- 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.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)