Dillard's Inc. said Tuesday that it reached an agreement with activist shareholder groups in an effort to avoid a proxy battle at its annual meeting next month.
A settlement with Barington Capital Group LP and Clinton Group Inc. involves the retailer nominating four candidates as Class A directors at its annual meeting on May 17. Barington and Clinton agreed to end efforts to elect a slate of four nominees to Dillard's board.
The appointed directors will be James A. Haslam 3rd, chief executive of Pilot Travel Centers LLC; R. Brad Martin, former chairman and ceo of Saks Inc; Fran R. Mori, co-ceo and president of Takihyo Inc., former president and ceo of Anne Klein Inc. and former ceo and founding partner of Donna Karan International, and Nick White, president and ceo of White & Associates and former executive vice president and general manager of the Supercenter division of Wal-Mart Stores Inc.
White is the only one of the four who was on Barington and Clinton's list of nominated directors. The two funds last month had pressed Dillard's for extensive information about the retailer and its executives, including their compensation and perks such as the use of private planes.
"Both the board and management welcome the perspectives and insights of our proposed new directors," William Dillard 2nd, chairman and ceo, said. "The Class A board members are committed to working with the new Class A board members to ensure that the best operating plan and management team possible are in place."
The company also said it is committed to closing underperforming stores and rationalizing real estate in an effort to cut costs.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews