- S&P'S BCBG CONCERNS: Standard & Poor's lowered its corporate credit rating on BCBG Max Azria Group Inc. to "CCC" from "B-minus" last week. The outlook remained negative. "Because we have not yet received financial information for 2007, we have growing concern about the company's liquidity and ability to meet financial covenants," wrote S&P credit analyst Jackie Oberoi in the ratings change. "As a result, we are concerned that BCBG noteholders could accelerate payment." A company spokesman commented, "In order to be consistent with the industry, we changed our fiscal year from December to January this past year, which created a one-time delay in completing our audit. We expect the audit to be completed within 30 days." S&P said the 2006 acquisition of Max Rave and the assumption of related leases meaningfully increased the firm's debt leverage.
- SAKS, TIFFANY TO EXPAND: Saks Inc. and Tiffany & Co. each unveiled plans Tuesday to open new stores this year. Saks will launch three Saks Off 5th off-price doors during the fall in the U.S. Tiffany's expansion will be in Qingdao, China, a summer resort. The expansion of Off 5th, which has 48 stores, will be led by a 30,000-square-foot outpost at the Arches at Deer Park on Long Island, NY in October. The following month, 28,000-square-foot stores will bow at Prime Outlets in St. Augustine, Fla., and Rio Grande Valley Premium Outlets in Mercedes, Tex. The 2,000-foot Tiffany & Co. store will bow in Hisense Plaza in July and will be the jeweler's eighth Chinese location. It will carry a range of the company's collections, including engagement rings, sterling silver and fine jewelry and signature designs, as well as watches, gifts and accessories.
- WAL-MART SELLING UNIT: Wal-Mart Stores Inc. has agreed to sell its Gazeley warehouse property development business to Dubai World, a government-owned investment fund, for an undisclosed sum. The sale is expected to be completed by the end of July. Gazeley develops distribution centers in Europe, China, India and Mexico. Michael Duke, vice chairman of Wal-Mart, said, "Since the development of distribution warehousing for third parties is not a core business for us, Gazeley will be able to better serve its customers as part of an organization...committed to providing the necessary resources and investment for further expansion."
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)