LONDON — As Sir Philip Green continues to negotiate with the Icelandic government to buy a chunk of Baugur Group’s debt, the Icelandic investment company issued a statement Tuesday insisting its businesses won’t file for bankruptcy. On Tuesday, British press reports said the company, whose retail businesses in the U.K. include Whistles, Karen Millen and All Saints, was set to appoint the U.K. administrator BDO Stoy Hayward. Administration is the U.K. equivalent of Chapter 11. Alongside its investments in several U.K. specialty retailers, Baugur holds stakes in the department store chain House of Fraser and designer brands Matthew Williamson and PPQ, and an 8.6 percent stake in Saks Fifth Avenue. “Further to media speculation today, we would like to make clear that Baugur has not appointed any advisers,” said Gunnar Sigurdsson, chief executive officer of Baugur. “We continue to monitor the situation in Iceland [and] where possible maintain a dialogue with the banks and manage and plan our businesses accordingly. We have no plans to place our U.K. businesses into administration.” The future of Baugur’s businesses has been subject to speculation since Iceland spiraled into a financial crisis over the past few weeks. Last week, Iceland’s largest bank, Kaupthing, was the third in the country to be nationalized. The bank owned stakes in two of Baugur’s companies, Mosaic Fashions and Jane Norman. It is thought that, if a deal with Green, owner of Topshop’s parent company, Arcadia Group, does go ahead, it would be sealed this week. Green said over the weekend that Baugur has more than $2 billion worth of debt with Icelandic banks, but declined to comment on how much of that debt he plans to purchase or at what price. Meanwhile, the British press has been rife with rumors that private equity groups and venture capital companies including Permira, TPG and Alchemy might swoop in to buy stakes in Baugur. TPG, which has a $20 billion fund earmarked for global investments, would be a prime candidate. A spokesman for TPG declined to comment, but a source close to the company said Baugur’s brands would likely be on its radar.
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