Watch out, Macy’s, Dillard’s and Bon-Ton, another department-store firm is about to hit the market with an initial public offering.
The Hudson’s Bay Co., parent of Lord & Taylor, has its IPO teed up for next week on the Toronto Stock Exchange.
A total of 21.5 million shares will be sold at 17 Canadian dollars on Monday. That will give the company a market capitalization of 2.04 billion Canadian dollars. The Canadian dollar is near par with the greenback, with 1,000 Canadian dollars worth $1,000.94 at current exchange.
Once the initial stock sale is closed, shares of the company will begin trading under the “HBC” ticker symbol.
All told, the offering is expected to raise 365 million Canadian dollars. That’s 8.8 percent less than the 400 million Canadian dollars the offering was initially expected to raise.
The company itself plans to sell 14.7 million shares, raising about 250 million Canadian dollars to pay down debt.
Hudson’s Bay Company (Luxembourg) Sarl, an investment vehicle associated with the retailer’s governor and chief executive officer, Richard Baker, is also selling 6.8 million shares for roughly 115 million Canadian dollars. The investment firm will continue to hold 82 percent of the retailer after the offering, or slightly less if additional shares are sold to underwriters.
The modern Hudson’s Bay is the brainchild of Baker, who bought Lord & Taylor and The Bay through NRDC Equity Partners and combined the two firms.
Baker tried to take the company public last year, but ultimately changed course when the market soured.
RBC Capital Markets, BMO Capital Markets, CIBC and Bank of America Merrill Lynch are underwriting Hudson Bay’s IPO.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
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“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia