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.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim