In Brief: Fortunoff Still Seeking Funds … Debt Issue … Star Power …
FORTUNOFF STILL SEEKING FUNDS: Fine jewelry and home furnishings retailer Fortunoff is continuing talks with investment companies to raise capital for expansion, but a spokeswoman for the company denied any knowledge of Apollo Management L.P....
FORTUNOFF STILL SEEKING FUNDS: Fine jewelry and home furnishings retailer Fortunoff is continuing talks with investment companies to raise capital for expansion, but a spokeswoman for the company denied any knowledge of Apollo Management L.P. and its potential bid for the company, as reported in the New York Post Monday. She also declined to comment on whether or not the family-owned firm is up for sale. “We remain engaged in a lot of discussions with the investment community as a whole,” the spokeswoman said. “Our purpose is to create a strong company with deeper financial resources...[The article in the Post] is speculation and gossip. We’re looking at all investment opportunities.” In April, Fortunoff confirmed it had retained investment banker Peter J. Solomon to explore financial opportunities. Apollo representatives declined comment on Monday.
DEBT ISSUE: Movado Group Inc. said on Friday that it issued $20 million worth of unsecured seven-year senior notes, with the proceeds from the sale to be used for payment of maturing debt, funding expansion of Movado boutiques and general corporate uses. The notes, with an interest rate of 4.79 percent a year, will be amortized over four years starting in 2008, when the Paramus, N.J.-based firm will then make semiannual interest payments. The issuance is a drawdown on Movado’s $40 million private shelf debt agreement from March 21, 2001, as amended.
STAR POWER: Gwyneth Paltrow’s Tod’s purse bag and note fetched $4,050, Sarah Jessica Parker’s Andrew Marc jacket and book went for $2,650 and Tommy Hilfiger’s bomber jacket brought in $512 at an online auction sponsored by “Good Morning America” and eBay.com to aid victims of the recent hurricanes. The 10-day auction of some 30 celebrity items brought in a total of $20,565.48, which will go to the American Red Cross Disaster Relief Fund.
TUMI ADDS STORE: Tumi is planning to open its fifth New York unit on Nov. 19. Located at 102 Prince Street in SoHo, the 1,000-square-foot boutique will offer Tumi’s entire collection, which includes women’s and men’s luggage, business cases and leather goods. Steve Lochte from Brand & Allen Architects in San Francisco created the space’s interior, which will feature large, floor-to-ceiling red-and-white wall panels; bamboo and stainless steel details, and the space’s original maple floors and iron columns.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)