Latest news with #Nike-owned
Boston Globe
a day ago
- Business
- Boston Globe
Sneaker designer Asics makes tracks for the Leather District
'We really do believe in this voluntary approach,' Turner said. 'We think it's important for people to balance work and home life. We've found a lot of success with this hybrid approach.' Advertisement The US group is led by Koichiro Kodama, who splits his time between the Boston and California offices. Despite the shrinking office footprint here, Turner said, Asics still hopes to add more people in Boston. Synergy vice president Tim Ferguson said the building's high ceilings, a vestige of its manufacturing past, were a selling point, as was Synergy's ability to have the space ready for Asics within just a few months after their first contact. Synergy acquired it from EQ Office, a Blackstone-owned landlord, last year. Advertisement The Japanese sneaker company's road to Boston starts with its acquisition of Runkeeper, a fitness app developed here that Asics acquired in 2016. Two years later, Asics opened its Summer Street office, to build more of a presence in a city known for its footwear brands. Other shoe companies with major offices within the city limits include Nike-owned Converse and Wolverine-owned Saucony (both near North Station), Reebok (in the Seaport), and New Balance (in Brighton). Puma has its main US office just over the line in Somerville, the Americas headquarters for Clarks is in Needham, and homegrown running shoe company Topo is in Framingham. 'That's part of the reason why we chose Boston,' Turner said. 'There are not many areas that are similar to Boston in that way, that have so many ... footwear brands in that small of an area.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Jon Chesto can be reached at
Fashion Network
01-07-2025
- Business
- Fashion Network
From loafers to sneakers: why snoafers are dominating 2025 footwear trends
In a $457 billion (£333.6 billion) global footwear market loaded with sneakers, 'customers are looking for something different,' said Drew Haines, senior marketplace director at resale marketplace StockX, which has seen an influx of shoppers vying for the latest snoafers. Sneaker enthusiasts appear more receptive to unconventional silhouettes being developed by a wider array of brands, he said—an encouraging sign for footwear designers eager to experiment and differentiate themselves in an increasingly saturated market. When trends in fashion arise, they often have short lifespans—something amplified by a social media-driven culture—forcing companies to continuously innovate to stay relevant. 'I do think brands are going to start to take some of these risks… to produce and release products that are outside of the traditional scope,' Haines said. 'Whenever they do that, it seems to really resonate.' New Balance began selling its snoafer, the 1906L, in September and is credited with popularising the silhouette. 'We've been blown away by how the 1906L has been embraced—not just by sneaker fans, but by a broader audience,' said Charlotte Lee, a New Balance design manager. 'It's opened up a new design space for us, and we're definitely planning to explore that further.' That includes new colours and materials expected to be released soon. New Balance did not provide sales figures, but the shoes quickly sold out online in the US, and Lee said demand has remained strong beyond the initial drop. 'We wanted to challenge the perception of loafers,' she said. By fusing the performance of a sneaker with the 'dressier' look of formal footwear, the 1906L is 'a product that fits how people actually live and move.' Hoka, known for its running shoes, is currently sold out of its all-gender Speed Loafer, which retails for $185 (£135.05). Puma debuted its Sophyr loafer last year and is still sold out in multiple sizes. Nike-owned Converse is also getting in the game, unveiling its All-Star Coinloafer in the US in June. According to Women's Wear Daily, different shoe variations have been offered in Japan as early as 2022. The hype hasn't let up: online searches for New Balance's 1906L have increased 3,700% on StockX since last year's first quarter—months before its release. Kelly Baartman, 27, bought a pair of Rich Oak 1906Ls from Archive, a shoe store, in June and said she loves their hybrid versatility. 'I love wearing a sneaker and I love wearing a loafer,' said the content creator from South Africa. 'To see that concept come together, just based on my personal style, I was like, 'Oh, this is literally perfect.'' Angel Edme, a content creator from Brooklyn, said she enjoys it when brands take creative risks. 'It was something different,' she said of her 1906Ls, which she wears to run errands and attend creator events. 'It felt fresh and playful—something I could experiment with and style in new ways.' Even big apparel companies are taking note. 'The loafer is 100% making a comeback in every single form,' said Mark Breitbard, president and chief executive officer of the Gap brand, in an interview with Bloomberg. He said Gap takes into account what shoe styles are trending when the company designs its jeans, to ensure its clothes complement what shoppers are wearing on their feet. (Exchange rate: $1 = £0.73)
Fashion Network
01-07-2025
- Business
- Fashion Network
From loafers to sneakers: why snoafers are dominating 2025 footwear trends
In a $457 billion global footwear market loaded with sneakers, 'customers are looking for something different,' said Drew Haines, senior marketplace director at resale marketplace StockX, which has seen an influx of shoppers vying for the latest snoafers. Sneaker enthusiasts appear more receptive to unconventional silhouettes being developed by a wider array of brands, he said—an encouraging sign for footwear designers eager to experiment and differentiate themselves in an increasingly saturated market. When trends in fashion arise, they often have short lifespans—something amplified by a social media-driven culture—forcing companies to continuously innovate to stay relevant. 'I do think brands are going to start to take some of these risks… to produce and release products that are outside of the traditional scope,' Haines said. 'Whenever they do that, it seems to really resonate.' New Balance began selling its snoafer, the 1906L, in September and is credited with popularizing the silhouette. 'We've been blown away by how the 1906L has been embraced—not just by sneaker fans, but by a broader audience,' said Charlotte Lee, a New Balance design manager. 'It's opened up a new design space for us, and we're definitely planning to explore that further.' That includes new colors and materials expected to be released soon. New Balance did not provide sales figures, but the shoes quickly sold out online in the U.S., and Lee said demand has remained strong beyond the initial drop. 'We wanted to challenge the perception of loafers,' she said. By fusing the performance of a sneaker with the 'dressier' look of formal footwear, the 1906L is 'a product that fits how people actually live and move.' Hoka, known for its running shoes, is currently sold out of its all-gender Speed Loafer, which retails for $185. Puma debuted its Sophyr loafer last year and is still sold out in multiple sizes. Nike-owned Converse is also getting in the game, unveiling its All-Star Coinloafer in the U.S. in June. Different shoe variations have been offered in Japan as early as 2022, according to Women's Wear Daily. The hype hasn't let up: Online searches for New Balance's 1906L have increased 3,700% on StockX since last year's first quarter—months before its release. Kelly Baartman, 27, bought a pair of Rich Oak 1906Ls from a shoe store called Archive in June and said she loves the hybrid versatility of the shoes. 'I love wearing a sneaker and I love wearing a loafer,' said the content creator from South Africa. 'To see that concept come together, just based on my personal style, I was like, 'Oh, this is literally perfect.'' Angel Edme, a content creator from Brooklyn, said she enjoys it when brands take creative risks. 'It was something different,' she said of her 1906Ls, which she wears to run errands and attend creator events. 'It felt fresh and playful—something I could experiment with and style in new ways.' Even big apparel companies are taking note. 'The loafer is 100% making a comeback in every single form,' said Mark Breitbard, president and chief executive officer of the Gap brand, in an interview with Bloomberg. He said Gap takes into account what shoe styles are trending when the company designs its jeans, to ensure its clothes complement what shoppers are wearing on their feet.
Yahoo
27-06-2025
- Business
- Yahoo
Nike stock soars 15% as company forecasts smaller sales, profit drops while tariff costs near $1 billion
Nike (NKE) stock soared on Friday after the sneaker giant said its profit and sales declines would narrow in the current quarter, while costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China. Nike said Thursday it expects sales to be down by mid-single digits in the current quarter following a 12% drop in revenue during its fiscal fourth quarter ended May 31. Gross margins fell by 440 basis points, or 4.4%, in its fourth quarter and are forecast to fall by 350-425 basis points in the current quarter. Shares rose 15.2% on Friday, bringing Nike's year-to-date losses to less than 5%; in early April, Nike stock was down 30% in 2025 alone. Read more about Nike's stock moves and today's market action. On its conference call with investors late Thursday, Nike CFO Matthew Friend said newly implemented US tariffs "represent a new and meaningful cost headwind." Nike expects a 100 basis point negative impact on its gross margins as a result of tariffs. Friend added the company sees a "gross incremental cost increase to Nike of approximately $1 billion," adding, "We intend to fully mitigate the impact of these headwinds over time." On Thursday, Nike said it plans to cut its reliance on China for manufacturing the goods it sells in the US as part of this strategy. Chinese suppliers currently account for about 16% of the shoes it imports into the US, and the company said on its earnings call that it expects to bring that down to "high single-digit range" by the end of this fiscal year. The company also announced plans for a "surgical price increase" in the US, which is set to begin this fall. Read more: What Trump's tariffs mean for the economy and your wallet Nike has been challenged by the sweeping tariffs announced by President Trump earlier this year, with those impacts still uncertain given its global operational footprint and exposure both to China and Vietnam. The company has been diversifying its manufacturing base since Trump's first term in office. In 2024, it produced 18% of its apparel and 16% of footwear in China, compared to 26% and 29%, respectively, in 2016. Nike's struggles in China have also continued, with revenue falling 20% in the region last quarter, driven by a footwear and apparel sales decline of 20% and 19%, respectively. For its fiscal fourth quarter, ended May 31, Nike