PARIS - Commercial real estate developer Unibail-Rodamco has entered into an agreement to acquire shopping center company Westfield Corporation for an enterprise value of $24.7 billion to create what the companies billed as the world's leading developer and operator of flagship shopping destinations.Under the terms of the deal, Westfield shareholders will receive a combination of cash and shares in Unibail-Rodamco valuing each Westfield share at $7.55, representing a premium of 17.8 percent to Westfield's closing share price on Dec. 11, they said in a joint statement on Tuesday.The acquisition will create a global property leader with gross market value of $72.2 billion, strategically positioned in 27 countries. The new group plans to roll out the Westfield brand in its flagship shopping destinations.Unibail-Rodamco expects the transaction to be accretive to its recurring earnings per share in the first full year, with expected run-rate synergies of 100 million euros per year.Christophe Cuvillier, chief executive officer and chairman of the management board at Unibail-Rodamco, will be the ceo of the newly formed group. Colin Dyer, chairman of the supervisory board at Unibail-Rodamco, will retain the same function within the new entity."The acquisition of Westfield is a natural extension of Unibail-Rodamco's strategy of concentation, differentiation and innovation," said Cuvillier, adding that it added a number of attractive new retail markets in London and the wealthiest catchment areas in the United States."We believe that this transaction represents a compelling opportunity for both companies to realize benefits not available to each company on a standalone basis, and creates a strong and attractive platform for future growth," he added.
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