In Brief: Jones Downgrade … Peek to Fit … Ho Ho Ho …
JONES DOWNGRADE: Citing risks associated with the planned acquisition of Barneys New York, Moody’s Investors Service on Friday revised its outlook of Jones Apparel Group Inc. to negative from stable. The revision is an indication that...
JONES DOWNGRADE: Citing risks associated with the planned acquisition of Barneys New York, Moody’s Investors Service on Friday revised its outlook of Jones Apparel Group Inc. to negative from stable. The revision is an indication that there’s a chance Jones’ ratings might be cut again over an 18-month period. Jones’ senior unsecured rating was affirmed by Moody’s at “Baa2.”
PEEK TO FIT: Elizabeth T. Peek, an investment analyst, journalist and philanthropist, has been named to the 10-member board of trustees at the Fashion Institute of Technology. Peek spent nearly 20 years on Wall Street, becoming in 1983 the first female partner of Wertheim Schroder, the investment house that is now part of Citigroup. She currently contributes financial columns to The New York Sun, and serves as chairwoman of The Couture Council, the newly formed fund-raising organization for The Museum of FIT. She also serves on the board and is an executive committee member of the School of American Ballet.
HO HO HO: Saks has teamed up with Philips Electronics, which will allow the retailer’s wishes for a white Christmas to come true in its holiday windows. Next Tuesday, Saks and Philips will unveil their Snowflake Spectacle, a dazzling light show that combines holiday tradition and advanced technology. Philips will provide 72,000 programmable LED lights to adorn 50 distinct snowflakes, that when illuminated will give the effect of snowflakes falling and dancing across the facade of the Fifth Avenue flagship every half hour during the holiday season. The technology will be featured not only on the exterior of the flagship, but also in the 28 windows that surround the building.
EVERLAST LOSS: Everlast Worldwide Inc. reported a third-quarter loss on Monday of $249,599, or 8 cents a share, against a profit of $104,208, or 3 cents, in the same period a year ago. Total revenues for the three months ended Sept. 30 were down 10.5 percent to $15.8 million, which included a 55.4 percent gain in licensing revenues to $2.5 million and a 17.1 percent drop in sales to $13.3 million. George Q. Horowitz, chief executive officer of New York-based Everlast, said in a statement that sales were “unfavorably impacted by regional truck shortages” and that West Coast port problems limited the firm’s ability to ship outstanding orders within its backlog. For the nine months, the company had net income of $17,415, or 1 cent, representing a 95.3 percent drop from $368,152, or 7 cents, a year ago, while net revenues inched up 0.6 percent to $46.5 million from $46.2 million.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"