reported revenue of $11.1 billion, a 12% decline that was lower than Wall Street forecasts for a nearly 15% decline to $10.72 billion, according to Bloomberg data. Adjusted earnings per share tallied $0.14, compared to the forecast $0.13 per share. That was far lower than the $1.01 per share in earnings it reported in the same quarter last year. Same-store sales at Nike-owned stores ticked higher, rising 2% compared to the 2.6% decline analysts anticipated. "While our financial results are in line with our expectations, they are not where we want them to be. Moving forward, we expect our business to improve as a result of the progress we're making," CEO Elliott Hill said in the release. Alongside the tariffs headwinds, Nike is also facing deteriorating consumer confidence as it aims to get customers back in stores and competes with rivals like On (ONON) and Hoka (DECK). Nike stock is still down over 6% this year with Friday's surge but has rebounded sharply from its April 8 lows, the day before President Trump paused his most dramatic tariffs announced on "Liberation Day." The company is also banking on certain innovations like the launch of Vomero 18, Jordan Retros, A'One, and a collaboration with Kim Kardashian. Nike is also patching up its wholesale partnerships with the likes of Dick's Sporting Goods (DKS) and Macy's (M) after it decided to focus on its direct-to-consumer business. Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@ Click here for all of the latest retail stock news and events to better inform your investing strategy
Yahoo
27-06-2025
- Business
- Yahoo
Nike stock surges as company forecasts smaller sales, profit drops while tariff costs near $1 billion
Nike (NKE) stock soared early Friday after the sneaker giant said its profit and sales declines would narrow in the current quarter, while the costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China. Nike said Thursday it expects sales to be down by mid-single digits in the current quarter following a 12% drop in revenue during its fiscal fourth quarter ended May 31. Gross margins, which fell by 440 basis points, or 4.4%, in its fourth quarter, are forecast to fall by 350-425 basis points in the current quarter. Shares rose as much as 13% shortly after the opening bell on Friday. Read more about Nike's stock moves and today's market action. On its conference call with investors late Thursday, Nike CFO Matthew Friend said newly implemented US tariffs "represent a new and meaningful cost headwind." Nike expects a 100 basis point negative impact on its gross margins as a result of tariffs. Friend added the company sees a "gross incremental cost increase to Nike of approximately $1 billion," adding, "We intend to fully mitigate the impact of these headwinds over time." On Thursday, Nike said it plans to cut its reliance on China for manufacturing the goods it sells in the US, as part of this strategy. Chinese suppliers currently account for about 16% of the shoes it imports into the US, and the company said on its earnings call it expects to bring that down to "high-single digit range" by the end of this fiscal year. The company also announced plans for a "surgical price increase" in the US, which is set to begin thi fall. Nike has been challenged by the sweeping tariffs announced by President Trump earlier this year, with those impacts still uncertain given its global operational footprint and exposure both to China and Vietnam. The company has been diversifying its manufacturing base since Trump's first term in office. In 2024, it produced 18% of its apparel and 16% of footwear in China, compared to 26% and 29%, respectively, in 2016. Nike's struggles in the China have also continued, with revenue falling 20% in the region last quarter, driven by a footwear and apparel sales also decline of 20% and 19%, respectively. For its fiscal fourth quarter, ended May 31, Nike reported revenue of $11.1 billion, a 12% decline that was lower than Wall Street forecasts for a nearly 15% decline to $10.72 billion, according to Bloomberg data. Adjusted earnings per share tallied $0.14, compared to the forecast $0.13 per share. That was far lower than the $1.01 per share in earnings it reported in the same quarter last year. Same-store sales at Nike-owned stores ticked higher, rising 2% compared to the 2.6% decline analysts anticipated. "While our financial results are in line with our expectations, they are not where we want them to be. Moving forward, we expect our business to improve as a result of the progress we're making," CEO Elliott Hill said in the release. Alongside the tariffs headwinds, Nike is also facing deteriorating consumer confidence as it aims to get customers back in stores and competes with rivals like On (ONON) and Hoka (DECK). Read more: What Trump's tariffs mean for the economy and your wallet Nike stock is still down over 6% this year with Friday's surge, but has rebounded sharply from its April 8 lows, the day before President Trump paused his most dramatic tariffs announced on "Liberation Day." The company is also banking on certain innovations like the launch of Vomero 18, Jordan Retros, A'One, and a collaboration with Kim Kardashian. Nike is also patching up its wholesale partnerships with the likes of Dick's Sporting Goods (DKS) and Macy's (M) after it decided to focus on its direct-to-consumer business. Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@ Click here for all of the latest retail stock news and events to better inform your investing strategy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
