SGB Update Footwear
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.
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.
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.
Authentic Partners with Former Boardriders Execs to Manage Japan, Taiwan
BRJ Group, led by Sammy Yoo, a 13-year veteran of the Boardriders’ portfolio, will operate business in Japan and Taiwan, which includes the Quiksilver, Billabong, Roxy, RVCA, DC Shoes, Element and Von Zipper brands.
Liberated Brands Gets Nod from Authentic to Manage Boardriders Brands Down Under
Authentic expanded its partnership with Liberated Brands to build the Quiksilver, Billabong, Roxy, RVCA, DC Shoes, Element, VonZipper, Honolua, and other businesses in Australia, New Zealand, Thailand, and Indonesia.
Kohl’s Expands Board of Directors to 13 Members with Latest Appointment
Wendy C. Arlin, who, most recently, was the CFO for Bath & Body Works, Inc., reportedly brings more than three decades of experience in corporate finance, financial reporting, oversight and accounting, with deep expertise in the consumer industry.
