All articles by Staff Writer
Staff Writer
Kering Reports Q3 2023 Financial Results: Luxury Group Sees 13% Revenue Drop
Kering, the luxury conglomerate, has released its financial results for the third quarter, revealing a 13% decrease in group revenue on a reported basis and a 9% decline on a comparable basis, amounting to €4.5 billion. This drop was attributed to a 6% negative impact from exchange rate fluctuations and a 2% positive influence stemming from the acquisition of Maui Jim.
Birkenstock valued at $9.3 billion
On October 10, German footwear group Birkenstock shared that it had priced its US initial public offering (IPO) at $46 per share, aligning with the midpoint of its indicated price range. This IPO generated approximately $1.48 billion through the sale of 32.3 million shares, establishing the company’s valuation at roughly $9.3 billion on a fully diluted basis.
EBRD supports sustainable leather production in Mongolia
Mongolian nomads are renowned for their functional, fashionable and durable leathercraft.
Leather UK and LHTBI Announce Hardship Fund to Aid UK Leather Workers
Leather UK and the Leather and Hide Trades’ Benevolent Institution (LHTBI) have jointly introduced a hardship fund tailored to support leather workers in the United Kingdom. Known as the Leather UK Hardship Grant, this initiative is aimed at alleviating the adverse effects of the ongoing “cost of living” crisis. Individuals facing financial difficulties due to this crisis can apply for this grant, which offers financial assistance of up to £1,000. Each application will be meticulously assessed on a case-by-case basis and treated with utmost confidentiality. Applicants are required to provide evidence of the hardship.
Nike’s First Quarter Reports Revenue Growth
Nike has released its financial results for the first quarter of fiscal 2024, revealing a 2% year-on-year growth in revenue, reaching US$12.9 billion.
Natuzzi Reports Q2 2023 Financial Results
Italian furniture manufacturer Natuzzi has released its second-quarter results for the 2023 financial year, revealing a 28.5% decrease in invoiced sales, amounting to €83.5 million. This figure marked a 9.4% decline compared to the second quarter of 2019 before the pandemic, with the decrease being attributed to adverse macroeconomic conditions affecting the furnishings industry.
Global reach
As a by-product, cattle hides have a complicated relationship between supply and demand. Of course, demand is the primary driver for sales, but supply plays an important role too. The issue is that there are many moving parts on the supply side and change can be slow to happen. Vera Dordick reports on the state of leather markets around the world.
View from the US
After weeks of stagnant prices and what sources called a “boring” market, US hide sellers managed to start pushing steers a little higher at the end of July. While demand was still not up to par in most segments, packers were well-positioned enough to hold out for higher levels. By the first week of August, however, customers were seriously pushing back against rising hide prices.
WWF Joins Forces with Leather Working Group and Textile Exchange to Spearhead Deforestation-Free Leather Supply Chains Initiative
In a major development for the Deforestation-Free Call to Action for Leather, the World Wildlife Fund (WWF) has assumed a new role as partner in collaboration with the Leather Working Group and Textile Exchange. This partnership entails close cooperation with signatories to formulate strategies for establishing supply chains that are free from deforestation and conversion. WWF’s involvement will encompass the provision of expert guidance, facilitation of collaborative endeavours, and support in helping signatories establish achievable goals aimed at eradicating deforestation and the conversion of natural ecosystems linked to cattle farming.
A game changer in the leather industry
As sustainability is becoming increasingly important in all industries, how can practices that have been built through centuries of tradition keep up? Silvateam brings its innovative Ecotan technology to the market and, as the first bio-circular leather, with it a shift towards a greener future.