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.
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)