News briefs - Corporate and M&A – Page 14
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News briefsAmazon to invest $26 billion in India business
Amazon said it wants to significantly increase its investment in India by 2030. After CEO Andy Jassy met Prime Minister Narendra Modi in the U.S. last week, Jassy said he wants to put $26 billion into the country, adding $6.5 billion to planned new investments. An exact breakdown of the ...
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News briefsLululemon reportedly struggling to find a buyer for Mirror
Lululemon is trying to sell its Mirror fitness product but cannot find a buyer, despite cutting its value by nearly 90 percent, the New York Post has reported. A recent filing showed that Lululemon valued Mirror at just $58 million, although the athletic apparel company paid $500 million for the ...
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News briefsUnder Armour cuts 50 corporate roles to optimize cost structure
Under Armour has cut 50 corporate roles across various units and functions in order to reduce expenses, Footwear News has reported. The impacted employees will receive severance, healthcare benefits and career support, the company said. Under Armour had a workforce of around 15,000 worldwide as of March 31, 2023, half ...
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News briefsFrasers Group invests in electrical retailer AO World
Frasers Group, the owner of Sports Direct, has announced the purchase of a “strategic stake” in AO World, a retail group specializing in electrical goods based in Bolton, England, listed on the London Stock Exchange. The investment follows “productive talks over the last two years about establishing a strategic partnership,” ...
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News briefsAuthentic emerges as “stalking horse” for Rockport
Affiliates of Authentic Brands Group, ABG-Regatta LLC and ABG Intermediate Holdings, have emerged as the ”stalking horse” bidder for The Rockport Company, agreeing to pay $40.4 million for the bankrupt firm’s intellectual property, $5 million for its Korean subsidiary and additional yet-to-be-determined amounts for inventory. Rockport filed for Chapter 11 ...
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News briefsECE completes €12 million sports and leisure project in Viennese shopping mall
Source: ECE/Meyer Boulder wall at G3 Shopping Resort Gerasdorf The German retail property company ECE Marketplaces has successfully completed an extensive project for the expansion of the G3 Shopping Resort Gerasdorf, a shopping center on the outskirts of the Austrian capital of Vienna. On an area of ...
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News briefsAnta Sports and Alibaba among first companies to introduce HKD-RMB Dual Counter Model
The Hong Kong Exchanges and Clearing Ltd (HKEX) officially launched the “Dual Counter Model” for Hong Kong Dollar (HKD) and Yuan (RMB) on June 19. This is intended to strengthen Hong Kong’s role as an international financial center by bringing more liquidity and vitality to the stock market. Anta Sports ...
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News briefsPlanetics: Startup acquired by another startup
According to Internet portal munich-startup.de, Potsdam-based startup Khulula has acquired Planetics, a Munich-based marketplace for sustainable sporting goods. Last May, Planetics – founded in 2020 – was still announcing an expansion of its pre-seed round. Then, at the end of March, Planetics made public that it was looking for a ...
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News briefsAsics invests in haptics for VR exercise
Asics Ventures, the investment arm of the sportswear company, has invested in Valkyrie Industries Limited, whose hardware and software are designed to produce “immersive sports experiences” through “muscle-based haptics.” Asics’ funds will be helping bring to market Valkyrie’s EIR Armbands, which “combine virtual reality and electrical muscle stimulation.” The companies ...
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News briefsNike to release NFT
Nike has announced but not described a new sneaker NFT, due for release on June 20. Airphoria will be available in what the company calls the “ultimate sneaker hunt” through the networked video game Fortnite, published by Epic Games.
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News briefsXXL facing NOK 140 million tax bill
XXL ASA has received a reassessment from the Norwegian tax authorities relating to the group’s international transfer pricing model, leaving it owing nearly NOK 140 million. In its reassessment, the Norwegian tax authorities have increased the taxable income of XXL Sport and Villmark AS for 2015–2018, resulting in additional tax ...
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News briefsNike ranks 21st in Kantar BrandZ rating; Apple remains world’s most valuable brand
Apple is the world’s most valuable brand for the second year in a row, according to the 2023 Kantar BrandZ Most Valuable Global Brands Report. The total value of the world’s 100 most valuable brands for 2023 is $6.9 trillion. Despite a 20 percent decline from 2022, the overall Top ...
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News briefsFanatics acquires Latin American wholesaler
Fanatics, a global digital sports platform and leading provider of licensed sports merchandise, has completed the acquisition of Fexpro, a Panama-based leading wholesaler of licensed sports merchandise and branded apparel in Latin America, on undisclosed terms. Fexpro is the Latin American NFL, NBA and MLB licensee and also the licensee ...
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News briefsAdidas licensee to introduce a new pádel brand
All for Padel (AFP) is planning to field its own brand, according to a pair of reports in CMDsport. The brand is to make its debut in December (for the Christmas season); include racquets, apparel and shoes; and take aim at “the new generations.” CEO José Luís Sicre assures CMDsport ...
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News briefsNew Balance invests $65 million to expand factory in Maine
New Balance has announced a $65 million investment to expand its current athletic footwear manufacturing facility in Skowhegan, Maine. The expansion consists of an 11,150-sqm single-story addition to the existing five-story factory building, set for completion by the end of 2024, with around 1,900 sqm of the existing building also ...
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News briefsBelgian start-up Gofluo raises €1 million for international growth
Belgian start-up Gofluo has received €1 million to accelerate business growth and expand into the USA, France and Germany. Four experienced business angels and venture capital fund Freshmen, which is already a shareholder, participated in the funding round. The innovative, female-run fashion brand was founded in 2018 by Julie Vets. ...
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News briefsOn aims to make brand more complex
Swiss company On Holding, which raised its fiscal 2023 sales forecast by 2 percent to at least $1.9 billion last month, remains committed to building a complex, multibillion-dollar sportswear brand that focuses on the premium segment and is not overdistributed. The Swiss group’s co-CEOs, Martin Hoffman and Marc Maurer, provided ...
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News briefsVF begins operations at new distribution center in California
Colorado-based VF Corporation has launched its new distribution center in Ontario, California, employing approximately 550 people during peak periods. The new 111,500 sqm facility is VF’s largest and most efficient distribution center within the group’s worldwide network of 46 distribution centers. The center’s annual shipping capacity of 76 million units ...
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News briefsFoundation Wellness acquires Currex
Foundation Wellness, a U.S. manufacturer of insoles and orthotics under several different brands, has acquired Currex, a German brand of insoles designed for athletes and active people. According to the company, Currex is the leading brand in running retail in the U.S. and Germany. With this acquisition, Foundation Wellness expands ...
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News briefsCourt ends insolvency proceedings of Galeria Karstadt Kaufhof
By order of a German district court, the insolvency proceedings of the Galeria Karstadt Kaufhof (GKK) department store group will come to an end at the close of May 31. This makes legally binding the insolvency plan for the department store chain, which was approved by the creditors’ meeting of ...
