- 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."
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty