More corporate news – Page 22
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Case StudyWhy Allbirds has been unable to sustain its early stock market success
Allbirds, the sustainable footwear company, smashed predictions in its IPO twelve months ago. Now the brand is struggling to entice investors.
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ArticleFormer head of Yeezy-Adidas innovation lab launches FCTRY LAb with $6 million fundraising
Former Yeezy-Adidas Innovation Lab head Omar Bailey and Abhishek Som, a former Wall Street and private equity executive, have co-founded FCTRY LAb, a BIPOC-led, Los Angeles-based footwear prototyping lab and venture studio that aims “to democratize sneaker production and open-source innovation for emerging and established designers and brands of all ...
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News briefsSport 2000 runs employer branding campaign to support retail recruitment efforts
Enhancing the attractivity of jobs in sports retail is the goal of the current cross-country employer branding efforts of Sport 2000, run in Germany, Austria and the Netherlands. With advertisements, a social media campaign and selected tools and assets like the locally held ”Junior Sales Champion” competition offered to its ...
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News briefsZenkai Sports raises $1 million from strategic investors
Portland, Oregon-based natural and sustainable performance apparel brand Zenkai Sports announced the closing of a $1 million funding round to drive growth and product development. Founded by former professional field hockey player Doug Lynch and 40-year apparel industry veterans Raj and Akhil Shah, Zenkai’s eco-friendly apparel supports both performance and ...
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News briefsSerena Williams launches Will Perform
Former pro tennis player Serena Williams is the co-founder of Will Perform, a new brand of topical products for pain relief and muscle care designed for fitness lovers and the specific recovery needs of athletes. Williams partnered with Hank Mercier, who will serve as CEO, and Eric Ryan to co-found ...
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ArticleWolverine Worldwide announces divestitures, staff cuts
Driven by a focus on increasing long-term shareholder value, Wolverine Worldwide is divesting or licensing its Keds brand and Wolverine leather business segments and is initiating an unspecified headcount reduction. The staff cuts are projected to result in approximately $30 million in savings for the company in 2023, and the ...
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News briefsInternational Ski and Snowboard Federation takes over the Freeride World Tour
With immediate effect, the Freeride World Tour (FWT) is merging with the International Ski and Snowboard Federation (FIS), which is taking over the shares of the FWT. The two organizations will work together from the 2022/23 season. The FIS, founded in 1924, is recognized by the International Olympic Committee (IOC), ...
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News briefsFanatics raises close to $700 million, hits $31 billion valuation
In a new investment round, sports merchandise giant Fanatics Inc. has raised roughly $700 million, most of it from parties that had not previously invested in the company. According to various accounts in the business news media, among those new investors are private-equity firm Clearlake Capital Group LP, which led ...
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News briefsMetabolism measurement technology provider Lumen raises $62m
Source: Lumen Israeli company Lumen, founded in 2014, has raised $62 million in a Series B funding round led by Pitango Growth. Participating investors include Hanwha Group, Resolute Ventures, RiverPark Ventures, Unorthodox Ventures, Almeda Capital and Disruptive VC. Lumen focuses on a handheld device and a connected ...
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News briefs
Anta weighing up an IPO of Amer Sports
Anta Sports is considering an initial public offering (IPO) of Amer Sports, Bloomberg has reported, drawing its information from people familiar with the matter who asked not to be identified. Amer Sports includes brands like Wilson, Arc’teryx, Salomon and Atomic. The company and its co-investors are currently holding preliminary negotiations ...
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News briefsKeller Sports opens insolvency proceedings, business operations continue
The German Keller Group – umbrella company of Keller Sports, Keller X, Keller Premium and Keller Smiles – has filed for insolvency proceedings in self-administration at the Munich District Court, according to German trade magazine TextilWirtschaft. The main reasons cited are the supply chain crisis and the significant deterioration in ...
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News briefsItalian sports shoes maker M.G.M. acquires Gruppo Rekord
Italian footwear manufacturer M.G.M. S.p.A. has acquired Gruppo Rekord, a producer of high-end sneakers and outdoor shoes. M.G.M. has been on the market for over 35 years in the segment of mountain and outdoor sports footwear, as well as roller skating, with distribution all over the world. M.G.N.’s brand portfolio ...
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News briefsUnion and Capita open new European sales hub in Milan
Union Binding Company and CAPiTA Snowboarding will be opening a new European sales hub in Milan, operational as of Jan. 1, 2023. Based in the business and university district of Bicocca, this office will be home to European and Italian sales and marketing management. It will also be a hub ...
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ArticleRendle steps down as CEO, VF revises FY23 outlook
Source: VF Corp. Benno Dorer, interim president and CEO of VF, effective immediately VF Corp. announced that Benno Dorer, lead independent director of the VF board of directors, has been appointed interim president and chief executive officer, effective immediately. Richard Carucci, who has served on the board ...
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News briefsNautilus completes refinancing of existing term loan, increases total credit facility
Nautilus, Inc. announced the amendment of its existing credit facility by refinancing the previous term loan with a new $30 million term loan, increasing the company’s total credit facility to $130 million. The credit facility previously consisted of a $100 million asset-based revolver and a $15 million term loan from ...
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News briefsH&M to cut 1,500 jobs
Global fashion retailer H&M is reducing its workforce by about 1,500 positions as part of a cost savings and efficiency program. Overall, the Swedish company estimates the program will provide annual savings of about SEK 2 billion (€182.2m), which it expects to “become visible” in the second half of 2023. ...
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News briefsSuperdry discusses refinancing its debt
Superdry is in talks with Bantry Bay Capital, a specialist lending provider, to obtain financing that would replace an existing £70 million (€80.1m) asset-backed lending facility which expires at the end of January. “There can be no certainty that an agreement will be reached, nor as to the terms of ...
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News briefsManchester United commences process to explore capitalization
According to an announcement on the club’s website, Manchester United (ManU) has retained the Raine Group to explore strategic alternatives, including new investments, a sale of the club or other transactions to capitalize on opportunities both on the pitch and commercially. The club (which is 98 percent owned by the ...
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News briefsFormer Yeezy team members publish open letter to Adidas in Rolling Stone Magazine
In an open letter to the Adidas management, published in the music magazine Rolling Stone, former Yeezy team members accuse Adidas of having been “huge enablers” of a Yeezy brand owner Kayne West’s “problematic behavior.” The letter and employee interviews repeatedly mention West showing pornography in meetings, making sexual references ...
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News briefsHohenstein invests €1.3 million in AI-startup Sizekick
Hohenstein, a German provider of textile testing and a founding member of Oeko-Tex, has invested €1.3 million in Sizekick, a Munich-based software-as-a-service (SaaS) startup founded in the summer of 2022. Hohenstein’s investment is intended to enable the product launch in 2023. Sizekick’s software is designed to help online shoppers find ...
