All Corporate articles – Page 5
-
ArticleDeichmann ends MyShoes brand, closes 90 stores
Footwear retailer MyShoes, a subsidiary of the German group Deichmann, will cease business operations in Germany and Austria by the end of 2024. Overall, 90 stores will be affected by the closings, with 29 in Austria and 61 in Germany, impacting 750 employees, including 150 in Austria and 600 ...
-
ArticleClarks set to axe UK 103 jobs and announces Benelux tie-up with GAB
Clarks is cutting more than 100 jobs in response to economic headwinds and the cost-of-living crisis that has seen British consumers tighten their belts in response to soaring inflation. The U.K. footwear company said it expected tougher trading conditions to continue into next year and would need to manage overheads ...
-
ArticleMoody’s upgrades Golden Goose’s credit rating outlook to positive
Moody’s Investors Service has changed Golden Goose’s credit rating outlook to positive from stable thanks to the company’s significantly deleverage. The U.S. credit rating agency also affirmed the Italian sneaker company’s B2 corporate family rating, its B2-PD probability of default rating, and the B2 instrument rating on the company’s €480 ...
-
News briefs
KG Schuhkay completes protective shield proceedings
The Hamburg-based footwear retailer KG Schuhkay has completed its protective shield proceedings. Schuhkay applied for self-administration under the German insolvency law in late March this year and entered protective shield proceedings at the end of May. Despite better-than-expected results, the business outlook was clouded by the fallout from the ...
-
ArticleAustrian children’s shoe manufacturer Richter files for bankruptcy
The Austrian company Ferdinand Richter, the oldest children’s shoe manufacturer in Europe, has filed for bankruptcy with the Graz regional court. The company, which is based in Pasching, near Linz, with management in Graz, is however planning to continue operations, according to media reports. Ferdinand Richter has around €7.9 ...
-
News briefs
Gerry Weber to be delisted
The German fashion group Gerry Weber is set to undergo a capital cut and to delist from the stock market as part of its restructuring plan, which was confirmed on Oct. 25 by the Essen Restructuring Court. The plan, which also includes a €50,000 capital increase, “was approved with ...
-
News briefs
Aku inaugurates a new production line
Italian-based outdoor footwear maker Aku has inaugurated a new line of production at its factory in Montebelluna. The new state-of-the-art machine for outdoor and professional footwear reportedly represents an investment of €1.3 million. The project has been developed in partnership with Stemma, also an Italian company which specializes in the ...
-
News briefs
New Balance starts construction of new factory in New England
New Balance has begun construction of a 9,500-square meter factory in Londonderry, New Hampshire. It is the first factory in the state and the sixth footwear manufacturing facility in the U.S.. The investment totals $70 million, will create more than 150 jobs and is expected to be operational by 2025. ...
-
News briefs
Ralf Ringer faces bankruptcy due to a dispute with the tax authorities
Ralf Ringer, a prominent Russian footwear retailer, faces the risk of being declared bankrupt for failing to pay the lease for a manufacturing facility. The company is locked into a dispute with the Russian tax authorities, which has blocked its bank accounts. As a result, the footwear retailer has missed ...
-
ArticleGruppo Florence plans a Milan-based ‘hub’ in 2024
Gruppo Florence, an Italian holding company that owns 28 suppliers to the luxury goods industry, including three footwear manufacturers, is planning to create a “hub” in Milan to exhibit the know-how of its various businesses. The hub dubbed “villaggio delle meraviglie” (the village of wonders) by Gruppo Florence’s CEO, Attila ...
-
ArticleHow an Italian shoe maker is dealing with the change of aspirations of its workers
The footwear industry in Italy, as in many other developed countries, is having to tackle with an aging workforce and a lack of appeal for young people, which has resulted in a shortage of skilled staff. But, the situation is aggravated by growing competition for resources from well-funded brands which ...
-
ArticleVeldskoen Shoes diversifies into the travel industry
Veldskoen Shoes, a South African footwear brand, is expanding into the travel industry through a partnership in the U.S. with Rhino Africa Co, a safari company. The partners have launched Veldskoen Travel, a digital travel service “designed to provide unforgettable travel experiences to Africa,” it said in a statement. “Veldskoen’s ...
-
News briefs
Orangenkinder opens new factory
The German children’s shoe manufacturer Orangenkinder opened a new factory as it expands its production capacity amid increasing demand. The company moved operations to a new factory in Wilhelmsdorf, near Erlangen, six kilometers away from its previous location in Oberreichenbach, at the end of September. The managing director, Verena ...
-
ArticleWolverine accelerates its transformation plan
Wolverine World Wide, the owner of a large brand portfolio, including Merrell, Saucony, Sperry, Sweaty Betty, Hush Puppies and Wolverine, announced actions to accelerate its ongoing strategic transformation into a “brand-led and consumer-obsessed growth company.” Chris Hufnagel, President and CEO, said: “We are moving with speed and urgency to transform ...
-
ArticleBirkenstock pays down its debt
Birkenstock Holding PLC, the Jersey -registered and New York Stock Exchange listed company that controls Birkenstock, made early repayments on loans issued for the acquisition of the German sandal maker by the U.S. private equity L Catterton in April 2021. It used the net proceeds from its initial public offering ...
-
News briefs
Lenzing to axe 500 jobs
Lenzing plans to reduce global personnel costs by up to €30 million, or the equivalent of around 500 full-time jobs, by not filling positions that fall vacant due to retirements and natural attrition, as well as by job cuts. The move is part of a larger plan to achieve €100 ...
-
ArticleVF drops guidance, launches turnaround plan
Admitting its U.S. business “isn’t working well” and its cost structure is too high, VF Corp. reported its second-quarter results with a comprehensive plan to turn around its flagging businesses under CEO Bracken Darrell, who joined the group in late July. Key elements of the strategy focus on fixing its ...
-
ArticleHow Serafini is relaunching itself after exiting creditor protection
After seeing €3 million of credits “go up in smoke” for having sold its footwear to financially weak resellers, the Tuscan footwear company Serafini entered a debt restructuring program agreement known in Italy as “concordato preventivo di continuità”, from which it exited early 2022. Serafini was a very successful sneaker ...
-
News briefs
A second activist investor targets VF
Los Angeles-based Legion Partners, has acquired an undisclosed stake in VF Corp. and wants the group to divest brands such as Timberland, Bloomberg reported, citing sources familiar with the matter. Previously, the California-based activist investor Engaged Capital outlined that VF is suffering from bloated overhead that is driving down shareholder ...
-
News briefs
Hugo Boss issues maiden Schuldschein loan
Hugo Boss has issued its first Schuldschein loan, with a value of €175 million, to finance further investments as part of its ‘Claim 5’ growth strategy. The initial target volume from the Schuldschein – which is similar to a bond but doesn’t need to be registered on a stock exchange ...
