Key Takeaways BASF signed an MoU with San Fang and Nichetech to develop sustainable, circular materials for footwear.BASFY and partners launched GRS-certified TPU films with verified recycled content.BASF, San Fang and Nichetech combine expertise to cut carbon emissions and scale recycled materials by 2050.BASF SE (BASFY) partnered with San Fang Chemical Industrial Co., and Nichetech Advanced Materials Co. by signing a Memorandum of Understanding (MoU) to collaborate in the development of sustainable, circu ...

Riverwater Partners, an investment management company, released its “Small Cap Strategy” Q3 2025 investor letter. A copy of the letter can be downloaded here. The Small Cap Core Strategy reported solid results for the quarter but did not keep pace with the sharp rally, thus lagging the benchmark. The market’s preference for lower-quality companies persisted in the quarter and contributed significantly to the benchmark’s outperformance. On the other hand, the strategy remains focused on higher-quality compa ...

Joining me now, Brian Jacobson, chief economist, Annex Wealth Management. Brian, great to have you back. Thanks for joining us.>> Yeah, thank you for having me. >> Brian, you say there's quite a bit to like about the outlook for 2026. Kick things off and tell us what you like.>> Sure. Well, I think maybe part of it is that it's not 2025. that uh was a little bit of a low bar there in terms of the policy uncertainty that we knew that we were going to be facing in terms of, you know, tariffs, taxes, all sorts ...

Core Viewpoint - GlobalTech Corporation has announced the planned acquisition of 123 Investments Limited, operating as Moda in Pelle, with D. Boral Capital LLC serving as its strategic advisor for this transaction [1][2]. Company Overview - GlobalTech Corporation is a U.S.-based technology holding company focused on artificial intelligence, big data, and emerging technologies, aiming to empower innovative companies through strategic partnerships and capital investment [3]. - D. Boral Capital LLC is a global investment bank that specializes in providing strategic advisory and financial solutions to middle-market and emerging growth companies, having successfully aggregated approximately $30 billion in capital since its inception in 2020 [4][3]. Acquisition Details - The acquisition of Moda in Pelle is part of GlobalTech's strategy to scale globally and invest in cutting-edge solutions, with updates to be shared in future public filings [2]. - The transaction is subject to customary agreements and compliance, with no assurance of timely completion [2]. Moda in Pelle Overview - Moda in Pelle, established in 1975, is a British footwear brand known for its high-quality products and strong presence in the UK market, operating over 40 retail stores and a robust online platform [4].

The Ermenegildo Zegna Group has come back for more Norda. A second round of investment has been announced by the five-year-old trail-running brand. The Ermenegildo Zegna Group initially approached Norda in 2021 — when the brand had just launched its first shoe, the 001 — and made its first investment in 2023. Norda now has five shoes on the market, as well as several offshoots of its 001, as well as a range of apparel and accessories. More from WWD “We’ve seen continued, unprecedented growth since we fi ...

天眼查App显示，近日，新余市渴望鞋业有限公司成立，法定代表人为华冬娥，注册资本1万人民币， 经营范围为一般项目：鞋帽批发，制鞋原辅材料销售，鞋帽零售，皮革销售，服装服饰批发，互联网销 售（除销售需要许可的商品），日用百货销售，服装辅料销售，箱包销售，工艺美术品及收藏品零售 （象牙及其制品除外），家居用品销售，电子产品销售，办公用品销售，体育用品及器材零售，家用电 器销售，珠宝首饰零售，钟表销售，眼镜销售（不含隐形眼镜），化妆品零售，通讯设备销售，照相机 及器材销售，橡胶制品销售，建筑材料销售，卫生陶瓷制品销售，针纺织品销售，灯具销售，家具销 售，汽车装饰用品销售，玩具销售，户外用品销售（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动）。 ...

