One down, two to go: In April, JAB announced it was no longer interested in the luxury business and was looking to sell its assets, Jimmy Choo, Bally and Belstaff. With Jimmy Choo sold to Michael Kors Holdings Ltd. for an eye-watering $1.35 billion, it’s now up to Bally and Belstaff to find new homes — although it’s unlikely they’ll be fetching a similar price.The deals, which are set to take place by the end of the year, will be smaller and most likely involve trade buyers such as Interparfums, which had been eager to buy Choo but couldn’t stump up enough cash. Sovereign funds and private equity investors are also likely candidates.Luca Solca, managing director at Exane BNP Paribas, said the Jimmy Choo sale “was the most difficult, as it was the most expensive. From what I understand, selling Belstaff and Bally should be easier. Private equity and sovereign funds are probably in pole position.”Coye Nokes, luxury goods retail specialist and partner at the consulting firm OC&C Strategy, said private equity is still very interested in fashion and luxury, although investors “have to know how to manage a creative, luxury, enduring business.”Bally and Belstaff are very different animals from Choo, a profitable, publicly listed company. Although the leather goods and accessories house Bally has aspirations to become a $1 billion brand, it is still undergoing a turnaround — and a series of cost-cutting measures — under its chief executive officer Frédéric de Narp.If all goes according to plan, sources close to Bally said a shortlist of buyers will be nailed down by the start of October, with a deal set to close by the end of the year.Known for its motorcycle-inspired outerwear, Belstaff is in the process of transforming itself into a lifestyle brand, but it remains a work in progress and, according to the latest Companies House, remains loss making. In July, Renzo Rosso’s OTB denied a British newspaper report that it was interested in buying Belstaff.A financial source said that because the company is loss-making, in the double-digit millions, it will most likely be sold with a "dowry," or sweetener, to whomever the buyer happens to be. "It's an operation in need of a serious turnaround," the source said, "although JAB doesn't want to see it fold. It wants to sell." In the meantime, the brand is pushing ahead with new store openings in Canada and Japan.As for potential takers for both companies, another financial source said the Chinese investor Hony — another past contender for Choo — is looking for acquisitions in the fashion and luxury space, as is CVC Capital Partners.Private equity investors in the U.K., Europe and the U.S. have been busy this year and could be potential suitors: Luxcite took a controlling stake in the London label Osman and also invested alongside the Italian entrepreneur Alessandro Bastagli in Shanghai Tang. The Carlyle Group, meanwhile, purchased Golden Goose for about 400 million euros.Trade buyers are not to be discounted: Jil Sander’s owner, Onward Luxury Group, the Italy-based fashion manufacturer and distributor, took a majority stake in Charlotte Olympia this summer and is said to be on the prowl for other acquisitions.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews