Target Corp. said Wednesday that it is continuing to evaluate "alternative ownership structures" for the retailer's $7 billion credit card portfolio, and now expects the review to be done during the first calendar quarter of 2008.In September, Target was looking to complete the evaluation by December of this year, but it is taking longer than expected due to "current market conditions."Analysts said the review may have been triggered by pressure from activist investor William Ackman, from New York-based Pershing Square Capital Management, who upped his stake in Target to 9.6 percent in July.The Target credit card receivables include Target Credit Card and Target Visa Card (known together as "REDcards"), gift cards and other financial services. This receivables portfolio has made about 18 percent of the company's pretax profits in the last 12 months and a third of it year-to-date, however, due to this ownership, the retailer is responsible for all credit defaults.Regardless of the outcome, Target is expecting an increase in before-tax profits from the credit card portfolio in the fourth quarter of 2007 through 2008.Other retailers, including Macy's Inc. and Kohl's Corp., have sold their credit card units. But at this stage, credit markets have faced a slowdown, which might decrease chances of a sale.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim