BERLIN — Metro Group’s financial chief Thomas Unger said 60 of Arcandor’s 90 Karstadt doors could easily be integrated into Metro’s Galeria Kaufhof chain, lending credence to its hopes for a fusion of Germany’s biggest department store players.
He suggested Arcandor’s 30 remaining department store doors could work for other retail chains, including Metro’s electronics retailer Saturn.
The merger, which would result in a group of about 170 stores under what is being called Deutsche Warenhaus AG, or German Department Store Inc., is seen by many as Arcandor’s most promising life preserver. Arcandor, however, is still placing its hopes on a government bailout and said it expects the government to make a decision on Monday.
The troubled department store, catalogue and travel group chain needs a federal loan guarantee of 650 million euros, or $922.3 million at current exchange, by June 12 to ensure its survival and has also applied for a short-term state loan of 200 million euros, or $282 million.
With elections coming up and 50,000 jobs on the line, the issue has become a political hot potato. The naysayers, however, gained support from the European Union on Wednesday when EU commissioner Neelie Kroes said Arcandor had significant structural problems prior to the financial crisis and thus does not meet requirements for state aid.
In yet another twist, SPD Chancellor candidate Frank-Walter Steinmeier has reportedly held out the prospect of a federally guaranteed loan of 450 million euros, or $635.8 million, to help Arcandor avoid bankruptcy. According to a report to appear in the Friday edition of the Rheinische Post, the loan from the state owned KfW bank would be dependent on Arcandor’s major shareholders, the Sal. Oppenheim bank and Quelle heiress Madeleine Schickedanz, further investing between 100 and 200 million euros, or $141 million to $282 million. The deal reportedly also stipulates a binding agreement to further pursue merger plans with Metro.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty