Kellwood Co. is stuck between a fed-up Wall Street and an angry major shareholder — and it must either deliver to the first or risk a hostile takeover by the second in 2008.Since Sun Capital Securities Group LLC issued — then reissued — a $543 million bid for the St. Louis-based vendor this fall, the second-largest Kellwood shareholder has made it clear it intends to buy the $1.6 billion company despite Kellwood's two flat rejections of the $21 a share offer."Our strong preference is to acquire Kellwood in a friendly negotiated transaction," stated a letter issued last month by Jason G. Bernzweig, vice president of Sun Capital, to the Kellwood board, "but we are prepared to take all necessary steps to protect the value of our 9.9 percent ownership position in Kellwood, including making a $21 per share offer directly to Kellwood's other shareholders."Sun Capital originally made its offer on Sept. 18, and a month later, Kellwood rejected that bid.Kellwood has stepped up its efforts to persuade investors to have faith in its strategic plan. Robert C. Skinner Jr., chairman, president and chief executive officer of Kellwood, made several promises to shareholders, including that the company would boost organic sales growth to 4 to 5 percent, raise operating margins to 9 percent and grow earnings per share at least 25 percent.But Sun Capital followed that announcement with a reiteration of its earlier offer, insinuating it did not have faith in Kellwood's execution record. Again, Kellwood turned down the bid.Last quarter, Kellwood posted a loss from continuing operations of $66.3 million, which prompted a restructuring. Its third-quarter earnings will be released Friday. The stock has been trading between $14 and $19 during this period.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)