NEW YORK — Shares of The Jones Group Inc. rose 4 percent Wednesday to close at $15.11 in Big Board trading following a report that private equity firms KKR & Co. and Sycamore Partners were considering a joint bid for the apparel firm.
Two sources close to the process confirmed that the private equity firms were working together and one of these sources said the pair had submitted a first-round bid for Jones over the summer. Executives at KKR and Sycamore declined comment. RELATED STORY: Bidding Begins on Jones Group >>
Jones hired Citi earlier this year as its financial adviser to explore options, and has been focusing on either selling the apparel and footwear businesses separately or the entire firm outright. Jones has a market capitalization of about $1.1 billion. The first round of bids were due July 19. Financial sources said bids were accepted for each option: the entire company, the apparel group and the footwear group. Sources said both strategic players and financial sponsors have expressed interests in the different options.
Second-round bids are expected at the end of the month.
There’s also a group of potential bidders waiting in the wings in case Jones elects to accept separate offers for different components of its apparel businesses, as well as for its footwear businesses. For example, Delta Galil Industries Ltd.’s Isaac Dabah is said to be interested in the jeanswear business, which includes Gloria Vanderbilt, the firm he sold to Jones in 2002 for $138 million.
The Wall Street Journal reported Wednesday afternoon that KKR and Sycamore were contemplating a joint bid.
For the second-quarter ended July, Jones’ net loss was $3.4 million, or 5 cents a diluted share, on a 1.1 percent decline in total revenues to $845.6 million.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
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The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion