MERVYNS STORE SALE: Developers Diversified Realty and Macquarie DDR Trust have formed a joint venture to purchase for $396.2 million the real estate underlying 36 open and operating Mervyns stores, the companies said on Monday. The deal is expected to close in mid-September, after which the joint venture will lease the assets back to Mervyns for 15 years at an annual rent of $30.5 million. Of the 36 sites sold, 25 are in California, followed by five in Arizona, five in Nevada and one site in Texas. Of the California stores, 12 are in Los Angeles, with San Francisco in second place with seven stores sold to the joint venture.
BLUEFLY'S WIDER LOSS: In the three months ended June 30, online off-price retailer Bluefly Inc. posted a net loss of $1.2 million, or 15 cents a share, which compares with a loss of $708,000, or 12 cents, in the second quarter last year, as total sales rose 26.7 percent to $12.03 million from $9.5 million. Even though gross profits rose 22.2 percent to $4.7 million from $3.8 million last year, the gross profit margin as a percent of sales declined to 38.7 percent from 40.1 percent. Separately, Bluefly said Ann Jackson, a partner a Ripplewood Holdings, a private equity fund, joined its board. Jackson was formerly group president of In Style, Real Simple, Parenting and Essence magazines, as well as founding publisher of In Style.
GRAFF TAPS STARK: British fine jewelry company Graff has appointed Linda Stark vice president of wholesale for the U.S. market. Stark began her new role this week, reporting to chief operating officer Colleen Caslin. Stark is responsible for overseeing the daily U.S. wholesale operations of Graff, including maintaining its exclusive department store distribution in Saks Fifth Avenue locations. Stark previously worked as vice president of design, product development and merchandising at Vera Wang Fine Jewelry, a position she held for nearly three years. She also has had management jobs at Harry Winston and Tiffany & Co.
@deciem is all about transparency and approachability. At this year’s WWD Digital Beauty Forum, the brand's co-CEO @nicolakilner said talking to customers directly about the ingredients in products and how they work is key. #wwdsummits #wwdbeauty
‘We didn't know how relevant our film would be when we were making it. When Steven [Rogers] wrote the script Trump wasn't president, class divide in America wasn't as evident as it is now, though it was present. The Time’s Up movement hadn't began and the way we look at women and treat women who speak out — thankfully that is something that seems to have shifted in the last year. I think we just need to continue making art that provokes the conversation and do what we can,’ said ‘I, Tonya’ actress @margotrobbie. Head to WWD.com to see all the celebrities who walked the red carpet @bafta #timesup #wwdeye (📸: Neil Hall)
Gemma Arterton is joined on the @bafta’s red carpet by Eileen Pullen and Gwen Davis, the two women who started the fight for the pay-gap. ‘They represent a normal person speaking out for what is right. Speak out, we will listen and anyone can speak out,’ said Arterton. #eebaftas #timesup #wwdeye (📸: David Fisher)
On the list of emerging designers to watch at London Fashion Week is @nabilnayal. The Syrian-Born and raised designer – who is known for his sculptural and dramatic designs with an Elizabethan era aesthetic – said he designs for a woman who is not afraid to challenge conventions. To see which other up-and-coming talents are joining the schedule this season, head to WWD.com. #wwdfashion #lfw (📷: @gomezdevillaboa)