SGB Update Footwear

K-Swiss Appoints VP of Lifestyle

K-Swiss hired athletics footwear veteran Andrew Richard as VP of lifestyle, responsible for leading lifestyle sales for the Americas region, including the wholesale sales team and K-Swiss distributors. 

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.

Skechers Opens Distribution Facility In India

Skechers opened a 600,000-square-foot distribution center in Mumbai, India, to support the company’s expansion into the country. The building in the Lodha Industrial and Logistics Park in Kalyan is designed to streamline supply chain operations and can ship up to 60,000 SKUs daily.

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.

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.

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.

Wolverine Worldwide Appoints Chief Supply Chain Officer; Jim Zwiers to Exit

Bishu Jayaram was appointed to the newly-created role of chief supply chain officer, responsible for global sourcing, distribution, logistics, and integrated planning. Jim Zwiers, EVP and president of the Global Operations Group, will transition away from the company in early 2024.

U.S. Consumer Confidence Rises to 5-Month High in December

The Conference Board reported that its Consumer Confidence Index rose to 110.7 million in December, up from a downwardly revised 101.0 in November in an indication that concerns about a recession in the U.S. are lessening. The Index improved for the third consecutive month, reaching its highest level since July.