In Brief: Tommy Update … Paying for Barneys … Award Time
TOMMY UPDATE: Tommy Hilfiger Corp. said Wednesday that it has obtained waivers from its bank group for an affiliate, Tommy Hilfiger U.S.A. Inc. The credit facility is to expire on July 1. The waivers were necessary to prevent defaults under the...
TOMMY UPDATE: Tommy Hilfiger Corp. said Wednesday that it has obtained waivers from its bank group for an affiliate, Tommy Hilfiger U.S.A. Inc. The credit facility is to expire on July 1. The waivers were necessary to prevent defaults under the facility because of the firm’s delay in filing its financial information for the quarter ended Sept. 30 with the Securities and Exchange Commission, which was due Nov. 9. The waivers are effective until March 15. The delay was partly caused by Hilfiger’s launch of an internal probe into payments made to an affiliate over a buying office’s commissions rate. The company is under investigation by federal prosecutors in Manhattan. It has received a grand jury subpoena seeking documents relating to the payments.
PAYING FOR BARNEYS: Jones Apparel Group said Wednesday it plans to raise $750 million through the sale of senior debt securities. Proceeds will be used to pay for the manufacturer’s $400 million acquisition of Barneys New York, slated to close by the end of the year, and the repayment of other debt under its senior credit facilities. The issuance will be split up into securities maturing in five, 10 and 30 years.
AWARD TIME: Movado president and chief executive officer Efraim Grinberg was honored along with filmmaker Martin Scorsese and artist Nam June Paik at the Arts & Business Council’s annual Corporate Leadership Awards on Monday at New York’s Gotham Hall. Grinberg was given the Kitty Carlisle Award in honor of Movado’s support of culture and the arts. Proceeds from the event benefited the Art & Business Council’s programs, which provide financial resources to art organizations in New York and across the country.
“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
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast