SGB Update Footwear
Journeys Again the Culprit as Genesco Swings to Q2 Loss on Lower Sales
The overall 2 percent sales decline was driven by an 11 percent decrease at Journeys and a 7 percent decrease at Genesco Brands, partially offset by an increase of 21 percent at Schuh and an increase of 4 percent at Johnston & Murphy.
Journeys Group President to Retire; Appoints COO
Genesco, Inc. announced the planned retirement of Journeys Group president Mario Gallione at the end of the company’s fiscal year, with an expected effective date of February 2024. Mike Sypert was promoted to Journeys’ chief operating officer, effective immediately.
Rack Room Names New Chief Legal Officer
Rack Room Shoes hired Randolph Brodwin, Esq. as senior vice president and chief legal officer. Previously, he was vice president, associate general counsel at Foot Locker, and, most recently vice president, legal affairs at Circle K.
Avenatti Loses Conviction Appeal in Nike Extortion Case
The US Court of Appeals for the Second Circuit rejected Michael Avenatti’s claim that no sufficient evidence supported his February 2020 conviction on charges of extortion and honest services fraud for threatening to smear Nike if the company did not pay him millions.
Skechers Donates More than $10 Million to Support Dogs and Cats in Need
Over the past eight years, Bobs from Skechers has grown into a year-round movement with round-up donations, vaccination events, check celebrations for organizations, and animal transports to future homes.
Midwest Mountaineering to Close After 53-Year Run
The Minneapolis store reported losing money every month in 2023 through July and with declining sales for the last seven years except when outdoor gear sales saw a brief surge at the height of the pandemic.
Sycamore Partners Rolls Up Top Women’s Brands into New Holding Company
The private equity company specializing in consumer, distribution and retail-related investments, formed the KnitWell Group, a holding company comprised o apparel brands, including Ann Taylor, Loft and Talbots.
L.L.Bean Adds Academy Sports + Outdoors as Wholesale Key Account
Academy Sports will carry a wide assortment of L.L.Bean’s products, including polos, backpacks, men’s and women’s apparel, and the iconic Bean Boots.
August U.S. Consumer Confidence Index Decline is Highest in Two Years
U.S. consumer confidence fell the most in two years as pessimism on the labor market, higher borrowing costs and stubborn inflation curbed optimism. The Conference Board continues to expect a recession before the year’s end.
Express, Inc. Names Atwood Footwear Creative Director
Express, Inc. hired Brian Atwood as creative director of footwear, overseeing women’s and statement men’s footwear.
MC Sports’ Mort Finkelstein Passes Away
Mort Finkelstein, the co-founder of the MC Sports chain, passed away on August 17. He was 93.
Active Brands Group Hires E-Commerce Manager
Sweden-based ABG hired Rohan Callander as e-commerce manager responsible on expanding the DTC business for its portfolio of brands.
DSW Parent Company President to Depart
Designer Brands, Inc. said in a regulatory filing that William Jordan, president of the company and president of Camuto LLC, is stepping down from his positions with the company on or before December 1, 2023.
Wolverine’s Debt Ratings Lowered by Moody’s
Moody’s Investors Service downgraded the debt ratings of Wolverine World Wide, Inc., reflecting the company’s significant earnings decline in Q2 2023 and Moody’s expectations for continued weak near-term performance. S&P Global Ratings similarly recently reduced its rating.
Shoe Carnival Reduces Outlook on Weakness in Urban Markets
Shoe Carnival, Inc. slightly lowered its outlook for the year as second-quarter earnings and sales missed analysts’ estimates. The family footwear chain said that while overall conditions improved from earlier in 2023, soft traffic results continued within lower-income households and urban markets to lead to a 6.5 percent same-store decline in the quarter.
