The $21-a-share purchase easily gained the approval of Zale shareholders at a special meeting in Dallas, winning 62.2 percent of the votes cast and creating a $6.2 billion jewelry powerhouse with more than 3,600 locations in the U.S., Canada and the U.K.
In promotions tied to the acquisition, Mark Light, president and chief executive officer of Sterling Jewelers, adds the new post of president and chief operating officer of the company, and Theo Killion, ceo of Zale prior to the merger, becomes ceo of Zale, including the Zales, Gordon’s and Piercing Pagoda nameplates in the U.S. and the Peoples and Mappins jewelry chains in Canada.
As envisioned when the companies agreed to merge in February, Killion will report to Mike Barnes, ceo of Signet. Light continues to report to Barnes. Sterling Jewelers includes Signet’s U.S. nameplates Kay Jewelers and Jared The Galleria of Jewelry.
Sebastian Hobbs, managing director of the U.K. for Signet, reports to Light.
The Signet-Zale combination encountered resistance as Thursday’s voted neared. TIG Advisors, owners of 9.5 percent of Zale’s stock, considered the $21-a-share price insufficient in light of Zale’s financial projections, and was joined in that argument by Gabelli Funds LLC, owners of 7.5 percent of Zale’s stock. Institutional Shareholder Services and Egan-Jones Proxy Services recommended a vote for the merger while Glass Lewis opposed it.
However, Golden Gate Capital, Zale’s largest shareholder with 23.3 percent of the shares outstanding, supported the acquisition and was involved in the negotiations which led to an agreement in principal.
Of the 36.9 million votes cast in person or by proxy at the Zale meeting Thursday, 62.2 percent voted for the merger and 26.4 percent against it. Abstentions were recorded for 11.4 percent of the shares.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)