Virtua Weekly: Breaking News & Insights!
Welcome back to Virtua Weekly, where we break down the biggest stories emerging from the sports, fashion & outdoor industries each week!
Here's what you need to know:
Deckers Brands , a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories, this week announced financial results for the second fiscal quarter ended September 30, 2023.
"The strength of demand for our HOKA and UGG brands continued to drive exceptional performance,? producing record revenue and earnings for Deckers in both the second quarter and first half of fiscal year 2024," said Dave Powers, President and Chief Executive Officer.
"Our team's ability to deliver compelling products that create emotional connections with consumers through engaging marketing campaigns, differentiates our brands in a competitive marketplace. This, paired with our strategic approach to marketplace management, led by our DTC channel, remains paramount to the success of our brands and Company. We are focused on maintaining the integrity of our healthy brands to deliver the results detailed in our increased outlook, while remaining aligned with long-term objectives."
Second Quarter Fiscal 2024 Financial Review:
Second Quarter Fiscal 2024 Brand Summary:
British luxury streetwear brand Represent is launching a 118 sq ft retail space in Harrods in Knightsbridge on 26 October 2023, which will feature an exclusive eight-piece collection.
Having already opened similar spaces in other luxury stores such as Harvey Nichols , Selfridges and FLANNELS , the opening of the new Harrods installation is described as a “zenith moment” for the brand.
The eight-piece exclusive collection incorporates two landmark designs for Represent, namely the ‘R’ initial and the ‘Owners’ Club’, blended with gold Harrods typography and the famous Harrods ‘Teddy Bear’ respectively – which features on the back of hoodies and Tees.
Represent Co-Founder and Creative Director, George Heaton, said: “The Harrods project is an iconic landmark for Represent. Working in collaboration with the highest level of British luxury department store, we’ve come together to deliver a capsule collection of exclusive pieces designed in-house for Harrods. The build-out is a new take on physical space for the brand.
“For the past 12 years we’ve always known we’re building something special, both with the quality of the product and the image of the brand. Going from designing and storing our product in our parents’ garden shed just over a decade ago, to now having Represent garments showcased in our own dedicated space in the world’s leading luxury store is unbelievable. Being in the company of some of the world’s global leaders in fashion just drives us to want to take this brand further, forever.”
The Represent x Harrods installation will open for a preliminary period of six months from 26 October 2023, and the ‘Represent x Harrods Exclusive Collection’ will also be available on the Harrods website from the same date.
BESTSELLER has revealed the designs for a ground-breaking mass timber logistics centre to be built in the Netherlands.
Crafted by the renowned architectural firm Henning Larsen , this facility is set to become the largest of its kind in Europe, spanning an impressive 155,000 square meters. Referred to as LCW, short for Logistics Centre West, this facility will find its home in Lelystad, situated 60 kilometres to the east of Amsterdam, with an anticipated completion date in 2026.
Allan Kyhe Kj?rgaard, Logistics Director, at the Danish fashion giant said:?“We are happy to be able to unveil the design of our new logistics centre, for which we have very big ambitions. Not only because it strengthens our opportunities for future growth, but also because it was designed to excel in sustainable construction through, not least, the choice of mass timber in the construction. We wanted the building to demonstrate our desire for aesthetic design, and we are very proud of what we have succeeded in jointly with Henning Larsen.”
The team from Henning Larsen has, among other things, prioritised daylight and green areas as well as harmonising indoor and outdoor elements to promote employee well-being.?
“The design of Logistics Centre West represents a fundamental change to the way we imagine how a logistics centre should look. It’s a result of a united client and consultancy team committed to creating a design that is visually stunning, carbon efficient and has a positive biodiverse impact,” explained Eva Ravnborg, Country Market Director, Partner, Henning Larsen.?
More than half of the total site is dedicated to its landscape. The majority of the area will thus be dedicated to wetlands and forest to protect biodiversity and help absorb CO2.?
In order to preserve and protect the area's animal and plant life, the construction will be surrounded by a constructed wetland, which will contribute to promoting microhabitats for native species. The centre will also have an optimised rainwater system that, among other things, protects against flooding and recycles rainwater from the roof.?
“We are very aware that constructing new buildings affects the environment, the climate and the local community. Therefore, a very thorough process has taken place before we can now present the plans for our new logistics centre. There have been many ambitions which had to be united in one building, but we?believe that we have succeeded - not least thanks to a good and close collaboration with Henning Larsen. We look forward to putting the logistics centre into use in 2026," added Bestseller's Kyhe Kj?rgaard.
This week PUMA Group released its Q3 results with the sportswear giant well on track to achieve its full-year outlook.
2023 THIRD QUARTER FACTS:?
? Sales increase by 6.0% currency adjusted (ca) to € 2,311 million (Q3 2022: € 2,354 million) with sales growth in all regions.?
? Gross profit margin increases by 30 basis points to 47.1% (Q3 2022: 46.8%), despite strong currency headwinds?.
? Operating expenses (OPEX) increase moderately by 1.2% to € 864 million (Q3 2022: € 853 million), supported by continued cost discipline.
? Operating result (EBIT) amounts to € 236 million (Q3 2022: € 258 million), resulting in an EBIT margin of 10.2% (Q3 2022: 10.9%).
