Executive Moves at Under Armour
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we have a slew of executive moves at Under Armour. We also analyze how consumers feel about back to school and take a look at who Louis Vuitton signed as its newest ambassador.
Here's what you need to know:
Under Armour?on Wednesday announced a slew of executive changes as the company rolls out its business transformation plan.
Why all the change? The news comes as Under Armour rolls out a plan to revamp its business via its Protect This House 3 (PTH 3) plan. The strategy involves focusing on reinvigorating brand DNA, key product areas and growing business in North America.
Back-to-school shoppers are preparing to spend more this year, but many are still looking for ways to save where they can.
According to?KPMG’s 2023 Consumer?Back to School?survey of more than 600 U.S. households with students, shoppers plan to spend on average about $377 per kid, which is up 21 percent from a year ago. More than 60 percent of respondents report being concerned about?inflation, with 70 percent of them looking for early discounts and 57 percent looking for cheaper brands.
Consumer prices rose 4 percent in May compared to last year, according to the latest Consumer Price Index. This marked the smallest 12-month increase since the period ending March 2021. Retail?footwear prices?in May grew for the 26th consecutive month, with kid’s footwear prices up 0.6 percent.
To beat rising prices, shoppers plan to purchase items earlier this year, with 62% having already started or planning to start back to school shopping before August 1, compared to the 53% who replied similarly a year ago.
Grand Slam?Tennis?Champion and current world No. 1, Carlos Alcaraz, has been named?Louis Vuitton’s newest house ambassador.
The Spanish tennis star was ranked the youngest No. 1 seed in tennis history at 19 with his 2022 US Open win. There, he beat Casper Ruud to become youngest men’s champion at the US Open since Pete Sampras, 19, in 1990, as well as at any Grand Slam event since Rafael Nadal, 19, at the 2005 Roland Garros.
In its announcement, Louis Vuitton said the two share the same spirit of endeavor and excellence. “Off the court, his unique charm and style have garnered him fans within and beyond the sphere of sport, all sure to follow him on this exciting new chapter with the Maison,” the French fashion house said.
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