Iconix Brand Group Inc. racked up a roughly $6 million pretax gain when China Outfitters Holdings Ltd., which sells the London Fog brand in the country, went public in Hong Kong. The “monetization” is just the first of what Iconix hopes will be a string of cash infusions as it sells off its brands in China, which are held in Iconix China, a venture set up with Silas Chou’s Novel Fashions Holdings. The group has retail partnerships for its Candies, Rampage, Badgley Mischka, Rocawear and Royal Velvet brands in the country, businesses that could ultimately be spun off. Under the deal with China Outfitters, Iconix China received shares in the retailer’s IPO and sold about 54 percent of its shares in the offering. There are more than 100 London Fog stores and shop-in-shops in China. “Today’s announcement is a pivotal mark for our long-term growth strategy in China,” stated Neil Cole, chairman and chief executive officer of Iconix. “The Iconix brands that have launched in China to date are performing well. With the recent IPO of China Outfitters, we realized an initial gain for our London Fog brand and expect to participate in the future growth of the brand through the shares we are retaining.” Shares of China Outfitters slipped 4.5 percent to 1.49 Hong Kong dollars, or 19 cents at current exchange, in their first day of trading Friday. U.S. buyout firm Kohlberg Kravis Roberts & Co. agreed to serve as a cornerstone investor in the IPO, buying a $60 million stake.
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