October 01, 2024 Nike Pulls Guidance as Sales Drop 10%
The Eager Beavertons’ earnings call was run by CFO Matt Friend, with no sign of John Donahoe, who is set to retire on Oct. 13, the day before Nike O.G. Elliott Hill takes the reins as the E.B.s fifth-ever president and CEO. Port Workers Strike Despite Last Minute Offer
The long-feared International Longshoremen’s Association strike is now underway at East and Gulf coast ports, setting up a 3- to 5-day backlog to recover from each day of a strike and adding another trade disruption to existing issues in the Red Sea and Panama Canal. ABG Taps Initial Batch of Champion Licensees
Authentic Brands Group shed some light on the global licensing model for Champion after closing on its $1.2 billion acquisition of the brand’s IP and other assets from Hanesbrands, with international and collegiate segments getting particular attention from the new owner. Rawlings Sets Leadership Transition
Rawlings’ current CEO, Mike Zlaket, will become vice chairman, effective Jan. 1, while Ron Ostrowski will step into the top job, adding CEO to his current responsibility as the company’s president. Homage Closes Growth Funding Round
The vintage-inspired sports and licensed apparel brand has secured an undisclosed amount in a new funding round from investors Ryan Reynolds, Jason Kelce’s Winnie Capital, and Rob McElhenney’s More Better, along with several other team owners and athlete organizations.
Platinum Equity-backed GSM Outdoors’ buying spree continues with its acquisition of K&E Tackle, adding Stopper Lures, Carlisle Floats, Bear Creek, Best Tackle, and Arnold Tackle to its portfolio of brands. Foot Locker Launches in India This Month
Big Foot is set to launch its omnichannel presence in India on Oct. 19, through local partners Metro Brands Ltd., who will manage Foot Locker’s physical stores, and Nykaa Fashion operating its e-commerce platform there. Patagonia Lays Off 41 in Restructuring
Impacted by the same headwinds that other outdoor apparel brands are facing, Patagonia is making moves at its Ventura, CA, headquarters to elevate product and storytelling, CEO Ryan Gellert posted on LinkedIn. Beachbody Company Slashes Staff in Platform Realignment
Shifting from a multi-level marketing network channel to a single-level affiliate program, the seller of BODi connected fitness bikes will cut about a third of its workforce to focus on direct-to-consumer, Amazon, and partnership-driven sales channels. Peloton Class Action Dismissed
An SDNY federal court judge has dismissed with prejudice the City of Hialeah Employees Retirement Fund’s class action suit that claimed PTON misled investors by insisting that its business was healthy despite slowing consumer demand and rising inventory levels. Etcetera: Genesco, eVent Fabrics, Salomon
|