Latest Headlines – Page 177
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Adidas may forego government aid
The Adidas Group said ten days ago that the German government had approved in principle its request to contribute to a €3 billion syndicated revolving credit facility through its state-owned bank, KfW, to help the company weather the Covid-19 crisis. In return, Adidas would not pay dividends for the duration ...
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Saucony, Europe and e-commerce helped Wolverine in Q1
After posting record financial results in the fourth quarter of 2019, Wolverine Worldwide fared relatively well in the first quarter ended on March 28 - given the challenging conditions caused by Covid-19 – thanks mainly to higher online sales and strong performance in Europe and by the Saucony brand.
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VF lowers its outlook, refinances
While releasing new financial data and targets and announcing new measures to refinance itself, VF Corporation indicates that it wants to acquire more fast-growing action brands like Altra or Icebreaker and become more “vertical,” boosting a direct-to-consumer (DTC) business that has come to represent 39 percent of its turnover.
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GoPro will focus more on DTC
While cutting costs, GoPro has decided to shift more of its business to the direct-to-consumer (DTC) channel as its sales have gone down because of the quarantine-shuttered brick-and-mortar retail sector. Accordingly, the American brand of action cameras has hired a chief digital officer – Aimée Lapic, former chief marketing officer ...
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Columbia provides a detailed Covid-19 update
Columbia Sportswear has suspended its quarterly dividend, its stock repurchase program and the guidance that it had given on Feb. 6 for its results in the first half of 2020 and the whole financial year. The company will give a new update when it comes out with its first-quarter ...
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ArticleCan wearables help predict viral infections?
Fitbit and Garmin are collaborating with research institutes in the U.S. and Germany to help detect or predict coronavirus contamination. Similar efforts are reportedly underway in other countries as well. Fitbit, the Scripps Research Institute and Stanford Medicine have formed a research consortium to detect, track and contain infectious diseases ...
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Fesi surveys the effect of Covid-19 on the industry
The Federation of the European Sporting Goods Industry (Fesi) has surveyed its members to determine the extent of the Covid-19 pandemic’s effects on them and the sporting goods industry. In short, it has found that the pandemic has cut revenues considerably and that e-commerce, while more important than ever, has ...
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Zalando promotes sports products
While providing preliminary figures for the first quarter, Zalando announced the launch of a campaign to inspire customers to stay active at home during the coronavirus pandemic. Deployed under the hashtag #TogetherIAmStrong, it is described as its first remotely produced campaign. The German e-tailer says it has taken this initiative ...
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ArticleIntersport Sweden gets protection from creditors
We have already reported about the recent bankruptcy and rescue of Gresvig, the former parent company of Intersport in Norway, and the more recent legal proceedings to save the parent company of Karstadt Sports in Germany. It’s now the turn of Intersport Sweden to seek protection from its creditors through ...
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ArticleAnalysis: What is happening with Covid-19 on the retail front?
The retail lockdown in Germany is estimated to have caused a drop of 60 percent at brick-and-mortar stores in the fashion sector in general in March, as compared to the same month a year ago, although they were open in the first few days of the month. The trend will ...
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ArticleAnalysis: Covid-19 sinks sporting goods industry stocks
Declining more than the stock market in general, the share prices of public sporting goods companies have taken a serious beating since the Covid-19 outbreak began with the start of the Chinese New Year, falling overall by 32.3 percent on average through the end of the first quarter.
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Nautilus swims against the tide
In a difficult context due to the coronavirus pandemic, while many other sports equipment companies faced a grueling first quarter, Nautilus released strong preliminary figures. It posted sales for the first three months of the year that gained 11 percent to around $94 million. It was the first time that ...
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Zalando issues a profit warning, offers to help stores
Zalando has warned that its first-quarter results will not meet market expectations because of the impact of Covid-19. Meanwhile, the company is offering to waive commissions for participation in its Connected Retail program to German and Dutch retailers until May 31. The company will also postpone its annual general meeting, ...
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German suppliers fear that government aid is insufficient
On April 6, the German government announced a package of additional financial aid for small and medium-sized companies with 11 to 250 employees. The government will assume 100 percent of the credit risk on loans of up to €800,000 without an assessment of the risks, depending on the size of ...
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Interesting anti-virus action online
Provided that they have sufficient staff at their warehouses, brands are still able to sell products online that cannot be sold by retailers whose stores are closed because of national coronavirus lockdowns. In a nice gesture of solidarity, brands like Ortovox and Leki in Germany are giving a portion of ...
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Spaniards project a recovery in March 2021
According to a recent survey of 1,187 Spanish industry professionals conducted by CMDsport, the general sense in the national sporting goods industry is that the market will return to its pre-crisis level sometime between September 2020 and March 2021. But uncertainty reigns. The projections listed in the questionnaire ran from ...
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ArticleDecathlon, Nike and others make anti-virus gear
(Updated on April 8) After a successful experiment in Italy (see our previous issue), Decathlon is working with the same Italian 3D printing specialist to adapt its Easybreathe snorkeling masks for the production of respiratory masks that it is donating to hospitals in France and Spain. It has taken all ...
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Sport 2000 explores the post-corona future with suppliers
Instead of standing still and just waiting for the end of the confinement period, the retail organizations of Sport 2000 in Germany and Austria are taking action by studying new opportunities for cooperation with vendors.
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Columbia and VF executives cut their paychecks
Without going as far as Tim Boyle at Columbia Sportswear, Jim Rendle, chairman, president and chief executive of VF Corp., has pledged to cut his compensation in half for the next four months to help save cash for the fight against the coronavirus outbreak. Boyle, president and CEO of Columbia, ...
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More donations for coronavirus
(Updated on April 8) Italy’s Cisalfa Sport is supporting Hope, the non-profit organization that helps children and disadvantaged communities in Italy and the Middle East, through the project #CorsaPerLaVita (the Italian for “Run for Life”). The objective of the project is to raise funds for the purchase of lung ventilators, ...
