Rapala VMC Lowers 2023 Outlook
Rapala VMC Corp., the fishing tackle company based in Helsinki, Finland, lowered its financial outlook for the year, now expecting 2023 operating profits to be “significantly below” 2022 due to marketplace inventory destocking efforts.
MEC Tied For Top Place With Costco As Canada’s Most Trusted Brand
In a tie with Costco, the Gustavson Brand Trust Index recognized Mountain Equipment Company (MEC) as Canada’s most trusted brand. Other brands in the active lifestyle space that made the Index’s Top 50 most trusted brands were Columbia Sportswear at No. 3; The North Face, 12; Patagonia, 15; and Canadian Tire, the parent of SportsChek, 37.
Big Agnes Launches Canadian Website
Big Agnes launched a new website to service Canada’s active outdoor consumers. The Steamboat-Spring, CO-based outdoor equipment brand said that by launching a site for the region, it could support its wholesale partners with a dealer locator tool that helps consumers find gear at local retailers.
JD Sports Expands To Middle East In Franchise Deal
JD Sports Fashion Plc signed its first franchise agreement with Dubai-based GMG. Under the ten-year agreement, GMG will open around 50 stores under the JD banner by 2028, focused on locations in the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait, and Egypt.
World Surf League CEO Exits
The World Surf League (WSL) announced that CEO Erik Logan had left the company, effective immediately, with no reason for his departure. As the WSL begins a search for a new CEO, Emily Hofer, WSL’s chief people and purpose officer, and Bob Kane, chief operating officer and chief legal officer, will jointly lead the company.
Study: Consumers Plan To Spend More For BTS Despite Weaker Economy
Creator marketing platform LTK released the findings of its 2023 Back to School Shopper Study which found that, despite the weakened U.S. economy, 65 percent of Americans said they will shop during the back-to-school season, with 81 percent planning to spend the same or more than last year, with purchasing decisions driven by price and quality.
On Opens Store In Brooklyn
Swiss running brand On opened a store in Brooklyn’s Williamsburg neighborhood, marking its fourth retail location in the U.S. and its 23rd store globally. The company reported that future store openings are planned for Miami, Chicago, Austin, and Portland, OR.
Solo Stove Opens In-Store Experience In Polaris Public Lands Store
Solo Stove opened a permanent in-store product display at the Public Lands store in Polaris, OH, the outdoor specialty store owned by Dick’s Sporting Goods.
Nike Tops Fiscal Q4 Sales Expectations, Misses On Earnings On Margin Pressures
Nike, Inc. reported net earnings slid 28 percent in its fiscal fourth quarter ended May 31 and were just short of Wall Street expectations due in part to higher markdowns used to clear inventories.
Precor Partners To Support Stages Cycling’s Global Distribution
Precor, a wholly-owned subsidiary of Peloton, and Stages Cycling, a manufacturer of commercial indoor cycles, power meters and cycle computers, announced plans to enter into a “strategic global distribution agreement that will expand the availability and reach of Stages Cycling products to new markets and customers.”
Kahtoola Names Marketing And Communications Chief
Kahtoola, the manufacturer of footwear traction and performance gaiters, hired Jimmy Hopper as director of marketing, brand development and communications, effective immediately.
L Catterton Sells Majority Stake In Cicli Pinarello
L Catterton reported selling its majority stake in Cicli Pinarello, the Italian manufacturer of road bikes, accessories and apparel, which it acquired in December 2016, to a “private family office.” The company did not disclose the terms of the transaction.
Authentic Brands Raises $500M In Funding From General Atlantic
Authentic Brands Group has raised $500 million from its existing investor General Atlantic, bringing the private equity firm’s investment in the apparel chain operator to nearly $2 billion. The funds will be used to accelerate growth.
REI To Open A Store In Durango
REI Co-op announced it intends to open a retail store in Durango, CO, in spring 2025; this would be the retailer’s tenth store in the state.
KPMG Sees Back-To-School Spending Climbing 21 Percent
Back-to-school shoppers expect to spend, on average, $377 per child, 21 percent more than a year ago, ranging from $212 per preschooler to $640 for a first-year college student, according to KPMG’s 2023 Back-to-School Spending survey.
