KELLWOOD CLOSES SMART SHIRTS DEAL: Kellwood Co. has completed the sale of its Smart Shirts manufacturing operations and related real estate assets in two separate transactions. Kellwood received approximately $121 million in cash at closing from the sale of the Smart Shirts business from Youngor Group Co. Ltd., and approximately $41 million in cash from Bright Treasure Development Ltd. for Smart Shirts' real estate assets in Hong Kong. The proceeds from the transactions will be used to repurchase shares and reduce debt, including the $80 million accelerated share repurchase program that Kellwood announced on Jan. 3. UBS Investment Bank acted as financial adviser to Kellwood in connection with the Smart Shirts sale.
FOREIGN INVESTMENTS SURGE: Boosted by a strong world economy, increased corporate profits and an abundance of cash for cross-border mergers and acquisitions, global foreign direct investment in 2007 reached an estimated record $1.5 trillion, a United Nations agency said Tuesday. The U.S. maintained its position as the largest recipient of FDI with $192 billion, up 10 percent on the previous year. FDI inflows to developing countries and economies in transition also reached a record $438.4 billion, with China the biggest recipient with $67.3 billion. FDI gains were also posted by Brazil at $37.4 billion, up 99.3 percent on 2006; Hong Kong, up nearly 27 percent to $54.4 billion, and Russia, which registered a 70.3 percent increase to $48.9 billion.
GOLD STANDARD: Flaxen-haired tennis player — and self-professed bag lover — Maria Sharapova announced the launch of the Sharapova Gold bag collection with Prince. Sharapova will tote the gold nylon bags accented in black at next week's Australian Open. "In my opinion, players should head to the court with equipment that not only delivers in terms of quality and design, but also looks great," said Sharapova in a statement. The collection will range from $50 to $120 wherever Prince products are sold.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.