LONDON — One of the troubled Baugur Group’s retail companies confirmed on Thursday that it’s talking to a variety of potential investors to secure the future of the business.
As reported this week, Baugur has more than $2 billion worth of debt owed to Iceland’s biggest banks and is seeking to off-load it. Baugur has said anyone who buys all or part of the debt will inevitably gain control of some or all of its retail holdings, which include a string of British specialty chains as well as department store group House of Fraser and a stake in Saks Inc.
Sir Philip Green, owner of Topshop and Bhs Ltd. in the U.K., is in negotiations to buy some of that debt, but since he began negotiations last week, other investors — including Texas Pacific Group — are reported to have expressed interest in snapping up some of Baugur’s companies.
Mosaic, the Baugur operation that controls retail chains including Oasis, Karen Millen, Whistles, Odille, Coast, Warehouse, Principles and Shoe Studio Group, said it is seeking long-term funding to secure the future of the business. On Thursday, the company released a statement saying: “The business does not require saving, and has sufficient funding in place to meet all foreseeable obligations.
“The board is examining all potential avenues to secure long-term funding in order to protect the future of its brands and employees. We continue to work closely with our colleagues at Baugur and have held talks with a number of parties, but would like to make clear that none of these have reached a conclusion.”
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast