Latest news with #Chapter11-style
Yahoo
02-06-2025
- Business
- Yahoo
Reebok Taps Slam Jam as Partner in Europe, North and Central America
Authentic Brands Group is partnering with Slam Jam to increase the exposure of its Reebok brand in Europe as well as North and Central America. As part of the deal, the Italy-based streetwear company will work with the Reebok Design Group, the brand's global design organization, to expand the brand's reach and product offering with retailers around the world. More from WWD 'Power Moves' on Netflix: Behind Shaq's Bold Quest to Revive Reebok With Allen Iverson Angel Reese's First Reebok Basketball Sneaker Is Coming in Just a Matter of Days Rockport's Headed to the UK and Ireland 'We are thankful and excited to embark on this journey together with Authentic and Reebok,' said Luca Benini, founder of Slam Jam. 'The brand has been pushing the edges of culture through sport and lifestyle for generations, giving voice to local and global movements with impact.' Founded by Benini in 1989, Slam Jam has been a pioneer in streetwear and sneaker culture and was instrumental in introducing global brands to the European market. 'Slam Jam is a proven leader and tastemaker in the global fashion and streetwear space,' said Steve Robaire, executive vice president of Reebok. 'Their history, credibility, and connection to top retail partners make them the ideal partner to help usher Reebok into its next era. This partnership reflects a complete rebirth of our strategy, bringing Reebok to market with a sharp cultural lens and the authenticity that Slam Jam has embodied for over three decades.' Reebok had previously worked with New Guards Group which had operated the European operations of Reebok's branded stores and e-commerce and worked to build wholesale distribution of the brand there. It was also the exclusive partner to create and distribute high-end collaboration products in more than 50 countries, including the U.S., Canada and throughout Europe. But the deal soured and Authentic terminated that relationship last fall after NGG cited 'unfavorable economic terms' with the licensing deal. That opened the door for the Slam Jam partnership. Two weeks after losing the Reebok license, New Guards Group filed for Chapter 11-style proceedings in Italy. Authentic owns more than 50 brands globally that generate some $32 billion in annual retail sales. In addition to Reebok, it also owns Champion, Nautica, Sports Illustrated, Brooks Brothers, Vince Camuto, Sperry, Hunter and Ted Baker. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Sign in to access your portfolio
Yahoo
11-04-2025
- Business
- Yahoo
Ambush Founders Buy Back Majority Stake From New Guards Group
PARIS – Ambush is the latest brand to jump ship from troubled New Guards Group. Founders Yoon Ahn and Verbal have reacquired full ownership of the company, which joined New Guards Group's roster in 2020, when it bought a majority stake in the Tokyo-based brand. More from WWD Off-White Closes Mercer Street Store, Plans to Open New SoHo Store in September EXCLUSIVE: Farfetch Reboots Under Coupang, With a Focus on Customers and the Marketplace Modes Enters Business Restructuring Mode, CEO Exits Role In a statement, they said the transaction closed Friday, without providing additional details. This follows Bluestar Alliance's acquisitions of Off-White and Palm Angels, and last month's announcement that Alanui cofounders Carlotta and Nicolò Oddi had also bought back the stake held by New Guards Group, or NGG, in their high-end knitwear brand. 'Regaining full ownership enables us to fully express the core values and original vision upon which Ambush was built,' Ahn said. 'Now we are energized by this new chapter and the boundless potential ahead.' The brand owners want to steer it with complete creative autonomy and strategic flexibility, they said. They plan to further expand its presence, amplify its digital and technological initiatives, and initiate collaborations across fashion, music and culture. 'Taking back ownership is an important milestone that restores our freedom to pursue innovation and deepen our community connections globally,' said Verbal. A division of Farfetch, NGG is still home to brands including Marcelo Burlon County of Milan, Unravel Project, Heron Preston and Peggy Gou. Farfetch acquired NGG for $675 million in 2019. South Korean e-commerce giant Coupang took control of Farfetch at a knockdown price of $500 million at the end of 2023. As reported, in November, two weeks after losing the license to distribute Reebok footwear and apparel in Europe, NGG filed for Chapter 11-style proceedings in Italy, undergoing a restructuring and debt management process under Italian bankruptcy law. The filing is known in Italy as a CNC, and offers struggling companies the time and space to restructure and chart a path forward. It is not an insolvency procedure. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
Yahoo
25-02-2025
- Business
- Yahoo
Coupang Says Farfetch Turnaround Is Taking Root
LONDON — Farfetch turned a profit in the fourth quarter of 2024 and parent Coupang is confident that its turnaround strategy for the once-ailing company is taking root. Coupang, a Fortune 200 company listed on the New York Stock Exchange, purchased Farfetch out of administration in late 2023 and pledged $500 million to help revive it. More from WWD Visionnaire Sets the Tone With Milan Showroom Revamp, Gears Up for London and Shanghai Openings Jin of BTS Puts Edgy Spin on Workwear in Aviator Jacket and Tie at Gucci's Fall 2025 London Fashion Show Hein Schumacher Is Out as CEO of Unilever Since then Coupang has been sharpening Farfetch's technology, and focusing on the core business: the fashion e-commerce platform. On Tuesday, the Seattle-based e-commerce giant updated on the Farfetch turnaround during an earnings call to discuss its own fourth quarter and year-end results. Coupang said Farfetch achieved revenues of $1.7 billion in 2024, while losses narrowed to $34 million. It said the company has been on a 'positive trajectory' quarter after quarter. In 2022, the last full year that Farfetch reported financials, revenues were $2.3 billion, with losses hitting $98.7 million. Coupang said its continued focus on sustainable revenue growth, 'operational excellence' and offering relevant products and services was paying off. The company said it sees 'significant growth potential' for Farfetch both in innovation, and in emerging markets where the fashion platform already has a presence. The aim is for Farfetch to deliver profitable growth in the coming years by offering fashion and luxury products to aspirational and high-end consumers. Its roster of brands currently includes Miu Miu, Prada, Gucci, Saint Laurent and Jacquemus, although the selections are smaller than in the past. Coupang has also spent the past year cleaning up the Farfetch business, shuttering various divisions, including the platform solutions business. New Guards Group, a division of Farfetch, sought Chapter 11-style bankruptcy protection in Italy last year. It filed a CNC, which offers troubled companies the time and space to restructure, and chart a path forward. It is not an insolvency procedure. New Guards Group is home to a host of brands including Marcelo Burlon County of Milan, Palm Angels, Unravel Project, Heron Preston, Alanui, Peggy Gou, Ambush and There Was One. It is also the licensee of Off-White, which is owned by the New York-based Bluestar Alliance. Farfetch continues to own Stadium Goods in the U.S. and Browns in London. Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take?
