Latest News Briefs – Page 98
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News briefs
H&M considering sourcing in Russia
The Swedish retailer Hennes & Mauritz (H&M) is considering the possibility of buying goods from Russian producers, Saed El-Ashkar, the company’s general director in Russia, told the news agency Interfax. “H&M does not have its own factories and places orders with independent suppliers worldwide, from India, Bangladesh, China to Turkey ...
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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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News briefs
China to increase coal production by nearly 6%
China is due to increase coal production by nearly 6 percent to address power shortages affecting the country, the news agency AFP reported citing the country’s National Development and Reform Commission (NDRC). China is the world’s main coal producer and polluter, as well as the largest manufacturer of footwear, and ...
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News briefs
Saks Fifth Avenue plans to float e-commerce business
The e-commerce business of the American luxury department store chain Saks Fifth Avenue is aiming to go public soon at a valuation that is roughly triple what it was pegged at earlier this year, The Wall Street Journal reported. Saks is interviewing underwriters this week for a possible initial public ...
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News briefs
Poshmark buys a sneaker authentication platform
Poshmark, a California-based social marketplace for the purchase and selling of new and secondhand clothing, shoes and accessories has acquired the sneaker authentication platform Suede One. The deal marks Poshmark’s first acquisition and no financial details were released. ”Suede One has built impressive capabilities in virtual authentication that will allow ...
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News briefs
SBTi approves eBay’s ambitious climate action goal
eBay’s ambitious greenhouse gas (GHG) reduction targets were approved by the Science Based Targets initiative (SBTi). The U.S. e-commerce company commits to cut its own (scope 1 and scope 2) emissions by 90 percent by 2030 from a 2019 base year, in line with limiting global temperature warming to 1.5°C ...
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News briefs
Chinese power crunch adds to viral and shipping problems
Alarming new reports are coming in about serious shortages of components and finished products made in China, which may prevent brands, distributors and retailers in all the sectors to respond to a surge in post-pandemic demand ahead of the critical Christmas selling season. One major cause is a big shortage ...
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News briefs
LVMH fashion and leather goods organic sales up 57%
Organic sales of the fashion and leathergoods division of the French luxury goods conglomerate LVMH rose by 57 percent year-over-year in the first nine months of 2021. On a reported basis, sales for the division were up by 53 percent to €21.315 billion. When compared with the first nine months ...
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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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Adidas loses appeal about H&M’s two stripes
Ending a trademark dispute that began in 1997, the Dutch Supreme Court has dismissed an appeal by Adidas against a lower court’s ruling that a two-stripe logo used by Hennes & Mauritz did not infringe on its iconic Three Stripes. A key factor in H&M’s success was a market research ...
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News briefs
NURVV Run gets help to develop its smart insole
NURVV Run, the six-year-old, London-based developer of running wearables, has received an award for funding and intensive mentoring for its next phase of research on smart insoles from the creative R&D program of Business of Fashion, Textiles and Technology (BFTT). As a result, it will have access this year and ...
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News briefs
Vietnam woes penalize Yue Yuen and other producers
Yue Yuen’s revenues were down by 24 percent to $541.5 million year-on-year in September, with decreases of 22 percent in manufacturing and 25 percent at retail. Total revenues were still up by 6 percent to $6.44 billion for the first nine months of this year. The company relies on Vietnam ...
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News briefs
VF and WaterAid partner to vaccinate Cambodians
In an effort to protect workers’ health and keep the supply chain steady, VF is supporting the distribution of Covid-19 vaccines in Cambodia. VF’s Worker and Community Development program, partnering with the nonprofit WaterAid to support the rollout of the Cambodian government’s Covid-19 response plan. More than 20,000 factory workers ...
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News briefs
Boohoo relaunches Debenhams e-commerce platform
Boohoo, the British fast-fashion online retailer that bought the brand name and the e-commerce operations of the Debenhams department store chain in January, is using it now to launch what it claims will be the biggest national online marketplace for sporting goods as well as fashion, cosmetics and household items. ...
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News briefs
Allbirds revises IPO terms
Allbirds has revised its proposals for an initial public offering (IPO). When the California-based B Corp producer of sustainable sneakers, filed its IPO application with the U.S. Securities and Exchange Commission it announced that it was planning to go for the first “Sustainable Public Offering,” or SPO, pledging to ...
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News briefs
Eco shoes label Inuikii launches at Selfridges
This fall, London’s high-end department store Selfridges is set to join a number of other top-name outlets throughout Europe, including Galeries Lafayette in Paris, in carrying Swiss sustainable luxury footwear brand Inuikii. Available also online, via the Zurich-based company’s website, and others, including Nordstrom’s in the U.S., Inuikii specialises ...
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News briefs
Aquafil buys a Norwegian firm collecting discarded fishing nets
The Italian yarn producer Aquafil has acquired a 32 percent stake in the Norwegian company Nofir, which collects and recycles discarded equipment from fishing and fish farming. Since 2011, Nofir has collected over 48,000 tonnes in fishing networks from 20 countries. In 2011, Aquafil created the Econyl Regeneration System that ...
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News briefs
Tod’s’ CEO leaves
The Italian footwear company Tod’s cuts the number of co-CEOs from three to two, resulting in the departure of Umberto Macchi di Cellere after four years in the job. The company’s board approved to maintain the position of CEO solely for the chairman, Diego Della Valle, and the vice-chairman, Andrea ...
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News briefs
Tamaris and Jana Shoes to collaborate on new collection
From the autumn/winter 2022/23 season, Tamaris, the main brand of the German footwear company Wortmann Group, will collaborate with its sister company Jana Shoes, which specializes in comfort shoes, to develop Tamaris’ new comfort collection. Jens Beining, CEO of the Wortmann Group, explained “we want to occupy this growing market ...
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News briefs
Vögele Shoes hires a purchasing, marketing head
The Swiss footwear retailer Karl Vögele AG (KVAG), which operates the banners Vögele Shoes, Bingo and Max Shoes, has hired Timm Jacob as head of purchasing and marketing and joins the senior management team along with the chairman Christan Müller and the CEO and chief financial officer Max Bertschinger. Jacob ...
