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Archive for June 21st, 2023

Next reportedly in talks to sell Reiss

Next reportedly in talks to sell Reiss
The UK-based fashion retailer is reportedly considering selling its 51% stake in Reiss, in a deal that would value the British fashion brand at more than 500 million British pounds
According to Sky News, Next and its Reiss shareholder, Warburg Pincus,are working with bankers on an auction of the business. US investment bank Raymond James is reportedly overseeing the deal, which is already in its second rounds, “with a number of buyers circling”. The newspaper’s sources say that, overall, theclothing brand could be valued at in excess of 500 million British pounds(583.5 million euros).
Next tookmajority control of Reissin August 2022, when it increased its stake to 51% from the original 25% it had acquired in March 2021. The CEO of Next, Simon Wolfson, became chairman of Reiss following the purchase of the first stake, thus succeeding David Reiss, who founded his namesake brand in 1971.
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Keen footwear lowers its prices

Keen footwear lowers its prices
The Oregon-based footwear company is lowering its prices to give some relief to consumers in this inflationary environment
“On average, we are bringing prices down by 5% across the board. We believe we are doing the right thing to help people in this inflationary environment. We want people to continue to enjoy the outdoors and be able to go to work with safe shoes”, said John Evons, president of Keen, in an interview with CNN. Usually, its portfolio of products ranges between 36 US dollars for children’s shoes and 250 US dollars for adults.
The company explained to Footwear News that this price decrease is possible because it owns 40% of its supply chain, including sourcing, factories and distribution centres. So, with the supply chain stabilizing in the US, Keen was able “pass along the savings” and reduce prices for its customers.
“Most brands are reacting to consumers pulling back by offering increased promotions and not bringing the original product price down. This is unique, and it will be interesting to see if other companies follow suit”, commented Beth Goldstein, footwear and accessories analyst at the market research Circana, to CNN.
According to a survey conducted in January by Circana, 56% of consumers delayed or skipped a footwear purchase or chose a less expensive option in the past six months due to price increases on either footwear or other goods. In addition, households with children were reducing footwear spending more than those without children. Although price increases have been slowing steadily, in general, and for footwear too, prices are still higher than usual in several categories.
2023
06/21
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VF Corp opens new distribution centre in California

VF Corp opens new distribution centre in California
The US-based footwear group has announced the start of operations at its new distribution centre in Ontario, California. During peak periods, it will employ around 550 people
According to VF Corp, thenew 1.2 million square foot facility is the “largest and most efficient”within its global network of 46 distribution centres. Implemented in partnership with Vanderlande Industries, it has thecapacity to ship 485 000 units per day, twice the processing capacity and efficiency of a traditional distribution centre, and toprovide next-day e-commerce fulfilmentfor consumers in California, Nevada, Arizona and southern Utah. Initially, the centre will serviceVans and The North Face brands, but over time it is expected to include more house brands.
“We are proud to introduce VF’s largest and most efficient distribution centre to date. Servicing our consumers and customers is our number one focus andthis facility allows us to get our product to our consumers faster using technologically advanced equipment, which results in reduced lead times and increased efficiency in meeting consumer demands”, commented Cameron Bailey, EVP Global Supply Chain of VF Corp.
The group highlighted that the new facility was planned tosupport VF’s sustainability commitmentsby including features and systems that can help reduce the impact on the environment, and it was “designed with employee health and well-being in mind”, said Jon Watschke, Vice President, of West Coast Distribution Centre Transition. “The centre offers EV chargers, both indoor and outdoor restorative areas and features a robust fitness facility on-site to encourage health and wellness”, he added.
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Burberry reports full year revenue growth

Burberry reports full year revenue growth
The UK-based luxury group has posted a 10% rise in revenue during fiscal 2023 from the prior year, underlining a rebound in performance in the Mainland China in the fourth quarter
“I am very pleased with what we have achieved this year. We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories,with revenue accelerating in the fourth quarter as growth rebounded in Mainland China. Having appointed Daniel Lee as our new Chief Creative Officer, we have refocused our brand aesthetic and brought his new creative vision to life with a campaign and runway show that have been very well received. At the same time, wehave reorganised our supply chain, merchandising and digital teamsunder new leaders to drive our strategy forward”, commented Jonathan Akeroyd, Chief Executive Officer.

Full Year Results

In the twelve months that ended on the 1stof April, Burberry’srevenueamounted to 3.1 billion British pounds (3.6 billion euros), reflecting a growth of 10% on a reported basis or 5% at constant exchange rates, as compared to the prior fiscal year.

