It’s the start of a whole new year and fashion brands and retailers are keen to get their houses in order as evidenced by the raft of acquisition and divestment announcements in the last week of 2023.

As we shut up shop for 2023, Sri Lankan clothing manufacturer PDS’ subsidiary Norlanka announced it was taking a 26% stake in kidswear maker Noblewear as it looks to broaden its manufacturing footprint in key locations.

And around the same time, Wolverine Worldwide announced the sale of its minority ownership in Merrell and Saucony which owns the Saucony intellectual property in China, to Chinese sportswear manufacturer Xtep for $61m. Wolverine’s plans are part of a wider initiative to restructure the company, following a 23.7% decline in revenue in Q3.

Meanwhile, Frasers Group continued its aggressive expansion with the addition of Matches to its portfolio in a £52m ($65.82m) deal.

While acquisitions appear to be the flavour of the month as companies aim to grow their presence globally, we return to the age-old adage of there being more than one way to skin a cat (not literally, of course, because we love our furry friends!) But it is clear fashion brands and retailers are eager to start 2024 with streamlined organisations and create more efficient and nimble operations, whether via leadership shakeups or tweaks to how their supply chains function.

Nike Inc for example warned jobs are set to go in the new year as it looks to realise $2bn in cumulative cost savings over the next three years.

Country * UK   USA   Afghanistan   Åland Islands   Albania   Algeria   American Samoa   Andorra   Angola   Anguilla   Antarctica   Antigua and Barbuda   Argentina   Armenia   Aruba   Australia   Austria   Azerbaijan   Bahamas   Bahrain   Bangladesh   Barbados   Belarus   Belgium   Belize   Benin   Bermuda   Bhutan   Bolivia   Bonaire, Sint Eustatius and Saba   Bosnia and Herzegovina Botswana   Bouvet Island   Brazil   British Indian Ocean Territory   Brunei Darussalam   Bulgaria   Burkina Faso   Burundi   Cambodia   Cameroon   Canada   Cape Verde   Cayman Islands   Central African Republic Chad   Chile   China   Christmas Island   Cocos Islands   Colombia   Comoros   Congo   Democratic Republic of the Congo   Cook Islands   Costa Rica   Côte d"Ivoire   Croatia   Cuba   Curaçao   Cyprus   Czech Republic   Denmark   Djibouti   Dominica   Dominican Republic   Ecuador   Egypt   El Salvador   Equatorial Guinea   Eritrea   Estonia   Ethiopia   Falkland Islands   Faroe Islands   Fiji   Finland   France   French Guiana   French Polynesia   French Southern Territories Gabon   Gambia   Georgia   Germany   Ghana   Gibraltar   Greece   Greenland   Grenada   Guadeloupe   Guam   Guatemala   Guernsey   Guinea   Guinea-Bissau   Guyana   Haiti   Heard Island and McDonald Islands Holy See   Honduras   Hong Kong   Hungary   Iceland   India   Indonesia   Iran   Iraq   Ireland   Isle of Man   Israel   Italy   Jamaica   Japan   Jersey   Jordan   Kazakhstan   Kenya   Kiribati   North Korea   South Korea   Kuwait   Kyrgyzstan   Lao   Latvia   Lebanon   Lesotho   Liberia   Libyan Arab Jamahiriya Liechtenstein   Lithuania   Luxembourg   Macao   Macedonia, The Former Yugoslav Republic of   Madagascar   Malawi   Malaysia   Maldives   Mali   Malta   Marshall Islands   Martinique   Mauritania   Mauritius   Mayotte   Mexico   Micronesia   Moldova   Monaco   Mongolia   Montenegro   Montserrat   Morocco   Mozambique   Myanmar   Namibia   Nauru   Nepal   Netherlands   New Caledonia   New Zealand   Nicaragua   Niger   Nigeria   Niue   Norfolk Island   Northern Mariana Islands Norway   Oman   Pakistan   Palau   Palestinian Territory   Panama   Papua New Guinea   Paraguay   Peru   Philippines   Pitcairn   Poland   Portugal   Puerto Rico   Qatar   Réunion   Romania   Russian Federation   Rwanda   Saint Helena, Ascension and Tristan da Cunha   Saint Kitts and Nevis   Saint Lucia   Saint Pierre and Miquelon Saint Vincent and The Grenadines Samoa   San Marino   Sao Tome and Principe   Saudi Arabia   Senegal   Serbia   Seychelles   Sierra Leone   Singapore   Slovakia   Slovenia   Solomon Islands   Somalia   South Africa   South Georgia and The South Sandwich Islands   Spain   Sri Lanka   Sudan   Suriname   Svalbard and Jan Mayen Swaziland   Sweden   Switzerland   Syrian Arab Republic   Taiwan   Tajikistan   Tanzania   Thailand   Timor-Leste   Togo   Tokelau   Tonga   Trinidad and Tobago   Tunisia   Turkey   Turkmenistan   Turks and Caicos Islands Tuvalu   Uganda   Ukraine   United Arab Emirates   US Minor Outlying Islands Uruguay   Uzbekistan   Vanuatu   Venezuela   Vietnam   British Virgin Islands US Virgin Islands   Wallis and Futuna   Western Sahara   Yemen   Zambia   Zimbabwe   Kosovo  

Industry *   Academia & Education   Aerospace, Defense & Security   Agriculture   Asset Management   Automotive   Banking & Payments   Chemicals   Construction   Consumer   Foodservice   Government, trade bodies and NGOs   Health & Fitness   Hospitals & Healthcare HR, Staffing & Recruitment   Insurance   Investment Banking   Legal Services   Management Consulting   Marketing & Advertising Media & Publishing   Medical Devices   Mining   Oil & Gas   Packaging   Pharmaceuticals   Power & Utilities   Private Equity   Real Estate   Retail   Sport   Technology   Telecom   Transportation & Logistics   Travel, Tourism & Hospitality   Venture Capital  

Tick here to opt out of curated industry news, reports, and event updates from Just Style.  

I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the privacy policy  

Submit and download

Meanwhile, Gildan is coming under significant pressure from shareholders after it moved to replace CEO Glenn Chamandy with Vince Tyra. While Gildan is defending its position, shareholders are pushing for a “significant reconstitution of the board,” warning that the move is value-destructive.

Fashion brands should be reviewing their operations regularly to determine how they can function most effectively, both from a profitability and sustainability standpoint. And what better time to do that than now – new year, new start and all that.

As has been expressed frequently during the last quarter, it is likely to be an incredibly turbulent year for the fashion sector (again). It will continue to feel the repercussions of natural disasters impacting the supply chain as well as the geopolitical issues that have led to a cooling in spending by consumers desperately battling rising energy and essentials costs.

On that basis, there is likely significantly more change on the horizon as fashion makers, brands and retailers look to insulate themselves from the effects and remain – or become – profitable.

By Just Style