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Superdry Secures New Financing as It Continues Turnaround Plan

SuperDry, store, NYC
Outside a SuperDry store in New York City.

Superdry has secured new financing as it hopes to continue to improve its business.

On Monday, the U.K.-based retail chain said in a regulatory filing that it had obtained a secondary lending facility of up to 25 million British pounds ($32 million, based on current exchange) with Hilco Capital Ltd., a subsidiary of the U.S.-based group Hilco Global.

In the filing, Superdry said that the new funds will improve its liquidity and will help accelerate the implementation of its turnaround plan and cost-reduction program.

The company added that the facility with Hilco is for a 12-month term with the option to extend and is at an interest rate of 10.5 percent plus the Bank of England base rate on the drawn element.

The agreement follows multiple initiatives from the retailer to strengthen its balance sheet.

In December, the company inked an 80 million pound ($102 million) asset-backed lending facility with Bantry Bay Capital Ltd. This facility replaced the existing 70 million pound ($89 million) asset-based lending facility obtained in 2020, which was due to expire at the end of January 2023.

In March, the company went a step further, agreeing to sell its intellectual property assets in certain countries within the Asia Pacific (APAC) region for $50 million. Shortly after this move, Superdry issued a trading update on its fiscal 2023 outlook in April, which included the announcement of its turnaround plan.

In the plan, the company said it had identified initial cost savings of over 35 million pounds ($45 million). These will be achieved through estate optimization, logistics and distribution savings, better procurement and continued range reduction, Superdry noted in the plan.

The company expects these savings to be fully realized by the end of fiscal 2024, with the costs to achieve them primarily incurred in calendar year 2023.

“The Superdry brand continues to evolve, but there is no doubt that the market conditions we face are challenging, compounded by the issues we have previously disclosed and are working to address in wholesale,” founder and CEO Julian Dunkerton said in a statement in April. “As a result, while we continue to deliver like-for-like growth in retail sales, we need to ensure our business is in the right shape to navigate these difficult times, which is why we are looking hard at our cost base.”

In May, Superdry completed a 12 million pound ($15 million) equity raise to help fund its turnaround plan. As part of the raise, 11.1 million ($14.2 million) came through the sale of 15.7 million new shares, equating to 19.1 percent of the company’s equity.

In its most recent guidance, Superdry expects fiscal 2023 revenue to be in the range of 615 million pounds ($786 million) to 635 million pounds ($812 million), up from 609 million pounds ($779 million) last year.

2023
08/08
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Vince Camuto Launches New Fly365 Shoe Franchise as Company Aims to Build Men’s Category

Vince Camuto, Fly365, men's shoes, men's, sneakers, dress shoes, comfort shoes
A look at Vince Camuto’s new Fly365 shoes for men

Vince Camuto has launched its first men’s franchise shoe line.

Dubbed “Fly365,” the collection debuts today with two new hybrid, dress-meets-casual styles – the Talmai and Tayden. Both models are launching in three colorways and such materials as hand-antiqued full-grain leather, soft and durable nubucks and breathable airy knits.

According to the brand — which is a division of Camuto Group, owned by Designer Brands Inc. — what sets the Fly365 line apart is the use of a supportive cupsole for stability, a cushioned lightweight midsole for weight reduction and energy return, and a rubber outsole for traction and durability. The line also features a removable performance footbed and linings made using KulKote temperature-regulating technology.

Jorge Gomez, VP and GM of Vince Camuto Men’s, told FN in an interview that the new line was sparked from a consumer need for a shoe with both style and comfort. “In this post-COVID world, modern male consumers are less likely to compromise on comfort, and it’s required at this point in the men’s category,” Gomez noted. “With this new franchise, we are taking our European-inspired aesthetic and infusing it with technical comfort innovation.”

Vince Camuto, Jorge Gomez, men's shoes, men's, sneakers, designer, mens designer
Jorge Gomez, VP and GM of Vince Camuto Men’sCOURTESY OF VINCE CAMUTO

This launch comes as Vince Camuto sees growth in its men’s shoe business. On the company’s first-quarter 2023 earnings call last month, Designer Brands CEO Doug Howe told analysts that Vince Camuto’s men’s casual direct-to-consumer business was up 87 percent in the period. “We are offering him a breadth of assortment in casuals across different types of constructions, sportier technical constructions and versatile dress hybrids,” Howe said at the time.

While on the call, Howe teased the Fly365 launch and called it an “important step” for the Vince Camuto brand as it begins a “journey of engaging” its male customer in an expanded manner.

Companywide, Howe noted on last month’s call that men’s made up roughly 20 percent of sales across all its categories in the first quarter.

Vince Camuto, Fly365, men's shoes, men's, sneakers, dress shoes, comfort shoes
A look at Vince Camuto’s new Fly365 shoes for men.COURTESY OF VINCE CAMUTO

Looking ahead, Gomez told FN that the Fly365 line will be expanding to include a wider variety of styles, including boots in the fall and further offerings for spring 2024. “As a designer, men’s is a very exciting category to be in right now,” Gomez admitted. “There is a lot of innovation happening across the category, and I’m happy we can be a part of this movement.”

