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.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion