June 20, 2023
Former Logitech International boss Bracken Darrell is the Vans and The North Face parent’s new chief, effective July 17, as VFC goes outside the sporting goods industry for a fresh outlook.
Legislators opened another front in the war on counterfeiting with the introduction of multiple bills aiming to level the field of de minimus exceptions which allow over 2 million shipments to enter the U.S. per day duty-free and without customs inspection.
Thanks to a stronger than expected operating performance with total sales increasing by 30% last year and China outperforming, S&P Global upgraded Amer Sports’ rating to B+ from B, and similarly upgraded its €1.7 billion senior secured term loan B and €315 million revolving credit facility due in 2026.
The Winchester parent said Q2 adjusted EBITDA is now expected to be in the $350-$360 million range, due to an estimated $50 million impact from extending its Freeport, TX plant turnaround and deteriorating market conditions.
The golf trade association is promoting its chief business officer and 16-year veteran, Greg Nathan to president and chief operating officer, effective June 19.