In Brief: Marionnaud Offer … Surf’s Up … On Target …
MARIONNAUD OFFER: A.S. Watson’s bid to take over Marionnaud Parfumeries kicked off Tuesday as its public offer got under way. The Autorité Marchés Financiers, France’s financial markets authority, approved A.S....
MARIONNAUD OFFER: A.S. Watson’s bid to take over Marionnaud Parfumeries kicked off Tuesday as its public offer got under way. The Autorité Marchés Financiers, France’s financial markets authority, approved A.S. Watson’s offer in late January. As reported, the per-share price offer is 21.80 euros, or $28.56 at current exchange rates, and the per-share OCEANE — bonds convertible into new shares or exchangeable for existing shares — price offer is 69.74 euros, or $91.35. A.S. Watson, a division of Hutchison Whampoa Ltd., announced plans to acquire the troubled French beauty retailer in January.
SURF'S UP: Reporting its first full-year financial results since going public in July, French surfwear firm Oxbow SA said sales last year grew 1.2 percent to 60.2 million euros, or $78.3 million at current exchange. The group forecasts its operating profits will hit 5.5 million euros, or $7.2 million, for 2004. Sales in the fourth quarter totaled 6.3 million euros, or $8.2 million. Looking ahead, Oxbow said it plans to open 10 to 15 new stores in France before 2007 and expand its women’s wear line.
ON TARGET: Target Corp. has extended its agreement with apparel designer Mossimo Inc. for an additional two years through Jan. 31, 2008. Under terms of the deal, originally brokered in March 2000 by Cherokee Inc., Mossimo provides design services and licenses its trademark to Target in the U.S.
WEARHOUSE SHUFFLE: Eric J. Lane on Tuesday retired from his position as president and chief operating officer for the Men’s Wearhouse. According to a statement from the company, Lane wanted to spend more time with his family. Charles Bresler has been promoted to president and Douglas S. Ewert will assume the roles of executive vice president and chief operating officer.
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?"