Vornado Realty Trust is backing away from J.C. Penney Co. Inc. now that its effort to reshape the retailer alongside activist investor William Ackman has produced a year of steep losses and a dramatic stock decline.Vornado said late Tuesday in a regulatory filing that it sold 10 million Penney’s shares to Deutsche Bank at $16.03 each. Rumors of that sale helped push the retailer’s stock down by 10.6 percent Tuesday to $14.96 as Wall Street rallied to a new all-time high. Penney’s stock has fallen 29.3 percent since the company reported an annual loss of $985 million last Wednesday, leaving it with a market capitalization of just $3.28 billion. Steven Roth, chairman of Vornado, sits on Penney’s board and has been taking heat for the investment. Vornado’s shareholders approved of the sale and on Tuesday pushed the real estate firm’s stock up 3.4 percent to $84.11. Vornado continues to control 13.4 million shares of Penney’s, or 6.1 percent of those outstanding.Roth might not be the only Penney’s board member feeling antsy either. The Wall Street Journal’s Web site reported Tuesday that at least some Penney’s board members would consider selling the company or replacing chief executive officer Ron Johnson if “a deep drop in sales can’t be reversed this year.”Penney’s sales fell 24.8 percent to $12.99 billion in 2012 as Johnson revamped the department store and did away with promotions, which are now making a comeback at the chain.A spokeswoman for the retailer declined to comment, and Vornado executives as well as Ackman could not be reached.
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