TARRANT FOUNDERS BUY COMPANY: Tarrant Apparel Group, a Los Angeles-based private label manufacturer, said it agreed to sell its outstanding publicly held shares to its founders, Gerard Guez and Todd Kay, for $15.2 million. The purchase is conducted as a merger with Sunrise Merger Co., which will sell the outstanding shares not already owned by Guez and Kay to Sunrise Acquisition Co. Guez, who serves as Tarrant’s chairman and interim chief executive officer, and Kay, who is Tarrant’s vice chairman, both are members and managers of Sunrise Acquisition. Sunrise Acquisition will pay 85 cents a share in cash, representing a 130 percent premium over Tarrant’s closing price Thursday on the Nasdaq.
JAPAN RETAIL NEWS: A major department store in Osaka, Japan, is changing hands. Seven & I Holdings Co. Ltd. said Thursday it has agreed to sell its Sogo flagship on the bustling Shinsaibashi strip to Daimaru Inc. for 37.91 billion yen, or $391.10 million. The move will greatly enhance Daimaru’s presence in Osaka. Daimaru, a subsidiary of J. Front Retailing Co. Ltd., already has its own store next door to Sogo and hopes to cut costs by running the stores integrally, the company said. The Sogo property will be handed over at the end of September while a reopening date is tentatively set for November.
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
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion