Sporting Goods Industry News for November 23, 2022
As the world returned to more pre-Covid 19 normalcy, to the office and to social events, the branded casual footwear market recovered strongly by rising 19.5% in 2021 to $14,671 million from $12,272 million a year earlier.
Former members of Kayne West’s Yeezy brand staff issued an open letter to the Adidas board of directors and CEO accusing senior management of complicity in “problematic behavior” by West in dealing with employees over the near-decade partnership between the music mogul’s brand and the Big A which ended last month amid controversial comments from West.
Net income declined by 29% in the third quarter to CZK 223,191,000 ($9.1 mm) from CZK 315,799,000 last year on sales that increased 10% to CZK 3,170,733,000 ($130.0 mm) against CZK 2,873,261,000.
The Chinese footwear and apparel company’s net loss declined to RMB 386,227,000 ($56.3 mm) in the fiscal first half ended Sep. 30 from a loss of RMB 747,949,000 last year with both periods dominated by losses from changes in fair value of financial instruments.
Manchester United’s board of directors has retained the Raine Group to explore strategic alternatives, including new investment into the club, a sale, or other transactions to capitalize on opportunities both on the pitch and commercially.
Plaintiffs Jacob Krakauer and Joyce Rockwood are suing the outdoor co-op in a proposed class action filed in WA district court on behalf of consumers who they say were duped into purchasing waterproof apparel that contains high levels of PFAS chemicals.
PXG is suing Edel Golf in Western TX district court for infringing on two of its patents with the defendant’s SMS Iron set, which includes a pitching wedge and gap wedge.