All Corporate articles – Page 16
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News briefs
Nice Footwear share price up 60% in bourse debut
The share price of Nice Footwear rose by 60.0 percent to €16.00 on Nov.18, the first day of trading for the Italian footwear company on the Euronext Growth segment of the Milan stock exchange. The stock was sold at €10.00 in an initial public offering comprising only newly issued shares. ...
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ArticleOR Group sets up a logistics unit
OR Group, which operates the Westfalika banner, has launched a new subsidiary company to develop logistics services, which will primarily involve opening new pick-up points. The logistics company called O2 LLC will be fully owned by the group’s parent company ORG PJSC. OR Group, formerly known as Obuv Rossii, started ...
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News briefs
Allbirds’ IPO proceeds rise to $348m
The underwriters of Allbirds’ public offering fully exercised an over-allotment option to purchase additional shares, which was not surprising in view of the doubling in the initially offered price of $15 a share in the course of trading. All in all, Allbirds has placed a total of 16,850,799 shares, raising ...
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ArticleFashion Bank offers a credit insurance policy to shoemakers
Fashion Bank, an Italian provider of data and credit ratings for the fashion industry, has entered an exclusive partnership with the Italian export credit agency Sace to offer a credit insurance policy for the fashion industry called Fashion Hub. The insurance policy was presented for the first time at a ...
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News briefs
Mitchell & Ness revives century-old athletic brand
Mitchell & Ness has revived Hood Rubber Company, a footwear brand that closed up shop in 1972. The brainchild of Frederic and Arthur Hood dates back to 1896. In 1914 it was among the first to produce a basketball shoe, with a canvas upper, and to use aluminum, rather than ...
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News briefs
Wolverine amends its credit facilities
Wolverine Worldwide has amended and extended its credit agreement with JP Morgan Chase, refinancing a $200 million term loan and taking its existing revolving credit up from $800 million to $1 billion. The maturity of both credit facilities has been stretched to end on Oct. 21, 2026. There was an ...
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News briefs
Sabu and Zusa enter a partnership
Sabu, a German retail cooperative, and Zusa, a Swiss footwear buying group, have agreed on a strategic partnership scheduled to start next year. The parties expect that the collaboration will lead to significant synergies in many activities, reduce costs and further improve the services for their members in both countries. ...
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ArticleClarks distribution center strike continues over fire and rehire threat
Workers at the British shoe maker Clarks are continuing their strike action over threats to fire them if they reject new contracts on lower pay, with the company claiming it had made “significant concessions” in recent days. The strike started on Oct. 4 when more than 100 staff walked out ...
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News briefs
Sheme to consolidate its position in China and Germany
Sheme, a Chinese brand of luxury women’s shoes which attracted the spotlight by being the first Chinese footwear brand to have attended the fashion weeks in London, Paris and New York, aims to consolidate its positions in its existing markets of China, which represents about 90 percent of sales, and ...
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ArticleEobuwie issues convertible bonds for SoftBank
Eobuwie, the online retailer owned by the Polish group CCC, has sold 500 million zloty (€109.4m-$129.1m) worth of bonds to SoftBank Vision Fund 2. The proceeds of the bonds will help finance Eobuwie’s international expansion. The online retailer plans to more than double its annual sales to PLN 5 billion ...
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News briefs
Sequential will be able to honor its debts
The bankrupt Sequential Brands Group is now expected to be able to pay its $435.1 million in liabilities through the auction of its assets. With You, a company that owns a 37.5 percent interest in the Jessica Simpson brand, has launched a bid for the remaining shares owned by SQBG ...
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News briefs
Kingmaker prepares to reopen a Vietnam factory
After nearly three months of halted production, Kingmaker’s footwear factory in the Binh Duong Province in southern Vietnam is now ready to restart operations in several phases. The region in which the plant is located has obtained “green zone” status, and over 70 percent of the factory’s employees have received ...
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News briefs
Grendene to build a new plant
The board of the Brazilian footwear manufacturer Grendene has approved a new factory in Crato, in the state of Ceará. Construction of the 10,800-square-meter manufacturing facility is planned for 2022. The plant will cost 30 million reais (€4.7m-$5.5m) and generate 1,000 jobs. It will increase Grendene’s production capacity by 500,000 ...
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ArticleRizzo applies for extension of restructuring period
Rizzo Group has applied for a three-month extension to its corporate reorganization. The restructuring began on March 23 following a ruling by a Stockholm-based court and had already been extended to Sept. 23. The company has started to work on a composition with creditors. The valuation of inventories and intra-group ...
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News briefs
New investor for FootBalance
FootBalance, a Finnish manufacturer of custom insoles, has entered into a partnership with a new investor, London-based IPGL Limited. IPGL has acquired Scope Growth II L.P.’s shares in the company. “FootBalance has during our ownership evolved from a local provider of insoles to become a global category leader in foot ...
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ArticleGeox closes its Serbian factory
Geox is closing down its Serbian plant in Vranje due to a decline in demand for formal men’s and women’s shoes, in which the factory is specialized. The plant was built between 2014 and 2015 and became fully operational in 2016. Its construction was heavily subsidized by the Serbian government. ...
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News briefs
Clarks staff ready to strike to avoid cut in labor rights
Workers at Clarks are considering taking strike action over plans by the British shoe company to fire and then rehire them on inferior terms. Loss-making Clarks was taken over by Hong Kong-based private equity firm LionRock Capital earlier this year as the Clark family lost control of the business for ...
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News briefs
Goat Group more than doubles in value
The sneaker market is red hot, particularly online. The Goat Group more than doubled its valuation to $3.7 billion in its latest round of financing from $1.8 billion in the previous one last September. The proceedings from the $195 million financing round will be used to add new hubs in ...
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ArticleRizzo applies for extension of restructuring period
Rizzo Group, formerly known as Venue Retail Group, has applied for a three-month extension to its corporate reorganization which began on March 23 following a ruling by a Stockholm-based court. On April 23, the group’s wholly-owned Rizzo International also applied for corporate reorganization. In a statement, the Swedish company said ...
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News briefs
Chaco moves to new Michigan factory
Chaco, an outdoor lifestyle footwear brand owned by Wolverine World Wide, Inc., has moved to a larger and upgraded U.S. manufacturing facility in Rockford, Michigan, “to meet growing demands for increased footwear production, customization program, and reweb and resole requests from consumers,” the company said. The new factory provides 25 ...
