December 2020

JD Sports Fashion acquires Shoe Palace in United States


JD Sports Fashion Plc, a leading retailer of sports, fashion and outdoor brands, recently announced that Genesis Holdings Inc, its existing wholly-owned intermediate holding company in the United States, acquired cent per cent of both the issued shares in the Shoe Palace Corporation and the members’ interests in Nice Kicks LLC on December 14.

Based in San Jose, California, Shoe Palace was established in 1993 by the Mersho family and currently has 167 stores, the vast majority of which trade under the Shoe Palace banner.

More than half of the stores are located in California, although there is also an established retail presence in Texas, Nevada, Arizona, Florida, Colorado, New Mexico and Hawaii, with the store network supported by a developing ecommerce platform.

In 2019, Shoe Palace generated revenues of $435 million. Shoe Palace is operated by four brothers from the Mersho family who head up the various operating functions across the business.

Total cash consideration for the acquisition of Shoe Palace, subject to customary cash/debt and working capital adjustments, is $325 million, of which $100 million has been deferred and will be paid on various dates over the next 12 months, JD Sports said in a press release.

Fizzy Goblet opens new store in Bangalore

Pic: Fizzy Goblet

Brand: Fizzy Goblet

 

Company: Fizzy Goblet

 

Location: Orion Brigade Gateway Mall, Bangalore

 

Product profile: A range of classic and contemporary juttis, Fizzy heels, Fizzy Kolhas, potlis.

 

Store design | Interiors & VM | Fixtures: The store is designed by Office of Cognitive Design, a Bangalore based design firm whose brief was to celebrate India’s artisans and Fizzy Goblet’s artisan community. The brand’s signature Rose Gold elements and facade are paired with an artisan corner.

 

About the company: Laksheeta Govil launched Fizzy Goblet with the aim of modernising the classic jutti and creating a joyful and youthful brand. Govil has collaborated with a number of designers including Payal Singhal and has dressed a number of bollywood celebrities.

Fibre2Fashion News Desk (JL)


Brand: Fizzy Goblet Company: Fizzy Goblet Location: Orion Brigade Gateway Mall, Bangalore Product profile: A range of classic and contemporary juttis, Fizzy heels, Fizzy Kolhas, potlis. Store design | Interiors & VM | Fixtures: The store is designed by Office of Cognitive Design, a Bangalore based design firm whose brief was to celebrate India’s artisans.

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Marimekko Q3 FY20 sales rise 10{fdea926487ee02bc2a16665f4e739ad758d7dc214db60dfbdf50512f75114598} to €38 mn

Marimekko, a Finnish lifestyle design company, has announced its third quarter (Q3) financial results for fiscal 2020 ended on September 30. Despite the challenging situations, company’s sales rose 10 per cent to €38.0 million compared to sales of €34.5 million in the same period last year. Company’s earnings were up €8.0 million (Q3 FY19: €6.4 million).

 

“Wholesale sales and prompt adjustment measures helped Marimekko increase its net sales and improve its results in a challenging operating environment. Continued strong online sales supported retail sales as the pandemic kept affecting customer numbers of brick-and-mortar stores,” Tiina Alahuhta-Kasko, president and CEO at Marimekko, said in a press release.

 

Sales in Finland increased 17 per cent to €22.9 million while international sales grew 2 per cent to €15.0 million (€14.7 million). 

 

Company’s EBITDA for the quarter was €13.6 million (€11.0 million). Operating profit was €10.5 million (€7.8 million) during Q3 FY20. 

 

“The pandemic situation continues to be of concern in many of our markets, with new waves of infections being reported. This increases uncertainty in the final quarter of the year, which includes not only the holiday sales season but also other significant sales campaigns for Marimekko,” Alahuhta-Kasko said.

 

“We have systematically

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