RBS Partners, a fund affiliated with Sears Holdings Corp. chairman Edward S. Lampert, boosted its stake in Gap Inc. by 3.3 million shares during the quarter ended June 30. RBS now holds 30.4 million shares of Gap, or 5.5 percent of the company, which was valued at $498.8 million as of Monday’s close.
In February, funds affiliated with Lampert held 35 million shares of the retailer, but it is not clear how that larger stake has changed in recent months. Lampert — the force behind the combination of Sears and Kmart — has been silent on his intentions toward Gap and RBS could not be reached for comment Monday.
Lampert is a noted value investor, though, and Gap has been lagging the retail field lately, having been hit hard by cost pressures. Shares of Gap slipped 0.4 percent to $16.43 Monday, as the broader market rose. The company’s stock has traded as low as $15.26 and as high as $23.73 over the past 12 months.
Lampert isn’t the only hedge fund billionaire eyeing retail. Warren Buffett’s Berkshire Hathaway Inc. bought 1.5 million shares of Dollar General Corp., a stake that amounted to 0.4 percent of the company and was valued at $48.3 million.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive