- 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."
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)