Latest Headlines – Page 125
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Defying Apple, Peloton sees itself as the fitness industry’s Netflix
At an investor day held after the release of exceptionally strong financial results, Peloton Interactive said it felt that it could hold its own against competitors like Apple with its subscription-based model and its vertical integration to deliver a total fitness experience, creating a global community of consumers who want ...
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ArticleApex’ losses widen while it seeks strategic alternatives
Impairment charges of close to $10 million, mostly related to the impact of the Covid-19 pandemic; weighed on the profits of Apex Global Brands, previously called Cherokee Global Brands. The net loss for the parent company of Hi-Tec, Magnum,Tony Hawk and other brands expanded by 5 percent to $1.3 million ...
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Klarna’s high valuation proves the merits of buy-now, pay-later schemes
Klarna, the Swedish provider of online payment services, raised $650 million in an equity funding round that values the whole company $10.65 billion. Known in Europe for the growing popularity of its buy-now, pay-later program, claims that the valuation ranks it as the highest-valued private fintech in Europe and the ...
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WFSGI: The industry is not yet at the end of the tunnel
The sporting goods industry continues to be affected by the coronavirus crisis, particularly at the manufacturing end of the supply chain, judging from the August edition of the Covid-19 Impact Survey conducted by the World Federation of the Sporting Goods Industry (WFSGI). Manufacturers reported decreases in demand of 13 percent ...
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ArticleMore firms switch to rail to send goods to and from China, but….
A train loaded with Lenzing fibers, which left Vienna, Austria, on Aug. 20, reached its destination, the Xinzhu station in Xi’an, China, after only 16 days. The train, which carried 41 containers of Tencel™ Lyocell and Modal fibers with a total value of €1.8 million, covered a total of 10,460 ...
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Peloton posts its first profit
Boosted by the home fitness trend spurred by the coronavirus pandemic, Peloton Interactive, the American online-driven supplier of stationary bikes and treadmills founded in 2012, recorded its first profit in the fourth quarter of its latest financial year, ended on June 30, as its revenues jumped by 172 percent to ...
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Tretorn boosts its management, pushes the pedal on DTC
Tretorn, the Swedish footwear and outerwear brand, continues to reinforce its management team as it seeks to overhaul its business model and develop direct-to-consumer channels. Currently, wholesale clients represent about 95 percent of the company’s revenues. But by 2024, Tretorn wants the share to fall to 50 percent, while a ...
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ArticleZumiez’ profits surge by triple digits
Zumiez, the American action sports retailer that owns Blue Tomato in Europe and Fast Times in Australia, bounced back in the second fiscal quarter ended on Aug.1, after a difficult start of the year due to retail lockdowns. Its net income soared by 181 percent to $25.4 million, on revenues ...
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ArticleWattbike to receive £11.5m in new funding
Piper, an investment firm in London, is planning to pour £11.5 million (€12.5m-$14.9m) into Wattbike, a relatively young British brand of smart stationary bikes. The deal, which may have been spurred on by Gymshark’s recent ultra-successful fund-raising, is awaiting approval from the Financial Conduct Authority (FCA), the U.K.’s financial regulatory ...
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ArticleSports products outperform shoes and leathergoods at ANWR
In the first seven months of this year, the total business volume of the ANWR Group went up by 53 percent to €10.2 billion, driven by a 76 percent increase to €8.6 billion in financial services, but the buying groups of ANWR suffered a 10.7 percent decrease in their own ...
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ArticleIspo Munich: New hybrid concept for 2021
Ispo.com published an interview with exhibition director Markus Hefter giving insights into the next Ispo Munich, which will open its doors from Sunday, Jan. 31, to Wednesday, Feb. 3, 2021. In the interview, Hefter explains the newly developed hybrid concept of physical and digital participation opportunities. Source: Messe ...
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ArticleMore action in Sweden’s sports retail landscape
Intersport Sverige, Stadium, Sportamore and Gekås had all something new to announce in the last few days. To start with the Swedish Intersport organization indicated that it should be able to come out of its insolvency status in mid-October or later in the month, limiting the number of store closures ...
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ArticleTechnogym prioritizes DTC and home fitness
The big Italian-based fitness equipment supplier is shifting its focus from the gyms to the consumer after booking a 50 percent sales increase in its relatively small Home & Consumer segment for the first half of this year, as more and more people performed their workouts at home rather than ...
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Lululemon sells more than it had projected
Thanks to strong gains in e-commerce, and despite disruptions in stores because of the Covid-19 pandemic, Lululemon Athletica managed to grow revenues by 2 percent to $902.9 million in the second quarter ended on Aug. 2, with a growth of 3 percent in constant currencies. Direct-to-consumer net revenues represented 61.4 ...
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ArticleJD reinstates guidance as H1 sales were better than expected
Instead of continuing to withhold its financial guidance like many other companies, JD Sports Fashion is now forecasting annual pre-tax profits of at least £265 million (€293.0m-$345.8m) for the current firscal year, while releasing better-than-expected sales figures for the 26 weeks ended on Aug. 1, despite the coronavirus pandemic. This ...
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ArticleGym closings spur the demand for sporting goods in Russia
Consumer demand for sporting goods on the Russian market has been seen growing because 37 percent of the gyms in the country are still not allowed to resume operations, based on research conducted by Evotor. Quite a few gyms have been shut down for good, as their owners had not ...
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ArticleManagement reshuffle at Pentland
In an internal promotion, Chirag Patel is taking the place of Andy Long as chief executive of Pentland Brands, the owner of Berghaus, Canterbury, Ellesse, Speedo and other brands, overseeing a re-shaped executive team. Filling a new role, Long will become next January a director of Pentland Brands’ parent company, ...
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ArticleNew funding round for Keller Sports
Although its profits have been growing more than its sales, the Keller Group says ithas secured more than €10 million in new financing from its shareholders to further strengthen its position as “the leading digital premium sports community for sports and sports lifestyle products and services in Europe.” The management ...
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ArticleAmazon’s European chief is stepping down
Xavier Garambois, who has been running Amazon’s European retail operations for the past eight years, is leaving the company. According to The Telegraph, he will be replaced by Jorrit Van der Meulen, Amazon’s vice president for Europe, who has also been in charge of Amazon Devices (Alexa, Vesta, etc.) outside ...
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ArticleAmazon: The Janus-faced company
The current Covid19 crisis has accelerated Amazon’s consumer goods business exponentially. The Silicon Valley giant doubled its profits in the second quarter of this year and increased its turnover to nearly $89 billion. The share value has also nearly doubled since the middle of March. On Sept. 1, Amazon announced ...
