AS REPORTED ON STYLE SIGHT WEBSITE JUNE 26TH,2008
As Steve & Barry’s LLC inked partnerships with high-profile celebrities including Sarah Jessica Parker, Amanda Bynes and Venus Williams, the retailer neglected to pay its contractors, vendors, and even advertisers, according to new information obtained by The Wall Street Journal, which first reported that the company might have to file for bankruptcy on Monday. The company needs a fast injection of up to $30m to keep from filing for Chapter 11 bankruptcy protection, and with debt owed to a number of vendors, the reality behind Steve & Barry’s media success is looking quite grim.
As reported on Style Sight- June 27, 2008
When Sarah Jessica Parker appeared on the “Today” show to promote her new collection for the store, Rhode Island contractors who assisted in preparing the Manhattan store for national television were owed $4,000. They, and many others, were never paid, according to the newspaper.
“They’ve never paid on time and always had some excuse, so when they were on the ‘Today’ show we felt really proud, but at the same time, it felt like the emperor had no clothes,” Laura Johnson, owner of carpentry firm Ottmans Services, told the newspaper. Steve & Barry’s also owes Ottmans Services $23,000 for a job completed in December, and has stopped working for the company.
Steve & Barry’s, which neglected to pay small vendors across the U.S. as well as manufacturers overseas, or allowed months of time between payments, has been banned from advertising in the University of Michigan student newspaper, The Michigan Daily, because of its unpaid debt.
Steve & Barry’s was the largest advertiser for the newspaper during the 2006-2007 school year, and fell behind on $36,000 worth of payments. Newspaper business manager Elaina Bugli, a senior at the University of Michigan, told the WSJ that the company still owes $20,326 for ads purchased over one year ago.
“It’s by far our largest unpaid debt. They owe us more than we set aside for all unpaid debts for the year,” Bugli shared with the WSJ. Complicating matters is the fact that Steve & Barry’s hold licenses to create apparel for the University of Michigan.
Steve & Barry’s has retained Goldman Sachs Group Inc. to obtain financing, and has also hired a bankruptcy lawyer. The company has also tapped restructuring firm Conway, Del Genio, Gries & Co., which also worked on Sharper Image and Linens ‘n Things. If Steve & Barry’s does not line up the appropriate financing, it may file for bankruptcy as soon as next week.
Showing posts with label Apparel. Show all posts
Showing posts with label Apparel. Show all posts
Friday, June 27, 2008
Thursday, June 26, 2008
Hurley revenue rises double digits for year
As reported on shop-eat-surf.com June 25th 2008
Hurley revenue rises double digits for year
Nike released results this afternoon for its fiscal fourth quarter and year ended May 31.
Hurley revenue grew 14 percent to $171 million in fiscal 2008, Nike executives said during a conference call with analysts.
Executives on the call discussed how the company reviewed its portfolio of other businesses this year to focus on the businesses with the most growth potential. Hurley survived that review. Two brands did not - Starter and Nike Bauer Hockey.
Year-end results for other Nike-owned business include a 29 percent increase for Converse to $729 million; a 12 percent increase for Nike Golf to $725 million; and a 6 percent increase for Cole Haan to $496 million.
Overall, Nike recorded strong international growth and slow U.S. growth. The company was pleased with its footwear performance but said apparel sales were mixed. Performance apparel did well but sportswear is lagging.
Nike company financials
Full year: Total company revenue revenue grew 14 percent to $18.6 billion. Net income rose 26 percent to $1.9 billion.
Fourth quarter: Revenue grew 16 percent to $5.1 billion. Net income grew 12 percent to $490.5 million.
U.S revenues
Fourth quarter: Total revenues up 4 percent to $1.7 billion. Footwear rose 6 percent. Apparel increased 2 percent.
Full year: Total revenue rose 4 percent to $6.4 billion. Footwear increased 6 percent. Apparel grew 2 percent.
Europe revenue
Fourth quarter: up 19 percent to $1.5 billion.
Full year: up 19 percent to $5.6 billion
Asia Pacific revenue
Fourth quarter: up 39 percent to $828 million
Full year: up 26 percent to $2.9 billion.
