1.14%
Wednesday, July 3, 2019
Volume 2, Issue No. 12

In The News
BTS Tax Holidays, CAT Supports Bunks Across America, Topsports Files IPO, StockX Secures Series C Funding

The annual back-to-school sales tax holidays, which generally offer shoppers no state sales taxes on the first $100 of any footwear or apparel purchase, have been set in 16 states for this year. Alabama, Mississippi and Tennessee will hold their weekends in July; nine more will host their weekend on Aug. 2-4, and Massachussetts will host its event Aug. 10-11.

CAT Footwear distributed more than 100 pairs of shoe, as well as supplies and resources, to Sleep in Heavenly Peace chapters across the country last month for “Bunks Across America.” The nonprofit organizes volunteers to build and deliver bunk beds to children and families in need; the nationwide Build Day on June 15 saw more than 2,700 bunk beds built. CAT also donated $5 for the purchase of every men’s Fairbanks and women’s Ellie shoes through the month of June.

Topsports International Holdings Ltd., a distributor of 10 major athletic and outdoor brands across China with more than 8,300 retail locations across 268 cities, filed for an Initial Public Offering (IPO) on the Hong Kong Exchange last week that could raise more than $1 billion. A sportswear unit spin-off of Belle International, China’s largest distributor of women’s shoes and a key market distributor for the CAT, Clarks and Hush Puppies brands, aims to be publicly listed sometime in the second half of 2019.

StockX closed on $110 million in a Series C funding round with investors DST Global, General Atlantic and GGV Capital, and names former eBay executive Scott Cutler as CEO. The three-year-old sneaker stock market co-founded by Josh Luber; Dan Gilbert, chairman of the NBA’s Cavaliers and chairman of Quicken Loans; and Greg Schwartz; now also trades in streetwear, watches, handbags and collectibles with more than 800 full- and part-time employees.