The Men’s Wearhouse Inc. on Thursday was downgraded by Stifel to a “hold” rating from “buy.”Stifel’s analyst Richard Jaffe said with shares of Men’s Wearhouse above its target price of $40, the company is “more than fully valued on a fundamental basis.”Jos. A. Bank Clothiers Inc. said last week that it made a nonbinding $2.4 billion offer to acquire the company at $48 a share, one that Men’s Wearhouse rejected and followed up with the adoption of a poison pill to discourage a takeover.The offer of $48 a share represents a 42 percent premium to the closing price of $33.71 on Sept. 17, when Jos. A. Bank first reached out to Men’s Wearhouse, and a 17.8 percent premium to the 52-week high and five-year high of $40.75, according to an investor presentation from Goldman Sachs and Financo Inc. that was filed with the Securities and Exchange Commission. Shares of Men’s Wearhouse ended Thursday’s trading session unchanged at $46.24, although shares hit a high of $46.39 in intraday trading.Robert N. Wildrick, chairman of Jos. A. Bank, said in an interview, “I am curious why the Men’s Wearhouse board will not at least talk to us. Part of good business judgment is getting all of the facts, so you are leaving no stone unturned.”He also said that since the proposal was revealed, he has spent most of his time “talking to shareholders who are very eager to do the deal. These are holders of the shares of both companies.”Wildrick said the company still prefers to do a friendly deal, although he noted that “at this point, we have not ruled anything out.” A source close to the company said if Jos. A. Bank chose to go hostile, there are different options it could pursue. The individual said some of those options wouldn’t necessarily trigger the poison pill. This person declined to elaborate further.Jaffe said he believes that Jos. A. Bank’s acquisition of Men’s Wearhouse has a “better than 50 percent chance of being completed.” He also acknowledged that the process could be a “prolonged” one.
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