Core Viewpoint - Birkenstock Holding (BIRK) has shown a steady upward trend since hitting a two-year low on November 6, 2023, with the stock currently trading at $45.02, marking a 0.8% increase from the previous close [1] Group 1: Stock Performance - The stock has broken past several moving averages, recently closing above the 80-day moving average for the first time in 21 trading days [1] - Historical data indicates that after similar crossover events, BIRK has increased 100% of the time one month later, averaging a gain of 15.7% [2] - A potential price target based on historical performance could see shares rise above $52, an area that previously rejected rallies in July and August [2] Group 2: Short Interest - Short interest in BIRK has decreased by 16% in the last two reporting periods, with 7.88 million shares sold short, representing 14% of the stock's available float [3] - It would take shorts nearly four days to cover their positions at the current average trading pace [3] Group 3: Upcoming Earnings - BIRK is set to release its fiscal fourth-quarter earnings report on December 18, 2023, after market close [5] - Historically, the stock has averaged a post-earnings move of 6.3% over the last two years, with a notable 2% increase after last December's earnings and a nearly 6% jump following the May report [5] - The options market is currently pricing in a larger-than-usual post-earnings move of 11.2% [5]

Core Insights - Spectrum Brands Holdings Inc. (SPB) is strategically investing in brand equity, digital channels, and innovations to position itself for long-term success and demand resilience, particularly in pet care, home & garden, and grooming categories [1] Investment and Growth Strategy - The company is focused on improving operating efficiency while emphasizing consumer insights and growth-enabling functions such as technology, marketing, and research and development [2] - Significant investments are being made in brand-focused advertising, marketing, and innovation, particularly for front-office and commercial capabilities [2][5] Cost Management and Pricing Strategy - Spectrum Brands is actively managing costs and pricing to protect margins against tariff and inflationary pressures, achieving over $50 million in fiscal 2025 savings through various cost-reduction actions [3][10] - The company has passed tariff-driven costs to customers through multiple price increases, with nearly all customers accepting the adjusted pricing, which has supported sales recovery [4] Financial Performance and Valuation - Spectrum Brands' shares have declined by 27.6% year to date, compared to a 5.8% drop in the industry [8] - The company trades at a forward price-to-earnings ratio of 13.48X, below the industry average of 16.31X [9] Earnings Estimates - The Zacks Consensus Estimate for SPB's fiscal 2026 earnings indicates a year-over-year drop of 18.4%, while fiscal 2027 EPS shows growth of 12.6% [11] - Current estimates for fiscal 2026 and fiscal 2027 have been revised downward in the past 30 days [11]

Core Insights - Caleres completed the acquisition of Stuart Weitzman for $120.2 million in August 2023, which is expected to impact future earnings significantly [1][6] - The footwear brand reported net sales of $790.1 million for the 13 weeks ending November 1, 2025, marking a 6.6% increase from $740.9 million in the same period last year [1] - Direct-to-consumer sales represented approximately 71% of total net sales in the reported quarter [1] Financial Performance - Gross profit for Caleres increased to $329.9 million in Q3, up from $326.9 million in the prior year, but gross margin decreased by 230 basis points to 41.8% [2] - SG&A expenses rose to $311.3 million, accounting for 39.4% of net sales, an increase of 310 basis points from the previous year, largely due to costs associated with Stuart Weitzman [3] - GAAP net earnings fell sharply to $2.4 million, or $0.07 per diluted share, compared to $41.4 million, or $1.19 per diluted share, in the prior-year period [4] Inventory and Outlook - Inventory at the end of the quarter was $678.2 million, an increase of $92 million year-over-year, with Stuart Weitzman contributing $77 million to this total [5] - For the remainder of fiscal 2025, the company anticipates ongoing tariff headwinds affecting gross margin and expects GAAP loss per diluted share between $0.13 and $0.18, with adjusted earnings per diluted share between $0.55 and $0.60, factoring in dilution from Stuart Weitzman [6] - The company plans to transition the Stuart Weitzman business to its systems and address aged inventory, aiming for long-term growth and profitability starting in fiscal 2026 [7]

Core Insights - Caleres is focused on turning around Stuart Weitzman after acquiring it from Tapestry, aiming for breakeven by 2026 and profitability thereafter [1] Group 1: Performance Overview - The brand has been underperforming under Tapestry, diluting earnings since the acquisition [2] - Initial focus has been on stabilization and transition during the first three months of ownership [2] - Positive consumer response noted in design, product quality, and price value for fall line offerings [2] Group 2: Sales and Marketing - Year-over-year sell-throughs for fall products have improved, particularly in wholesale and U.S. retail, with strong full-price sales in dress and boots [3] - Marketing efforts featuring global ambassadors have successfully connected with a diverse consumer base [3] Group 3: Challenges and Inventory Management - The China business requires significant attention due to sales volatility post-acquisition [4][5] - New leadership has been added in China to improve sales, with progress being made month by month [5] - There is an excess of aged inventory that needs to be cleared before full integration into Caleres [5][6] - Strategies for inventory management will vary globally, with efforts to clear stock before it enters Caleres facilities [6]