PARIS – Nestlé’s chief executive officer Mark Schneider has no intention of changing the company’s approach to its investment in French beauty giant L’Oréal. “Our approach to this investment is currently not changing,” he told an investor event on Tuesday. “I just wanted to [make] that clear.”His comments addressed market speculation that Nestlé’s attitude to its 23.3 percent stake in L’Oréal might change following the death of L’Oréal heir Lilane Bettencourt on Sept. 21.The Bettencourt family and Nestlé are the beauty-maker’s largest individual stakeholders — with 33.05 percent and 23.3 percent stakes, respectively — and have a shareholders’ agreement that is unlocked six months after her demise.The principle terms of that pact outline that neither party could increase its stake in L’Oréal during the lifetime of Bettencourt and in the six months after her death. That means starting in March, the parties no longer have to work in concert. (Each has been free to offer its shares to any third party since April 2014.)Speculation about whether Nestlé would change its stance caused L’Oréal shares to surge on Friday, the day after Bettencourt’s passing. Nestlé has come under pressure from investors to divest its stake, considered by some as nonstrategic, as reported, but there have also been rumors the firm may wish to increase its share.“This has been a very close, a very longstanding partnership,” said Schneider. “This has been a fabulous investment for the company. The contribution to our earnings is not that far away from the share of market cap that it represents. And hence, this investment is not diluting anything. It has been a good thing for the company.”He continued, “There’s a lot of change in our main business, the other 90 percent of our market cap. We’re fully committed to making the best out of those changes, for us as a company and for you as shareholders. This is the single biggest way for everyone to create value. Let’s focus on that.”
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.