More corporate news – Page 39
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News briefs
India’s Elevar raises $2.6 million in funding
Elevar, a three-year-old sporting goods producer based in Mumbai, has raised INR190,000,000 (€2.2m-$2.6m) in a Series A funding round led by a venture capital firm, Kalaari Capital. Dream Sports also participated in the fundraising. Elevar is expected to use the funding to expand its product portfolio, increase its marketing efforts ...
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News briefs
Whoop’s valuation rises from $1.2bn to $3.6bn
The valuation of Whoop has risen to $3.6 billion through a new $200 million Series E round of financing led by the SoftBank Vision Fund 2. “While we have experienced amazing growth in the past year, the potential of our technology and the vast market for health monitoring remains largely ...
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News briefsLululemon expands benefits, increases minimum pay
Lululemon Athletica has announced an increase in the minimum wage for the majority of its store and Guest Education Center (GEC) employees in North America, providing an overview of the company’s approach to compensation and benefits. Beginning Sept. 27, both current and future employees will receive a new minimum wage ...
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News briefs
Share options worth £100 million for Frasers’ future CEO
The Remuneration Committee of Frasers Group, which owns Sports Direct and many other brands retail operations in the U.K. and elsewhere, is proposing to award shares worth £100 million (€117m-$137m) as a performance-related bonus to Michael Murray, who is set to take the place of group CEO from Mike Ashley ...
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ArticleStella builds up capacity in Indonesia, sees profit turnaround in H1
The Hong-Kong-based footwear manufacturer and retailer Stella International expects its new factory in Solo, Indonesia, to come on stream in the third quarter of 2021 as the company continues to increase production outside the Chinese mainland. The plant is expected to contribute to overall sales in 2022. Solo will be ...
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News briefs
Galeria Karstadt Kaufhof will become Galeria
Galeria Karstadt Kaufhof, the German company formed in 2018 from the merger of the Karstadt and Galeria Kaufhof department store chains that became wholly owned by Signa Retail in 2019, has unveiled a new concept for its 131 locations in Germany, which will see the company strategically reposition itself starting ...
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ArticleOn turns around as it files registration for its IPO
On Holding, the Swiss company that owns On, the performance brand specialized in running and backed by Roger Federer, has announced that it has publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed Initial Public Offering (IPO). The company’s valuation, the number of ...
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News briefs
Humanoo’s digital health platform raises $10 million
Humanoo, an automated B2B digital health platform used by corporations and health insurance companies founded in Berlin five years ago, has completed a $10 million round of funding involving new investors such as Sanitas and Verve and existing investors including Rocket Internet. Switzerland’s two largest health insurance companies, the CSS ...
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News briefs
Under Armour redeems bonds worth $159.1m
Starting on Aug. 23, Under Armour will be redeeming about $159.1 million worth of convertible 1.50 percent senior notes due 2024, exchanging them with certain noteholders for cash or shares. They will also be paid for accrued unpaid interest. The transaction will cover about 68 percent of the outstanding principal ...
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News briefs
El Corte Inglés recovers, cuts off suppliers
El Corte Inglés, which is a major factor in the Spanish sporting goods sector through its department stores, plans to cut down by almost one-half the number of its suppliers under a program that started three years ago, according to El Economista. Meanwhile, the group has been recovering strongly from ...
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ArticleWHP Global buys the Lotto brand, licenses it back to LSI
WHP Global, a New York-based brand management company, has purchased the global intellectual property rights of the Lotto brand from Lotto Sport Italia (LSI), which will continue to manage the brand in Italy and the rest of the EMEA region as a licensee under the leadership of its long-time CEO, ...
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News briefs
Lululemon invests in Genomatica for plant-based nylon
Lululemon has made an unspecified investment in Genomatica to help develop renewably sourced and bio-based material for its own product line. They plan to create plant-based nylon to replace synthetic nylon, using biotechnology and fermentation to convert plant-based ingredients into chemical building blocks, like those used to make nylon, that ...
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News briefs
Pale Fire Capital invests US$6 million in Rouvy
Pale Fire Capital, a private equity firm based in Prague, has acquired a major stake in VirtualTraining, the Czech company behind the Rouvy indoor cycling and running software application. The deal is expected to close by the end of September. The new investment is meant to help Rouvy surpass the ...
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News briefs
Spain’s Mundo Fitness posted record sales ahead of a merger
According to CMDsport, Mundo Fitness Europe posted record annual sales for 2020 of €12.78 million ahead of its merger with another company, exceeding the previous year’s sales by 138 percent. Net profits of €1,004,436 were up year-on-year by 2.5 percent. The Spanish-based retailer specializing in fitness equipment operates chiefly through ...
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News briefs
Nike to change name of its Alberto Salazar building
According to Fashion News, Nike is changing the name of one of the buildings at its headquarters – in Beaverton, Oregon – from Alberto Salazar to Next%, the name of the distance-running line of sneakers that Eliud Kipchoge wore when he delivered a sub-two-hour time in an unofficial marathon. Back ...
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ABG may lose its rating if it delays its IPO
Standard & Poor’s indicated that it may downgrade its ratings for the Authentic Brands Group (ABG) if it delays its planned public offering, which would help it to finance its €2.1 billion acquisition of Reebok, or if the IPO would lead the institutional investors that have been sponsoring its expansion ...
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Wolverine plans to offer $550m in 4.000% notes
Wolverine Worldwide announced the planned issue to institutional investors of $550 million worth of new senior notes due in 2029 bearing annual interest of 4.000%. It will use the proceeds to redeem all its outstanding 6.375% notes due in 2026 and 5.000% notes due in 2026. The group said it ...
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Adidas inaugurates first Tech Hub office in India
Adidas has launched the Adidas India Tech Hub office in Gurugram (or Gurgaon), a city just southwest of New Delhi that is known as a financial and technology hub. The office was officially inaugurated on Aug. 9. The Indian Tech Hub will be home to the local marketing organization and ...
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ArticleAdidas sells Reebok to ABG for up to €2.1bn
Adidas announced on Aug. 12 that it has entered into a definitive agreement to sell Reebok to the Authentic Brands Group (ABG) for a total of up to €2.1 billion. The majority will be paid in cash at the time of closing, which is expected to occur in the first ...
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News briefs
Messi’s departure from Barça could shave the club’s brand value by 11%
Brand Finance, the international brand valuation and strategy consultancy headquartered in London, said that Lionel Messi’s departure could decrease FC Barcelona’s brand value by 11 percent. This means that the departure of the Argentinean star could cost the club €137 million off its 2021 valuation of €1,266 million. Barcelona ranks ...
