NEWS WE’VE FOLLOWED THIS WEEK:
U.S. GDP rose 2.8% in the third quarter, continuing a two-year growth streak but down from the 3.0% economists predicted; recent increases were driven by consumer spending.
U.S. consumer footwear spending grew 0.7% in Aug’24 (vs 2.8% in Aug’23) per Footwear Distributors and Retailers of America (FDRA).
92% of consumers plan to make in-store purchases this holiday season, reports the ICSC.
The Conference Board’s Consumer Confidence Index jumped to 108.7 in October from 99.2 in September — the biggest monthly gain since March 2021.
M&A AND FINANCING NEWS
L'eggs® was acquired by Windsong Global from Hanesbrands Inc..
Double B Foods (private label frozen foods) was acquired by The Anderson Group.
Sigan Industries Group ( beauty manufacturer) was acquired by SV Labs.
Hilco Global and TPG Angelo Gordon announced a joint venture to acquire and finance consumer brands in partnership with Bluestar Alliance, and the joint venture included acquiring Off-White (lifestyle brand) from LVMH.
World Gym International (fitness franchises) was acquired by World Gym Taiwan.
JACQUEMUS (French fashion house) announced it is seeking a minority investor.
Premier Investments sold its apparel brands to MYER (Australian department store) for 890.5M new Myer shares.
MarcyPen Capital Partners (early and growth-equity fund including Jay-Z) raised $100M in funding.
Esprit U.S. announced the Company would liquidate and shutter its New York Headquarters.
PUBLIC COMPANY NEWS
The following public companies announced earnings this week: Adidas, Big 5 Sporting Goods, Boot Barn, Brooks Running, Camping World Holdings, Columbia, Compass Diversified, Crocs, Inc., Montcler S.p.A., Prada Group, Puig, Rocky Brands, Shimano, SMCP, The Container Store, TheRealReal, VF Corp
EVENTS
Delivering Good, Inc. held its “Evening of Delivering Good” fundraising event– all of us at MMG enjoyed seeing our industry colleagues support a great cause!
This past Tuesday MMG Advisors, Inc.’s Brandon Mitchel attended the Lead’s CEO Assembly. Thank you The Lead for an inciteful event we look forward to year’s.
BEFORE YOU GO
The Los Angeles Dodgers beat the New York Yankees to win the 2024 World Series.
Daylight Savings Time ends on Sunday, Nov 3, with clocks rolling back one hour at 2:00 am.
Lastly the NYC marathon is this weekend!
