SGB Update Footwear
Association of Golf Merchandisers Adds Vendor Advisory Board Member
Susan Shade is an industry veteran with over 30 years of professional management experience in apparel, golf, fitness, and e-commerce. At Tharanco Lifestyles, Shade oversees the golf division, which includes distributing the Greg Norman Collection to over 50 countries.
NuOrder by Lightspeed Appoints New Head of Revenue
Chris Akrimi, most recently, was the CEO of The Layer, a tech company that “transforms commerce data through AI. ” There, he focused on positioning the company at the “forefront of AI-driven product data management.”
Footasylum Secures Funding to Drive Expansion
The company secured a £35 million ($46 mm) revolving credit line from HSBC to support expansion and sustainability initiatives, and set a goal to achieve carbon net zero for Scope 1 and 2 emissions by 2030 and Scope 3 by 2040.
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.
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.
Shoe Carnival’s Chief Merchant to Retire Next Spring
Carl Scibetta, senior executive vice president and chief merchandising officer, plans to retire in spring 2025 after working for over 50 years in the retail industry.
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.
Dawgs Secures Federal Circuit Win Against Crocs
Dawgs and parent Double Diamond Distribution Ltd. reported that Crocs must return to court to face allegations it violated federal false advertising laws with promotional claims that its shoes are made of “patented” materials.
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.
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.
