All Corporate articles – Page 17
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ArticleGörtz granted €28 million federal loan to weather Covid impact
The German footwear chain Görtz received a €28 million loan from the German federal government’s Economic Stabilization Fund (WSF) to weather the impact of the coronavirus crisis. The company’s funding request was approved in April, according to the ministry of economics. The ailing Hamburg-based firm was granted the much-needed ...
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News briefs
Birkenstock to invest an extra €1.8m in its components site
Birkenstock is investing an additional €1.8 million in the modernization of its German site in Bernstadt which employs about 800 people and produces uppers and buckles for the sandal maker. It indicated the funds will be used for the renovation of social areas as well as the creation of office ...
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ArticleBirkenstock assigned a ‘B’ rating by S&P
The rating agency S&P Global assigned a ‘B’ rating with a stable outlook to BK LC Lux Finco 1 Sàrl, the parent company of Birkenstock. The rating comes after the private equity firm L Catterton and its affiliates, including Financière Agache, the investment company of the Arnault family, agreed to ...
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News briefs
Callegari resumes production after fire
The Italian shoe maker Calzaturificio Callegari has resumed production after its factory in Fratta Polesine, in the Veneto region, was destroyed by a fire on March 10. The shoe maker is temporarily operating in a facility located in the town of Rovigo which belongs to one of its subcontractors. The ...
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News briefs
Li & Fung launches an incubator for digital ventures
Li & Fung, the sourcing giant headquartered in Hong Kong, is launching LFX, a new and separate company designed to capitalize on new digital opportunities that can transform the retail industry and enable sustainability along the supply chain. Described as “an incubation, investment and operating platform,” LFX will launch and ...
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ArticleActivist shareholder seeks to take control of Genesco’s board
Legion Partners Asset Management, which owns 5.6 percent of Genesco’s capital, is seeking to take control of the eight-member board of the American footwear firm with the intention of boosting the company’s earnings and share performance. Legion is proposing the election of seven nominees - Marjorie Bowen, Thomas Kibarian, Margenett ...
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News briefs
Lenders take control of Sequential’s board
Four out of the eight members of Sequential Brands Group’s board of directors have resigned as required by the extension until Apr. 19, 2021 of a credit agreement with Wilmington Trust and other lenders. The remaining members on the board represent mostly lenders such as KKR and Blackstone Group. The ...
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ArticleRizzo Group to undergo another restructuring
Rizzo Group, formerly known as Venue Retail Group, has applied for a new corporate reorganization with a Stockholm-based court. The decision follows a “sharp drop in sales” due to harsher restriction measures following a second wave of the Covid-19 pandemic from October 2020. The request comes six months after the ...
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News briefs
Genesco upgrades ERP system
Genesco has selected Jesta’s Vision Sourcing & Demand software to upgrade its enterprise resource planning (ERP) system. Jesta already powers Genesco’s merchandising operations. The Vision Sourcing & Demand ERP solution will be leveraged by several departments within Genesco’s wholesale and licensing business to scale and standardize its end-to-end supply chain ...
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News briefs
Sabu postpones its general assembly to October
The German retail cooperative Sabu has postponed its 69th ordinary general meeting from June 18-20 to October 22-24 because of the Covid-19 pandemic. The event is scheduled to be held in Berlin. Joachim Seibel, the chairman of Sabu’s supervisory board, said that there was no alternative, because of slow progress ...
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Article
Li Ning’s SPAC files for a $250 million IPO
Trinity Acquisition has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $250 million in an initial public offering (IPO) of 25 million units at $10. The special purpose acquisition company (SPAC), based in Hong Kong, is led by Li Ning, the former Olympic champion turned ...
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News briefs
Juyi Group builds a new facility in China
The Chinese footwear company Juyi Group is building a 550,000 square meter high-technology manufacturing unit in Wenzhou’s Lucheng district. According to media reports, the facility represents an investment of about $307 million and will integrate artificial intelligence, Internet of Things and digitized logistics. Construction started in December 2020 and is ...
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News briefs
VF and Pensole offer corporate apprenticeship program for BIPOC students
As part of its ongoing commitment to racial equity, VF Corp. brands Timberland, Vans and The North Face, in partnership with Portland-based footwear design academy Pensole Academy, have launched a new educational program in the U.S. called ”DiverCity x DESIGN.” The program provides unique access to professional design experience and ...
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News briefsRating agencies back Crocs’ new debt offering
Crocs is planning to make a private placement for $300 million worth of senior notes due in 2029, with $180 million used to repay outstanding loans under a revolving credit line. The rest would be used for general corporate purposes. Moody’s gave a B1 rating to the notes. Standard & ...
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Pittarello reaches a debt restructuring deal
The Italian footwear retailer Pittarello has struck a deal with its creditor banks to restructure its debt. The agreement was reached with the banks Intesa Sanpaolo, Banca Monte dei Paschi di Siena, UniCredit, Banca Patavina, Iccrea, UniCredit Leasing, Selma BPM and Alba Leasing. No details were released but the ...
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News briefsNew offices for Zara Man, Zara.com
Zara will inaugurate on March 17 new eco-efficient and high-tech premises in Arteixo, in the northwestern Spanish region of Galicia, where its parent company Inditex is located. The new 67,000 square meter building will house the studios of www.zara.com and the central design department of Zara Man. It is part ...
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ArticleHeinrich Dinkelacker completes relocation of production to Spain
Heinrich Dinkelacker, the traditional brand of high-end men’s shoes, has left Budapest for good, after relocating production to Almansa, Spain last year. The gradual move from Hungary to Spain began two years ago. The company said that the relocation was due to personnel and infrastructure problems in Budapest which ...
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News briefs
Wolverine gets S&P upgrade
Standard & Poor’s has upgraded its outlook for Wolverine Worldwide to stable and confirmed its BB issuer credit, while raising the rating on its senior secured credit facility to BB+. This came after Wolverine repayed a $171 million, 364-day loan contracted because of the coronavirus pandemic and reported better-than-expected results ...
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ACBC raises €3.2m through new capital hike
ACBC, a Milan-based start-up company that is offering a modular footwear technology, completed a €3.2 million capital increase which attracted a string of investors, including the venture capitalist Boost Heroes, the online investing platform Doorway and the Italian government-controlled financial group Cassa Depositi e Prestiti through its unit AccelerORA!. The ...
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ArticleBirkenstock hikes investments, scales up production in Germany
The German footwear brand Birkenstock is stepping up investments and expanding its production capacity as global demand continues to grow despite the coronavirus pandemic. As production runs at near full capacity, the company plans to expand its site in Görlitz, in the Saxony region, its largest production site worldwide, and ...
