On’s Record Q3 Results
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we take a look on On's latest earnings and the newest acquisition in the footwear world. Plus, Skechers reveals financial contributions to local organizations in Maui.
Here's what you need to know.
On’s Co-CEO Marc Maurer Says Zendaya and the Olympics Powered Record Q3 Results
Thanks in part to its partnership with Zendaya and its strong presence at the Paris Olympics this summer, On Holdings continued to outperform in the third quarter, notching a record in both net sales and profitability . And the company sees no end in sight, raising its full-year projections as it approaches what it expects to be a strong holiday season.
Marc Maurer, co-chief executive officer, told FN sister publication WWD that the company is well on its way to reaching its previously announced goal of doubling its 2023 revenues by 2026. He said the means to that end is built around scaling the company’s own retail network, growing apparel and increasing its reach in the Asia-Pacific region.
Executives of the Swiss athletic brand also noted that On is diversifying its product range and marketing efforts outside of running.
“I think it’s important to not just be a one-trick pony,” On co-founder and executive co-chairman Caspar Coppetti said in a Tuesday call with analysts. “We’re no longer just a running brand. We also have significant business, for example, in training, in tennis, and of course, on the lifestyle side.”
Vida Shoes Snaps Up Aquatalia
Vida Shoes International Inc. has acquired Aquatalia from ADJHA Aquatalia LLC.
The terms of the deal , which closed in late September and was just announced, were not disclosed.
Vida, which designs, sources, markets and distributes shoes for footwear for women, men and children, owns brands such as Jambu, JBU, J Sport and Andre Assous. Vida is also a licensee of brands like BCBG, Bruno Magli, Splendid, Kenneth Cole, Stride Rite, Carter’s, Merrell Kids, Saucony Kids, Kurt Geiger and OshKosh B’Gosh and makes private label shoes for various retailers.
Solomon Dabah, president of Vida Shoes International , said in a statement that the Aquatalia acquisition will help Vida expand its luxury fashion portfolio as well as its presence in women’s shoes.
Zoom out: Footwear deal activity has begun to heat up in the latter half of 2024. In June, RG Barry Corporation revealed it had been acquired by the Marubeni Growth Capital U.S. (MGCU) a subsidiary of the Tokyo-based Marubeni Corporation. According to PwC’s 2024 consumer M&A outlook from January, there will likely be more fashion transactions throughout 2024 as brand owners look to review their portfolios and change their structures.
Skechers Continues Its Maui Recovery Support by Giving a $75,000 Donation to Celebrate Its New Store Opening
When Skechers cut the ribbon celebrating its new Maui store opening last week, it also revealed financial contributions to local organizations as the city continues to recover from the wildfires that ravaged through the Hawaiian island in 2023.
With Skechers president Michael Greenberg in attendance, the company presented a $50,000 donation to Help Maui Rise , an organization focused on the distribution of funds to those displaced by the Maui fires. This financial contribution, Skechers explained, provides “crucial support during a highly stressful period” and offers “hope and tangible assistance to those still grappling with the aftermath of the devastating fires.”
Also,?Skechers?provided a?$25,000 contribution to the?Lahaina Intermediate School ?through its partnership with?Adoptaclassroom.org , a nonprofit that raises funds for classroom supplies and educational materials. This donation, Skechers explained, will address “the unique obstacles faced by students and teachers in the wake of the wildfires” and will provide “students with the stability and resources they need to thrive academically and emotionally.”
Because of its multi-faceted philanthropic efforts, Skechers will be honored in New York on Dec. 4 at the FN Achievement Awards (FNAAs) . The company will receive the coveted Icon Award for Social Impact.
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