Still no word. The future owner of HMX Group is up in the air as there was no report by the end of the business day Monday as to the result of the bankruptcy court auction.
Meanwhile, HMX’s chief executive officer, Doug Williams, filed court documents in response to an objection filed on Friday on behalf of the unsecured creditors committee to HMX’s request for court approval for the sale of the company. Williams said in a response document that while HMX bore the burden of proof on the sale motion, he felt “constrained to respond” because a number of the statements were directed squarely on him.
Williams also filed a declaration with the court, essentially stating the same information in both filings.
Williams disputed the committee’s charge that the auction process was not conducted on an even playing field. He told the court that the process was designed to offer flexibility to potential bidders, either 1) a bid for all or a portion of the assets, or 2) a bid as a “going concern” or liquidation for the assets.
He also noted that he was told by an independent director and the financial adviser handling the sale process that one prospective bidder, not Authentic Brands Group that later became the stalking-horse bidder, had suggested the idea of splitting up the intellectual property assets from the operating division and then licensing the trademarks to the operator.
WWD first reported in September that Iconix Brand Group was seriously interested in HMX. As a brand management firm, it would have needed an operator to run the business and was believed to have been looking for such an entity, according to sources at the time.
Williams said when formulating a structure for the stalking-horse bid, he required that Authentic agree for him to continue discussions with other prospective bidders.
In the declaration, Williams said he specifically rejected an offer from one bidder that required him to negotiate only with that party and no one else.
As for some of the other objections stated, such as his refusal to provide financials, Williams acknowledged that he did decline to do so as the requested information was connected to the post-sale business plan and other strategies for the post-closing operating unit.
The ceo emphasized the information was “proprietary and confidential in nature” and had no “bearing on the committee’s fiduciary duty to maximize asset value for the benefit of the estates’ creditors.” Williams said he was also concerned with the possibility of that information being used for “competitive advantage in future dealings with the post-closing operating entity.”
Williams also noted that Salus Capital Partners, which is providing financing to the operating division and was also cited in the objection, had “agreed, in principle, to discuss financing” for a similarly structured transaction involving a licensor other than Authentic Brands, “subject to considerations regarding the creditworthiness of the alternative” entity.
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)
@Pharrell and his wife Helen Lasichanh were among the stars that came out to celebrate @rimowa’s first pop-up concept shop. The space, which is located on Rodeo Drive in Beverly Hills, draws inspiration from airport luggage carousels and lounge areas – and features the company’s luggage and accessories. If the pop-up is successful it could pave the way for addition temporary shops throughout the world. #wwdfashion (📷: Owen Kolasinski/BFA)
@carineroitfeld celebrated @crfashionbook’s first calendar last night with a dinner party at Spring Place in Manhattan. Photographed by @stevenkleinstudio, the calendar takes on a fitness theme and features @joansmalls, @gigihadid, @danielle_herrington_ – pictured here – and more. “[Carine Roitfeld] wanted me to feel sexy and she wanted me to be myself and feel it out on my own and do what I felt was right,” said Herrington, aka Miss October. #wwdeye
@saintrecords and @virgilabloh last night at @americanexpress’ “A Night With Success Makers” event. “I always bring it back to community because without that I wouldn’t have the courage,” said Knowles when asked how she has gotten where she is now. Read more highlights from their conversation on WWD.com. #wwdeye (📷: @lizdoupnik)
This Just In: Industry sources have told WWD that Anastasia Soare is rumored to be considering selling her beauty business, @anastasiabeverlyhills. According to those sources, Soare has tapped investment bank Imperial Capital to explore sale options for her eponymous beauty brand –– and with at least $340 million in net sales, this would be a big deal. Put in context of other recent transactions for makeup companies, Soare’s price tag could be in the billions if she were to sell the whole thing. #wwdnews #wwdbeauty (📷: @clint_spaulding)
@assouline’s latest book, “The Spirit of Bentley: Be Extraordinary” captures the adventurous attitudes and opulent lifestyles of @bentleymotors’ most creative owners and enthusiasts throughout the U.K. The 292-page hardcover has a section dedicated to showing its team of skilled artisans and photos of its most colorful owners, from George Bamford to designer @alicetemperley, pictured here by Aline Coquelle. #wwdeye
@google released its report on the most popular search terms this year. For fashion brands, the list was led by @gucci, the luxury brand that stunned the market last October when it pledged to stop using fur. Runner ups were @supremenewyork and @fashionnova, along with more established brands like @louisvuitton, @chanelofficial and @ysl. #wwdfashion (📷: @aitorrosasphoto)
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)