Executive Moves at Crocs, Salomon

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Today, we discuss some high profile hires at Salomon and Crocs Inc . Plus, TJX Companies is once again closing all of its stores on Thanksgiving Day.

Here's what you need to know.

Former Yeezy Designer Steven Smith Is Taking on a New Challenge — Crocs

Crocs Inc. has brought a seasoned shoe design legend on board to power the next stage of growth for its two core brands.

The clog maker on Tuesday announced that it has tapped Steven Smith as its head of creative innovation, effective Dec. 2. In this new role, Smith will design shoes for both the Crocs and Hey Dude brands, and oversee the creation of new silhouettes and a general design evolution at both brands.

A more than 30-year footwear veteran, Smith has worked at top brands such as Adidas, Nike, Reebok and New Balance, and most recently served as a key footwear designer for Kanye West’s Yeezy brand.

In August, Kanye West reportedly fired Smith, who had worked alongside West for nearly eight years and was named?head of industrial design at Donda , West’s creative agency, in July 2022. Smith was the architect behind some of the most coveted Yeezy ?shoes, including the ever-popular Adidas Yeezy Boost 700. Outside of Yeezy, some of Smith’s most profound creations include New Balance classics that are modern favorites, including the 550, 1500 and 574, as well as the ahead-of-its-time Reebok Instapump Fury from 1994 and the Nike Air Zoom Spiridon Caged 2 from 2003.

Salomon Names New CEO as Parent Amer Sports Raises 2024 Guidance

Amer Sports, Inc. raised its guidance for fiscal year 2024 after posting strong Q3 results and announced a new chief executive officer and president for its Salomon brand .

The public Finnish company, which also owns the Arc’Teryx, Wilson, Peak Performance and Atomic brands, reported a 17 percent increase in sales in Q3 to $1.35 billion . Net income increased 257 percent to $56 million, or 11 cents diluted earnings per share. Adjusted net income increased 651 percent to $71 million, or 14 cents diluted earnings per share. Gross margin increased 420 basis points to 55.2 percent.

The outdoor performance segment, which includes the company’s?Salomon ?brand, saw revenues grow 8 percent to $534 million in Q3. The brand announced that it has elevated chief product officer Guillaume Meyzenq to the role of president and CEO of Salomon , effective Jan 1, 2025. He replaces Franco Fogliato , who stepped down from the role in April for personal reasons after about three years at the helm of the?brand.

Amer also announced that chief operating officer Michael Hauge S?rensen would step down from his role and return his former role as an advisor to the board of directors.

Marshalls, TJ Maxx and HomeGoods Stores Will be Closed on Thanksgiving Day

TJX Companies is once again closing all of its stores on Thanksgiving Day.

The parent company to TJ Maxx, Marshalls, HomeGoods, Sierra, and Homesense said that all stores across all of its banners will closed on Nov. 28 . They are scheduled to reopen on for Black Friday at 7 a.m. local time on the morning of Nov. 29.

“We consider ourselves an associate-friendly company and we are pleased to give associates the time to enjoy Thanksgiving with family and friends,” a TJX Companies spokesperson told FN in a statement .

While TJX Companies has closed its stores on Thanksgiving even prior to the 2020 pandemic, many retailers have only recently adopted this practice. Walmart closed its stores on Thanksgiving for the first time in 2020 and has continued to do so through present day. This year, Walmart stores will open at 6:00 a.m. local time on Black Friday , November 29, according to USA Today. In recent years, other chains such as Target and Dicks’ Sporting Goods have also opted to close its stores and give workers Turkey Day off. In 2022, REI notably made the decision to permanently close its stores every year on Black Friday after closing its doors on Black Friday every year since 2015.

Need more shoe news?

• More FNAA 2024 Winners Revealed: New Balance, Bjorn Gulden, Plus Other Standouts
• Mytheresa’s Operations Turn Profitable for Fiscal Q1
• Walmart Tops Q3 Forecast and Raises Outlook for the Year
• These Theories About How Black Friday Got Started Will Surprise You

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