Hudson’s Bay Co. and activist Land and Buildings have buried the hatchet.Land and Buildings agreed to withdraw its appeal of the Toronto Stock Exchange’s decision to conditionally approve a $500 million cash infusion from private equity firm Rhône Capital. The investment came as part of the retailer’s deal to sell its New York Lord & Taylor flagship to WeWork Cos.Land and Buildings was looking for what it called “the dilutive share issuance” to be put to shareholder vote.Under the deal with Land and Buildings, Hudson’s Bay agreed that if it did issue equity under the deal that it would, under certain circumstances, do so via a rights offering to all shareholders.Richard Baker, Hudson’s Bay’s governor, executive chairman and interim chief executive officer, said the Rhône equity investment would close next week and that work would turn to the retailer’s “multifaceted strategic relationship with WeWork.”Baker said the transactions illustrate the company’s “ability to successfully monetize our valuable real estate assets, while creating opportunities to improve productivity and utilization in our portfolio. As part of our ongoing board review, we will continue to review HBC's real estate portfolio with a view to maximizing shareholder value and the ongoing operations and business of HBC. We look forward to ongoing engagement with, and constructive input from, Land and Buildings and our other shareholders as we pursue additional opportunities.”Jonathan Litt, founder and chief investment officer of Land and Buildings said: “We invested in HBC because its world class real estate assets are substantially more valuable than the company's current share price. We appreciate our interaction with the HBC team and are pleased and encouraged that HBC's management and board continues to take steps to monetize its highly valuable real estate assets, and we look forward to continuing to work collaboratively with the company to ensure that shareholder value is maximized.”Hudson’s Bay said in October it would sell its Fifth Avenue Lord & Taylor flagship to WeWorks for $850 million and continue to operate the 650,000-square-foot door through the 2018 holiday season. Afterward, the retail portion of the building will be downsized to 150,000 square feet and the rest of the site will operate as WeWork’s New York headquarters.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)