More corporate news – Page 48
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ArticleStockX’s value surges to $3.8 billion
StockX, the American online market for sneakers, raised $195 million in a secondary tender offering by some of its employees’ shares and an additional $60 million in Series E-1 primary shares at a $3.8 billion valuation. Altimeter Capital led the all-cash offer, with the participation of existing investors and of ...
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News briefs
S&P downgrades Callaway for its merger with Topgolf
The pro forma debt/Ebitda ratio of about 8 times given for the company formed by the merger of Callaway Golf with Topgolf has led Standard & Poor’s to downgrade the credit rating of Callaway to B from B+, and the agency indicated that it could lower it further. As Callaway ...
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News briefs
Former Nike executives help found minority-owned sports marketing agency
Three former Nike executives – David Creech, president of brand creative for global men’s; Nicole Graham, vice president of global brand marketing; and Josh Moore, vice president and global head of design for digital, stores and content – have joined the sports agent Rich Paul to found Adopt, a minority-owned ...
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Article
Unmade expands collaboration with New Balance to teamwear
A London-based software company, Unmade, is expanding its collaboration with New Balance Team Sports from footwear to team clothing in the U.S. A spokeswoman for New Balance says there are no plans to implement the project in Europe, but we find it interesting enough to report about it. The project ...
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News briefsVF’s new fulfillment center for the U.K. begins operations
Working through a local subsidiary, VF Northern Europe, VF Corporation has begun operations at its new fulfillment center in Bardon, Leicestershire, which will employ about 250 people at peak times. The new 55,800-square-meter center will have “state-of-the-art automation capabilities putting it at the forefront of the footwear and apparel industry,” ...
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News briefs
HandsFree Labs, licensor for Nike's Go FlyEase, gets $3 million in funding round
HandsFree Labs, the Utah-based company that partnered with Nike to create the Go FlyEase laceless clog due to become available on nike.com on Apr. 30 for $120 per pair, has raised $3 million in a new round of funding led by the Frazier Group. The hands-free footwear technology company had ...
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News briefsPuma starts shipping online orders from its new German DC
After more than two years of construction, Puma’s new distribution center in Geiselwind, Germany, started to operate on Apr. 6. It will help the company to better fulfill its online orders, which have remained until now relatively low as compared to those of Adidas or Nike. With 480 shuttles navigating ...
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News briefs
Moody’s confirms Adidas’ A2 rating
Completing a periodic review of Adidas, the rating agency Moody’s confirms its A2 credit rating; which it assigned one year ago when the group obtained a €3 billion loan to prop up its liquidity during the coronavirus pandemic. Moody’s mentioned among the positive factors Adidas’ long track record, its leading ...
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News briefs
Lenders take control of Sequential’s board
Four out of the eight members of Sequential Brands Group’s board of directors have resigned as required by the extension until Apr. 19, 2021 of a credit agreement with Wilmington Trust and other lenders. The remaining members on the board represent mostly lenders such as KKR and Blackstone Group. The ...
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News briefs
New shareholders and new deal with Superdry for We aRe SpinDye
Five shareholders have bought half of the shares held in We aRe SpinDye (WRSD) by its chairman, Christian Rasmussen, reducing his stake to 13.29 percent. The shareholders are Ilja Batljan, Patrik Tillman, Rutger Arnhult, Stefan Hansson and Erik Björklund. They paid a total of for 20,016,285 Swedish kronor (€1.94m-$22.9m) in ...
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Short stops
CORPORATE AND M&A
+++ Perfect Moment, the high-end fashion and sportswear brand founded by Thierry Donard, has closed a $6 million bridge loan financing in preparation for an IPO on Nasdaq later this year +++
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News briefs
Tonal mulls IPO after reaching a $1.6bn valuation, with no exports yet
Tonal, which describes itself as the smartest home gym, has not yet shipped or installed its equipment outside the U.S., and its website says it doesn’t have a timeline on when it will make the move. After expanding in all the 50 other U.S. states, it became available in Hawaii ...
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News briefs
Fishbrain secures $31 million in funding
Fishbrain, the developer of a sport fishing app based in Stockholm, has raised $31 million in funding. The backers include Consensus Småbolagsfond and Adrigo Asset Management, as well as all main existing shareholders including B Capital Group and SoftBank Ventures Asia. Fishbrain will use the funding to continue to expand ...
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ArticleUzbekistan to produce Nike and Adidas footwear for Asia, Europe
The Uzbek company SinoInternational has inked an agreement to produce 3 million pairs of shoes in total under the Nike and Adidas brand names at its new factory in the Andijan region, starting from the fourth quarter of 2021. The facility is expected to achieve full production in the third ...
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Article
Further comments on Adidas’ focus on fewer categories
As we have already reported, Adidas wants to focus on fewer sports categories as part of its new “Own the Game” business plan through 2025. The outdoor sector is one of them, along with football, running and training.. Adidas’ CEO, Kaspar Rorsted, told the Financial Times a few days ago ...
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News briefs
New funding round values Fanatics at $12.8 bn
Fanatics raised another $350 million from existing shareholders in a round that valued the giant U.S.-based online licensed apparel group at $12.8 billion. It was more than double the $6.2 billion valuation that it received through a previous $350 million round last August. Investors thought at the time that it ...
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News briefs
Peloton makes new acquisitions, moves into Australia
Peloton has announced the completion of three new acquisitions: Aiquido, a company that has developed an AI-power digital voice assistant; Atlas Wearables, a producer of fitness-centered smartwatches; and Otari, the developer of an interactive workout mat with an attached LCD screen. In another new initiative, it announced earlier this month ...
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News briefs
Yeezy is valued at over $3.2 bn
Sales of sneakers resulting from Yeezy’s collaboration with Adidas grew by 31 percent to nearly $1.7 billion in 2020, according to a document compiled by UBS, details of which were reported by Bloomberg. According to the Swiss bank, the partnership generated $191 million in royalties for Yeezy, the sneaker and ...
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ArticleEND. is valued at over $1 bn in Carlyle’s takeover
The Carlyle Group, a former investor in Golden Goose and Supreme, is acquiring a majority stake in END., a British online retailer for sneakers and other streetwear, lifestyle and personal luxury products; Carlyle is buying the shares from the founders of END, Christiaan Ashworth and John Parker, who will keep ...
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News briefs
Asics selects four start-ups for its business partnership accelerator program
Asics has unveiled four proposals that it has selected this time in the framework of the Asics Accelerator Program, its business partnership accelerator program for start-ups. The four selected start-ups are: Japan HealthCare (Grand Prize) for its proposal on “Kids Foot Health Checkup for Your Smartphone;” Paronym (Award of Excellence) ...
