CREDIT DOWNGRADES: Standard & Poor’s Ratings Services on Friday lowered its corporate credit ratings for REV Holdings Inc. to "CC" from "CCC-" and on REV’s indirect subsidiary, Revlon Consumer Products Corp., to "CCC+" from "B-." S&P said...
CREDIT DOWNGRADES: Standard & Poor’s Ratings Services on Friday lowered its corporate credit ratings for REV Holdings Inc. to "CC" from "CCC-" and on REV’s indirect subsidiary, Revlon Consumer Products Corp., to "CCC+" from "B-." S&P said the outlook on both companies is negative, but removed both ratings from CreditWatch, where they were placed Oct. 31. S&P said the downgrade "reflects Revlon’s substantial debt leverage, liquidity concerns and a prolonged period of weak operating results." S&P added that while the anticipated investment in Revlon, by Ronald Perelman’s MacAndrews & Forbes, of up to $150 million will improve the company’s liquidity position in 2003, it remains concerned that the firm’s liquidity may be severely stressed over the indeterminate term, given the rate at which the company’s cash balances have been depleting and its reduced credit facility availability. S&P also lowered ratings on Revlon’s bank loan to "B-" from "B"; its senior secured debt to "CCC+" from "B"; its senior unsecured debt to "CCC-" from "CCC," and its subordinated debt to "CCC-" from "CCC." At REV Holdings, S&P also lowered its senior secured debt rating to "CC" from "CCC-."
BAGGING PROFITS: Jaclyn Inc. reported earnings of $799,000, or 30 cents a diluted share for the second quarter ended Dec. 31. That’s a swing back from the red in the year-ago period when the West New York, N.J.-based handbag and sports bag, apparel and accessory marketer recorded a net loss of $116,000, or 4 cents. Sales more than doubled, rising 127.9 percent to $35.7 million from $15.7 million last year. In a statement, chairman Allan Ginsburg said the improvement was due to the acquisition of Topsville in January 2002, as well as higher volume from the firm’s other divisions. For the first half, Jaclyn reported net income of $1.1 million, or 42 cents, as compared with last year’s loss of $63,000, or 2 cents. Sales shot up 98.7 percent to $65.6 million from $33.9 million a year ago. While Ginsburg warned that third -and fourth-quarter operating results might be lower than last year’s — partly becausethe Anne Klein license was not renewed last June — he does expect full-year 2003 results to be "substantially better" than last year.
BLACK WEDDING: Wedding apparel maker JLM Couture Inc. is back in the black with fourth-quarter profits of $84,761, or 4 cents a diluted share, a significant improvement over last year’s loss of $113,379, or 6 cents. Sales for the period ended Oct. 31 shot up 11.9 percent to $5.1 million from $4.5 million a year ago. In a statement, chief executive Joseph Murphy attributed the New York-based firm’s revenue growth to increased market penetration domestically and in Europe, particularly for the company’s bridesmaid collection. Overall, for the full fiscal year, the country’s only publicly traded wedding apparel firm said net income leapt by nearly two-thirds, or 66.4 percent, to $1.1 million, or 53 cents, from $666,363, or 34 cents, in 2001. Sales for the year increased 15.3 percent to $24.7 million from $21.4 million a year ago.
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
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
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