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.
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)
@Pharrell and his wife Helen Lasichanh were among the stars that came out to celebrate @rimowa’s first pop-up concept shop. The space, which is located on Rodeo Drive in Beverly Hills, draws inspiration from airport luggage carousels and lounge areas – and features the company’s luggage and accessories. If the pop-up is successful it could pave the way for addition temporary shops throughout the world. #wwdfashion (📷: Owen Kolasinski/BFA)
@carineroitfeld celebrated @crfashionbook’s first calendar last night with a dinner party at Spring Place in Manhattan. Photographed by @stevenkleinstudio, the calendar takes on a fitness theme and features @joansmalls, @gigihadid, @danielle_herrington_ – pictured here – and more. “[Carine Roitfeld] wanted me to feel sexy and she wanted me to be myself and feel it out on my own and do what I felt was right,” said Herrington, aka Miss October. #wwdeye
@saintrecords and @virgilabloh last night at @americanexpress’ “A Night With Success Makers” event. “I always bring it back to community because without that I wouldn’t have the courage,” said Knowles when asked how she has gotten where she is now. Read more highlights from their conversation on WWD.com. #wwdeye (📷: @lizdoupnik)
This Just In: Industry sources have told WWD that Anastasia Soare is rumored to be considering selling her beauty business, @anastasiabeverlyhills. According to those sources, Soare has tapped investment bank Imperial Capital to explore sale options for her eponymous beauty brand –– and with at least $340 million in net sales, this would be a big deal. Put in context of other recent transactions for makeup companies, Soare’s price tag could be in the billions if she were to sell the whole thing. #wwdnews #wwdbeauty (📷: @clint_spaulding)
@assouline’s latest book, “The Spirit of Bentley: Be Extraordinary” captures the adventurous attitudes and opulent lifestyles of @bentleymotors’ most creative owners and enthusiasts throughout the U.K. The 292-page hardcover has a section dedicated to showing its team of skilled artisans and photos of its most colorful owners, from George Bamford to designer @alicetemperley, pictured here by Aline Coquelle. #wwdeye
@google released its report on the most popular search terms this year. For fashion brands, the list was led by @gucci, the luxury brand that stunned the market last October when it pledged to stop using fur. Runner ups were @supremenewyork and @fashionnova, along with more established brands like @louisvuitton, @chanelofficial and @ysl. #wwdfashion (📷: @aitorrosasphoto)
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)