SGB Update Apparel
J.C. Penney’s Q2 Revenues Slide 10 Percent
J.C.Penney’s sales fell 10.1 percent in the second quarter year-over-year to $1.61 billion from $1.79 billion a year ago, according to a regulatory filing.
S&P Raises Authentic Brands Debt Ratings on Improved Performance
S&P Global Ratings raised the debt rating of Authentic Brands Group, LLC after the company outperformed its previous forecast for its sizable 2022 acquisition of Reebok and recently-closed acquisition of Boardriders, Inc. S&P said the company funded the Boardriders acquisition with less debt than previously expected due to new equity from its financial sponsors.
TJX Companies Elects New Board Director
TJX Companies, Inc.’s Board of Directors elected Charles F. Wagner, Jr. to its Board, effective immediately. Wagner is the EVP and CFO of Vertex Pharmaceuticals, Inc., a role he has held since 2019.
M&S | The Sports Edit Adds Activewear Brands To Growing Platform
Marks & Spencer’s M&S | The Sports Edit is adding Adidas, Columbia, Sweaty Betty, Regatta and Sorel to its dedicated sportswear platform on M&S.com as part of its continued push into the sportswear category.
New Balance Opens Concept Store in London
New Balance opened an experiential concept store in London’s Westfield Stratford City Mall, targeting younger consumers. The store is the company’s third globally. The first opened in Guangzhou, China, in 2022, and the second in February 2023 at 124 Newbury Street in Boston.
Adidas Sues LIV Golf For Trademark Infringement Over Logo
Adidas filed a lawsuit against LIV Golf, the Saudi Arabian golf league, for trademark infringement, charging the ‘L’ in LIV’s logo looks too similar to its iconic ‘three stripes’ brand.
Bain Forecasts Nominal U.S. Holiday Sales Gain
Bain & Company forecasted nominal U.S. retail sales to slow this holiday season, with the lowest growth rate since 2018. Unadjusted seasonal sales are expected to grow 3.0 percent year-over-year (YoY) in November and December, reaching nearly $915 billion, with 90 percent of the growth coming from non-store (e-commerce and mail-order) sales.
PGA Tour Superstore to Open Location in Greater Richmond Area
PGA Tour Superstore reported it plans to open a store in early 2024 in Glen Allen, VA, its first in the greater Richmond market, at Colonnades West, on the corner of Cox Road and West Broad Street.
Survey Finds 92 Percent of Consumers Cut Spending This Year; Apparel Tops Cuts
A recent CNBC-Morning Consult survey found that 92 percent of U.S. adults reduced their spending over the past six months, and the majority expect to remain frugal through the 2023 holiday shopping season.
Nike Rise Store to Open in Birmingham, England
Nike plans to open a Nike Rise concept store in Birmingham, its second to open in the U.K. and the first outside of London, according to Hammerson, the British property development and investment company that owns Bullring.
Alpha Industries Hires Director of Marketing
Samantha Goretski’s background includes working for Nike and New Balance and seven years with Vans in California and Switzerland as brand marketing director, overseeing its EMEA region’s lifestyle and action sports categories.
Gartner Survey Points to Softer Holiday Spending
According to a survey of 302 consumers conducted in June by Gartner, Inc., only nine percent of respondents said they plan to spend more this holiday season than in 2022, with 28 percent saying they will spend less and 63 percent saying they would spend the same.
Nordstrom Adds Board Member
Nordstrom, Inc. appointed Guy B. Persaud to its Board of Directors, effective immediately. Persaud is president of the new business unit at Procter & Gamble.
Fieldsheer Appoints Midwest RSM for Mobile Warming Brand
Travis Mayne is responsible for handling territory account management, developing go-to-market strategies and increasing sales in commercial and consumer markets.
Norrøna Selects Boston for New U.S. Concept Shop
Norrøna reported it will open a 2,637-square-foot concept shop on Boston’s Newbury Street in Spring 2024. The company said the move signifies the sustainable growth the family-owned Norwegian manufacturer of apparel and gear has achieved in the U.S.
