More corporate news – Page 31
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News briefs
Performance shares for Accell’s new supply chain leader
Accell Group, which was recently notified about an intended, indirect takeover offer from Pon Holdings, has announced that Francesca Gamboni, who started on Feb. 1 as chief supply chain officer of the company, has been granted 10,000 conditional performance shares in the group, subjected to her continued employment three years ...
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ArticleNick Brown passes on ownership of Nikwax and Páramo to employees
After 45 years as their owner and founder, Nick Brown has handed over control over Nikwax and Páramo on Feb. 1 to his employees on three continents at the age of 67 by selling the company to a newly formed Employee Ownership Trust. Nikwax Waterproofing Wax for Leather, ...
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News briefs
Brooks’ CEO has written a book
Jim Weber, who became president and CEO of Brooks Running in 2001, has written a book on his life journey and his career while running the formerly bankrupt company, which was acquired by Russell Athletic in 2004 and by Fruit of the Loom, owned by Berkshire Hathaway, in 2006. It ...
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Article
Adidas has two other regional clusters in Europe
In addition to its creation of a ‘cluster’ for Southern Europe, which we reported about yesterday, Adidas has established similar regional clusters for Northern and Central Europe in the past few months. Cluster North is headed up by Kathryn Swarbick and includes the U.K., Ireland, the Benelux countries, Denmark, Norway, ...
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Article
A new regional set-up for Intersport in Europe
Dividing the European market into three regional clusters, Intersport International Corp. (IIC) has established a new set-up that has probably contributed to its relatively good performance in the past year, in spite of differences from one country to the other. Under the wing of Steve Evers, CEO of IIC, an ...
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ArticleAdidas creates a new digital hub in Spain, while regionalizing Southern Europe
Adidas is creating a new international technological hub at its Spanish head office in Zaragoza to collect and process data for the development of its omni-channel operations on a wide scale and for other IT-related engineering capabilities, said a spokesman for the company, confirming a report in CMDsport. The number ...
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News briefs
Adidas to hire 2,800 or more in 2022
Adidas is planning to hire about 2,800 people – to fill both vacancies and new posts – at 307 locations in 47 countries in 2022, with more posts to be advertised as the year goes along. More than 800 of them will be posted in Germany and more than 900 ...
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News briefs
Reebok may lay off 150 people
Reebok is planning to lay off 150 people after the completion of its sale by Adidas to the Authentic Brands Group (ABG) in the course of the first quarter of this year, according to the Boston Globe and Footwear News. The brand employs some 4,000 people around the world, but ...
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News briefsIsbjörn of Sweden may change ownership
Online Brands Nordic, a Swedish investment group, is bidding to acquire Nordic KidsWear, which owns Isbjörn of Sweden, the Swedish brand of sustainable children’s outdoor and ski clothing. It is offering a cash payment of about 17.9 million Swedish kronor (€1.71m-$1.92m), the issuance of 597,165 shares in Online Brands, ...
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News briefs
Gorilla Sports gains foothold in Spain
Gorilla Sports has found a local investor to help it set up a shop in Spain. The German home fitness equipment company is establishing a subsidiary, to be led by Guillem Boix, in Fontcoberta, a city in the Catalonian province of Girona. Offices and warehouse together will occupy about 1,000 ...
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News briefs
Investor calls for Peloton to be sold and its boss to be fired
An activist investor in Peloton Interactive is calling on its board of directors to dismiss its CEO and co-founder, John Foley, and to explore a sale of the company, whose share price has declined drastically due to falling demand for its products and connected fitness solutions. Blackwells Capital, which holds ...
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ArticleKKR offers to buy Accell Group
The bicycle industry continues to boom and is therefore increasingly targeted by investors. After the recent acquisition of Dorel Sports by the Dutch family-owned Pon Holdings group, it’s now the turn for the Dutch Accell Group to announce that a consortium led by the U.S. financial investor KKR (Kohlberg Kravis ...
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Article
Peloton denies plans to pause manufacturing
While confirming that it is re-evaluating its organizational structure and the size of its staff, Peloton Interactive denied a new report that it was going to temporarily halt production of its stationary bikes and treadmills in response to softening demand. John Foley, co-founder and CEO of the American connected fitness ...
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News briefs
Nike, Columbia to begin firing unvaxxed employees
According to Oregonlive, which covers the sportswear giant’s home state of Oregon, Nike was set on Jan. 15 to begin firing employees who were not, by the current definition, vaccinated against Covid-19 and had not received a religious or medical exemption. According to the same source, Columbia Sportswear, also headquartered ...
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Article
Peloton raises prices, contemplates restructuring
The former star of the connected fitness industry and the stock market has asked McKinsey & Co. to review its cost structure with an eye toward cutting overheads by shutting down its new in-house apparel division, which is in litigation with Lululemon, and by eliminating some jobs, according to a ...
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News briefsPolygiene acquires another British antimicrobial additive business
Polygiene has entered into an agreement to acquire the SteriTouch business of Radical Materials, a U.K.-based company, founded in 2003, that is also operating with the product ranges Konduct, Scopic and Steritype. Its SteriTouch range consists primarily of antimicrobial additives for plastics, paints, coatings, silicone, rubber and textiles. The largest ...
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News briefs
Puma starts its own voyage into the metaverse
Joining Nike, Adidas and Under Armour, which recently filed similar trademark applications, the Wild Cat filed its own applications with the U.S. Trademark Office on Jan. 11 to use the Puma mark in virtual content, indicating that it is planning its own journey into the fast-growing metaverse. Specifically, it wants ...
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Article
Tennis-Point to run a pro shop in Spain
Tennis-Point has struck a four-year deal to take charge of and operate under its own banner the pro shop at a well-known Spanish tennis academy, the Emilio Sánchez Academy in El Prat de Llobregat, a municipality outside the city of Barcelona. The deal could lead to other pro-shop opportunities for ...
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News briefs
Moody’s switches Nike’s outlook to stable from negative
Moody’s improved its outlook for Nike’s debt from “negative” to “stable,” due to its recent strong growth in revenues and earnings, “powered by its successful execution of its Consumer Direct Acceleration strategy.” The rating agency confirmed all other ratings for the company, including an A1 senior unsecured debt rating, pointing ...
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News briefs
Nasdaq downgrades Peloton
The Nasdaq stock exchange said it will take Peloton Interactive out of its prime Nasdaq 100 Index on Jan. 24, when it will be replaced by a trucking company. The change follows a drop of 74 percent in the company’s stock market capitalization in the course of 2021. It closed ...