Vince Camuto’s new men’s Fly365 styles, which retail for $169, are now available at Vincecamuto.com. A wider release at Macy’s and Belk stores is planned for this fall.

 

2023
07/13
CATEGORY
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Margot Robbie Takes ‘Barbiecore’ Style to New Heights in Bubble Gum Pink Moschino Suit and Manolo Blahnik Peep Toe Mules at ‘Barbie’ Seoul Press Conference

Actress Margot Robbie attends a press conference for "Barbie" on July 03, 2023 in Seoul, South Korea. (Photo by Han Myung-Gu/WireImage)
Margot Robbie attends a press conference for “Barbie” on July 3, 2023 in Seoul, South Korea.
WIREIMAGE

Margot Robbie’s outfit roster for her ‘Barbie‘ press tour is like an extension of the movie itself. After Blowing her Birthday candles at the Seoul premiere of the film on July 2, Robbie turned heads in yet another pink outfit  today at a press conference with local and international media.

In true ‘Barbiecore’ fashion, Robbie answered the journalists questions wearing a Moschino bubblegum pink two-piece suit. Designed by Jeremy Scott, the style is part of the Italian brand’s Spring Summer 2015 collection which was inspired by the Mattel doll. The ensemble featured a 60’s-style short jacket, crop top, and mini skirt, all covered in sparkling crystals.

SEOUL, SOUTH KOREA - JULY 03: Actress Margot Robbie attends a press conference for "Barbie" on July 03, 2023 in Seoul, South Korea. (Photo by Han Myung-Gu/WireImage)
SEOUL, SOUTH KOREA – JULY 03: Actress Margot Robbie attends a press conference for “Barbie” on July 03, 2023 in Seoul, South Korea. (Photo by Han Myung-Gu/WireImage)WIREIMAGE

Robbie accessorized her look with a matching pink pillbox hat and a heart-shaped purse, also from Moschino and pearl earrings by Tiffany & Co.

As per footwear, Robbie completed the monochromatic ensemble with a set of peep-toed mules in the same shade of pink. The style is the Houramu mules by Manolo Blahnik and it features bright pink patent leather open toe mules with a soft scalloped shape and a 2.7 inch stiletto heel.

SEOUL, SOUTH KOREA - JULY 03: Actress Margot Robbie attends a press conference for "Barbie" on July 03, 2023 in Seoul, South Korea. (Photo by Han Myung-Gu/WireImage)
Actress Margot Robbie attends a press conference for “Barbie” on July 3, 2023 in Seoul, South Korea. WIREIMAGE

When it comes to style on this tour, The “Wolf of Wall Street” trusted seasoned hollywood stylist Andrew Mukamal, who’s also behind the looks of celebrities like Zoe Kravitz, Billie Eillish, Carey Mulligan, Kaia Gerber and many more. Mukamal is recreating the iconic doll’s style with pieces from brands like Versace, Bottega Veneta, Chanel and Valentino. When it comes down to shoes, he’s favoring sandals and pointed pumps mostly from Manolo Blahnik and Louboutin.

The Greta Gerwig-directed comedy film, which is themed after Mattel’s namesake doll and stars Margot Robbie, Ryan Gosling and Will Ferrell, premieres on July 21.

2023
07/04
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New Study Finds Minimalist Shoes May Be Better for Your Kid’s Feet

Softstar minimalist children shoes
A new study examined what happened when school kids wore Softstar minimalist shoes.
COURTESY OF SOFTSTAR

Less is more, according to a new research study that examined the benefits of minimalist shoes for kids.

Scientists from the University of Sydney, Western Sydney University and the University of South Florida looked at children age 8 to 12 attending a private school in Sydney, Australia, where black dress shoes were required by uniform. The researchers recruited 28 kids to swap out their usual footwear with a pair of Softstar Primal RunAmocs, a U.S.-made shoe that has a minimalist rating of 94 percent (where 100 percent represents the highest degree of minimalism).

Over the course of three full school terms (or eight months), the scientists conducted a range of tests on the kids and found “statistically significant increases” in flexor digitorum brevis (FDB) muscle size in the group that wore Softstar Shoes compared to a control group. FDB muscles, found on the bottom of the feet, are in charge of toe flexion as well as stabilizing and supporting the foot during movement.

However, the study also noted there was no change to toe flexor strength and balance during the period, perhaps due to factors including the relatively short exposure to wearing the shoes (only three school days per week) and Sydney’s beachside location, which may result in more barefoot time outside of school.

Minimalist, or so-called barefoot, shoes have been an oft-debated footwear choice since the early aughts, when brands like Vibram FiveFingers rose to fame. The shoes aim to promote natural movement in the foot by using wider, anatomically correct toeboxes and thinner, flexible soles. Brands specializing in minimalist offerings include Softstar, Vivobarefoot, Xero Shoes, Lems and others.

Experts have long argued that shoes can have a long-term impact on foot health and function, especially among children, whose feet are still developing. The American Podiatric Medical Association, for instance, recommends that babies not wear shoes until they begin walking, and even then, only when outside or on rough surfaces. The APMA further notes that babies’ feet should be protected in lightweight, flexible footwear made of natural materials.

