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Tag: Nine West

  • Nine West Closes Last Beijing Shoe Shop as It Retreats From China Market

    Nine West Closes Last Beijing Shoe Shop as It Retreats From China Market

    Nine West China has closed its last Beijing store.

    The New York-headquartered women’s footwear retailer, which filed for bankruptcy in April, was popular in China from the mid-90s but has struggled with increasing competition. It is now pulling out of the region entirely, citing poor management of its stores. It closed its online store last month.

    Nine West China’s regional agency GRI Group has reported financial difficulties and withdrawn from Taiwan and Hong Kong.

    Nine West Holdings is now focusing on jewellery and apparel, rather than shoe retailing.

    Its Nine West and Bandolino footwear brands were sold to Authentic Brands Group in June for US$340 million.

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  • Nine West, Bandolino brands sold for $340m

    Nine West, Bandolino brands sold for $340m

    Nine West Holdings Inc. has sold its Nine West and Bandolino footwear and handbag businesses at a court auction to Authentic Brands Group for $340 million.

    Nine West Holdings Inc. has sold its Nine West and Bandolino footwear and handbag businesses at a court auction to Authentic Brands Group for $340 million.

    The brand management firm won the auction by bidding more than $140 million over its initial stalking horse bid.

    Ralph Schipani, chief executive officer of Nine West, said, “We are pleased to have completed this important step in our restructuring and are now focused on moving forward with the reorganization of our remaining businesses with the support of our key stakeholder groups.”

    ABG chairman and ceo Jamie Salter said, “The addition of these two brands enhances ABG’s growing lifestyle portfolio, while launching our global footwear platform. We see incredible opportunity to expand the brands beyond footwear and handbags, specifically in the apparel and home categories as well as in new markets around the world.”

    Once the sale is approved by a Manhattan bankruptcy court and the deal has closed, ABG will assume all the licensing partnerships and marketing initiatives for both brands. ABG named Marc Fisher Footwear as operator of the footwear businesses and Signal Products as operator of the handbag businesses. A court hearing is scheduled for June 18 and a closing date is slated for July 15.

    Nick Woodhouse, president and chief marketing officer of ABG, said, “This purchase elevates ABG’s footwear and accessories business to over $2 billion in global retail sales and brings our portfolio to nearly $8 billion.”

    Nine West Holdings filed for Chapter 11 bankruptcy court protection in April in a Manhattan bankruptcy court.

    Nine West Holdings sold the two businesses so it can recapitalize its balance sheet. The sale will help the bankrupt firm restructure operations so it can focus on its profitable businesses — One Jeanswear Group, its Jewelry Group, the Kasper Group and its Anne Klein business. The company has said it plans to exit bankruptcy court proceedings around September.

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  • Nine West holdings files for bankruptcy

    Nine West holdings files for bankruptcy

    US-based footwear, accessories and apparel retailer Nine West Holdings filed for bankruptcy last Friday, agreeing to terms with Juicy Couture owner Authentic Brands Group to sell its Nine West and Bandolino businesses.

    In its Chapter 11 filing last week it was revealed that the company has more than US$1 billion in outstanding debt, but the business will continue to trade during its bankruptcy thanks to a fresh $300 million loan.

    The company said selling its Nine West and Bandolino footwear and handbag brands will allow them to focus on more profitable parts of its business, including Anne Klein and One Jeanswear Group.

    Ralph Schipani, Nine West CEO, said that the restructuring will help the company reduce debt and increase growth by allowing it to focus on its stronger brands.

    “This is the right step to address our two divergent business profiles,” he said. “We will retain our strong, profitable and growing apparel, jewelry, and jeanswear businesses and continue to operate them under a new capital structure so that we can leverage their existing strengths to drive even greater growth.”

    Schipani added that once the company has completed the reorganisation process it will have meaningfully reduced debt and interest costs and be well positioned for the future

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  • Nine West Close to Filing for Bankruptcy

    Nine West Close to Filing for Bankruptcy

    A Nine West bankruptcy filing appears likely, according to reports from the US overnight.

    Retail Dive has reported that the embattled shoe retailer has found a buyer for some of its assets and plans to work to restructure its debt as soon as a sale is complete. However, Debtwire and Bloomberg both report NIne West is prepared to file for Chapter 11 bankruptcy if necessary, suggesting there is pressure form lenders.

    Neither NIne West or its private equity owner Sycamore, which paid $2.2 billion for the business in 2014, responded to requests for comment on the matter.

    Debtwire associate editor Reshmi Basi says the timing is likely to be determined by a March 15 payment deadline.

    The company has been struggling with its debt since late 2016 and last year was named by ratings agency Moody’s in a list of “at risk” retailers, citing “weak operating performance and very high debt and leverage burden”.

    Basu told Retail Dive Nine West’s outlook was decidedly uncertain. “Time will tell how it works. They’re going back and forth between creditors about how to address maturities,” she said.

    Nine West is steadily losing market share to online retailers in a market of softening apparel sales.

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  • Zara Vietnam flagship nearly ready

    Zara Vietnam flagship nearly ready

    Zara Vietnam’s flagship store is taking shape at Vincom shopping mall in Ho Chi Minh City, and is expected to open soon.

    The Spanish fast-fashion brand announced in May that it would expand to Vietnam this summer, setting its debut store’s opening date for this month. However, posters in the city say the store opening is next month. It is expected the store will have two storeys.

    Zara-Vietnam

    Fast-fashion brands are popular in Vietnam, and Zara has a huge customer base there. After ordering online and having items brought in from overseas, Vietnamese customers have been eagerly anticipating the arrival of its stores.

    However, the brand would need to look at its pricing. Vietnamese consumers have found that while some brands are considered economical in the West, once they enter Vietnam their prices double or even triple, with Mango and Topshop typical examples.

    Mango Mega store VN

    Zara is aiming to open up to 360 stores globally this year, and in Vietnam is sharing the market with other international fashion like Gap, Nine West and Ralph Lauren.

    Meanwhile, Mango is planning to open a men’s store in Vietnam, and H&M is said to be considering expansion in Vietnam.

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  • Zara Vietnam to launch in July

    Zara Vietnam to launch in July

    Zara Vietnam says it will open its first store in July, just as Euromonitor International reveals the Vietnamese branded goods market may reach $2.7 billion in value by next year.

    As more than more people can afford branded goods, international fashion brands such as Gap, Mango, Nine West, Ralph Lauren and Topshop have become the choice of many young Vietnamese, especially office workers, says Euromonitor.

    Zara is owned by Inditex, which at the end of its latest fiscal year on January 31 had 7013 shops in 88 markets, including 2000 Zara outlets. If the Spanish fast fashion giant follows its normal international expansion course, it will likely roll out some of its other brands in the market, including Bershka, Pull & Bear, Massimo Dutti, Stradivarius and Zara Home.

    There is already a Vietnamese website selling Zara items, with a showroom in Ho Chi Minh City, but the shop sells alternatively-sourced and end-of-season lines.

    Mango, which targets customers between 18 and 40 years old, has been in Vietnam since 2004 through a franchise contract signed with Maison JSC. It also has other franchise partners, including DAFC, a subsidiary of IPP, and BFF, belonging to Vingroup.

    In 107 markets internationally, Mango had $2.6 billion in revenue last year.

    A survey by Nielsen on Vietnamese consumer confidence has shown that Vietnamese are willing to spend money on holidays, tourism, fashion and high-technology products.

    Meanwhile, Mango and Zara are among brands that have garment factories in Vietnam.

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