Americas revenue
Fourth quarter: up 30 percent to $306.6 million
Full year: up 21 percent to $1.2 billion
Future orders
In the U.S., future orders for athletic footwear and apparel were flat for deliveries scheduled for June 2008 through November 2008. Europe increased 10 percent. Asia Pacific grew 31 percent. Americas increased 30 percent. International future orders were partially helped by exchange rates.
Hurley revenue rises double digits for year
Nike released results this afternoon for its fiscal fourth quarter and year ended May 31.
Hurley revenue grew 14 percent to $171 million in fiscal 2008, Nike executives said during a conference call with analysts.
Executives on the call discussed how the company reviewed its portfolio of other businesses this year to focus on the businesses with the most growth potential. Hurley survived that review. Two brands did not - Starter and Nike Bauer Hockey.
Year-end results for other Nike-owned business include a 29 percent increase for Converse to $729 million; a 12 percent increase for Nike Golf to $725 million; and a 6 percent increase for Cole Haan to $496 million.
Overall, Nike recorded strong international growth and slow U.S. growth. The company was pleased with its footwear performance but said apparel sales were mixed. Performance apparel did well but sportswear is lagging.
Nike company financials
Full year: Total company revenue revenue grew 14 percent to $18.6 billion. Net income rose 26 percent to $1.9 billion.
Fourth quarter: Revenue grew 16 percent to $5.1 billion. Net income grew 12 percent to $490.5 million.
U.S revenues
Fourth quarter: Total revenues up 4 percent to $1.7 billion. Footwear rose 6 percent. Apparel increased 2 percent.
Full year: Total revenue rose 4 percent to $6.4 billion. Footwear increased 6 percent. Apparel grew 2 percent.
Europe revenue
Fourth quarter: up 19 percent to $1.5 billion.
Full year: up 19 percent to $5.6 billion
Asia Pacific revenue
Fourth quarter: up 39 percent to $828 million
Full year: up 26 percent to $2.9 billion.
Americas revenue
Fourth quarter: up 30 percent to $306.6 million
Full year: up 21 percent to $1.2 billion
Future orders
In the U.S., future orders for athletic footwear and apparel were flat for deliveries scheduled for June 2008 through November 2008. Europe increased 10 percent. Asia Pacific grew 31 percent. Americas increased 30 percent. International future orders were partially helped by exchange rates.
Monday, June 23, 2008
RANKING ACTION SPORTS BRANDS FOR SPRING
I’ve heard many executives reference the Piper Jaffray “Taking stock with Teens” survey, so thought I’d take a look at the latest results for this spring.
The study surveyed 670 teens in 11 cities around the country. The average age of the students was 16.
After reading the survey, a few highlights jumped out.
Hollister continues to dominate, landing the No. 1 ranking for clothing brands for the seventh season in a row.
Young men love action sports brands, which the survey categorizes as West Coast brands. Young women are more into fashion and less brand loyal.
Within the West Coast brands, which includes retailers such as PacSun and Zumiez, Volcom came on super strong for spring. Overall, Volcom came in No. 2 at 24 percent mindshare up from 4 percent the same period last year.
LRG is also coming on strong, ranking No. 5 among West Coast brands.
PacSun’s new juniors strategy of carrying more in-house fashion styles and denim is paying off. Within the female West Coast brand category, PacSun recorded 81 percent mindshare vs. 30 percent in spring 2007.
Here are some more details from the survey. I included three main categories: Top clothing brands overall, top West Coast brands, and top board sport brands. The percentage figures measure the mindshare of the brands with students.
An interesting survey note: The students were given blank spaces to fill in their favorite brands by order of preference rather than choosing from a list of brands. They had to come up with the brand names on their own.
Top clothing brands - all students
1. Hollister - 13 percent
2.West Coast brands - 11 percent
3.American Eagle - 9 percent
4. Abercrombie & Fitch - 5 percent
5. Forever 21 - 5 percent
Top clothing brands - female
1. Hollister - 14 percent
2. Forever 21 - 9 percent
3. American Eagle - 8 percent
4. Nordstrom - 8 percent
5. Abercrombie & Fitch - 5 percent
6. West Coast brands - 4 percent
Top clothing brands - male
1. West Coast brands - 17 percent
2. Hollister - 13 percent
3. American Eagle - 10 percent
4. Nike - 7 percent
5. Abercrombie & Fitch - 6 percent
Interesting juniors trend: Fast fashion retailers (Charlotte Ruse, Wet Seal, H & M) as a category continue to gain ground with juniors with 16 percent mindshare this spring vs. 13.9 percent last spring.
Detailed look at West Coast brands by percentage of mindshare within the West Coast category - all students
1. PacSun - 35 percent
2. Volcom - 24 percent (up from 4 percent in spring 2007)
3. Quiksilver - 10 percent
4. Zumiez - 7 percent
5. LRG - 6 percent
6. (tie) Billabong, DC - 5 percent
8. (tie) Hurley, Sun Diego - 2 percent
10. (tie) Element, O’Neill, RVCA, Zoo York - 1 percent
Top 3 West Coast brands - female
1. PacSun - 81 percent (up from 30 percent in spring 2007)
2. Volcom - 13 percent
3. Zumiez - 6 percent
Top 3 West Coast brands - male
1. Volcom - 26 percent (up from 5 percent in spring 2007)
2. PacSun - 24 percent
3. Quiksilver - 12 percent
Top boardsport brands
1. Volcom - 43 percent
2. Quiksilver - 17 percent
3. LRG - 11 percent
4. (tie) Billabong, DC - 9 percent
6. Hurley - 4 percent
7. (tie) Element, O’Neill, RVCA, Zoo York - 2 percent
The study surveyed 670 teens in 11 cities around the country. The average age of the students was 16.
After reading the survey, a few highlights jumped out.
Hollister continues to dominate, landing the No. 1 ranking for clothing brands for the seventh season in a row.
Young men love action sports brands, which the survey categorizes as West Coast brands. Young women are more into fashion and less brand loyal.
Within the West Coast brands, which includes retailers such as PacSun and Zumiez, Volcom came on super strong for spring. Overall, Volcom came in No. 2 at 24 percent mindshare up from 4 percent the same period last year.
LRG is also coming on strong, ranking No. 5 among West Coast brands.
PacSun’s new juniors strategy of carrying more in-house fashion styles and denim is paying off. Within the female West Coast brand category, PacSun recorded 81 percent mindshare vs. 30 percent in spring 2007.
Here are some more details from the survey. I included three main categories: Top clothing brands overall, top West Coast brands, and top board sport brands. The percentage figures measure the mindshare of the brands with students.
An interesting survey note: The students were given blank spaces to fill in their favorite brands by order of preference rather than choosing from a list of brands. They had to come up with the brand names on their own.
Top clothing brands - all students
1. Hollister - 13 percent
2.West Coast brands - 11 percent
3.American Eagle - 9 percent
4. Abercrombie & Fitch - 5 percent
5. Forever 21 - 5 percent
Top clothing brands - female
1. Hollister - 14 percent
2. Forever 21 - 9 percent
3. American Eagle - 8 percent
4. Nordstrom - 8 percent
5. Abercrombie & Fitch - 5 percent
6. West Coast brands - 4 percent
Top clothing brands - male
1. West Coast brands - 17 percent
2. Hollister - 13 percent
3. American Eagle - 10 percent
4. Nike - 7 percent
5. Abercrombie & Fitch - 6 percent
Interesting juniors trend: Fast fashion retailers (Charlotte Ruse, Wet Seal, H & M) as a category continue to gain ground with juniors with 16 percent mindshare this spring vs. 13.9 percent last spring.
Detailed look at West Coast brands by percentage of mindshare within the West Coast category - all students
1. PacSun - 35 percent
2. Volcom - 24 percent (up from 4 percent in spring 2007)
3. Quiksilver - 10 percent
4. Zumiez - 7 percent
5. LRG - 6 percent
6. (tie) Billabong, DC - 5 percent
8. (tie) Hurley, Sun Diego - 2 percent
10. (tie) Element, O’Neill, RVCA, Zoo York - 1 percent
Top 3 West Coast brands - female
1. PacSun - 81 percent (up from 30 percent in spring 2007)
2. Volcom - 13 percent
3. Zumiez - 6 percent
Top 3 West Coast brands - male
1. Volcom - 26 percent (up from 5 percent in spring 2007)
2. PacSun - 24 percent
3. Quiksilver - 12 percent
Top boardsport brands
1. Volcom - 43 percent
2. Quiksilver - 17 percent
3. LRG - 11 percent
4. (tie) Billabong, DC - 9 percent
6. Hurley - 4 percent
7. (tie) Element, O’Neill, RVCA, Zoo York - 2 percent
Tuesday, June 17, 2008
SURFING RIDES TO THE TOP OF THE APPAREL MARKET
As reported on Style Sight website: June 16th, 2008
The association of surfers with unmotivated, youthful, pot-smoking slackers is long gone. In its stead is the growing and predominant image of robust and vibrantly healthy men and women, young and old, with a zest for life. It is a mix of surfing’s professionals and these newest ambassadors that are transforming the surfer world into a thriving market opportunity now aggressively being tapped by retail’s biggest players, including Nike, J. Crew, Abercrombie & Fitch and even Nissan Motor Co., reported Bloomberg. “Everybody wants to be part of this,” general manager Ronald Enriquez of Jack’s Surf Shop in Huntington Beach, California, told Bloomberg. “Everybody’s looking for the fountain of youth.”
U.S. surfing and skating stores raked in $7.5bn in sales in 2006, up 15% from 2004, according to the latest statistics from the Surf Industry Manufacturers Association.
Quiksilver is a leader in this market. According to its CEO Robert McKnight, the key to success is “you have to bleed it in your DNA; you cannot fake it. These kids know which companies are cool,” he told Bloomberg. Founded in 1976 as a maker of surfing shorts, Quiksilver now generates sales worth $2.4bn.
“We have this theory around Quiksilver that half of the world’s population lives at or near the beach and the other half cannot wait to get there,” McKnight added. “Everyone has a good experience with the beach.”
The leaders of the sports themselves are also finding success in retail. Surfing icon Laird Hamilton recently inked a deal with Steve & Barry’s retail chain to distribute a clothing line inspired by his life on the waves called Wonderwall. “It represents a fantasy but also a goal — someplace to get to,” Hamilton told Bloomberg of the allure with surfing.
Everyone else is now working hard to get a piece of the action. Nissan Motor Co. promotes “surf safaris,” and chemical maker Saudi Basic Industries Corp. runs ads featuring surfers chasing the perfect wave.
Nike Inc. executives are said to have visited Enriquez’s store to learn what customers liked. According to Bloomberg, sales at Nike’s Hurley International unit, which caters to the surfing and skateboarding market, rose 33% in the third quarter. Hurley “is connecting with our core consumer and with the broader action sports market,” Nike Chief Executive Officer Mark Parker told analysts on a March 19 conference call.
J. Crew features surfers Buzzy Kerbox and Campbell Farrell on the cover of its summer catalog, while Abercrombie & Fitch sells Southern California lifestyle clothes through its Hollister unit, which targets teenagers interested in this market.
Wal-Mart Stores Inc. recently launched a line of young girls’ sweaters aimed at the surfing crowd, a move that attracted the attention of Quiksilver, which promptly sued Wal-Mart for copying the firm’s Roxy trademark.
The association of surfers with unmotivated, youthful, pot-smoking slackers is long gone. In its stead is the growing and predominant image of robust and vibrantly healthy men and women, young and old, with a zest for life. It is a mix of surfing’s professionals and these newest ambassadors that are transforming the surfer world into a thriving market opportunity now aggressively being tapped by retail’s biggest players, including Nike, J. Crew, Abercrombie & Fitch and even Nissan Motor Co., reported Bloomberg. “Everybody wants to be part of this,” general manager Ronald Enriquez of Jack’s Surf Shop in Huntington Beach, California, told Bloomberg. “Everybody’s looking for the fountain of youth.”
U.S. surfing and skating stores raked in $7.5bn in sales in 2006, up 15% from 2004, according to the latest statistics from the Surf Industry Manufacturers Association.
Quiksilver is a leader in this market. According to its CEO Robert McKnight, the key to success is “you have to bleed it in your DNA; you cannot fake it. These kids know which companies are cool,” he told Bloomberg. Founded in 1976 as a maker of surfing shorts, Quiksilver now generates sales worth $2.4bn.
“We have this theory around Quiksilver that half of the world’s population lives at or near the beach and the other half cannot wait to get there,” McKnight added. “Everyone has a good experience with the beach.”
The leaders of the sports themselves are also finding success in retail. Surfing icon Laird Hamilton recently inked a deal with Steve & Barry’s retail chain to distribute a clothing line inspired by his life on the waves called Wonderwall. “It represents a fantasy but also a goal — someplace to get to,” Hamilton told Bloomberg of the allure with surfing.
Everyone else is now working hard to get a piece of the action. Nissan Motor Co. promotes “surf safaris,” and chemical maker Saudi Basic Industries Corp. runs ads featuring surfers chasing the perfect wave.
Nike Inc. executives are said to have visited Enriquez’s store to learn what customers liked. According to Bloomberg, sales at Nike’s Hurley International unit, which caters to the surfing and skateboarding market, rose 33% in the third quarter. Hurley “is connecting with our core consumer and with the broader action sports market,” Nike Chief Executive Officer Mark Parker told analysts on a March 19 conference call.
J. Crew features surfers Buzzy Kerbox and Campbell Farrell on the cover of its summer catalog, while Abercrombie & Fitch sells Southern California lifestyle clothes through its Hollister unit, which targets teenagers interested in this market.
Wal-Mart Stores Inc. recently launched a line of young girls’ sweaters aimed at the surfing crowd, a move that attracted the attention of Quiksilver, which promptly sued Wal-Mart for copying the firm’s Roxy trademark.
Thursday, June 12, 2008
Thursday, June 5, 2008
SULLEN FOCUSES ON Ts instead of cut and sew
As reported on Shop-Eat-Surf.com: June 3, 2008
I had an interesting conversation the other day with Jeremy Hanna, Sullen’s co-founder and director of marketing and sales, that offers a window into how a small brand is making adjustments in a tough economy.
Sullen is still growing rapidly - in the first quarter, sales doubled. But the company has rethought its business plan given the economic changes.
A year ago, Sullen was jumping into cut and sew with shorts, denim and fleece, categories it didn’t have tons of experience in. The management team is now focusing on art-driven T-shirts, hats and accessories - “What we are good at,” Jeremy said. The company is also still selling a few boardshorts and custom fleece for winter.
“We’re being very cautious,” he said. “We don’t want to make any wrong moves.”
Sullen noticed that buyers’ orders were changing and they were looking for items that can refresh shoppers’ wardrobes inexpensively.
Sullen is now offering 50 men’s T’s and 15 women’s T’s in its line. Sullen is also keeping track of trends and incorporating important ones - like color - without changing its identity, Jeremy said.
Though Sullen’s nine full-time employees are squeezed into its Irvine headquarters, the company decided to hold off moving to a bigger warehouse for another six months to see how the economy shakes out.
Jeremy and co-founder Ryan Smith brought on an investor about a year and half ago with a background in textiles to help with infrastructure.
I had an interesting conversation the other day with Jeremy Hanna, Sullen’s co-founder and director of marketing and sales, that offers a window into how a small brand is making adjustments in a tough economy.
Sullen is still growing rapidly - in the first quarter, sales doubled. But the company has rethought its business plan given the economic changes.
A year ago, Sullen was jumping into cut and sew with shorts, denim and fleece, categories it didn’t have tons of experience in. The management team is now focusing on art-driven T-shirts, hats and accessories - “What we are good at,” Jeremy said. The company is also still selling a few boardshorts and custom fleece for winter.
“We’re being very cautious,” he said. “We don’t want to make any wrong moves.”
Sullen noticed that buyers’ orders were changing and they were looking for items that can refresh shoppers’ wardrobes inexpensively.
Sullen is now offering 50 men’s T’s and 15 women’s T’s in its line. Sullen is also keeping track of trends and incorporating important ones - like color - without changing its identity, Jeremy said.
Though Sullen’s nine full-time employees are squeezed into its Irvine headquarters, the company decided to hold off moving to a bigger warehouse for another six months to see how the economy shakes out.
Jeremy and co-founder Ryan Smith brought on an investor about a year and half ago with a background in textiles to help with infrastructure.
Monday, June 2, 2008
HOTTEST BRANDS FOR SPRING
This just sent in from our PR Girl, Sarah Miesse. Good info on what's going on. Posted on Shop-Eat-Surf.com, May 30th, 2008
Hottest brands for spring from Baird report
Hottest brands for spring from Baird report
Friday, May 30, 2008
XGAMES REPORT PT. 1
Here is a report from the X-Games 12. Check out the backpack references. Great ideas on how to liven up products we make.
Thursday, May 29, 2008
Wednesday, May 28, 2008
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