FINALIZED DEAL: In an effort to increase its off-mall expansion, Sears, Roebuck and Co. said Wednesday that a prior agreement with Kmart Holding Corp., in which it will acquire ownership or leasehold interest in 50 Kmart locations for $575.9...
FINALIZED DEAL: In an effort to increase its off-mall expansion, Sears, Roebuck and Co. said Wednesday that a prior agreement with Kmart Holding Corp., in which it will acquire ownership or leasehold interest in 50 Kmart locations for $575.9 million, has been finalized. Sears has paid 30 percent, or $172 million, of the total purchase amount to Kmart and will pay the remainder when it officially takes over the stores around April 2005. In addition to the Kmart transaction, Sears confirmed that it will be making lease payments to Wal-Mart under subleases for six Wal-Mart stores. Thanks to both deals, Sears said it is doubling its store base in San Diego and significantly increasing the total number of stores it has in Florida, the Northeast and Puerto Rico.
GEM SNATCH: Two diamonds, together worth approximately 11.5 million euros, or $14.2 million at current exchange, were stolen Monday from Chopard’s stand at the Biennale des Antiquaires held at Paris’ Carrousel du Louvre. A white 47-carat diamond and a blue 15-carat diamond valued at 6 million euros, or $7.4 million, and 5.5 million euros, or $6.8 million, respectively, were stolen between 3 p.m. and 3:30 p.m. from their glass display case, according to a police spokesman. There were no witnesses. A spokesman for the Geneva-based jeweler confirmed the theft but declined further comment.
SHIP RECH: French fashion house Georges Rech has been granted three months bankruptcy protection by Paris’ commercial court. Owned by Swiss equity firm Leman Capital, Rech employs 230 people in France and 70 abroad. Leman, which recently sold its other fashion interest, Guy Laroche, to Hong Kong’s YGM Trading Ltd., said it was “actively studying financing possibilities to keep the house running.” Rech had sales of about 180 million euros. or $222 million at current exchange, last year, about a third of which came from licensing royalties in Asia, according to Rech’s Internet site.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)