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.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.