March 18, 2020
Skechers joined other brands in closing its owned retail stores in North America and some European markets through Mar. 28, and also withdrew its 2020 guidance, citing the worsening impact of the Covid-19 pandemic.
U.S. lawmakers have introduced the Uyghur Forced Labor Prevention Act to crack down on Chinese sourced goods produced through forced labor.
Net income declined 10% to €83,405,000 ($92.3 mm) from €93,030,000 for the FY ended Dec. 31 as sales rose to €668,931,000 ($740.4 mm) from €634,138,000 with strong international growth offsetting softer sales results from its home markets.
Sales at Samsonite’s Gregory Mountain Products division increased 20% to $69.8 million for the year against $58.0 million, driven by 24% growth in Asia, 10% growth in North America and a 37% jump in Europe.
Jake Licht has been elevated to the CEO post and Casey Schindler to COO following the sudden death last month of Michael Schindler from a heart attack.
The Xcel brand was acquired by Colorado-based ZG Collective, which itself was just acquired by Wedge Brands, a new company backed by Silverpeak Capital Partners.
Standard & Poor’s downgraded the Famous Footwear parent to BB- from BB with a negative outlook and Moody’s downgraded its corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD and senior unsecured notes rating to B1 from Ba3.
Surf movie pioneer Bruce Brown, who produced the 1966 motion picture, The Endless Summer, is suing NKE and FL for using his registered marks and elements of the film poster in an ad campaign for Champs.