2023
06/22
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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.
2023
06/21
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The 25 Best Platform Boots to Bring Your Style to New Heights

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PARIS, FRANCE – MARCH 07: Caroline Daur is seen wearing a black Miu Miu bralette, Miu Miu shorts, black boots and a white Miu Miu bag with black Miu Miu sunglasses outside the Miu Miu show during Paris Fashion Week F/W 2023 on March 07, 2023 in Paris, France.

All products and services featured are independently chosen by editors. However, Footwear News may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes.

When it comes to the most sought-after boot trends of the season, evergreen silhouettes like classic ankle boots, winter boots, rain boots, and utilitarian-inspired women’s combat boots will always be in style. This season, though, we can only talk about the best women’s boots by highlighting the statement-making platform boots for women.

Platform boots are a wear-with-everything style. While they’ve been spearheaded by the likes of Versace and Saint Laurent, this year, designers have put fresh spins on the silhouette. For example, high-heeled platform boots were seen in many iterations on spring/summer 2023 and fall/winter 2023 shows at Louis Vuitton, Off White, and Paco Rabanne, to name a few. Additionally, the high street, naturally, followed suit with celebrities like Olivia Wilde at the Fashion Trust Awards and Emma Roberts at Saks Fifth Avenue’s New York Fashion Week Party, styling them in unexpected ways to show that they are more wearable than one might think.

If you want to stand apart from the crowd (or quite literally above the crowd), the platform boots trend will help you to do just that. This footwear style has been spotted in all corners of the world and was initially created to protect oneself and their clothing from the elements, including mud and dirt. The first platform shoes date back to the western world in the early 1930s, but it was in the 1970s that they became popular. Paired with flared hemlines, these were seen on men and women everywhere. In the 1990s and 2000s, the rebellious club kids turned to this footwear style by the masses. Some might call this a continuation of the “ugly” shoe trend, and we’re cool with that. Ugg’s classic ultra mini platform boot sells out moments after each re-stock, a clear sign this trend is here to stay.

Whether they’re toughening up dresses or updating your utilitarian aesthetic, this season’s edit of platform boots will give your wardrobe extra attitude. So, keep scrolling for our curated list of the best platform boots for women this season, including expert information about the biggest trends and platform boot outfit ideas to get you inspired and ready for the chilly days ahead.

Best Platform Chelsea Boots

  • Sizes: 4-13, including half sizes
  • Heel height: 1.2”
  • Materials: leather, suede, elastic (side panels)
  • Colors: all black, brown, all white, black with white, tan
  • Best for: Dressing down a wide leg trouser
  • Pros: Dear Frances pairs with nonprofits like Soles4Souls to ensure that for every pair of Dear Frances shoes purchased, a pair of shoes is sent to a person in needThere’s a reason the Dear Frances Tony boot is known as the “winter wardrobe hero.” Handcrafted in Italy from supple leather and fixed with a subtle platform, this boot transcends seasons. It’s easy to slip on and off, and like all Dear Frances shoes, comfort reigns supreme. Whether you’re sitting at your desk or bound to walk an average of 20K steps a day, these will secure your feet while giving any outfit a chic twist that will have every style lover coming up to ask who makes them. “Platforms are hugely important right now, much more so than this time last year, for example. However, they can also be a timeless option when the platform is subtle, and the pitch of the boot is just right,” suggests Frances. When investing in high-quality footwear, it’s vital to take good care of them as that will aid in their longevity. “Using your Dear Frances dust bag to keep your shoes clean and fresh. It’s also important to store leather shoes away from direct sunlight and away from any direct heat sources, such as winter radiators. If your boots get wet in the weather, no problem, but just be sure to air dry them before storing them in your wardrobe,” notes Frances.

 

2023
06/20
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Jennifer Lawrence Sparks in Shimmery Tulle Pants and Criss Cross Louboutin Sandals Arriving at a TV Studio in New York City

Jennifer Lawrence, Simon Miller, New York, wedges, green wedges, vegan wedges, thong wedges, thong sandals, bodycon dress

Jennifer Lawrence gave an otherwise office-ready look a dreamy twist in sparkling tulle as she walked to the Bravo Studios today in New york City.

The Hunger Games star who is currently in the middle of the promotion tour of her new movie “No Hard Feelings” arrived at the tv studios wearing a sheer pair of tulle pants covered in sparkly appliqués combined with a double breasted blazer featuring a gold-tone front button, fitted waist, and slightly pointed shoulder line.

NEW YORK, NEW YORK - JUNE 19: Jennifer Lawrence is seen in SoHo on June 19, 2023 in New York City. (Photo by Gotham/GC Images)
NEW YORK, NEW YORK – JUNE 19: Jennifer Lawrence is seen in SoHo on June 19, 2023 in New York City. (Photo by Gotham/GC Images)GC IMAGES

When it came to accessories, Lawrence kept it sleek with a pair of large sunglasses and a Dior black leather bag, as per usual. Since the actor became a spokesperson for the brand back in 2012 it is rare to catch her in pubic with an outfit that doesn’t include an item or accessory from the French brand.

2023
06/20
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