- PERSHING ON TARGET: Activist hedge fund firm Pershing Square Capital Management has purchased an additional stake in Target Corp., bringing its current ownership of the discount retailer to 9.97 percent, up from 9.6 percent, on an aggregate basis, according to a U.S. Securities and Exchange Commission filing on Dec. 21. Shares of Target have been heavily traded in the past six months following disclosure that Pershing Square's investing in the chain could get the retailer to sell its profitable credit card business, which generates $6.5 billion and contributed $143 million to Target's first-quarter earnings of $651 million. In July, Pershing Square took a 9.6 percent stake in the nation's number-two discounter and indicated in a regulatory filing that it intended to start talks with Target's management about increasing shareholder value. It since has met with Target management.
Meanwhile, in other Target news, Deborah Weinswig, Citigroup equity analyst, said in her monthly credit review of the company that charge-offs for the retailer accelerated on a year-over-year basis and month-to-month. From October to November, Target's charge-offs rose to 7.05 percent versus 6.42 percent. On a year-over-year basis, the analyst said charge-offs gained 83 basis points. "We had already raised our bad debt provision estimate for Target in anticipation of our expectation for deterioration in the credit metrics,'' Weinswig said in her note. "Interestingly, November receivables growth remained healthy and delinquencies were virtually flat year-over-year versus last month.'' Weinswig said receivables growth continued to be strong, "as the company focuses on building relationships with new and existing customers and targeted marketing for credit card customers.'' Weinswig added that she remains "very watchful of the trends in charge-offs.'' Charge-offs are the threshold when a creditor deems the debt as bad.
- CAVANAGH'S CANOPY: Barbara Cavanagh has been named chief executive officer of Under the Canopy, a Boca Raton, Fla.-based manufacturer of organic and sustainable fashions for women and home. She replaces Michael Albala, who retired in January. In her new post, Cavanagh oversees all aspects of the brand, from design and global sourcing to maintaining strict organic and sustainable manufacturing standards, marketing and strategic alliances. Cavanagh joins the company from The Doneger Group, where she was senior vice president of consulting. Cavanagh is based in the Boca Raton headquarters and the brand's New York office. She reports to Mark Retzloff, chairman of Under the Canopy.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)