? Net income is at € 132 million (Q3 2022: € 146 million).?
? Inventory further normalizes to an appropriate level of € 1,874 million (September 30, 2022: € 2,350 million).?
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PRODUCT, MARKETING & OTHER HIGHLIGHTS:?
? PUMA and Rihanna see strong demand for the Avanti, the first PUMA x FENTY product of the renewed collaboration with the global icon.?
? PUMA welcomes A$AP Rocky as Creative Director for PUMA x F1 partnership.?
? PUMA athlete Neymar Jr. breaks all-time scoring record of Brazil’s national team overtaking PUMA athlete Pelé.?
? PUMA joins the South American Football Confederation CONMEBOL and the Confederation of African Football CAF as an official partner.?
? PUMA signs long-term partnership with German International & Arsenal star Kai Havertz.?
? PUMA athletes win 22 medals at World Athletics Championships in Budapest, twice as many as in Eugene last year.?
? PUMA athlete Armand “Mondo” Duplantis jumps 6.23 meters to break the pole vault world record for the seventh time.?
? PUMA signs a multi-year extension of its partnership with F1 Team Scuderia Ferrari and enters a long-term partnership with F1 Team Williams Racing.?
? PUMA athlete Dennis Schr?der, captain of the German Basketball National Team, named Most Valuable Player at the FIBA Basketball World Cup 2023 and Breanna Stewart wins the 2023 WNBA Most Valuable Player Award.?
? PUMA and LaMelo Ball unveil the LaFrancé collection debuting the MB.03, LaMelo Ball’s third signature basketball shoe.?
? PUMA and Swarovski launch a collection in celebration of PUMA's 75th anniversary.?
? PUMA brings back low-profile sneaker silhouettes for Paris Fashion Week in collaboration with fashion labels Coperni and Ottolinger.?
? PUMA appoints Javier Ortega as General Manager Europe.
Arne Freundt, Chief Executive Officer of PUMA SE:
“While the market continues to experience significant macroeconomic headwinds and 2023 remains a transition year, we outgrew the market with a currency adjusted sales growth of 6% and delivered an EBIT of € 236 million – both fully in line with expectations. We once again demonstrated our sustained brand momentum and gained market share. We remain fully on track to achieve our full-year guidance.?
In the remainder of the year, we will deliver a lot of exciting product newness to the market and celebrate the biggest brand moments of this year. Our strong partnerships with our retailers, athletes and suppliers, supported by the fastest and most agile team in the industry, were again crucial for our success."
JD Sports Fashion has revealed the UK rollout of its JD STATUS loyalty app, which gives shoppers cashback on purchases, ahead of the festive trading season.
The app's nationwide debut, providing registered shoppers with a 10% cashback on their initial purchase and 1% on subsequent purchases, comes after a successful eight-week trial in ten stores in the north-western region, coupled with enthusiastic feedback from customers.
JD Sports, which already operates a loyalty scheme in the US, now plans to roll out the JD STATUS app across Europe.
The app is available to use across 370 UK stores and further benefits will be added as the scheme is developed as the business looks to strengthen its relationship with customers.
D Sports CEO Régis Schultz said: “JD’s loyal customers are key to our success and we are committed to providing them with a market-leading omnichannel experience across our much-loved sports fashion brands.
"Our ‘beyond physical retail’ approach means placing the omnichannel customer at the heart of everything we do and the expansion of our JD STATUS app across Britain is the natural next phase of this strategy. We look forward to extending the reach of the app across Europe as we expand our loyalty offering globally, as part of our strategic drive to be the leading global sports-fashion powerhouse.”?
Virtua are delighted to announce a highly anticipated role for a new client, a global aspirational footwear specialist with years of impressive heritage, to join them as its new Head of Digital Wholesale.
The successful candidate will play a key role in managing our clients sales performance and ensuring optimal brand positioning. You will be responsible for developing and executing strategies to drive revenue growth, enhance the customer experience, and maximise sales opportunities with our clients wholesale partners.
Virtua are delighted to announce a new opportunity has arisen for one our long-standing clients, a multifunctional sports/lifestyle brand to join them as their next Brand Marketing Manager. This position will be responsible for creating and executing our clients brand marketing vision across product, partnerships, launches, campaigns, social media, influencers and brand activations.
Virtua are delighted to announce an exciting new role for an existing client, pioneers in the field of aspirational footwear, design and technology with years of impressive heritage. They are looking for a talented Digital Direct-to-Consumer Specialist to join their reputable brand.
The successful candidate will be responsible for the best-in-class onsite experience for our clients customers. We are seeking a driven, up and coming individual who is keen to develop and lead promotional campaigns, analysing customer behaviour and identifying areas for improvement, while working closely with the marketing, product development, and design teams to execute changes.
Virtua are delighted to announce an exciting new role for one of our clients who are pioneers in the field of aspirational footwear, design and technology with years of impressive heritage. They are looking for a talented Digital Analytics Specialist to join their reputable brand.
We are seeking a highly analytical and detail-oriented individual to play a crucial in optimising our clients merchandising strategies by leveraging data-driven insights.