.S. retail sales, excluding automotive, increased 3.1 percent year-over-year this holiday season, according to a report from Mastercard SpendingPulse measuring the period from November 1 through December 24.
Happy Holidays From SGB Media
In observance of the Christmas holiday, SGB Media is taking time to be with family and will not publish the SGB Updates on December 25. Publishing will resume on December 26 with one Update newsletter daily through December 29.
Nike to Undergo Layoffs, Cost-Cutting Amid Weakening Sales Outlook
Nike, Inc. reported earnings in its fiscal second quarter ended November 30 topped analyst expectations but also announced a program to cut costs by about $2 billion over the next three years, including through layoffs, as it sees a “softer” sales outlook for its fiscal second half.
Nordstrom Rack To Add Another Houston Location in Fall 2024
The store will occupy 34,000 square feet in the Meyerland Plaza, among Texas’s Top 5 most visited open-air shopping centers. The retailer operates eight Nordstrom stores and 23 Nordstrom Rack stores in the state.
Jason Mayden Returns to Jordan Brand as Chief Design Officer
Jason Mayden, recently president of Fear of God Athletics, is returning to Nike as senior global design director of Jordan Brand.
Compass Diversified Receives $75.2 Million Equity Investment
The owner of Velocity Outdoor, BOA, Primaloft, 5.11, and other active lifestyle brands, reported that it had completed a private placement of approximately 3.6 million of its common shares to a mutual fund managed by Allspring Global Investments to raise $75.2 million.
