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.
@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)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)