BERLIN — Escada has sold three of its Primera division labels — Apriori, Cavita and Laurèl — to the Munich-based holding company Mutares AG.
Under the agreement, which was completed Monday, Mutares will take over 90 percent of each Primera subsidiary for the fashion brands Laurèl, Aprior and Cavita. The remaining 10 percent interest will stay with the Escada Group for now, the German fashion house said. Details of the deals were not made public.
A specialist for medium-sized companies, Mutares’ portfolio includes Filtral Fashion Eyewear, the geographical information company SHH Gmbh, the leatherboard materials producer Ledertech and the Austrian iron castings firm Buderus Guss Komponenten.
The Primera business division also includes the largely vertical Biba bridge market brand, which Escada said it expects to sell to an unidentified investor “in the near future.”
Escada officially put Primera on the block in December as part of the group’s strategic reorientation and financial restructuring plan. In the year ending Oct. 31, Primera generated an operating loss of 15.2 million euros, or $22.7 million, compared with an operating profit of 15.6 million euros, or $21 million, the previous year. Sales declined 14.8 percent to 211 million euros, or $315.8 million. All dollar figures are converted from the euro at an average exchange rate for the respective periods.
The less-than-previously expected proceeds from the Primera sale required another Escada write-down, resulting in a balance sheet loss exceeding more than half of Escada’s capital stock.
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