- 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.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim