The weakening real estate market took a toll on Westfield Group, which saw revenues and profits fall last year, though the developer said it was planning a number of new projects across the U.S.Net profits plummeted 38.4 percent to 3.44 billion Australian dollars, or $2.88 billion, as revenues dropped 27.6 percent to 6.66 billion Australian dollars, or $5.59 billion. Dollar figures are at the average exchange rate.Meanwhile, a 62 percent decline in revenues from "property revaluations" to 1.74 billion Australian dollars, or $1.46 billion, took a big bite out of the top line. Still, the firm is bullish on its market position."The fundamental drivers of the business are a well-positioned, high-quality, globally diversified shopping center portfolio combined with a strong financial position and an experienced management team," stated managing directors Peter Lowy and Steven Lowy, adding that Westfield's operating and development earnings showed consistent growth."Whilst it is apparent that retail sales growth in Australia is stronger than our other markets, a trend that has been consistent across the portfolio during the year is the strong sales results from those centers that have recently benefited from expansion and redevelopment," Steven Lowy said.In the U.S., the Australian firm has 55 shopping centers and 8,735 retail outlets. Westfield anticipates kicking off new projects in Florida, California, Maryland and New York over the next few years.With operations in Australia and the United Kingdom as well as the U.S., Westfield manages assets valued at 63.17 billion Australian dollars, or $52.99 billion.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim