PVH Corp. affirmed its existing fourth-quarter and full-year guidance for sales and profits as it sought to amend its credit facility in order to redeem $600 million in senior notes due in 2020.
PVH said it is seeking to amend the credit facility in which it entered last February, as it completed its acquisition of Warnaco Group, and realize at least $600 million in cash proceeds by doing so. The funds, along with cash on hand, would be used to redeem the senior notes, which carry interest of 7.375 percent. PVH hopes to close on the transaction by the end of March and lower its interest expense for fiscal 2014 and beyond.
In entering into negotiations about the credit facility, PVH held to its most recent projections for the recently completed fiscal year. In January, PVH affirmed its guidance for fourth-quarter earnings of $1.40 and full-year earnings of $7 a diluted share for the periods ended Feb. 2. However, it lowered its revenue guidance to $2.06 billion, from $2.08 billion, for the quarter and $8.22 billion, from $8.24 billion, for the year. Its initial guidance came as it reported third-quarter results on Dec. 9.
PVH said that it repaid $500 million of its term loans under its credit facility during fiscal 2013, above the $400 million anticipated.
PVH owns the Calvin Klein, Tommy Hilfiger, Van Heusen and Izod trademarks and markets apparel under a series of other owned and licensed marks.
“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