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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.

2023: 06/21
CATEGORY: BUSINESS
TAGS: next
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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.

2023: 06/21
CATEGORY: BUSINESS
TAGS: california
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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 1^stof 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.

2023: 06/21
CATEGORY: BUSINESS
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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 11^thbiggest 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
CATEGORY: BUSINESS
TAGS: exports
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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: 06/21
CATEGORY: BUSINESS
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Next reportedly in talks to sell Reiss

VF Corp opens new distribution centre in California

Burberry reports full year revenue growth

Full Year Results

Spanish footwear exports increase in the first quarter

Spanish Footwear Industry

Average footwear prices expected to increase

Footwear News

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Footwear News: reporting on the latest in shoes industry , Sneaker & Boots trends, fashion news and celebrity style.Footwear-News.com

Next reportedly in talks to sell Reiss

VF Corp opens new distribution centre in California

Burberry reports full year revenue growth

Full Year Results

Spanish footwear exports increase in the first quarter

Spanish Footwear Industry

Average footwear prices expected to increase

Footwear News

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Archives

Recent Posts

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