The company’sretail channelsaw its sales increase by 10% or 6% at constant exchange rates, over fiscal 2023, generating 2.5 billion British pounds (2.9 billion euros), as compared to fiscal 2022, while thewholesale channelcontributed 543 million British pounds (633.9 million euros) to the total annual’s revenue, up by 23% as reported or by 22% at constant exchange rates.
The performance in China impacted directly retail results,with growth rebounding in the fourth quarter following the lifting of COVID-19 restrictions. InMainland China, Burberry’s comparable store sales decreased by 11% in the year, with comparable store sales rising only in the fourth quarter by 13% year-over-year. Thus, theAsia Pacific regionrecorded a full year growth of 2%, on a comparable basis to the previous fiscal year. Meanwhile, in theEMEA region, fiscal 2023 comparable store sales rose by 27% year-over-year, while in theAmericas region, it recorded a small decline of 3% year-over-year.
During the last fiscal year, the luxury company posted anattributable profitof 490 million British pounds, or diluted earnings per share of 126.3 pence, as compared to the 396 million British pounds, or diluted earnings per share of 97.7, reported over fiscal 2022.
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Spanish footwear exports increase in the first quarter

Spanish footwear exports increase in the first quarter

In the first three months of 2023, Spanish footwear exports increased by 21% in value due to the impact of inflation, but remained below pre-pandemic levels in volume terms
According to the General Bureau of Customs, in the first quarter of the year,Spanish footwear companies exportedclose to 42.4 million pairs of shoes, generating 910.8 million euros. These figures reflect anincreaseof 3.2% in volume and 21% in value, as compared to the same quarter of the prior year. Theaverage price per pairsold stood at 21.5 euros in this period.
The data also shows that, by value,Spain’s main destination marketswere France (up by 22.1%), Italy (up by 41.5%), Germany (up by 12.6%), Portugal (up by 25.1%) and the US (down by 2.5%).
Theincrease in prices, driven by high inflation,boosted the value of Spanish exports, but this growth has not been reflected in the number of pairs soldin this period; despite being higher than last year, thevolume of exports remains below pre-pandemic levels. So, when compared with the first quarter of 2019, the country’s footwear exports fell by 3.7% in volume but grew by 16.8% in value.
Concerningimports, in the first quarter of the current fiscal year, Spain purchased 93.5 million pairs of shoes, worth 1 225.4 million euros, up by 11.9% in volume and 29.6% in value, on a comparable basis to the first quarter of 2022; when compared with the first three months of 2019, Spanish footwear imports rose by 2.1% in volume and 45.6% in value.

Spanish Footwear Industry

The World Footwear 2022 Yearbook (more informationavailable HERE) indicates thatSpain is among the world’s top 10 exporters, and it is the 11thbiggest importer of footwear worldwide. Mainly concentrated in Valencia, its footwear industry ranks among the world’s top 20 producers. In 2021, the industry recovered in large part from the previous year’s decline, with production and exports growing strongly.

2023
06/21
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Average footwear prices expected to increase

Average footwear prices expected to increase

In the latest edition of the World Footwear Business Conditions Survey, our panel members predicted an increase of 7.3% in footwear prices over the next six months. Get free access to the report with the main conclusions
The latest statistics on international trade in 2022 indicate apositive trend in global footwear importsduring the second half of the year. Despite the uncertain evolution of the global macroeconomic scenario, the economic growth forecasts are optimistic.
2023
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Samuel Ross reimagines Timberland’s boot

Samuel Ross reimagines Timberland's boot

Samuel Ross, the founder of A-Cold-Wall, has collaborated on Timberland’s latest Future73 capsule collection, which invites designers to reimagine its iconic boot on the occasion of the brand’s 50th anniversary
The Timberland x Samuel Ross Future73 features a stripped-back version of the brand’s classic boot with minimal lines and zip closure and also reimagines the 3-Eye Lug Handsewn Boat Shoe in black ballistic nylon. In addition, it includes a range of archival apparel designs – including a hunting parka, cargo shorts, an insulated vest, crewneck sweatshirts and a knitted sweater, all finished with hand-dyeing techniques. Overall, the collection shows Ross’s signature touch, namely the creator’s reverence for craftsmanship and focus on the potential for function and ergonomics.
“My earliest memories of Timberland go back some 20 years when I was a child travelling around the Caribbean, where my family is from, and seeing the brand’s influence on the culture. In places like Barbados and St. Vincent, there is a deep respect for heritage and ensuring the sanctity of craftsmanship”, said Samuel Ross.
So, “the opportunity to work on a project surrounding the anniversary of the 6-Inch Boot immediately pulled a heartstring. “All the designs have a level of resistance applied to them; it is less about making fashion items than it is about making exceptionally well-made goods to be worn as functional utility tools for the body”, he added.

About A-Cold-Wall

Founded in 2015 by Samuel Ross, the British luxury brand takes an ergonomic approach to design, combining social consciousness with material innovation. The brand is then associated with modern and contemporary designs that often incorporate technical fabrics and innovative details.

2023
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