Birkenstock Footprint Sandals Inc., the 100 percent employee-owned company and U.S. importer and distributor of Birkenstock footwear from Germany, will shorten special-order handling time by weeks and increase its product offering in U.S. retail stores through an agreement with UPS Supply Chain Solutions.A new distribution program developed by UPS will manage special orders to the U.S. fulfilled by Birkenstock manufacturing centers in Germany. Special orders that once took months to ship to the U.S. now will take days.“UPS Supply Chain Solutions will help us bring additional new styles, colors and sizes of Birkenstock footwear to American consumers much faster than we have been able to do in the past,” said Birkenstock Chief Operating Officer Gene Kunde.Under the agreement, implemented this month, UPS Supply Chain Solutions will provide a dedicated team utilizing UPS’s full portfolio of services including air, ocean, customs brokerage and small package. The solutions allow shipments to go directly to retail outlets. This alleviates interim handling and repackaging steps typical of the retail distribution process. UPS also will deliver retailer orders for the Spring 2004 season beginning this fall.“While our main goal is to satisfy our customers, there also are significant operational benefits to this new distribution arrangement,” Kunde said. “The UPS program takes pressure off our U.S. warehouses and gives our retailers more options for consumers.”Birkenstock, the first company to introduce the U.S. market to the Euro-comfort shoe category in 1967, realized 20 percent growth in fiscal 2002, exceeding the industry average of six percent. The agreement with UPS Supply Chain Solutions will enable Birkenstock to keep pace with rapid growth while increasing its ability to respond to its retailers and consumer needs.
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » FDIC Board Member Martin Gruenberg this week made clear that relief language in S. 2155 regarding the Volcker rule is intended for community banks – not all banks regardless of asset size as some have argued. Gruenberg’s conclusion on the intent of the language supports NAFCU’s view, which was shared with the FDIC and other bank regulators earlier this month.“There has been some discussion that the new statute can be read in a way that would allow any bank, regardless of asset size, to be exempt from the Volcker Rule if its trading assets and liabilities are five percent or less of its total consolidated assets … This was not the intent of the new statute as I understand it … I believe it is clear that this statutory exemption … appl[ies] only to banking organizations with $10 billion or less in total consolidated assets and that the limitation on trading assets and liabilities is an additional limitation placed on this defined group of banking organizations,” Gruenberg said.In a letter to the OCC, FDIC, Federal Reserve, Commodities Futures Trading Commission, and Securities and Exchange Commission, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt gave a similar explanation to the intent of this portion of S. 2155. She further noted that the Volcker rule is a “critical reform that emerged from the financial crisis which addresses, among other things, the riskiest of all investment behaviors – investing in private equity or hedge funds using a bank’s own accounts for the bank’s own benefit.”