- 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.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia