The income of well-known footwear companies plummeted and the CEO stepped down!
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Allbirds' sales in the fourth quarter fell by 14.5% to $72 million. The San Francisco-based sustainable footwear and clothing company said that its revenue decline was due to the lower average selling price and the increase in promotional discounts, which partially offset the increase in third-party net income.
The company's net revenue in 2023 decreased by 14.7% to $254.1 million. Due to the sharp drop in sales, its net loss last year was $152.5 million, while its net loss in 2022 was $110.14 million.
Due to the sluggish performance of the company, Joey Zwillinger, co-founder and CEO of Allbirds, will leave his post, and Joe Vernachio, chief operating officer, will be appointed as the new CEO, which will take effect on March 15th.
Joe Vernachio (left) will succeed one of the co-founders of Allbirds.
Joey Zwillinger (right) is the new CEO.
Earlier this month, Allbirds announced the completion of agreements with dealer partners in Australia and Japan. According to the agreement, the company said that it has transformed the direct marketing model of four international markets into the dealer model.
In 2019, Allbirds Tmall flagship store and China official website were launched, and the first store in China was opened simultaneously in Shanghai Xingye taikoo hui. Later, in cooperation with Swire Real Estate, Allbirds also opened offline stores in Beijing, Guangzhou and Chengdu, trying to reach these emerging consumer groups in China by high-end commercial real estate.
Allbirds may be aware of the acclimatization that environmental protection stories may face in China, but what it didn't expect was that its strategy of putting wool shoes first was not convincing in China, especially among the young people it was trying to attract.
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