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Skechers Announced $1 billion Share Buyback Program

26Jul By AnkitaNo Comments

Market

Skechers Announced $1 billion Share Buyback Program

Leading footwear and The Comfort Technology company Skechers announced $1 billion share buyback and a new sales record of $2.16 billion in the second quarter, attributed to high demand for their range of comfortable and innovative footwear. David Weinberg, Skechers' Chief Operating Officer, highlighted that the growth stemmed from increases of 9% in Direct-to-Consumer sales, 6% in Wholesale, 7% internationally, and 8% domestically. Growth was seen across all regions, with notable increases in the Americas (7%), Europe, the Middle East, and Africa (14%), and Asia Pacific (2%). Particularly strong performances were noted in international direct-to-consumer and domestic wholesale segments, which saw respective growth rates of 15% and 14%. Despite challenges like foreign currency fluctuati...

18May By AdityaNo Comments

INDIA

German footwear brand shifts production from China to India

German Footwear company Casa Everz Gmbh which owns healthy footwear brand Von Wellx has decided to shift its entire production from China to India. The company took this decision on the basis of demonstrating a start to the Indian government's recent plans to bring foreign companies into the country. The production will now happen at Agra in Uttar Pradesh in collaboration with Iatric Industries Pvt Ltd. Von Wellx is a pioneer of healthy footwear with benefits like relieving feet, knees and back pain, protection of joints and muscles against shocks, and correct posture. The brand is sold in over 80 countries and has over 100 million customers across the globe. It was launched in India in 2019 and is available at over 500 top retail locations and online. "We are very happy to ...

2Mar By PriyankaNo Comments

FUNDING

Footwear brand Neemans Raises $1 Million in Funding

Hyderabad-based Neeman’s, an eco-conscious footwear brand making comfortable shoes using Merino Wool has raised around 1 million USD in an early stage round led by Anicut Angel Fund which made its maiden investment, Tushar Singh and Rohit Anand were the leads of this round of investment on behalf of Anicut, with Tushar joining the company board. Through Anicut, Ashvin Chadha, Arjun Seth, Abhishek Goyal, Ambarish Raghuvanshi, and Sanjay Kapoor are among the investors who participated in this round. Founded in 2017 by Taran Chhabra and Amar Preet Singh, Neemans claims that its shoes are natural, lightweight, flexible, breathable, moisture-wicking, odour-resistant, cool in summer and warm in winter, and machine-washable. The funding will be used by the start-up for the expansion of the...

Info Edge Invests into B2B Footwear Company ShoeKonnect

24Nov By Gauri SinghNo Comments

BUSINESS

Info Edge Invests into B2B Footwear Company ShoeKonnect

The parent job portal of Naukri.com and real estate website 99acres.com called Info Edge (India) Ltd has invested an amount of Rs 3 crore ($422,000) more in online business-to-business footwear marketplace ShoeKonnect. This particular investment raised Info Edge’s stake in ShoeKonnect to 27.27% from 20% as stated by the company. This indicates the fresh infusion has come at a higher valuation. ShoeKonnect is a brand run by Bizcrum Infotech which was founded in 2014 by three economics graduates from Delhi University named Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi. Talking about the funding, the startup raised an undisclosed amount from the Indian Angel Network in 2016. It posted revenue of Rs 37 lakh for the financial year ended March 2018. ShoeKonnect brings manufact...

World’s No. 1 Footwear Maker Nike Reported Better Quarterly Revenue

21Dec By AdityaNo Comments

BUSINESS

World’s No. 1 Footwear Maker Nike Reported Better Quarterly Revenue

Nike Inc, the world's No. 1 footwear maker, reported better-than-expected quarterly revenue, helped by higher demand from Western Europe, Greater China and emerging markets. The company's shares were up 4 percent at USD53.89 in after-market trading on Tuesday. Nike's net income rose to USD842 million, or 50 cents per share, in the second quarter ended Nov. 30, from USD785 million, or 45 cents per share, a year earlier. Revenue climbed to USD8.18 billion from USD7.69 billion. Analysts on average had expected revenue of USD8.09 billion, according to Thomson Reuters.

Wildcraft Enter in Wearable Space, Launched Tracking Device “SPOT”

13Apr By Press Trust of IndiaNo Comments

News

Wildcraft Enter in Wearable Space, Launched Tracking Device “SPOT”

Outdoor gear, apparel and footwear company Wildcraft has launched a GPS tracking device called SPOT, a location monitoring device via app on smartphone. A portable device, SPOT can be worn on the wrist as a band or hooked onto backpack via a clip, the company said. "The launch of SPOT is a first step into the exciting arena of wearable. By allowing you to see the location of your loved ones, SPOT takes away the stress of not knowing where they are if theyve been out of touch", Gaurav Dublish, Director of Wildcraft, said in a release here. "Weve got a host of parents expressing interest in the device from a safety standpoint," the release said. SPOT device comes as a kit with a dual mode technology, GPS + LBS enabling accuracy of up to 10 meters, it said in a release here. Wi...