The Federal Trade Commission has given a thumbs-up to the merger of Men’s Wearhouse Inc. and Jos. A. Bank Clothiers Inc., saying it was “not likely to harm consumers because of competition from other sources.”Men’s Wearhouse said Friday that the FTC granted a termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, clearing the way for the $1.8 billion merger to proceed. Under the terms of the deal, Men’s Wearhouse will acquire all outstanding shares of common stock of Jos. A. Bank for $65 a share in cash. Once the merger is finalized, the combined company will have more than 1,700 stores and sales of $3.5 billion.Sources said the FTC’s investigation was exhaustive and lengthy, but ultimately found that consumers have many other sources from which to buy men’s suits or rent tuxedos, including Macy’s Inc., Kohl’s Corp., J.C. Penney Co. Inc., Nordstrom Inc. and Brooks Brothers Group Inc. “We are pleased to have received the termination of the HSR Act waiting period and expect to close the transaction within approximately the next 30 days,” said Doug Ewert, president and chief executive officer of Men’s Wearhouse. “Together, Men’s Wearhouse and Jos. A. Bank will have increased scale and breadth, and Jos. A. Bank’s strong brand and complementary business model will broaden our customer reach.”He said that within three years, annual savings from the combination would come to between $100 million and $150 million “through improving purchasing efficiencies, optimizing customer service and marketing practices, and streamlining duplicative corporate functions. Additionally, Men’s Wearhouse’s vertical direct sourcing model will be leveraged to improve combined merchandising and sourcing across the combined company and rationalize inventory over time. We expect the transaction will be accretive to Men’s Wearhouse’s earnings in the first full year.” The last hurdle the deal needs to clear in order to be finalized is for Jos. A. Bank shareholders to tender their shares to Men’s Wearhouse. The current tender offer is scheduled to expire at 5 p.m. on Thursday, but sources said that date is likely to be extended and the deal will most likely close by the end of the month after Men’s Wearhouse finalizes its financing and the shares are tendered.
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