Eminence Capital believes that Jos. A. Bank Clothiers should offer a "significant premium" for Men's Wearhouse.
That's the purpose of its investor presentation, which details the synergies to be gained from a merger. Eminence has also hired Moelis & Co as its financial advisor. Eminence is the single largest MW shareholder, and holds 1.4 million shares of Jos. A. Bank.
Eminence said it likes MW as an investment, and didn't initially invest to agitate for change. It said MW is attractive due to scale, attractive niche, earnings upside following the decision to sell noncore businesses and focus on the higher margin suit and tuxedo businesses. It called the proposed merger with Jos. A. Bank a "compelling opportunity."
Eminence added that the value created from the combined retailers is "massive with the potential for $2 billion of value to be created."
Eminence is pushing for the MW board to engage in discussions with the Jos. A. Bank board, and noted that while the initial offer of $48 a share was low, Jos. A. Bank should be prepared to offer a "significant premium" for MW, but that first Jos. A. Bank must be engaged in dialogue so that it is positioned to pay more.
MW has been steadfast in refusing to hold talks with Jos. A. Bank. Eminence is seeking a "white agent" designation to hold a special meeting of MW shareholders to amend the MW bylaws. The hedge fund is not currently seeking for any change in the composition of MW's board.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)