Footwear Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › FOOTWEAR

Brand Heat Divides the Group as Buyers Hold Their Fire

This update covers footwear share moves, company announcements and the transaction record for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › FOOTWEAR

   Cover slide introducing the footwear bi-weekly update for September 14–28, 2026.

   This bi-weekly update covers footwear share moves, company announcements and the transaction record for September 14 to 28, 2026. We'll walk through what changed, who moved and why, what transacted, and what it means for the people who act on it.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › FOOTWEAR Brand Heat Divides the Group as Buyers Hold Their Fire This update covers footwear share moves, company announcements and the transaction record for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Product and Capital-Return News Separated the Winners

   Summarizes the two-week period's market moves and headline drivers across 16 covered footwear names.

   Eight of the sixteen names we cover rose over the period, with the median move at +0.8%, in line with the S&P 500. The real story is the spread: names ranged from +10.3% at the top to -14.9% at the bottom, so the average masks sharply diverging outcomes. Product news and capital-return announcements did the separating, not the broader market. So what: that divergence is where the actionable read for this period sits.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Product and Capital-Return News Separated the Winners The two-week period in one page · 16 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 8 of 16 Covered Names Rose; The Median Move Was +0.8% The median matched the S&P 500's +0.8% over the two-week period. The spread inside the group was the story, running from +10.3% at the top to -14.9% at the bottom. 2 An Investor Day Turned into a Repricing Event for on Holding On Holding AG (ONON) finished the two-week period +9.2%, with its biggest day on Sep 22 at +7.6%. Reuters reported a $1B share repurchase programme through the end of 2029 alongside long-term financial targets set at the company's Investor Day. 3 Demand Creation, Not Discounting, Drove the Period's Company News Eight curated items covered product platforms, a licensed footwear launch, an ambassador switch and a board appointment. NeuraCap's read: companies spent the two-week period building full-price demand rather than defending shelf space with promotion. 4 The Precedent Record Still Sits Above the Public Group The trailing set of 26 precedent transactions carries a median of 11.2x, against a CY2027E sector median of 7.6x in NeuraCap's standing valuation lens. That gap is consistent with the study's view that buyers have agreed prices above the public range where the trademark travels with the asset. +10.3% Best mover — V.F. Corporation (VFC) worst: UAA -14.9% · 8 up / 8 down of 16 covered +0.8% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Buybacks, Signings and Conference Rooms: Where the Period's Moves Came From

   Breaks down the period's largest share-price moves and links each to the filing or headline behind it.

   On Holding AG led the group, finishing the period +9.2% with its largest single day at +7.6%, alongside a reported $1B share-repurchase programme and new long-term targets. V.F. Corporation moved +10.3% as coverage revisited its 82% dividend cut, while Under Armour, Inc. slid -14.9%. We tie each of these moves to a recorded filing or news item so the read is grounded, not inferred. So what: the dispersion tells us which stories the market is actually paying for right now.

   Everything on this page

   PUBLIC MARKET MOVERS Buybacks, Signings and Conference Rooms: Where the Period's Moves Came From Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +0.8% · S&P 500 +0.8% · materiality bar ±3.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +0.8% Under Armour, Inc. (UAA) -14.9% No notable in-window news was identified that clearly explains the move. Under Armour, Inc. (UAA) returned -14.9% against a median move of +0.8% across the covered set. Dispersion in footwear stays wide even when the median barely moves. UNEXPLAINED V.F. Corporation (VFC) +10.3% In-window coverage tracked V.F. Corporation (VFC) at $12.93 on Sep 17 and $13.69 on Sep 24, and revisited the company's 82% dividend cut. The available evidence suggests repositioning in a Premium-tier name rather than a new disclosure. A payout reset can be re-read as a balance-sheet choice once the market has had time to digest it. COMPANY-SPECIFIC Crocs, Inc. (CROX) +9.7% Shares moved following Crocs, Inc. (CROX) presenting at the Piper Sandler Growth Frontiers Conference on Sep 15 and a reported insider open-market purchase of more than $435,000 the same day. The link is a low-confidence read. Management visibility and insider buying still register in Core-tier names between reporting dates. COMPANY-SPECIFIC On Holding AG (ONON) +9.2% Shares moved following On Holding AG's (ONON) Investor Day on Sep 22, where Reuters reported a $1B buyback through the end of 2029 and new long-term targets. A first buyback plus stated long-term targets can reset how a Core-tier growth brand is underwritten. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period Building Demand, Not Cutting Price

   Lists the two-week period's highest-impact company news items and why each matters.

   The period's news skewed toward demand creation: product platforms, a licensed footwear launch, an ambassador switch and a board appointment. None of the curated items centered on price cuts or promotional activity. Our read is that companies chose to build full-price demand rather than defend shelf space through discounting. So what: that posture is worth tracking as a leading indicator of pricing discipline into the next period.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Building Demand, Not Cutting Price The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · Business Wire Canada Goose becomes Official Protective Gear Partner of the TRUE WIND sailing expedition Canada Goose Holdings Inc. (GOOS) is buying performance proof for its protective product story through a documentary partnership. It is demand creation that reinforces technical credibility rather than price. Expedition and field partnerships remain a low-inventory way to build brand heat. Sep 22 · NEWS · Business Wire UGG launches Born to Feel, a global brand platform for Deckers' lifestyle business Deckers Outdoor Corporation (DECK) is putting platform-level marketing behind a product franchise rather than a single seasonal silhouette. That is the spend pattern that supports carryover and full-price sell-through. Platform marketing signals a franchise play; single-silhouette campaigns do not. Sep 22 · NEWS · Business Wire Calvin Klein introduces the Perfectly Fit Custom Lift bra with Teyana Taylor PVH Corp. (PVH) is refreshing an everyday core product rather than replacing it. Renewing a carryover franchise with newness is how brands defend average selling price without discounting. Carryover franchises get renewed with newness; that is what separates a franchise from a hit. Sep 18 · NEWS · CNBC Nike lets Mbappé's contract lapse as the player signs with On CNBC reported Nike chose not to renew the deal and redirect endorsement money, while On gains a foothold in global soccer. Endorsement budgets are being re-cut, and the category entry point often comes with the signature. Sep 16 · NEWS · Business Wire NIKE appoints Alexandre Arnault, Deputy CEO of Moët Hennessy, to its board The appointment brings luxury operating experience onto the board of NIKE, Inc. (NKE), a Premium-tier name. NeuraCap's read: brand houses are recruiting for pricing permission and marketplace segmentation judgment. Board composition is becoming a visible signal of where a brand wants its price to sit. Sep 15 · NEWS · Business Wire Genesco launches a Wrangler footwear collection for Fall 2026 Genesco Inc. (GCO) extends a heritage apparel trademark into footwear without owning it. Licensing and distribution agreements remain a working route into a category for operators who do not want to buy a brand. A licence can deliver category entry that an acquisition would otherwise have to fund.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Brand House Puts New Numbers on the Board as the Precedent Record Holds at a Premium

   Reviews the period's agreed transaction alongside the standing precedent set of 26 deals.

   The period brought one company-announced agreement, sitting alongside a precedent record of 26 tracked footwear transactions at a median 11.2x EV/LTM EBITDA. That multiple continues to sit above where the public group trades, a gap consistent with buyers paying up where the trademark travels with the asset. So what: for anyone underwriting a deal in this space, the precedent record — not the public market — remains the reference point.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Brand House Puts New Numbers on the Board as the Precedent Record Holds at a Premium September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 26 recorded deals · median 11.2x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · Lanvin Group Holdings Limited (LANV) Lanvin Group Holdings Limited (LANV) files six-month results: revenue lower year on year The filing gives the market a fresh operating marker on a multi-brand house mid-reset. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 26 Recorded precedent transactions the reference set buyers and sellers price against 11.2x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   Translates the period's evidence into implications for operators, acquirers and advisors.

   For operators, the names that rose this period paired their move with something concrete to show — an investor day, a product platform, a licensed launch. For acquirers, the 26-deal precedent set and its 11.2x median held unchanged, so the public-versus-precedent gap persists. For advisors, the strongest arguments this period lead with proof: a $1B buyback, an ambassador switch, a licensed launch, a board addition. So what: the market is rewarding evidence over positioning, and the deal record backs that up.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.6x 11 companies in the study 3 valuation tiers Standing thesis: Footwear Is Four Businesses Under One Label, and Branded Wholesale Holds Most of the Weight FOR OWNERS & OPERATORS The Names That Rose Came with Something to Show Companies in the space that traded higher paired their moves with visible action: an investor day, a product platform, a licensed launch, a conference appearance. FOR ACQUIRERS The Reference Set Is Unchanged; The Public-Versus-Precedent Gap Is Not The precedent set stands at 26 transactions with a trailing median of 11.2x, and remains unchanged over the two-week period. FOR ADVISORS Lead with Proof, Not Positioning The period's evidence is concrete: On Holding AG's (ONON) $1B buyback and long-term targets, an ambassador moving between two covered names, a licensed Wrangler launch at Genesco Inc. (GCO), and a board addition at NIKE, Inc. (NKE).

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure in the update.

   Every figure in this update ties back to a recorded filing, publisher-sourced article or market price captured through September 28, 2026. We hold to a fixed source-reliability order and never draw on video or social platforms. So what: the discipline behind these figures is what lets us make calibrated reads rather than speculative ones.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Footwear Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T111955Z_454_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · cnbc.com · reuters.com

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