NIKE BUYBACK: Nike Inc. said Monday that its board has approved a four-year, $3 billion share repurchase agreement. In addition, the company expects to complete within a few weeks the four-year, $1.5 billion share repurchase program that the board approved in June 2004. “The completion of our previous $1.5 billion program two years ahead of schedule is a testament to our confidence in the long-term growth prospects for our company,” Nike chairman Philip H. Knight said in a statement. “By doubling the size of the new authorization to $3 billion, we are confident in the strength of our cash flow.”
BULOVA PROMOTION: Bulova Corp. has promoted Gary Simon to executive vice president of sales, a new position at the watch firm. Simon has been with Bulova since 1997. He most recently was regional vice president for the Western region. Simon reports to Tom Fosorile, senior vice president of sales, and is responsible for coordinating and directing sales and marketing efforts for Bulova’s regional and chain accounts. He will continue to direct sales for the Western region and assist in coordinating field sales activities.
SWISS ARMY MOVES: Swiss Army Brands Inc. has begun construction on its new North American headquarters at 7 Victoria Drive in Monroe, Conn. The building, which is expected to span more than 165,000 square feet on 26 acres, will house the firm’s corporate offices and warehouse facilities. The firm has been headquartered in Shelton, Conn., for the past 30 years. The new building is expected to be completed in January 2007 and cost $26 million. Swiss Army, a wholly owned subsidiary of Victorinox AG, in Ibach, Switzerland, makes watches, apparel, multifunctional tools and cutlery. The firm also expects to open a 15,000-square-foot showroom on Greene Street in New York this summer.
This story first appeared in the June 21, 2006 issue of WWD. Subscribe Today.