August 30, 2023
Net income declined 10% at the Chinese apparel maker to RMB 2,126,829,000 ($303.2 mm) in the first half, from RMB 2,366,616,000 last year, as revenues slipped 15% to RMB 11,561,962,000 ($1,648.2 mm) from RMB 13,592,789,000.
Under Dog founder Kevin Plank confided in former Bloomberg anchor Stephanie Ruhle and shared financial information with her when the company’s sales slowed in 2016, according to newly released court documents obtained by the Wall Street Journal.
Inflationary pressures are fueling a new wave of online secondhand sales, dropping the stigma around used purchases and bringing everyday items into the marketplace, according to OfferUp’s 2023 Recommerce Report.
The footwear maker’s net income declined 39% in the first half to $297,000 from $489,000, as sales tumbled 41% to $3,085,000 from $5,261,000, hit with shrinking market demand.
ASO expanded its partnership with the licensed apparel juggernaut enabling the retailer to tap into Fanatics’ wide array of officially licensed merchandise, adding a range of new products beginning this fall.
Jbrds, an anatomically designed children’s footwear maker founded by sporting goods industry veterans, closed a $500,000 seed round, valuing the company at $5 million.