4 Stories That Dominated the Shoe Industry in 2019
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The year 2019 marked a turbulent time for the industry’s top firms. These are the stories that dominated headlines.
CEO Shakeups
Fashion and footwear saw a wave of hirings, firings and promotions amid a challenging business climate. Under Armour and Nike sent tremors through the athletic marketplace in October when it was announced on the same day that Kevin Plank and Mark Parker would step down as CEOs of their respective companies.
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Tit-for-Tat Tariffs
The United States and China said in October they were working on a “phase one” agreement but made conflicting announcements about what such a deal would entail. In the past year and a half, the world’s two largest economies have imposed new duties on billions of dollars of items coming from both countries.
Bankruptcy Woes
Some of the biggest retailers that filed for Chapter 11 protection included Barneys New York, which will close its existing stores following its November acquisition by Authentic Brands Group. Also, Payless ShoeSource went bankrupt in February and shuttered all 2,500 stores in North America.
Off-Price’s Winning Streak
Low-price and discount retailers have consistently bucked industry-wide trends through their ability to offer both cheap prices and a treasure-hunt experience that can’t be easily replicated online. TJ Maxx and Marshalls parent TJX Companies, Ross Stores and Burlington Stores all posted third-quarter earnings that beat expectations, defying the challenges that have afflicted most of the sector.
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