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.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“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